Proposal for Future XCOFFIN Voting Requirements

We regret to inform you that on or around Apr-08-2023 10:53:26 PM +UTC ( blocktime 59436935 ) , COFFIN & CoUSD were exploited through a flashloan. As a result, COFFIN&CoUSD tokens were improperly minted and their prices were dumped. At the pre-attack stage, the issuance of CoUSD was around 100k, but it has now exceeded 10M.

https://ftmscan.com/tx/0xefd1010ef6ba971b48a680544baab4da10ab354ad46c0f2b4889164c15182a65

We believe this event to be a malicious attack that exploited a flaw in the smart contract. Unfortunately, the COFFIN/CoUSD project has lost its meaning, and we have no choice but to move forward.

As CoUSD is partially collateralized, we have a moral obligation to refund users who held CoUSD before the incident occurred ( blocktime 59436935 ) . The collateral backing CoUSD is meant to provide security and stability for our users, and we take this responsibility seriously.

Due to the fraudulent minting of COFFIN, we acknowledge that the voting process with XCOFFIN may already be compromised. To ensure the integrity and fairness of future votes, we would like to obtain the current XCOFFIN snapshot and only accept votes from XCOFFIN token holders included in that snapshot. This will help to prevent fraudulent activities and ensure that only legitimate votes are counted.

Therefore, we would like to conduct a vote on whether or not to accept votes only from current XCOFFIN token holders based on the snapshot for all future votes. Please click "YES" if you are in favor of this proposal, or "NO" if you are against it.

Based on the result of this vote, we plan to propose a separate resolution on how to proceed with the redemption process.

Thank you for your participation in this important matter.