bEarn.Fi Continues to Build Despite Stark Binance Smart Chain Correction

Recent exploits and a market-wide pullback resulted in a stark correction on Binance Smart Chain; bEarn.Fi has not been an exception but continues to build despite the turbulence.

By
Wilfred Victor
on
May 29, 2021
Category:
BSC News

bEarn Continues Building!

As a follow-up to the assurance of its code exploits victims, which resulted in the loss of ~$11 million, bEarn has released the compensation plan. In a medium blog released by the team, the protocol has assured its members of their dedication to building, restoring the breached confidence, and releasing new products as detailed in the roadmap.

bEarn compensation and plans

Recall that the hack event happened two weeks ago via a flash loan attack; the team detailed in its post mortem blog here. The Incident, which started at 10:36:00 AM UTC, May 16, 2021, saw the draining of 10,859,319 BUSD out of the pool as bVaults’ BUSD Alpaca strategy was exploited.

bEarnFi on Coingecko


The incident resulted in the fast crash of the token from the $400 price mark to the current price of $165, a whopping 60% loss in total within two weeks.  The price had nearly hit $1000 at the peak of its rally, resulting in a massive correction.

The team met the event with a quick reaction, a commendable gesture as they show the human side of them even up to this day. A post mortem was released, and the first phase of the compensation plan was done, which allowed affected users to connect to the platform and claim a balance.

Phase 2 Plan - Initiated and What’s Coming Next

The team has moved on to the next phase of the plan, as detailed below, they continue seeking community support while assuring of their continued work and development in the project. 

  • Phase 2 of BUSD Vault Compensation plan: Details and instruction to be provided before June 15th
  • BDO-BUSD 80/20 Vault Compensation plan: Details to be delivered in June
  • MDG-BUSD 80/20 Vault information: We are waiting for the Midas team’s update; more details to be provided in June
  • Bonds redemption: bBDO to BDO V2.0 with ratio 1:1
  • bLottery V2
  • bLaunch: Within the next seven days
  • Major New UI to simplify all our ecosystem
  • bPepe (NFTs market)
  • bPower: Stake NFT earn BFI & BDEX before June 15th
  • Multi-Peg: Coupons update: 1st half of June
  • Double-dipping for Boardroom stakers
  • More partnerships


A Quick Summary of the Current Situation

In summary, in its earlier first phase compensation plan, the team has expanded more on the exploit and has come forward to say they do not possess the financial capabilities to cover the loss. However, plans including the use of the Dao Funds, personnel salaries, and operation funds have been initiated. 

The details are given below;

  • 10,859,319 BUSD were stolen by the intruder directly from the BUSD vault protocol. This amount is utterly unrecoverable because the culprit already transferred the funds to another network using a bridge service.
  • In addition to the above, a further amount of 7,079,929 BUSD in exploited funds has been withdrawn by 65 user wallets recorded. Users withdrew extra funds during the brief moment of attack before the team could swiftly disable the interface. In addition to this, some users have also called the emergencyWithdraw function to withdraw funds. The actions done by these wallets have severely increased upon the initial damage done by the intruder. They are adding up to a total of about ~18 million dollars.
  • As of the time of writing, the DAO Fund contains a combined value of various assets totaling ~$6,757,447.

As a result, the team appeals to those who took out excess funds to kindly return them to the wallet contained in the phase 1 publication to aid the refund process.

We may not hear the last about code exploits; however, users are best advised to tread cautiously with DeFi protocols as the tendency for exploits is slightly on the high side. bEarn has assured of a continued buidl process as their eyes are focused on what the future holds.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.

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