A Proposal for CoUSD Redemption and Future Vote Integrity

We deeply regret to inform you that on or around Apr-08-2023 10:53:26 PM +UTC (blocktime 59436935), COFFIN and CoUSD were exploited through a flashloan. This resulted in the improper minting of COFFIN and CoUSD tokens, which caused their prices to drastically drop. At the pre-attack stage, the issuance of CoUSD was around 100k, but it has now exceeded 10M.

As a partial collateralized protocol, 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.

To ensure the integrity and fairness of future votes, we have proposed a resolution to limit future votes to the current XCOFFIN snapshot holders. However, due to the fraudulent minting of COFFIN, we acknowledge that the voting process with XCOFFIN may have already been compromised.

Therefore, we kindly request your participation in this vote to determine whether or not to accept votes only from current XCOFFIN token holders based on the snapshot for all future votes. Please vote "YES" if you are in favor of this proposal to ensure the integrity and fairness of future votes, or "NO" if you are against it.

You can access the proposal on the following link: https://snapshot.org/#/coffinfinance.eth/proposal/0x386a024c6abdfae118f5f1c5b23ee65593f42ed56dc307430aa164a83236632a

We appreciate your participation in this important matter.

Sincerely, The COFFIN Finance Team