HopeLend To Compensate Affected Users Following Cyberattack, Opens Claim Form Submission

by
Alisa Davidson

Printed: November 18, 2024 at 6:05 am Up to date: November 18, 2024 at 6:05 am

by Ana

Edited and fact-checked:
November 18, 2024 at 6:05 am

In Transient

Hope Lend begins a full compensation course of, planning to repay customers in BTC, ETH, USDT, and USDC, following the Hope.cash exploit in October 2023.

HopeLend To Compensate Affected Users Following Cyberattack, Opens Claim Form Submission

Ethereum-based decentralized finance (DeFi) protocol Hope Lend introduced the beginning of its full compensation course of, fulfilling its dedication to customers following the exploit. The mission plans to repay customers in BTC, ETH, USDT, and USDC, changing all native HOPE tokens to those currencies based mostly on the unique pegging ratio.

As a way to obtain the reimbursement, customers are inspired to finish the reimbursement software kind, which can be verified to make sure that the offered deal with matches the unique deal with file in Hope Lend. As soon as the verification is full, the funds can be immediately transferred to customers—no additional motion is required on the decentralized software (dApp).

The deadline for submitting the shape is three months from in the present day. Any submissions obtained after this era won’t be processed. As soon as all repayments are finalized, the Hope Lend protocol can be formally shut down to keep up transparency and accountability.

Announcement
To satisfy our unwavering dedication to our customers, HopeLend has formally initiated the complete compensation course of.
Compensation currencies: BTC / ETH / USDT / USDC
All native HOPE tokens can be transformed to the above currencies based mostly on the preliminary pegging ratio.

— Hope.cash⚡️ (@Hope_money_) November 18, 2024

Attacker Drains Hope.cash, Stealing 526 ETH

The protocol was exploited in October 2023 when a hacker stole 526 ETH price of person funds, paying 263.91 ETH in bribes to a validator allegedly managed by Lido Finance. The hacker finally made a revenue of 264.08 ETH. After the exploit, the mission had no noticeable belongings left inside the protocol. The hack was reportedly linked to points with the wrapped Bitcoin (WBTC) decimals and rounding errors.

Hope.cash is working to bridge DeFi, CeFi, and TradFi by its HOPE Ecosystem, which incorporates the distributed stablecoin HOPE. The ecosystem goals to offer clear, frictionless, next-gen monetary infrastructure and companies which might be accessible to all.

This ecosystem provides a variety of use instances for HOPE, resembling swapping, lending, custody, clearing, and settlement, whereas additionally encouraging person participation within the ecosystem and group governance by LT.

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About The Creator

Alisa, a devoted journalist on the MPost, makes a speciality of cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising traits and applied sciences, she delivers complete protection to tell and interact readers within the ever-evolving panorama of digital finance.