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Crypto Company Accidentally Gives Users $90 Million, Politely Asks for It Back

If someone accidentally deposited millions of dollars into your bank account, what are the chances you would return it? What if the person that sent it to you asked really nicely?

This is the predicament that users of the popular decentralized finance (DeFI) staking protocol Compound are currently faced with. In recent days, the platform accidentally deposited arbitrary amounts of crypto into the accounts of some users. The total pay-out, which was delivered via a bug in a company update, now stands at approximately $89 million. As a result, the platform’s CEO and founder, Robert Leshner, is begging for the money back.

Leshner took to Twitter on Thursday to plead with users to return the mistakenly distributed millions, even suggesting that those who returned the funds could “keep 10%” as a reward for doing the right thing. If users don’t return the money, Leshner threatened, it would be “reported as income to the IRS, and most of you are doxxed.”

Compound is a crypto lending platform, allowing both investors and borrowers to exchange assets without the traditional services of a bank. Such platforms have been characterized as risky—given the lack of regulatory safeguards that pad traditional banking services—and this recent episode seems to show why.


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The money was apparently unleashed via a mistake in what was supposed to be a standard upgrade to Compound’s smart contract (such contracts are used to facilitate crypto transactions). Instead, the alleged flaw caused certain users to be flooded with “far too much” COMP—the platform’s
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EL PRESIDENTE said:
$CEI got hammered down to $1.30ish...fell to $1.03. I bought some at $1.42 when it got halted, its been halted like 2-3 times this AM. Fuck it, let it ride!
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alrights....up 85% today to $1.68. :Sly:

My preferred shares (dividend stock) of $MMAT finally started having a value. 70 cents now, but it should go up, its an initial number and its not even tradable right now.

 
Western Magnesium having a great day. It was well below 40 cents last week and now it's close to 60 cents. I really do believe this stock is gonna make me a ton of cash once their magnesium metal plant is online, and producing metal.
 
$BBIG has been doing well, until today where it tanked 5% today. Still up 17% for the week on it.

I bought some $FCEL again, to ride the wave.
 
I haven't had much to report since I got stuck in some holes and had to wait them out or take a loss. In the mean time I've been loading up on all my core favorites of Apple, airbnb, Disney, Boeing and Ford. Apple and Airbnb finally hit their stride recently and I'm making it rain again. The other 3 appear locked and loaded. I've stopped adding to most of those positions and now I am focusing on cannabis stocks and crisper while they are all down hard.

For index funds I moved into oil, travel, banking and VTI.
 
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Fuck should have gotten back into renewable energy before the infrastructure bill. Took off.

Meme stocks coming back ,$Nakd took off (+30% AH), I've been holding some for a while just waiting for it. I guess it acquired some EV company. Weird shit.
 
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