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$1 Million Worth Of Cryptocurrencies Trapped In Percent Finance Smart Contracts After Coding Error
Summary: A fork of decentralized lending platform Compound called Percent Finance has permanently locked $1 million of user funds in smart contracts, according to a recent announcement. The locked funds include 446,000 USDC, 28 WBTC and 313 ETH. The error occurred when the team changed an interest rate parameter. Users are now stuck, unable to supply, borrow, repay ...
A fork of decentralized lending platform Compound called Percent Finance has permanently locked $1 million of user funds in smart contracts, according to a recent announcement.
The locked funds include 446,000 USDC, 28 WBTC and 313 ETH. The error occurred when the team changed an interest rate parameter. Users are now stuck, unable to supply, borrow, repay or withdraw their assets.
The team stated in a Twitter thread that they can code a new contract to correct the error, tokens from the old contract cannot be migrated over to the new contract.
“Unfortunately, it seems the locked ETH may be irretrievable, but we are currently working on potential scenarios to make affected users whole,” the announcement said.
By Emily Mason
Tags: Compound,Decentralized Lending,DeFi,Percent Finance
Link: $1 Million Worth Of Cryptocurrencies Trapped In Percent Finance Smart Contracts After Coding Error [Copy]
