ChangeNOW successfully returns $15M worth of COMP lost in system bug to Compound Finance.
ChangeNOW returns $15M worth of COMP
You may already know about the loss of $80M worth of COMP that happened last week.
According to Compound Finance, the incident was caused by a bug in the system and the Compound (COMP) DeFi platform has suffered a great loss as a token distribution problem.
On the same day of the news, ChangeNOW has received a request for a transaction of almost $15M worth of COMP, that is 45505 COMP, that immediately had been flagged by the AML system.
Once the transaction was reported, ChangeNOW has made an investigation and found out about the incident reported by Compound Finance.
ChangeNOW returns the funds to Compound Finance, the COMP tokens that had been lost during the recent Compound malfunction.
Flagged, Investigated, and Returned by ChangeNOW
The transaction that was caught and flagged in the system was on September 30th, 2021.
ChangeNOW’s risk management system has immediately noticed a 45505 COMP exchange that seemed to consist of mistakenly drained COMP tokens.
Such suspicious transactions are stopped by ChangeNOW’s AML protocol, and the company starts looking into the cases.
It didn’t take time for ChangeNOW to get to the conclusion that the 45505 COMP was a part of the fund lost in the Compound bug turmoil.
ChangeNOW immediately settles the matter with the related user and then gets in touch with Compound Finance’s CEO, Robert Lencher.
To the utter joy of both sides, they communicated the situation on time.
“Our intent was clear – the only right thing to do was to return the lost COMP to Compound Finance. Today we sent back all the 45505 COMP that would otherwise be most likely lost for the platform forever.” by ChangeNOW
ChangeNOW has also reported that the user who approached the company with the COMP exchange was supposed to get a 10% white-hat reward for his actions, but refused to take it.
Thanks for his considerable offer, the Compound Finance has received the assets in full from ChangeNOW.
Go to ChangeNOW Official Website
This isn’t the first time with ChangeNOW
This COMP case isn’t the first time ChangeNOW has helped to restore justice and return stray assets to their rightful owners.
In 2019, ChangeNOW stopped several exchanges adding up to 500.000 XRP stolen during the GateHub hack.
ChangeNOW has been improving the risk management protocol ever since – and here they are today, well-protected by their very own AML system.
As it seems, the efforts paid out, and ChangeNOW is more than capable of keeping all users safe, along with helping other crypto projects retrieve their assets.
“As for the COMP case, we believe that this is a textbook example of how well-oiled the collaboration between the user, the service provider, and the coin community can be. Bugs and leaks in the crypto industry are somewhat inevitable – the way we handle them is what’s important. Let’s not forget that there are real people behind every crypto transaction, and we want to believe that these people share similar values and agree to act on the basis of trust. And ChangeNOW most definitely does.
We’d like to give a well-deserved praise to our Head of Compliance, and also express our gratitude to the user for their honest collaboration.”
Please check ChangeNOW official website or contact the customer support with regard to the latest information and more accurate details.
ChangeNOW official website is here.
Please click "Introduction of ChangeNOW", if you want to know the details and the company information of ChangeNOW.
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...