Furucombo Biweekly Update #15
It has been three weeks since our last newsletter, so much happened during the period and we finally have time to wrap it up and share the whole story with you.
In this newsletter, we will not cover new combo strategies, instead, we will outline what happened during an exploit that occurred on Saturday 27 February 2021, and our follow-up plans.
TL’DR: We have stopped the attacker, patched the vulnerability, and finalized the mitigation plan for all affected users (22 addresses).
Except that, we will kick-off a new COMBO mining campaign this Thursday to incentivize COMBO holders and supporters. Check out the details below!
# Furucombo’s Update
✅ Furucombo Post-Mortem March 2021
A sophisticated attack was launched on Furucombo, resulting in a loss of funds. We are doing everything we can to learn from this experience to make sure it doesn't happen again.
What happened during the exploit? The attacker drained funds from 22 users who had approved Furucombo’s proxy with an unlimited token allowance. We patched the vulnerability in an hour to stop the attacker. We also redeployed a new proxy contract and reset the default ERC-20 token amount of approval on Furucombo - the token amount of approval will be exactly the amount spent.
We would like to reassure you that all user funds are safe and the hacker cannot use the same method to attack again, and we are collaborating with several audit firms, including Certora, to re-examine the platform before we launch new features. For the 22 affected users, we will issue 5M iouCOMBO tokens with a 360-day linear-vesting period as compensation.
Full Post-Mortem article: https://go.furucombo.app/post-mortem
Full Mitigation Plan: https://go.furucombo.app/Xczz1
✅ COMBO Mining Season 2
The first season of the Furucombo transaction mining program has now rounded off. We want to express our sincere gratitude to the community and all that participated! In the first round, Furucombo not only onboarded thousands of new users but also received lots of valuable insights from our community about making Furucombo stronger!Back by popular demand, We are excited to announce that we are going to launch the Furucombo COMBO mining season 2 program, starting at 3:00 AM (UTC) on March 11, 2021.Anyone can participate in the COMBO mining season 2 program. Every week, you just need to complete the following two steps, then you will receive your COMBO rewards.Steps:
1. Eligibility requirement: Send out at least one transaction on Furucombo during each week's program.
2. Staking area: The amount and length of time of your staked COMBO tokens or COMBO/ETH LP tokens.Enjoy participating in our COMBO mining season 2 and earning COMBO tokens in the following weeks.Details here: https://go.furucombo.app/ou35k
Check out our explore page. You can find up to 50 combos with its own detailed explanation about how it works! And you can also join our Discord server to chat with the community about all the trading strategies & ideas!
Hope you enjoy this week’s content! 🤓
If you experience issues that are not covered in this guide, please reach out to the team directly through telegram.