In order to protect the interests of XCarnival users and ecological partners, XCarnival announced the launch of the “Security Star” plan, which mainly includes two parts: smart contract security and insurance funds. It plans to continuously invest 5,000 ETH within two years to ensure the security of the platform and user assets. In terms of smart contract security, XCarnival said that it has once again strengthened its internal cross-audit mechanism, and based on its cooperation with CertiK, it has re-introduced a new external auditor, Peck Shield, and will soon launch a bug bounty program.
In terms of insurance funds, XCarnival will establish XFund, which mainly faces XCarnival itself and its ecological partners, and is expected to invest 5,000 ETH in the next two years. The main functions of the fund are:
- The fund will be independently operated by XCarnival DAO, whose function is to ensure the safety of assets and funds on the XCarnival platform.
- The fund will be responsible for compensating for the loss of the platform in extreme cases due to non-human factors. After the fund is established, it will first compensate the unrecovered part (1620 ETH) in the event.
- When there is a liquidation of loan assets, the Fund will act as the liquidation initiator to deal with the assets according to the actual situation of the assets to ensure the safety of the loan assets. It is reported that XCarenival’s smart contracts will also be restarted in about three weeks.
On June 26, the attacker exploited the contract vulnerability, causing the XCarnival platform to directly lose 3087 ETH. After several rounds of negotiation with the attackers, the XCarnival team members recovered 1467 ETH in the first phase.