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Compound crypto platform distributed $ 90 million to its users due to failure

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Finding the error, Compound urged users to return the money, threatening to complain about them to the tax office.

Due to a technical failure, the Compound cryptocurrency platform “donated” $ 90 million to its users. Having discovered an error, the platform’s founder appealed to users asking for a refund, threatening otherwise to complain about them to the US Internal Revenue Service (IRS) and possibly leak their data.

Compound is an Ethereum-based protocol that allows users to earn interest or borrow assets against collateral. Lenders can put assets into the Compound liquidity pool and start earning compound interest (interest on interest), with interest rates automatically dictated by supply and demand.

Due to a technical error during the upgrade, the Decentralized Financial (DeFi) platform has sent out $ 90 million worth of Ethereum assets to its users.

A Compound function called Comptroller made it possible to track where tokens were sent. The founder of the platform, Robert Leshner, urged users who received the tokens sent by mistake to return the assets to the Timelock contract. As a reward for decency, Leschner promised users to leave them 10% of the refunded amount.

“Otherwise, your income will be reported to the IRS, and the data of most of you will be made public,” the founder of the platform threatened.

The incident did not affect user funds, provided assets, borrowed assets and positions.

“Users do not have to worry about their funds; the only risk is that you (or another user) may have received an unreasonably large number of COMP tokens,” Leschner explained.

Since the Compound protocol has a seven-day management process before any production changes are made, the only thing that is currently left to Compound is to wait and hope for users to be conscientious and return funds.

How much the platform will be able to return remains to be seen, but at the moment everything looks very promising.

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Security

Chinese TikTok adds 5-second pauses between videos to combat addictions

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5-second warning clips will remind you to “put the phone away” or “go to bed”.

Douyin, the Chinese app “twin” of TikTok, owned by the same ByteDance company, is introducing measures to combat its own algorithms, tuned to keep users’ attention as long as possible. Now those who “stick” in the application for too long will be revived by forced pauses between clips. Reported by the South China Morning Post.

On the social network, there are five-second pauses between videos that cannot be missed. During such pauses, users will be forced to watch videos reminding them of the need to “put the phone away”, “go to bed” or that “work tomorrow”. They will appear when the user spends too much time in the application.

Previously, Douyin had already limited video viewing – then the changes affected the children’s audience. Teenagers under 14 were allowed to watch videos for a maximum of 40 minutes a day, and were also banned from entering the application from 10 pm to 6 am.

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Security

Trump’s social network developers accused of illegal use of program code

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The Software Freedom Conservancy claims Trump Media and Technology Group copied the open source code of the decentralized social network Mastodon, created a new social network based on it.

The Software Freedom Conservancy (SFC), a not-for-profit organization that enforces the rights of open source software developers and the rules for using open licenses, accused in violation of the AGPLv3 license of the Trump social network developers Truth Social.

The Software Freedom Conservancy says that the developers of the service used the open source code of the decentralized social network Mastodon in violation of the license agreement.

Although the Mastodon code is free and free, the projects using it must comply with the terms of the Affero General Public License (or AGPLv3), among which is the mandatory availability of the project source code for all its users. Trump’s media company does not yet provide such an opportunity to TRUTH Social users and calls the social network a proprietary development.

The Software Freedom Conservancy gave Trump Media and Technology Group 30 days to improve, writes The Verge. Otherwise, the use of open source Mastodon will be prohibited for the company.

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Security

Facebook end-to-end encryption will give foreign intelligence services surveillance capabilities

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Former Facebook employee Frances Haugen criticized the company’s decision to transfer correspondence in its services to end-to-end encryption.

The introduction of end-to-end encryption in Facebook messengers could negatively affect the privacy of users and lead to increased surveillance by intelligence agencies. This opinion was expressed by a former employee of Mark Zuckerberg’s company, Frances Haugen, reports TASS.

According to her, after the launch of encryption in the Messenger application and the social network Instagram, which are owned by Facebook, the company will lose the ability to track possible “malicious operations of special services representatives.” “End-to-End Encryption Will Allow Facebook to Eliminate [от модерирования контента] and serve as an excuse for inaction, “Haugen said ahead of her October 25 speech in the British Parliament as part of discussions on online security bill.

The social network itself does not agree with this point of view. In their opinion, the introduction of end-to-end encryption in Facebook Messenger and Instagram applications, on the contrary, is aimed primarily at protecting the privacy of users and will protect them not only from foreign surveillance, but also from hackers.

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