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Furucombo to challenge iouCOMBO tokens to repay victims of $15M exploit

03/09/2021

Hacked DeFi service Furucombo will challenge “iou” tokens as a part of its compensation plan to repay 22 affected customers.

Decentralized finance transaction mixture software Furucombo will compensate the victims of a latest “evil contract” exploit that value the protocol $15 million in stolen funds.

Following an inside name with affected customers final week, Furucombo launched a compensation plan Tuesday, saying that they are going to challenge 5 million iouCOMBO tokens to the victims of the breach. Issued within the type of ERC-20 tokens, iouCOMBO tokens will symbolize the rights to say Furucombo’s COMBO tokens within the restoration pool.

Out of a complete of 100 million COMBO tokens, 5 million cash have been allotted to the restoration pool, and are topic to a 360-day linear-vesting interval, ranging from March 1. In line with an announcement, Furucombo expects to create and distribute the restoration pool in April following the completion of audits.

Supply: Furucombo

COMBO token holders are incentivized to share charges collected on Furucombo and take part in governance. At publishing time, COMBO token is buying and selling at $2.85, down about 3.4% over the previous 24 hours. On the day of the hack, the token traded at $5.22, in accordance with information from CoinMarketCap.

As beforehand reported, Furucombo suffered a contract exploit on Feb. 27, with the attacker utilizing a faux contract to trick the protocol into pondering that their contract was a brand new model of Aave. In an official autopsy on March 1, Furucombo mentioned that the breach affected 22 customers, leading to a loss price $15 million in 21 totally different belongings. The stolen belongings included main DeFi cash like Bao Finance (BAO), COMBO, Curve DAO (CRV), in addition to well-liked stablecoins like Tether (USDT) and USD Coin (USDC), Furucombo instructed Cointelegraph.

Furucombo misplaced an extra $1.74 million in working capital through the exploit. “Now we have determined to maintain the remaining funds to maintain the challenge and workplace operations and guarantee we’re in a position to proceed our dedication to the COMBO group,” the staff wrote.

Furucombo has reported the difficulty to regulation enforcement and has began cooperating with sensible contract analytics service Certora to obtain a full audit for the incident.