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RevaultRevaultby0x48aA99515A8cAC86bF4A59fA19Ed7d8CbD5852870x48aA…5287

Proposal to reimburse our Qubit $80M hack victim's in a precedent-setting operation for Revault's community-based hack insurance

Voting ended about 4 years agoSucceeded

On the 28th of January $80M was stolen from the Qubit protocol by address: 0xd01ae1a708614948b2b5e0b7ab5be6afa01325c7

Full report: https://medium.com/@QubitFin/protocol-exploit-report-305c34540fa3

The proposal is to reimburse our platform victim's losses because of the hack, which currently adds up to $766,212 among 15 addresses so far (assuming 100% of the funds deposited in Qubit vaults are lost).

Since our treasury worth is less than that at the current price, it is obvious we can not activate the hack insurance and pay the victims right now.

The proposal is to pay them only if the total payment is less than 5% of the treasury's worth (another vote can change this 5%). Or, in other words - only when the treasury worth reaches $15.33M (assuming the damages are $766,212) the insurance will be activated, and our community victims will get paid.

Off-Chain Vote

For
289.23K 73%
Against
107.2K 27%
Download mobile app to vote

Timeline

Feb 01, 2022Proposal created
Feb 01, 2022Proposal vote started
Feb 08, 2022Proposal vote ended
Oct 26, 2023Proposal updated