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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.
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
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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
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
