Rizoy Ahmed
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Resupply Protocol Proposes Recovery Plan After Hack
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.
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.
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