The 1inch Foundation has introduced a proposal to its decentralized autonomous organization (DAO) aimed at compensating users impacted by an exploit in October 2024. Named 1IP-80, the plan suggests reimbursing $768,026 in USDC, reflecting the value of stolen tokens at the time of the incident, funded by the DAO’s treasury. The Foundation will manage the verification and distribution process, requiring victims to undergo Know Your Customer (KYC) verification, provide proof of losses, file a police report, and sign a compensation agreement, although specific KYC details remain unclear. Notably, 1inch does not mandate KYC for trading, appealing to users who prefer decentralized exchanges. The October 30 attack exploited a vulnerability in the Lottie Player library. Unlike a subsequent breach in March 2025, which saw most funds returned, no restitution was made for the October incident. The proposal requires victims to relinquish rights to any recovered assets. As of now, voting is ongoing, with 53.47% in favor and 46.53% against. Read more AI-generated news on: https://app.chaingpt.org/news

#DAO #USDC