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The Compound Lending Protocol has suspended lending and collateral withdrawals for cETH tokens after a bug was discovered in the activated Offer 117. The offer has updated the
The Compound Lending Protocol has suspended lending and collateral withdrawals for cETH tokens after a bug was discovered in the activated Offer 117. The offer has updated the price streams for Compound v2.
An hour ago, Proposal 117 was executed, which updates the price stream used by Compound v2.
This price stream, while audited by three auditors, contained a bug that resulted in rollbacks for ETH suppliers and borrowers.https://t.co/a2DFk7h0ET
— Compound Labs (@compoundfinance) 30 August 2022
The error leads to cancellation of transactions for ETH suppliers and borrowers. Code checked by OpenZeppelin, Dedaub and ABDK.
Some users acknowledged that developers contributed code after it was reviewed by code audit firms.
The three aforementioned auditors, @dedaubUSAK and @OpenZeppelin. Their reports are dated November 29, 2021, December 27, 2021, and April 1, 2022, respectively.
The government proposal is from a week ago. I wonder if the code has been frozen since April or has it been modified? https://t.co/5k2DvIJLzs
– axic.eth (@alexberegszaszi) 30 August 2022
The team stated that there is no risk to user funds. The protocol still allows for collateral to be added, including Ethereum. The developers warned that the interface will be unavailable for a while due to “price inconsistencies”.
All users should still be able to add collateral including Ether collateral.
The interface is currently not loading due to this price difference, but will be up and running again soon.
— Compound Labs (@compoundfinance) 30 August 2022
Proposal 117, on behalf of ChainLink, offered GFX Labs to upgrade their price feed oracle contracts from version 2 to version 3 of Uniswap.
“The main issue is the temporary shutdown of the CETH market, which will be resolved by a new governance proposal. No funds are currently at risk. The rest of the cToken markets in Compound V2 and all V3 markets remain functional.”— Described on OpenZeppelin.
Read the post below for details on a Compound case we are trying to resolve for the cETH market. A correction is currently in progress and no funds are currently at risk. Compound V2 and the rest of the cToken markets in all V3 remain functional.https://t.co/CiSE3a99Wa
— OpenZeppelin (@OpenZeppelin) 30 August 2022
An hour after the event, GFX Labs proposed Offer 119, which would cancel Offer 117. According to the governance process, it will take effect seven days after acceptance.
Effectively, the cETH market has been temporarily frozen.
Created a new bid, 119, to return to the previous price stream; this will take seven days to take effect.https://t.co/NIhCz7ese1
The funds are not immediately at risk, but this is an evolving situation.
— Compound Labs (@compoundfinance) 30 August 2022
Mudit Gupta, Polygon’s head of information security, expressed disappointment at the prolonged quarantine.
“This is the second time in the last few months that Compound has broken for seven days. Temporary locks are not always good. Stop using awkwardly”said.
This is the second time in the last few months that their management has had a 7-day timetable reordered.
I don’t know who needs to hear this, but time locks aren’t always good. They have swaps.
Stop blindly shilling time locks. Thank you.
– Mudit Gupta (@Mudit_Gupta) 31 August 2022
Issues with the update did not greatly affect the positions of the project management token. According to CoinGecko, over the past 24 hours, Compound has dropped 1.7% amid a mixed DeFi sector asset performance.
Recall that in September 2021, the project suffered millions of dollars in losses due to an error in updating the protocol.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
