XCarnival has announced that it will invest 5000 ETH in "Security Star" over the next two years

Source: XCarnival

On June 26, the attacker took advantage of a contract vulnerability to cause a direct loss of 3,087 ETH to the XCarnival platform. Continuous efforts by XCarnival team members resulted in an initial recovery of 1467 ETH after several rounds of negotiations with the attackers. In order to demonstrate the responsibility of the industry and protect the interests of XCarnival users and ecological partners, XCarnival launched the "Security Star" program, which includes two parts: smart contract Security and insurance fund, and plans to invest 5,000 ETH in two years to ensure the safety of platform and user assets.

In terms of smart contract security, XCarnival said that as a provider of NFT multi-chain liquidity, to address the increasing security challenges, XCarnival has re-strengthened its internal cross-audit mechanism and has worked with CertiK (CertiK has previously issued an audit report, At the same time, CertiK has officially given the attackclarificationTo certify that XCarnival's official smart contracts have been audited by CertiK) reintroduced a new external auditor; Shield, and will soon launch a bug bounty program.

In terms of insurance fund, XFund has been set up, which will focus on XCarnival itself and its eco-partners, with an estimated investment of 5,000 ETH in the next two years. The main functions of the Fund are:

1.  The fund will be operated independently by the XCarnival DAO to secure assets and funds on the XCarnival platform.

2.  The Fund will be responsible for the compensation responsibility of the loss of the platform in extreme circumstances caused by non-human factors. After the establishment of the Fund, the unrecovered portion (1620 ETH) in the event will be compensated first.

3.  In case of liquidation of borrowed assets, the fund will handle the assets as the liquidation initiator according to the actual situation of the assets to ensure the safety of borrowed assets.

The proposal of "Security Star" plan is an innovative exploration of NFTFi industry. XCarnival early stage investor A& T, Fundamental  Labs, SNZ, GSR, Zonff Partners, Metasense and others are committed to supporting XCarnival. Meanwhile, XCarnival's eco-partners Project Galaxy, NFTScan, Solv Protocol, NFTGo and others will continue to support XCarnival in the eco-construction. XCarnival's smart contracts will restart in about three weeks.

Appendix: Time clue of this event

1. The attack happened (2022-06-26 20:02:46)

CN: https://www.theblockbeats.info/flash/89355

EN: https://twitter.com/peckshield/status/1541047171453034501?s=20& t=V5zLp7uh3hf6jrC_hiwlVQ

2. Contract Closure (2022-06-26 22:00:00)

EN: https://twitter.com/XCarnival_Lab/status/1541060630748479488?s=20& t=V5zLp7uh3hf6jrC_hiwlVQ

3. Negotiations start (2022-06-26  23:29:39)

On-chain messages:https://etherscan.io/tx/0x869839213b6c4f1a43b606f470c545b57d7d1287e450a4f8fd513bb2f88647bf 

CN: https://www.theblockbeats.info/flash/89376

EN: https://twitter.com/XCarnival_Lab/status/1541226298399653888?s=20& t=V5zLp7uh3hf6jrC_hiwlVQ

4. Recover some of your losses (1467ETH 2022-06-27    13:45:58)

On-chain messages:https://etherscan.io/tx/0xcc3fda1e5540486de15f707ccc82a6f9c8c78e0ef3ef02e4318b3bea24ace701 

CN: https://www.theblockbeats.info/flash/89472

EN: https://twitter.com/XCarnival_Lab/status/1541388200135929856?s=20& t=V5zLp7uh3hf6jrC_hiwlVQ

5. Initiate a new audit (& NBSP; The 2022-06-28 19:19:00)

EN: https://twitter.com/XCarnival_Lab/status/1541743209436418049?s=20& t=V5zLp7uh3hf6jrC_hiwlVQ

6. Announce the Security Star plan

https://xcarnival-lab.medium.com/xcarnival-announce-that-5-000-eth-will-be-distributed-to-build-the-security-star-plan-9 deddcae407e

7. Contract restart (next 3 weeks)

This article is submitted and does not represent the views of BlockBeats.

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