Update on CoUSD Redemption Process

As previously announced, we experienced an exploit and conducted several proposals and votes. As a result:

• We will conduct a redemption process for those who held CoUSD prior to blocktime 59436935.
• We will terminate the service (due to the expiration of domain and hosting services, access will be unavailable on Jun 2023).
• We will use snapshot.org for future announcements, and our primary means of communication will be coffinfinance@protonmail.com.
• The Coffin Team will handle the redemption process with full delegation of authority.

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

https://snapshot.org/#/coffinfinance.eth/proposal/0xfa2679cfef149d16146a4110ea4d333614af079d2e84a02b5ecb4da38fa6fd29

https://snapshot.org/#/coffinfinance.eth/proposal/0x695d53810d82c3f378b07f00c65480d5f626a53065ea2e2ff400a11b96a0d40c

https://snapshot.org/#/coffinfinance.eth/proposal/0x386a024c6abdfae118f5f1c5b23ee65593f42ed56dc307430aa164a83236632a

https://snapshot.org/#/coffinfinance.eth/proposal/0xccafa7b6ac19be63eeec9ab0e47e71d1cac5c2413b1f8634163b3a509dccb110

https://snapshot.org/#/coffinfinance.eth/proposal/0xdab9b7a5992d4adf55fda73376418205dc8d26f9b693f2b35ea3c153c112c84f

All of the proposals and votes were successfully passed, and we are now working on the redemption process for those who held CoUSD at the relevant time.

We have some progress updates and policy announcements to share with you.

• We have started the redemption process for CoUSD holders at the relevant time.
• There are less than 50 addresses that held at least 100 CoUSD.
• The current number of CoUSD will not be considered in the redemption process, in accordance with previous voting results.
• To request redemption, please email coffinfinance@protonmail.com with evidence of your CoUSD holdings prior to blocktime 59436935 (not including blocktime 59436935), by the end of May 2023.
• When contacting us, please provide your total CoUSD holdings, wallet address, FTM Scan URLs showing CoUSD and CoUSD-related LP token holdings, deposit and withdrawal logs, and the basis for calculating the number of CoUSD in your LP tokens.
• If you held CoUSD as an LP token, please strive to make your calculation method clear through third-party audits or other means.
• We will only process requests that include sufficient documentation submitted by May 31, 2023.
• Some collateral tokens are bridge tokens, so they are converted to FTM or fiat and transferred to a CEX for collateral protection purposes.
• After September 2023, any remaining amounts may be allocated for COFFIN buyback.
• For substantial redemption requests, KYC and/or an audit by a third-party may be required.
• There is no plan to create a smart contract for redemption. Redemption requests will be processed manually based on the requests received.

If you have any questions or concerns about the redemption process or policy, please feel free to contact us via email.

Thank you for your continued support and understanding.

Best regards,

The Coffin Finance Team