Compound unanimously passes proposal to repair bug

Compound Finance announced that Proposal 064 was passed by Compound Finance on October 7, entitled the “Fix COMP Accrual Bug”. This proposal states that the update will “patch the bug in Proposal 62, and pessimistically permit COMP reward withdrawals, until the bad COMP accruals are fixed.”

The original community members who submitted the original upgrade proposal wrote the proposal. It received unanimous COMP votes from 1,037,107 in favor and 0 against from 27 key addresses, including CEO Robert Leshner and Andreessen Horowitz’s A16z, Gauntlet, and Pantera Capital. Now, the proposal will be executed on October 9th.

Users who interacted in the affected markets — cTUSD and cMKR; cSUSHI and cYFI; cSAI; — will not be eligible to claim their entitlement staked COMP tokens rewards until the issue has been fully resolved.

Proposal 064 was approved and can be executed in just two days: 1,037.107 COMP 0 COMP. For most users, the COMP Distribution will resume normal operations after execution. Some users who have been affected by the 62 bug will not be able to claim COMP until a subsequent patch.
October 7, 2021 — Compound Labs (@compoundfinance).

Cointelegraph reported on Sept. 30th that a flaw in Proposal 062 token distribution revealed a potentially disastrous financial distribution flaw. Users of the protocol were incorrectly able claim COMP tokens up to $70 million.

The bug could drain all COMP tokens in the Comptroller contract.

Proposal 063, which was immediately initiated to address the crisis, took 7 days to produce due to its governance process of voting, reviewing and time lock. The process took 2, 3, and 2 additional days, respectively.

The delay of seven days allowed a malicious entity, however, to exploit the drip() function, transferring $68.8m to the Comptroller. This increases the pool for improperly distributed COMP rewards.

A further proposal was made after the website’s governance was revealed.

“Proposal No. 63 stops further COMP distribution until the correct logic has been restored, but causes problems for protocols that integrate with Compound and require claim functionality.”

Compound’s accrual problems will be resolved by Proposal 064, but the funds cannot be reclaimed individually — a decision that protocol stated is at each user’s discretion.

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