bVaults’ BUSD Alpaca Strategy Exploit Post-Mortem and bEarn’s Compensation Plan

  • Contacted Binance Authorities immediately to block the hacker(s) fund transfers
  • Contacted Auditors (Certik, Peckshield) to analyze the incident and get feedback to protect the remaining fund
  • We Made an immediate pause on all interactions for all bVaults. The reason for this is to ensure that all the remaining user funds stay secure and protect our community’s investments while giving us adequate time to evaluate the incident, this is also why most bVaults displayed zero balance in the UI for a certain period
  • Called withdraw-all from the Alpaca farming pool back to the vault (this will be executed after 24h due to the Timelock for emergency)
  • Created a Snapshot for every depositor’s balance before the attack to record and calculate exact compensation amounts.
  • 87.5% of initial deposit amount in BUSD (immediately)
  • 10% of initial deposit amount in BDEX (vesting token in 80 weeks, same as the core team)
  • 7.5% of initial deposit amount in BDOv2 (immediately)

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BEARNDAO

BEARNDAO

A decentralized reserve currency protocol on #BSC https://www.bearndao.org/