How to Proceed with CoUSD Redemption

We are reaching out to you today to inform you about a vote regarding the redemption of collateral.  As a reminder, an exploit occurred around blocktime 59436935, resulting in the loss of funds for some of our CoUSD holders.

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

Since CoUSD is partially backed by collateral, the following proposals were previously passed to redeem the collateral and return the funds to CoUSD holders prior to blocktime 59436935.

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

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

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

However, the calculation of the redemption amount is quite complex, particularly regarding LP tokens and farms.

To simplify the process and ensure timely redemption for those affected CoUSD holders, we propose to grant the Coffin Finance team full authority to handle the collateral redemption. We earnestly request your participation in this vote. Please vote "YES" if you support granting the Coffin Finance team full authority for collateral redemption, or "NO" if you oppose it.

Should this proposal be approved, we will enact the following policies for collateral redemption:

• Considering the potential risks associated with implementing a new smart contract for redemption, we are exploring the possibility of conducting individual transfers for the redemption process.
• We will investigate and process only those cases that are reported by May 31st, 2023.
• To request redemption, please email coffinfinance@protonmail.com with evidence of your CoUSD holdings prior to blocktime 59436935 (not including blocktime 59436935).
• Please attach all relevant documentation or URLs as evidence of your CoUSD holdings at prior to blocktime 59436935 when making your request.
• When contacting us, please be sure to include your total CoUSD holdings, wallet address, FTM Scan URLs showing CoUSD and CoUSD-related LP token holdings, farm deposit and withdrawal logs, and the basis for calculating the number of CoUSD in your LP tokens.
• We will give priority to those who include KYC information and the basis for calculating the theoretical price of CoUSD.
• We will only process requests that include sufficient documentation.
• The maximum value of 1 CoUSD will be considered equal to 1 USD. The value of 1 CoUSD may vary as it is a partially collateralized protocol. Please note that this does not guarantee the value of CoUSD in any way.
• We will take into consideration the amount of CoUSD you held prior to blocktime 59436935. As per the previous voting result, the current number of CoUSD will not be considered.
• As some of the collateral tokens include bridge tokens, there is a possibility that they will be temporarily converted to FTM for collateral protection purposes, and therefore the value of the collateral is not guaranteed.
• Any remaining amount may be allocated for COFFIN buyback after September 2023.
• If your redemption request is substantial, we may require KYC and/or an audit by a third-party.

Best regards,

The Coffin Finance Team