Ribbon has announced it will cover $400,000 of the lost funds with its own assets. However, Ribbon is also offering users a lower-than-expected haircut on their assets by assuming that some of the largest affected accounts will not withdraw their assets, having been dormant for several years. While this plan may benefit active users, it seems like it could get very messy if those dormant users do wish to withdraw their assets and discover they've been used to pay others.
Ribbon Finance suffers $2.7 million exploit, plans to use "dormant" users' funds to repay active users
Ribbon Finance, which has partially rebranded to Aevo, has lost $2.7 million after attackers exploited a vulnerability in the smart contract for legacy Ribbon vaults that enabled them to manipulate oracle prices and withdraw a large amount of ETH and USDC.
Binance employee suspended after launching a token and promoting it with company accounts
Binance has announced that the company has suspended an employee who used the platform's official Twitter accounts to promote a memecoin they had launched. The token, called "year of the yellow fruit", pumped in price after official Binance accounts coaxed followers to "harvest abundantly".
Binance publicly acknowledged that an employee had been suspended for misconduct over the incident. "These actions constitute abuse of their position for personal gain and violate our policies and code of professional conduct," Binance tweeted from its BinanceFutures account. After this announcement, the memecoin token price spiked even further.
Earlier this year, Binance fired another employee after discovering they had used inside information to profit from a token sale event.
Prysm consensus client bug causes Ethereum validators to lose over $1 million
Ethereum validators running the Prysm consensus client lost around 382 ETH ($1.18 million) after a bug resulted in delays that caused validators to miss blocks and attestations. Though the bug had been introduced around a month prior, it did not affect validators until Ethereum completed its "Fusaka" network update on December 3. Around 19% of Ethereum validators use the Prysm consensus client, which is developed by Offchain Labs.
- "Fusaka Mainnet Prysm Incident", Prysm
- Client Distribution, Clientdiversity.org