Harvest Finance Launches User Loss Compensation Program

The developers of the Protocol of decentralized finance Harvest Finance launch a program for compensation for user losses, affected by the recent hacker attack.

26 October Hackers held a successful attack on Harvest Finance, Using an instant loan for Fusdt and Fusdc price manipulations. After the attack, the Farm Token course collapsed on 65% In just an hour.

Initially, Harvest Finance offered a reward in the amount $100 000 ago, who can convince the attackers to return all the stolen funds. Then the amount of remuneration increased to $1 million, However, not all community participants took this decision with enthusiasm, Counting, that it is better to spend such an amount on payments to injured users.

Later, the developers of Harvest Finance wrote on Twitter, that the payment of compensation will be made in special Grain tokens. They will be credited to users' accounts in proportion to the losses incurred. For example, If a person has lost 100 USDC, He will receive 7.39 USDC or USDT and around 92.6 GRAIN. The project will be distributed among the victims $2.5 million, which were returned to attacking developers in the form of USDT and USDC tokens.

Harvest Finance management added, that the distribution will be carried out on the basis of the amount $33.8 million. Previously reported, that the attackers managed to bring more $24 million, However, later this amount was recalculated. Grain tokens can be used for stakeing on the Uniswap decentralized exchange and receive a reward in Farm tokens. Developers will continue to test the system and later publish detailed information.

According to Defi Pulse, In October, the value of assets in the Harvest Finance protocol reached $700 million. To date
dropped to $480 million. Nonetheless, This Defi project takes eighth place in the Defi Pulse rating at the total cost of blocked assets.