✨✨The DeFi Project Will Heal the Wounds of the Million Dollar Hack with Token Burning! ✨✨

The stablecoin protocol Resupply has decided to burn six million reUSD tokens from its insurance pool to mitigate the effects of a recent attack that amounted to approximately 10 million dollars.

In the attack that occurred earlier this week, attackers manipulated the price of the crvUSD-wstUSR trading pair, exploiting vulnerabilities in oracle and exchange rate calculations. According to the protocol's announcement on June 28, this manipulation resulted in significant losses. Immediately afterward, Resupply temporarily suspended the relevant trading pair and limited asset withdrawals from the insurance pool.

Although the Resupply treasury covered a portion of the total loss amounting to 2 million 860 thousand reUSD, there is still an outstanding amount of 7 million 130 thousand reUSD. As part of the recovery plan, six million reUSD of this debt will be covered by burning tokens amounting to approximately 15.5% of the total reUSD supply in the insurance pool.

The remaining 1 million 131 thousand 168 reUSD will be paid over time through protocol revenues; fees collected by the DAO, or OTC sales of RSUP tokens. Additionally, a special incentive program will be prepared for users whose deposits in the insurance pool have been damaged. Under this program, users will be able to earn additional RSUP tokens if they prefer to remain in the pool; however, they will also have the right to withdraw their funds if they wish.

Resupply announced that the implementation of the recovery plan will begin within three days after its approval.

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