DeFi project Compounder Finance made an exit scam, stealing $ 10.8 million from users
Compounder Finance has joined the ranks of decentralized finance (DeFi) projects that ended their existence with an exit scam. Its anonymous developers embezzled $ 10.8 million using a backdoor.
Compounder Finance is described as a clone of Harvest Finance and Yearn Finance. As the creator of the Compound Finance landing protocol Robert Leschner explained, the developers hid the call function in smart contracts, which allowed them to withdraw user funds. In total, $ 750,000 was stolen in Wrapped Bitcoin, $ 4.8 million in Ethereum and $ 5 million in DAI, as well as small amounts of other tokens..
Apparently, by Tuesday the attackers thought that the amount of funds collected in the pools was sufficient. Leschner claims this is one of the largest such exit scams in the recent history of the cryptocurrency space. It differs from other incidents also in that its organizers were patiently waiting for the accumulation of the desired amount – the smart contract was launched on November 10.
One investor left $ 1 million in Compounder Finance and is now offering $ 50,000 for information that would lead to the confiscation of stolen assets. Own Compounder CP3R token collapsed by 99% amid recent events.
It is noteworthy that Compounder was audited by Solidity Finance. This is supposed to act as an additional guarantee for users. Solidity Finance itself said that it drew attention to the dubious contract in the first half of November and pointed it out to the project developers. The latter, as time has shown, not only were well aware of the problem, but also deliberately created it..
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