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The Osmosis community said on its forum it will compensate 1,037 holders with about 40,508 OSMO, worth about $1,740, after discovering a contract bug in bOSMO, a liquid staking token from multichain DeFi platform Backbone Labs.
The bug caused redemptions of bOSMO to pay out about 50% more OSMO than the correct amount, reducing the assets of other holders. The community redeemed 776,000 bOSMO held in the community pool, about 97% of total supply, in a single transaction on Oct. 10, and plans to automatically distribute 1.1174 OSMO per bOSMO based on holdings at the time of redemption once unstaking is completed on Oct. 24. The redemption value of bOSMO has now fallen to about 0.06 OSMO, and the community advised users not to buy bOSMO and to withdraw liquidity from the bOSMO pool.