Concave Finance compensates $2M to investors.

Sona59

According to a financial report, Concave Finance will pay $2 million to investors who suffered losses due to smart contract flaws. The project failed to properly code the settlement contract, leading to significant calculation errors in the claims process within the smart contract. The contract incorrectly added already claimed funds into the unclaimed fund pool, allowing early claimants to receive all the funds. The Concave team is now addressing the dispute, and partial allocations from the treasury are expected to be completed within 10 days, allowing dozens of investors to participate. Concave acknowledges the failure of this scheme and states that they will release a post-mortem analysis report explaining the issues.

DeFiLlama data shows that since its launch, Concave's total locked value has plummeted by 96% to $518,000. The native token of Concave, CNV, is trading at $3.75, consistently trending downward since April of last year.