Fun

ParaSwap DAO allocates funds for hack victims’ compensation

News Feed - 2024-04-08 05:04:45

Arijit Sarkar27 minutes agoParaSwap DAO allocates funds for hack victims’ compensationThe ParaSwap AugustusV6 contract, which momentarily went live on March 18, contained a critical vulnerability that allowed hackers to drain funds from users who approved the upgrade.110 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe community behind the decentralized finance (DeFi) aggregator ParaSwap has agreed to compensate hack victims using funds from the treasury. 


On April 4, the ParaSwap decentralized autonomous organization (DAO) pitched the idea of refunding the victims of the AugustusV6 contract vulnerability using its treasury funds.


After a three-day voting period, 96.81% of ParaSwap voters agreed with the DAO’s proposed method of compensating users.The Paraswap community voted to refund victims using DAO treasury funds. Source: vote.paraswap.network


The ParaSwap AugustusV6 contract, which momentarily went live on March 18, aimed to improve swapping efficiency and reduce gas fees. However, the contract contained a critical vulnerability, allowing hackers to drain funds from users who approved the upgrade.


While a swift rollback prevented a loss of $3.4 million in assets, roughly $864,000 of assets were lost in the process. ParaSwap collaborated closely with blockchain analytics and security firms Chainalysis and TRM Labs to identify the hacker addresses and trace the movement of the funds. The foundation said: “The (ParaSwap) Foundation will cover the remaining costs linked to the vulnerability, including the refunds, the engagement of security analysts, conducting thorough contract re-audits, communication with authorities, and the formulation and execution of the refund process.”


On April 4, ParaSwap announced the recovery of roughly $500,000 worth of assets. “Thanks to this rescue, the amount of funds still unaccounted for — which comprise users drained after depositing to a still compromised account — has been reduced by 63%,” it said.Source: ParaSwap


According to ParaSwap, providing full refunds to affected users is a step toward the project’s long-term sustainability.


Related:Crypto hacking losses decline in Q1 2024 — Immunefi


According to data compiled by blockchain security firm PeckShield, nearly $100 million in digital assets stolen in March hacks was recovered.Total hack losses in 2024 by month. Source: PeckShield


While the losses ran into the millions, 52.8% of the hacked funds were returned. Most recovered funds were from the security incident involving the nonfungible token (NFT) game based on the Blast network called Munchables.


Magazine:AI didn’t kill the metaverse, it will build it — Alien Worlds, Bittensor vs Eric Wall: AI Eye# Business# Smart Contracts# Hackers# Hacks# DeFiAdd reactionRead moreHashKey follows Coinbase in opening global exchange in BermudaParaguay’s proposed Bitcoin mining ban could cost it $200M a yearBitcoin Bollinger Band signal suggests BTC could double by July

News Feed

Croatian Post Launches Crypto Exchange Service at 55 Branches
Croatian Post Launches Crypto Exchange Service at 55 Branches Croatian Post, the biggest provider of postal services in the Republic of Croatia, is now offering a cryptocurrency
Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Acquires Payment Orchestration Firm Elements
Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Acquires Payment Orchestration Firm Elements On Thursday, at the Converge22 event in San Francisco, Circle announced the
Bitcoin price holds steady amid spot BTC ETF outflows and uptick in unfriendly regulation
Marcel Pechman4 hours agoBitcoin price holds steady amid spot BTC ETF outflows and uptick in unfriendly regulationBitcoin price holds above $63,000 even as regulatory enforcement ramps up and spot BTC ETF outflows raise
Announcement of Establishment of CA GameFi, Inc․ For Developing Blockchain Games in the Global Market
Announcement of Establishment of CA GameFi, Inc․ For Developing Blockchain Games in the Global Market press release PRESS RELEASE.CA GameFi Inc., (headquartered in Shibuya-ku, Tok
Legendary Rocker Ozzy Osbourne’s Ozzfest Festival Is Coming to the Metaverse
Legendary Rocker Ozzy Osbourne"s Ozzfest Festival Is Coming to the Metaverse Following the drop of Ozzy Osbourne’s Cryptobatz non-fungible token (NFT) collection that consists of
Start-up Raises $2 Million to Pioneer Cryptocurrency Usage in Francophone Africa
Start-up Raises $2 Million to Pioneer Cryptocurrency Usage in Francophone Africa A Cameroonian fintech start-up, Ejara, has raised $2 million to pioneer the usage of crypto and inv
A Recent SEC Filing Shows the World’s Largest Asset Manager Blackrock Plans to Launch a Metaverse ETF
A Recent SEC Filing Shows the World"s Largest Asset Manager Blackrock Plans to Launch a Metaverse ETF According to a recent filing, Blackrock, the multi-national investment company
Ukraine Crypto Donations: Government Now Accepts Over 70 Crypto Assets
Ukraine Crypto Donations: Government Now Accepts Over 70 Crypto Assets Crypto payment processor Coingate and International Business Settlement (IBS) have started an arrangement wit
Compute North Reveals Bitcoin Miner Is Building a 300 MW Data Center in Texas
Compute North Reveals Bitcoin Miner Is Building a 300 MW Data Center in Texas The bitcoin mining operation Compute North has announced it is in the midst of constructing a 300-mega
Taylor Swift Rejected Crypto Exchange FTX’s Sponsorship Offer Over Unregistered Securities Concerns
Taylor Swift Rejected Crypto Exchange FTX"s Sponsorship Offer Over Unregistered Securities Concerns Taylor Swift, a pop icon and 12-time Grammy Award winner, reportedly turned down
Zhiyuan Sun7 hours agoNearly half of crypto users invest to boost living standards: ReportA survey from crypto exchange Bitget featured more than 1,500 respondents across 20 countries.1014 Total views48 Total sharesListe
Rate Hikes Needed to Reduce Eurozone Inflation Despite Recession, Top ECB Official Says
Rate Hikes Needed to Reduce Eurozone Inflation Despite Recession, Top ECB Official Says Interest rates will continue to rise while the euro area falls into recession, a high-rankin