Ethereum-based decentralized finance (DeFi) protocol Hope Lend announced the start of its full compensation process, fulfilling its commitment to users following the exploit. The project plans to repay users in BTC, ETH, USDT, and USDC, converting all native HOPE tokens to these currencies based on the original pegging ratio.
In order to receive the repayment, users are encouraged to complete the repayment application form, which will be verified to ensure that the provided address matches the original address record in Hope Lend. Once the verification is complete, the funds will be directly transferred to users—no further action is required on the decentralized application (dApp).
The deadline for submitting the form is three months from today. Any submissions received after this period will not be processed. Once all repayments are finalized, the Hope Lend protocol will be formally shut down to maintain transparency and accountability.
Announcement
To fulfill our unwavering commitment to our users, HopeLend has officially initiated the full compensation process.
Repayment currencies: BTC / ETH / USDT / USDC
All native HOPE tokens will be converted to the above currencies based on the initial pegging ratio.
— Hope.money
(@Hope_money_) November 18, 2024
Attacker Drains Hope.money, Stealing 526 ETH
The protocol was exploited in October 2023 when a hacker stole 526 ETH worth of user funds, paying 263.91 ETH in bribes to a validator allegedly managed by Lido Finance. The hacker ultimately made a profit of 264.08 ETH. After the exploit, the project had no noticeable assets left within the protocol. The hack was reportedly linked to issues with the wrapped Bitcoin (WBTC) decimals and rounding errors.
Hope.money is working to bridge DeFi, CeFi, and TradFi through its HOPE Ecosystem, which includes the distributed stablecoin HOPE. The ecosystem aims to provide transparent, frictionless, next-gen financial infrastructure and services that are accessible to all.
This ecosystem offers a wide range of use cases for HOPE, such as swapping, lending, custody, clearing, and settlement, while also encouraging user participation in the ecosystem and community governance through LT.
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