ValueDeFi Begins Compensation Plan Following String of vSwap Hacks

The BSC project is trying to earn the good will of investors back after the unfortunate exploitation.

The Commencement

ValueDeFi has commenced compensation plans for the pools exploited in the recent strings of hacks. The move aims to restore users’ confidence as hacks are becoming quite rampant with the project.

The Compensation Plan and Detailed Summary

After a series of hack events involving human and smart contract errors, which started late last year in November 2020, the ValueDefi team has commenced a compensation plan for affected pools.

ValueDefi

In their post detailing the compensation plan, the team breaks down the figures, the affected pool, and allocates reserved funds.

cdn.embedly.com/widgets/media.html?type=text%2Fhtml&key=c4e54deccf4d4ec997a64902e9a30300&schema=twitter&url=https%3A//twitter.com/value_defi/status/1394718153427472384&image=https%3A//abs.twimg.com/errors/logo46x38.png

Summary of Losses and Planned Compensation

The Losses:

Recap: Total Losses

Total loss at vBSWAP/BUSD 98/2 profit sharing pool:

vBSWAP – 7,342.75

BUSD – 205,659.22

Total loss at vBSWAP/WBNB (70/30) + vBSWAP/BUSD (98/2) + BDO/vBSWAP (70/30) pools + WBNB vault:

vBSWAP – 8,713.693815425671

WBNB – 8,888.38352660905

BUSD – 39,295.38534264648

Total loss at gvVALUE/BUSD (98/2) + gvVALUE/BNB (50/50) + VBOND/gvVALUE (60/40) pools:

gvVALUE-B – 2,557,651.422062519

WBNB – 1,745.2313015839943

BUSD – 223,203.6251411501

VBOND-B – 945,497.6497149196

The First Compensation Plan:

Recap: Total amount to be compensated

vBSWAP – 16,056.443815425671

BNB – 10,633.6148281930443

BUSD – 468,158.23048379658

All vBSWAP users will be compensated with 3,056.443815425671 from the Reserve Fund and 13k vBSWAP extra mint.

174,055.488635629258637 BUSD left from the Reserve Fund will be used. Hence each user will receive 37.17% of their original BUSD; the remaining compensation amount will be in IOU token, with more details later.

The team will use 564.333900676476538 BNB left from the Reserve Fund. Hence each user will receive 5.3% of their original WBNB; the remaining compensation amount will be in IOU token, with more details later. 

Community Reactions

There haven’t been too many reactions as regards the compensation plan due to a handful of factors: 

The market is down considerably from its last high, and it continues on a downward spiral. This means the general mood for crypto is tilting towards bearish as the public sentiment is down, hence the very low reactions from CT users.

ValueDeFi has lost a lot of confidence from users already. Thus, the community does not feel the need to engage in the discussion.

Source : bsc.news

Leave a Reply

Your email address will not be published.

en_USEnglish