Funds management after the exploit

On December 13th, 2022 an unknown entity exploited a vulnerability in the ElasticSwap Exchange contract with a flash loan attack allowing them to drain the majority of funds from all ElasticSwap pools. The only pool not affected with the FOXy/FOX pool on Ethereum. At the time of the attack, the total proceeds were valued at roughly $825,000. Thankfully, an EVM bot was successful at frontrunning the attacker on Ethereum. The owner of this bot and the owner of the relayer the bot used have refunded the majority of these funds in accordance with the ElasticSwap bounty program.

As of this time, the ElasticSwap Ethereum Treasury multisig is in possession of slightly over 487 ETH, valued at $625,000. Because AMPL is a rebasing asset and has been consistently going up in value since the announcement of SPOT on December 8th, several community members have suggested that we should convert the ETH in the DAO's control to AMPL in order to mitigate the losses.

We're asking that the community signal how it would like the assets held while we work through proposals to refund those affected by this event. Please vote for one of the following options to indicate what you would like to see done with these funds. The timing of this vote has been set to end before the next rebase which is predicted to happen at 02:00 UTC.

The signers of the multisig will not vote on this proposal.