Compound (COMP), one of the first projects that comes to mind when DeFi is mentioned in the crypto money industry, now faced a software problem.
In the code of COMP, which implemented a new update this week 80 million dollars A vulnerability was found that would endanger COMP. If this is on, it can lead to loaded COMP sales and a decrease in COMP price.
COMP Price Could Drop Hard
The Ethereum-based DeFi project launched a new development called Proposal 62 the other day. This enhancement is available to protocol users in two ways. COMP designed for distribution.
Despite this, the Comptroller contract, which will carry out the distribution, has been implemented with a software error in it and it has opened the way for users to withdraw more than the COMPtroller they are entitled to.
Compound Labs founder Robert Leshner said in a statement on the subject that all assets, loans and positions are currently unaffected by this software.
Noting that there is a risk of sending 280,000 COMPs, worth 80 million dollars, to some users by mistake, the famous name stated that making changes to the protocol requires a one-week process.
Although there is a temporary change for now, some users have already taken advantage of this vulnerability and the $27.5 million COMP was withdrawn by one person in a single transaction. Looking at the wallet transactions, it seems that the user instantly converts it to USDC.
A few hours ago, Proposal 62 went into effect, updating the Comptroller contract, which distributes COMP to users of the protocol.
The new Comptroller contract contains a bug, causing some users to receive far too much COMP. https://t.co/Fy6nLgDqKy
— Robert Leshner (@rleshner) September 30, 2021
The COMP price has also fallen by 5% in the last 24 hours, which may actually be the effect of that trade.