The decentralized finance protocol Rari Capital faced the $10 million exploit over the weekend. After the incident, the firm formulated a plan and allocated $26 million from the developer fund to compensate the hack victims.
This governance token may be distributed among the users who got impacted by the hack. Moreover, this hack drained $10 million from the protocol.
Official postmortem
According to the official post mortem details , the attack got published on May 9th. Moreover, the platform lost 2,600 ETH, equal to 60% of all the users of funds in its Ethereum pool.
Rari automates yield farming by rebalancing the user’s funds and pools. Jai Bhavnani, the Rari founder, posted an update on May 10th. He also revealed that all the protocol contributors voted to return the $2 million RGT tokens.
However, the firm slated the tokens for the developer incentives initially. Finally, all the tokens got back to the organization to reimburse the users.
Distribution plan
The Rari capital developers and community need to discuss the exact distribution plant . However, according to Bhavnani, the token holders will be eligible to claim a share of the stable coin reserves during the community call on May 10th.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.