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Furucombo to issue iouCOMBO tokens to victims

Furucombo to issue iouCOMBO tokens to victims

Furucombo, a prominent DeFi transaction combination tool, will repay the victims of a current “evil contract” exploit that cost the protocol $15 million in stolen funds. Furucombo has announced that they will circulate “iouCOMBO” tokens to the victims. After an internal call with the concerned users last week, Furucombo issued a compensation plan on Tuesday, advocating that they will give 5 million iouCOMBO tokens to the attack victims. These iouCOMBO tokens will be in the form of ERC-20 tokens and express the right to claim COMBO tokens.

Furucombo will issue five million tokens to the recovery pool out of the 100 million COMBO tokens. These iouCOMBO tokens will possess a 360-day linear-vesting period, commencing from March 1. As per the blog, Furucombo expects to develop and distribute the recovery pool in April after the audits. Furthermore, the team has listed the hacking incident to legal authorities. The firm is cooperating with Certora to receive a full audit and seek a different firm to have audits from two distinct companies. 

COMBO token price drops after the announcement of iouCOMBO tokens

After the declaration of issuing iouCOMBO tokens, the COMBO token is trading at $2.85. It is down by approximately 3.4% over the past 24 hours. On the day of the hack, the token traded at $5.22. This is per data from CoinMarketCap. As reported earlier, Furucombo suffered a contract exploit on February 27. The attacker employed a fake contract to deceive the protocol into believing that their contract was a new Aave version. In an official post-mortem on March 1, Furucombo asserted that the breach hit 22 users, following a loss worth $15 million in 21 different assets. 

Moreover, Furucombo listed the stolen assets. It involves major DeFi coins such as Bao Finance (BAO), COMBO, Curve DAO (CRV), as well as popular stablecoins such as Tether (USDT) and USD Coin (USDC). Moreover, on Jan.7, Furucombo raised $1.85 million in a seed funding round from prominent DeFi venture capitalists. The funding round was led by DeFi Capital, SevenX Ventures, 1Kx, Multicoin Capital, Defiance Capital, and Aave founder StaniKulechov. Moreover, the DeFi apps combined into Furucombo involve Uniswap, 1inch, Compound, Aave, Balancer, and others.

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