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Introduction:
I am a medium Italian (with these words I mean my studies years and personal experiences didn’t prepare or introduce me at all in something revolutionary as the crypto world), I am relatively young, and I am pretty new using wallet and de-fi platforms.
For all reasons above, I personally decided to move really slowly, to invest sum of money not so high, as usually everyone can read all around the web, at the first steps, only the amount you can effort and consider as lost.
I am looking around the decentralized finance too, because I am convinced that we should try something new if we wish to change and participate to a system change that, obviously at the moment, it is not so convenient for the final user as I am and/or you are too.
Body:
Just to begin, to understand and personally test how a platform works, I decided to put a little amount (150$) on a “secure” investment, something stable. So here I am, issuing a bank transfer from my Italian bank account to Binance, waiting a couple of days to see the money credited, and then changing my euros in BUSD.
After moved the BUSD and connected my METAMASK wallet, I decide to opt for the platform https://www.bvaults.fi/ and stake them.
Someone could define me an unlucky person, but (this is my real true story!) after few days where everything was simply perfect and working, I could not be able to see my money!
No fear! Let’s try to go deep and figure out what happened!
My first thought was I made some mistake, but then here there is this article published by bEarn FI staff, where it all explained.
bVaults’ BUSD Alpaca strategy was exploited and drained 10,859,319 BUSD out of the pool, Incident started at 10:36:00 AM UTC, May 16, 2021. We want to let everybody know that only the single stake BUSD bVault using Alpaca as the source strategy was affected. Please be assured that the rest of our bVaults are not at risk, nor any other pools in our platform.
https://bearn-defi.medium.com/bvaults-busd-alpaca-strategy-exploit-post-mortem-and-bearn-s-compensation-plan-b0b38c3b5540
Conclusion:
Even if the unfortunate episode, I continue trusting the platform.
In the article it is specified what they want to do to fix the issue:
We will create a compensation fund which will consist of a combination of the remaining saved funds, Dev Fund, DAO Fund and a portion of fees generated by the protocol. Plan details are being worked on, and while we are waiting for the balance snapshot to deploy the compensation contract, the draft plan is to help every affected user claim back their funds in the following manner:
- 87.5% of initial deposit amount in BUSD (immediately)
- 10% of initial deposit amount in BDEX (vesting token in 80 weeks, same as the core team)
- 7.5% of initial deposit amount in BDOv2 (immediately)
In summary, affected users will receive an extra 5% of their deposited amount.
THEY HAVE BEEN TRANSPARENT,
HONEST AND MORE IMPORTANT OF WORD.
After onnly one working day, I have seen this box on the Bvault homepage:
Let’s wait and continue supporting them.
We can all improve and build something better in this way.
Thank you for reading!
