HopeLend Initiates Compensation for Cyberattack Victims, Plans to Convert HOPE Tokens to BTC, ETH, USDT, and USDC

HopeLend has officially kicked off its compensation process for users affected by the recent cyberattack. This initiative reflects their commitment to support those impacted by the exploit.

The project plans to repay users in BTC, ETH, USDT, and USDC. They will convert all native HOPE tokens into these currencies based on the original pegging ratio.

To receive your repayment, simply fill out the repayment application form. The team will verify that your provided address matches the original address recorded in HopeLend’s system. Once verified, the funds will be transferred directly to you. No extra steps are needed on the decentralized application (dApp).

Make sure to submit your form within three months from today. After that, any submissions won’t be processed. Once all repayments are completed, HopeLend will officially shut down the protocol to maintain transparency and accountability.

In October 2023, the protocol suffered a significant breach. A hacker stole 526 ETH from user funds, paying 263.91 ETH in bribes to a validator allegedly linked to Lido Finance. The hacker ended up profiting by 264.08 ETH. After the attack, the project had no significant assets left. Reports indicate that the hack was due to issues with wrapped Bitcoin (WBTC) decimals and rounding errors.

Hope.money is working to bridge DeFi, CeFi, and TradFi through its HOPE Ecosystem, which features the distributed stablecoin HOPE. This ecosystem aims to provide transparent and seamless financial services that everyone can access.

Within this ecosystem, users can engage in various activities like swapping, lending, custody, clearing, and settlement. Plus, it encourages community participation and governance through LT.