Post-incident Security and Compensation Plan
The exploitation has cost our community a loss of assets but it shouldn’t be in the way of our motto “DeFi for all”. Our team is determined to restore the confidence in our community as well as the public perception of DeFi tools.
We have been working day and night, not only to tighten the security system of the Flurry Protocol (FlurryPro), as well as to upgrade all relavant rhoToken contracts in preparation for redeployment to compensate the losses induced by this unfortunate incident to all affected users.
Here are the latest updates:
Action Taken
1. New enforcement on Multiplier monitoring
We have set up a monitoring system, specifically coded to monitor any abnormal activity on the multiplier, targeting in preventing the artificial manipulation that the attacker did in this incident.
Any attempt in disrupting normal operation of the multiplier will trigger the system, and whatever action taken will be looked into and checked out before any called functions are being processed.
2. Security layers for rebase function
Enhance the authorization right of function calling with additional layers of security implemented before the rebasing function is being triggered.
3. Strengthen rebasing options with new mechanism
Implement new mechanism in storing & modifying rebasing options to prevent the artificial manipulation from switching EOA into contract address for malicious purpose.
4. Restore all contracts which is not being affected under the incident
All contracts on FlurryPro (both BNB chain and Polygon) were on pause after the incident as a precautionary measure to avoid further fund loss.
Our team has performed a security sweep through all unaffected contracts and will restart yield farming functions for rhoUSDC on BNB Chain, and rhoUSDT/ rhoUSDC on Polygon today.
The Snowball platform on Ethereum and BNB Chain will also be resumed where claiming FLURRY reward will also be available today.
Compensation Plan
As mentioned in previous tweets, we will compensate all losses induced by this incident to our users. However, since it will involve the redeployment of rhoTokens, it will take us some time to restore the rhotokens balance for all rhoToken hodlers.
The redeployment will be ready by the week of 21 March, where the compensation arrangement will be as follows:
rhoUSDT & rhoBUSD hodlers
Our team will create a new rhoUSDT & rhoBUSD contract on BNB Chain, which remains to be pegged 1:1 to its underlying stablecoins. All affected users’ balances will be restored automatically once the new smart contract is being deployed.
Users will only have to add the newly deployed rhoUSDT or rhoBUSD in your wallet to see the token balance.
LP token hodlers
As for LP token hodlers, LP token pairs on BNB chain which will be compensated are:
- rhoUSDT/USDT
- rhoBUSD/BUSD
- FLURRY/rhoUSDT
- FLURRY/rhoBUSD
For pair-1 & 3, affected users will be compensated in rhoUSDT; whereas, for pair-2 & 4, affected users will be compensated in rhoBUSD instead.
By the time of the redeployment, there will be a new landing page set up for LP token hodlers to claim for their compensation.
If the LP token was put on Farm before the incident, you will have to proceed to “Stop Farming” on the new landing page and get the LP token back on your wallet before claiming your compensation.
More details and a tutorial guide will be available on the week of 21st March. Thank you for your time and patience.
About Flurry Finance
FLURRY is a DeFi protocol offering cross-chain yield aggregation with rhoToken, which is pegged 1:1 to its underlying stablecoin. It automatically farms for yields across different DeFi protocols without locking up funds or interest earned by diversifying DeFi product risk, resulting in lower gas fees.
With a team composed of graduates from Cornell University, Stanford University and Imperial College London, and pedigrees from JP Morgan, Barclays Capital, KBC Financial Products, Daiwa Capital Markets and Societe Generale, Flurry Finance is well-equipped to take the DeFi sector by storm.
Contact Us
Website: https://www.flurry.finance/
Twitter: https://twitter.com/FlurryFi
Telegram: https://t.me/FlurryFinance_Official
News Channel: https://t.me/FlurryFinance_News
Discord: https://discord.gg/t78aN3dmD2
