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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.
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- 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
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