Furucombo Will Issue iouCOMBO Tokens To Repay Hack Victims

Furucombo will issue iouCombo tokens to repay the hack victims from the $15 million attack where 22 uses were affected as we can see more in our latest crypto news today.

Furucombo is a decentralized finance transaction combination tool that announced it will issue an iouCOMBO tokens to compensate the victims of the recent exploit where more than $15 million were stolen. Following an internal call with the affected users last week Furucombo will issue the tokens as a compensation plan announcing that they will issue 5 million tokens to the victims of the breach.
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It was issued in the form of the ERC-20 tokens and the tokens will represent the rights to claim the tokens in the recovery pool.  Out of the total 100 million COMBO tokens, 5 million coins were allocated to the recovery pool and were subject to a 360-day linear vesting period. As per the announcement, Furucombo expects to create and distribute a recovery pool in April after all audits are completed.

COMBO token holders will share fees collected on the platform and will participate in the governance while the token is trading at $2.85, marking a drop of 3.4% over the past 24hours and the token trading at $5.22 as per the data from CoinMarketCap. Furucombo suffered a contract exploit with the attacker using a fake contract to trick the protocol into believing that their contract was a new version of Aave and explained that the breach affected 22 users resulting in a loss worth $15 million in 21 different assets with the stolen ones including coins like Bao Finance, CRV, and Tether. Furucombo lost another $1.74 million in working capital and the team wrote:

 “We have decided to keep the remaining funds to sustain the project and office operations and ensure we are able to continue our commitment to the COMBO community.”

The platform reported the issue to law enforcement and started cooperating with smart contracts analytics service Certora and will receive a full audit for the incident. The DeFi exploits are becoming an everyday thing as space evolves and attracts both participants and money. The latest of these attacks happened earlier today and saw more than $14 million worth of stolen crypto. Furucombo is an ETH-based batching protocol to announced that the platform was exploited and asked all users to cease all approvals as caution.