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
Brazil’s Largest Asset Manager Recommends Investors Put Up to 3% of their Money in Bitcoin to Hedge Against FX, Market Shocks
The recommendation is in line with other global asset managers like BlackRock and Bank of America suggesting small portfolio allocations to the largest cryptocurrency.
What to know:
- Itaú Asset Management recommends Brazilian investors allocate 1-3% of portfolios to bitcoin for diversification, citing its low correlation with traditional assets.
- The recommendation is a measured approach, suggesting a small, steady exposure to bitcoin as a complementary asset.
- In a year-end analyst’s note, the firm called for a disciplined, long-term mindset, warning against market timing and suggesting that a small allocation can act as a partial hedge and offer access to global returns.
Top Stories
