Recent exploits and a market-wide pullback resulted in a stark correction on Binance Smart Chain; bEarn.Fi has not been an exception but continues to build despite the turbulence.
bEarn Continues Building!
As a follow-up to the assurance of its code exploits victims, which resulted in the loss of ~$11 million, bEarn has released the compensation plan. In a medium blog released by the team, the protocol has assured its members of their dedication to building, restoring the breached confidence, and releasing new products as detailed in the roadmap.
Recall that the hack event happened two weeks ago via a flash loan attack; the team detailed in its post mortem blog here. The Incident, which started at 10:36:00 AM UTC, May 16, 2021, saw the draining of 10,859,319 BUSD out of the pool as bVaults’ BUSD Alpaca strategy was exploited.
The incident resulted in the fast crash of the token from the $400 price mark to the current price of $165, a whopping 60% loss in total within two weeks. The price had nearly hit $1000 at the peak of its rally, resulting in a massive correction.
The team met the event with a quick reaction, a commendable gesture as they show the human side of them even up to this day. A post mortem was released, and the first phase of the compensation plan was done, which allowed affected users to connect to the platform and claim a balance.
Phase 2 Plan – Initiated and What’s Coming Next
The team has moved on to the next phase of the plan, as detailed below, they continue seeking community support while assuring of their continued work and development in the project.
Phase 2 of BUSD Vault Compensation plan: Details and instruction to be provided before June 15th
BDO-BUSD 80/20 Vault Compensation plan: Details to be delivered in June
MDG-BUSD 80/20 Vault information: We are waiting for the Midas team’s update; more details to be provided in June
Bonds redemption: bBDO to BDO V2.0 with ratio 1:1
bLaunch: Within the next seven days
Major New UI to simplify all our ecosystem
bPepe (NFTs market)
bPower: Stake NFT earn BFI & BDEX before June 15th
Multi-Peg: Coupons update: 1st half of June
Double-dipping for Boardroom stakers
A Quick Summary of the Current Situation
In summary, in its earlier first phase compensation plan, the team has expanded more on the exploit and has come forward to say they do not possess the financial capabilities to cover the loss. However, plans including the use of the Dao Funds, personnel salaries, and operation funds have been initiated.
The details are given below;
10,859,319 BUSD were stolen by the intruder directly from the BUSD vault protocol. This amount is utterly unrecoverable because the culprit already transferred the funds to another network using a bridge service.
In addition to the above, a further amount of 7,079,929 BUSD in exploited funds has been withdrawn by 65 user wallets recorded. Users withdrew extra funds during the brief moment of attack before the team could swiftly disable the interface. In addition to this, some users have also called the emergencyWithdraw function to withdraw funds. The actions done by these wallets have severely increased upon the initial damage done by the intruder. They are adding up to a total of about ~18 million dollars.
As of the time of writing, the DAO Fund contains a combined value of various assets totaling ~$6,757,447.
As a result, the team appeals to those who took out excess funds to kindly return them to the wallet contained in the phase 1 publication to aid the refund process.
We may not hear the last about code exploits; however, users are best advised to tread cautiously with DeFi protocols as the tendency for exploits is slightly on the high side. bEarn has assured of a continued buidl process as their eyes are focused on what the future holds.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.