Share this article
Belt Finance to Compensate Users Following $6.23M Attack
Belt Finance said it will compensate users who were directly affected in the 4Belt pool or beltBUSD vault and holders of BELT tokens.
Updated May 9, 2023, 3:20 a.m. Published Jun 2, 2021, 2:46 p.m.
Belt Finance, a platform that provides automated market making for decentralized finance (DeFi), is compensating users following a hack that earned the perpetrator $6.23 million.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The platform was hacked May 30 in a flash-loan attack that resulted in an overall $50 million loss for the platform.
- In a blog post Tuesday, Belt Finance said it will compensate users who were directly affected in its 4Belt pool or beltBUSD vault and the holders of BELT tokens.
- Belt Finance estimated vault users suffered a 21.36% loss of funds, and pool users lost 5.51%. Overall, the attack cost the beltBUSD pool a combined loss of 50 million BUSD ($50 million), comprising 43.8 million in fees and the 6.23 million the attacker withdrew as profit.
- In the blog post, the firm provided details on how the compensation plan works, including the airdrop of a remedy4BELT (r4BELT) token, and the next steps in the recovery plan.
- Belt Finance said it is also creating a buyback fund to increase BELT value to make liquidity mining on BELT as profitable as possible.
- The firm is committing $3 million to the fund, which is intended to add buy-side pressure to the token and increase its value over time.
- Belt Finance said the team has never sold any of its BELT allocation.
Read more: Belt Finance Victim of Flash Loan Attack in Latest Exploit of a BSC DeFi Protocol
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Stripe Acqui-Hires Crypto Payments Startup Valora, Venturing Further Into Stablecoins
The team behind the Celo-based app is joining Stripe, while the intellectual property is returned to cLabs.
What to know:
- The team behind Valora, a crypto payments app, is joining Stripe to advance its blockchain and stablecoin integration.
- Stripe recently acquired crypto firms Bridge and Privy, and is developing with Paradigm the Tempo blockchain for stablecoin payments.
- Valora, built on the Celo network, became a standalone company in 2021 after raising $20 million.
Top Stories
