🚀 Resupply's Recovery Plan Faces Criticism Over Handling of reUSD Losses
#Resupply #RecoveryPlan #reUSD #Yishi #OneKey #SlowMist #Hacker #InsurancePool #Cryptocurrency #Blockchain
According to BlockBeats, OneKey founder Yishi has criticized Resupply's recovery plan proposal, which suggests that the insurance pool should cover the 6 million reUSD debt. Yishi noted that Resupply has not taken any action to alert or investigate the hacker responsible for the loss, nor has it publicly requested the return of the stolen funds. Instead, the focus has been shifted towards the affected users, which Yishi argues is akin to taking money directly from their pockets.
SlowMist founder Yu Jian added that the project team is the first in history not to offer a bounty or make any statements regarding the incident. He expressed confusion over the project's lack of response, questioning whether the attacker should be considered a black hat or white hat hacker due to the absence of any official stance from the project team.#Resupply #RecoveryPlan #reUSD #Yishi #OneKey #SlowMist #Hacker #InsurancePool #Cryptocurrency #Blockchain
🚀 Resupply Protocol Proposes Recovery Plan After Hack
#Resupply #stablecoin #hack #recoveryplan #baddebt #insurancepool #DAO #revenue #protocolfees #RSUP #OTC
According to Foresight News, the stablecoin protocol Resupply has announced a recovery plan following a hack that resulted in 10 million reUSD becoming bad debt. The Resupply Treasury, Convex Treasury, and C2tP have already paid 2,868,832 reUSD, leaving an outstanding bad debt of 7,131,168 reUSD.
The proposal includes the destruction of 6 million reUSD of bad debt through the insurance pool, which currently holds 38.7 million reUSD, accounting for 15.5% of the pool. The protocol will continue to manage the bad debt to reduce the amount owed by the insurance pool, decreasing the original bad debt by 4 million reUSD.
The remaining 1,131,168 reUSD of bad debt will be gradually repaid by the DAO through future revenue sources, which may include protocol fees and potential RSUP OTC sales plans. These revenue sources will be determined by the financial or governance departments at a later stage.#Resupply #stablecoin #hack #recoveryplan #baddebt #insurancepool #DAO #revenue #protocolfees #RSUP #OTC