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Compound update failed

3 min read

 

Compound (COMP) had an expensive update error last week. Many users are happy about an unexpected rain of money.

On September 30th, during an update of the compound protocol, a fatal error occurred. This was created in the so-called comptroller contract, which is responsible, for example, for the distribution of liquidity rewards. In the course of this, several million US dollars in the form of COMP tokens were inadvertently sent to compound users. In the case of the update error, however, no user credits are at risk. However, it could happen that protocol users can inadvertently receive too high an amount of COMP tokens, says Compound founder Robert Leshner.

At this point in time, a maximum of 280,000 COMP tokens were in danger, according to Leshner. He referred to the comptroller money pool in this context. This was filled with 280,000 COMP on September 30th. Leshner assumed that no more tokens could be distributed. At press time, a COMP token is worth $ 317.45. Accordingly, the total amount of COMP in “danger” as of September 30th was approximately $ 89 million.

But contrary to what Leshner assumed, the money pool was replenished on Sunday. This has led to a total of around 490,000 COMP tokens valued at 155.5 million US dollars. Robert Leshner about it on Twitter:

The total amount of COMP at risk is around 490,000, of which 136,000 are still with the comptroller (…).

Robert Leshner on Twitter

The price of the compound token also reacted to the error. Because sales fell by 7.56 percent in the last 24 hours.

Fix the mess

In order to fix the chaos around the update error, the compound founder hopes for the active help of the community. He said on Twitter that users who have received COMP by mistake should please send them back. You can keep 10 percent of the sum as a finder’s reward for the honest deed. But then he did not formulate his request quite so nicely. Because at the end of the tweet he wrote that if the users did not return the tokens, they would be reported and displayed to the US federal tax authority, the IRS.

However, in the eyes of some Twitter users, Robert Leshner went too far in bringing the IRS into play. Leshner quickly admitted this and apologized for the threatening gestures, he just wanted to fix the update error quickly. Some compound users then actually returned the COMP tokens they received to the address given by Leshner. He personally thanked the first of these users. Leshner went on to say that anyone who returns compound tokens to the community is an “alien giga-chad”. A total of 117,000 COMP tokens ($ 37.141 million) had been returned by October 3.

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