Amidst the ongoing BSC DeFi mania, another project was exploited this weekend, resulting in the loss of about $11 million of user funds.

bEarn Fi is the project in question here which is a cross-chain auto yields farming protocol.

What happened on Sunday was bVaults’ BUSD Alpaca strategy was exploited, and 10,859,319 BUSD were drained out of the pool due to an “improper implementation of the function withdraw.” The team said in its incident explanation said,

“We passed the method withdraw from FairLaunch contract with BUSD amount while we should have used ibBUSD amount instead.”

This allowed the withdrawal of more BUSD than needed, which in turn was used to deposit to FairLaunch, increasing the locked BUSD amount in the contract while there was no new deposit.

The team also assured that only the single stake BUSD bVault using Alpaca was affected, and the rest of the bVaults are not at risk.

As a security measure, the team is implementing a deposit limit cap for all of its new bVaults until a full audit is performed.

The team further announced a compensation plan for its affected users, which consists of a combination of the remaining saved funds, Dev Fund, DAO Fund, and a portion of fees generated by the protocol.

While the details are being worked on, “affected users will receive an extra 5% of their deposited amount,” they said.

Every affected user will be able to claim back their funds in the following manner: 87.5% of the initial deposit amount in BUSD and 7.5% of the initial deposit amount in BDOv2.

The remaining 10% of the initial deposit amount will be claimed in BDEX with a vesting period of 80 weeks, the same as the core team.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

202 +