Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Composite DAO vote to pay developers for major bug fixes falls 15,000 votes short of quorum
ADOPTION NEWS

Composite DAO vote to pay developers for major bug fixes falls 15,000 votes short of quorum

By Crypto FlexsDecember 9, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Composite DAO vote to pay developers for major bug fixes falls 15,000 votes short of quorum
Share
Facebook Twitter LinkedIn Pinterest Email

The seemingly anonymous developer ‘KP’ did all the work immediately after discovering the vulnerability. compound COMP

+0.50%
It is the v3 protocol of , also known as Comet. This vulnerability would have allowed hackers to directly steal user funds. Although this is a very unprofitable cost, KP estimates that an attacker would need billions of dollars in gas fees to steal $1 million in funds.

After finding and validating the vulnerability, KP reported it to Compound and its security partner OpenZeppelin, along with a code repository containing a proof-of-concept simulation of the attack. The bug was immediately patched and KP made a “humble” request to the Compound DAO. The award is $125,000. This is just over 80% of the maximum Compound DAO reward for bug bounties of $150,000, a figure that is prominently displayed on the protocol website.

In his proposal, KP explained that bug bounties “will help provide a great incentive for security researchers and developers to identify and disclose complex bugs and vulnerabilities in the future.” KP added that he is developing a startup on the Comet protocol and that the rewards will “significantly extend our runway and validate our commitment to providing value and becoming the center of the ecosystem.”

KP’s proposal received support from Kevin Cheng, head of protocols at Compound Labs, and Michael Lewellen, head of solutions architecture at OpenZeppelin, who said the DAO would respond to the proposal. During our discussion, we praised KP’s expertise in fixing bugs.

But despite support from more than two-thirds of delegates for compensation, the vote failed, falling just 15,000 votes out of the 400,000-vote quorum needed for passage. A last-minute vote by VC Andreesen-Horowitz resulted in 256,000 votes in favor, but the vote appeared to not pass for most of the voting period. Unfortunately for KP, it wasn’t enough to reach a quorum.

Compound’s guidelines for its bug bounty program state that the protocol intends to “pay generous rewards for eligible discoveries based on the severity and exploitability of the discovery,” but such rewards are determined “at Compound’s sole discretion.” It was clearly stated that this would happen.

According to Tally.xyz, cryptocurrency VC firm Polychain failed to register a vote despite being the largest holder of COMP tokens. There wasn’t even a vote to abstain. None of the parties involved could immediately be reached when The Block requested comment.

KP then resubmitted its proposal, requesting $100,000 in compensation instead.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Open Source AI: Mixed agent alignment innovates after training for LLM

May 30, 2025

Iguazio and NVIDIA collaborate to improve AI deployment with MLRUN and NIM.

May 30, 2025

Solana Rally Sol Token Lock and Memecoin Debline

May 30, 2025
Add A Comment

Comments are closed.

Recent Posts

Open Source AI: Mixed agent alignment innovates after training for LLM

May 30, 2025

Solana Rally Sol Token Lock and Memecoin Debline

May 30, 2025

Iguazio and NVIDIA collaborate to improve AI deployment with MLRUN and NIM.

May 30, 2025

Elon Musk Ditches Doge & Trump: Did the $ 0.50 of Dogecoin began again?

May 30, 2025

JACK Mallers announced the Bitcoin sponsorship loan system at strike.

May 30, 2025

Solana Rally Sol Token Lock and Memecoin Debline

May 30, 2025

HJB Miner aims to help millions of users benefit from cloud mining by 2025.

May 29, 2025

NVIDIA reports strong Q1 accounting 2026 results during export issues.

May 29, 2025

Bitcoin’s contraction fee can cause fallout of the entire encryption.

May 29, 2025

Merchant Michaël Van de Poppe updates the outlook for Bitcoin and SUI that Altcoin, based on Ether Lee, has been primary to stay well in the next few months,

May 29, 2025

BITMEX introduces the sophusdt perpetual swap as a leverage option.

May 29, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Open Source AI: Mixed agent alignment innovates after training for LLM

May 30, 2025

Solana Rally Sol Token Lock and Memecoin Debline

May 30, 2025

Iguazio and NVIDIA collaborate to improve AI deployment with MLRUN and NIM.

May 30, 2025
Most Popular

Tokenized Securities Provider Ondo Finance Announces APAC Expansion

January 22, 2024

Best Cryptocurrencies to Buy Now January 8 – Arbitrum, Celestia, Nexo

January 9, 2024

Beneficiary Recruitment: April 2021 | Ethereum Foundation Blog

January 14, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.