I am very likely going to end up suing Compound due to the losses here and failure to protect user funds. If anyone wants to join the suit feel free to message me.
If the Compound team had done something at all to make this right, even if not fully rectifying the loss, I would have been fine with it. Reimbursing the 8% liquidation fees would have been totally reasonable in my opinion, despite “the longer term losses” folks suffered due to the rapid increase of the non stable assets since these liquidations took place.
But doing nothing and saying that things worked as designed, when there were clearly problems with the platform, and now making the changes that we requested many months later while basically ignoring the damages we incurred that led to the changes is just infuriating and rubbing salt in the wound.
Not to mention the Compound community furiously applauding the guy who put the proposal together and giving him $150k for his hard work to “improve the platform”.
This is a total slap in the face to anyone who lost funds during this attack and was just “using the platform as designed”. I myself was borrowing DAI against other stables because I didn’t want to pay to swap them. It would have been (and still is) cheap to address this issue with:
- any of the various proposals put forth in this long thread (my preference is this one)
- an apology to the people who were affected
- and a thank you for bringing this serious problem to light that helped make the platform stronger & better in the long run
Instead they just ignore it. Not sure why that is the chosen approach, when the negative publicity of a lawsuit far outweighs reimbursing the non-farming addresses in the list. Indeed, the largest wallet in this list of affected people seems to have stopped using it entirely. Reimbursing the rest is a tiny cost to Compound at this point.
I am quite serious about this and hope that my comments bring this discussion back online so we can get a resolution in the near future and I don’t have to take any additional action to get reimbursed for my stolen funds.
@rleshner @eddylazzarin @mike-u410 @hayesgm @franklin-pantera