Update on USP compensation
We used the reserved treasury to kickstart the 2nd round of compensation today, recovering about 61.7% of the original losses incurred by our LPs during the USP exploit. Please note that volatile asset values have fluctuated since the plan's inception, resulting in a total refund of around 1.3 million.
Compensation Page: https://bit.ly/3KHNN0O
We'd like to express our gratitude to the community for your patience. It's been a bit over six months since the exploit, and some may wonder why this decision took so long. The reason is simple: legal considerations.
Our legal partners stressed the importance of getting approvals before proceeding with the refund. However, we deeply care about our users, so we're moving forward with the refund.
About the secured funds from Aave:
We're actively working to obtain approval from French prosecutors to refund these rescued funds directly to our users. This process is different from our reserved treasury, as these funds were directly involved in the hack. Legal compliance is crucial, and prosecutor's approval is necessary.
About the fund remint from Tether:
We're in constant communication with Tether regarding additional submissions for fund reminting. As soon as there's progress, we'll promptly share updates with the community. Your trust is invaluable, and we're committed to keeping you informed throughout this process.