Jagged0
Mr.Ellish 5 VIP [ 🇺🇦 blur gang] KING OF .ME
- Joined
- Aug 14, 2019
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Imagine waking up one morning and finding an unexpected $20 million in your bank account.
It would be pretty sweet for a moment, until you realize that money isn't legally yours and the bank will soon correct the mistake.
But...what if the bank couldn't do that?
Well, that hypothetical scenario became real for a few lucky users of the decentralized finance (DeFi) staking protocol Compound, which acts like a bank without all the traditional banking rules.
Now Compound's founder is begging those users to return around $90 million, or around 280,000 COMP, that mistakenly went out. And he's taking the ask a step further by threatening users who don't return the money.
Compound and other DeFi protocols basically work as blockchain-based banks, allowing users to borrow money and take out loans. The platform, in turn, rewards lenders with its native COMP token.
On Wednesday, the service released an upgrade and that's when things went downhill.
It would be pretty sweet for a moment, until you realize that money isn't legally yours and the bank will soon correct the mistake.
But...what if the bank couldn't do that?
Well, that hypothetical scenario became real for a few lucky users of the decentralized finance (DeFi) staking protocol Compound, which acts like a bank without all the traditional banking rules.
Now Compound's founder is begging those users to return around $90 million, or around 280,000 COMP, that mistakenly went out. And he's taking the ask a step further by threatening users who don't return the money.
Compound and other DeFi protocols basically work as blockchain-based banks, allowing users to borrow money and take out loans. The platform, in turn, rewards lenders with its native COMP token.
On Wednesday, the service released an upgrade and that's when things went downhill.
