Furucombo to issue iouCOMBO tokens to pay victims of $ 15 million exploit

The Decentralized Financial Transaction Merge Tool, Furucombo, It will compensate the victims of the recent “evil contract” exploit that cost the protocol $ 15 million in stolen funds.

Following an internal call with affected users last week, Furucombo launched a compensation plan on Tuesday, announcing that they will issue 5 million iouCOMBO tokens to the victims of the attack. Issued in the form of ERC-20 tokens, iouCOMBO tokens will represent the rights to claim Furucombo’s COMBO tokens in the recovery pool.

Out of a total of 100 million COMBO tokens, 5 million coins have been assigned to the recovery pool and are subject to a linear acquisition period of 360 days, starting on March 1. According to an announcement, Furucombo expects to create and distribute the recovery pool in April after the completion of the audits.

Source: Furucombo

COMBO token holders are incentivized to share the fees collected at Furucombo and participate in governance. At the time of publication, the COMBO token is trading at $ 2.85, 3.4% less in the last 24 hours. The day of the hack, the token was trading at $ 5.22, according to data from CoinMarketCap.

As previously reported, Furucombo suffered a contract exploit on February 27, and the attacker used a fake contract to fool the protocol into thinking your contract was a new version of Aave. In an official autopsy on March 1, Furucombo said the attack affected 22 users, resulting in a $ 15 million worth of loss on 21 different assets.. The stolen assets included major DeFi currencies such as Bao Finance (BAO), COMBO, Curve DAO (CRV), as well as popular stablecoins such as Tether (USDT) and USD Coin (USDC).

The company lost another $ 1.74 million in working capital during the exploit. “We have decided to conserve the remaining funds to sustain the project and office operations and ensure that we can continue our commitment to the COMBO community,” the team wrote.

Furucombo has informed of the problem to law enforcement agencies and has started cooperating with smart contract analytics service Certora to receive a full audit of the incident.

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