The storm continues to rage through the crypto world. Resupply just unveiled its recovery plan after a devastating hack that hit their protocol hard. The numbers are jaw-dropping, and the stakes couldn't be higher.
Here’s the breakdown: On June 26, a hacker exploited a vulnerability in the oracle calculations and manipulated the exchange rate of the crvUSD-wstUSR pair, pulling off a \$10 MILLION heist. The Resupply team was quick to act, halting withdrawals and locking down the affected pair.
But here's the kicker — the protocol’s treasury has already covered \$2.86 million in losses, but there's still a hefty \$7.13 million hole to fill. How? They’re proposing to *burn* 6 MILLION reUSD from the insurance pool. That’s nearly 15.5% of the total tokens in it. The plan is bold, and the implications are massive.
The remaining debt? A cool \$1.13 million, which will be tackled over time using DAO revenues — from protocol fees to RSUP token sales. But they’re not just stopping there. Users who were affected will be offered additional RSUP tokens to keep them on board, with the option to withdraw anytime.
But don’t be fooled — this *isn't* about full compensation, though it could cover some or all of the losses. It’s a survival strategy, and the community’s vote will determine if it’s enough to steady the ship.
And the hits just keep coming — a reminder that only days before, hackers breached Nobitex for \$100 million, and the crypto world has seen a staggering \$2.1 BILLION in losses this year alone.
Crypto is no safe haven — and this drama? It’s far from over. Get ready for more shocks ahead! ⚡
Will this recovery plan be enough? Will the community back it? Stay tuned, this ride's only get
ting started! 🔥
#BinanceAlphaAlert #BTC110KToday? #BinanceTGEXNY #BinanceHODLerSAHARA #BitcoinTreasuryETF