[TIP-005] Recovery of accidentally burned THOR

🔗 TIP-005 Recovery of accidentally burned THOR Discussion

THE PROPOSAL

Deduct 140,235 $THOR from the final amount to be burnt as part of October Monthly Burn and send to the address cryptoactuary.eth to help recover lost (burned) funds.

* Note that the total amount burnt for October will stay the same, as the THOR lost by cryptoactuary are already considered as burned, thus there is no impact at all for the community / THOR holders.

* In addition, to support the ecosystem, cryptoactuary will pay 5% (~7000 THOR) to THORSwap Treasury as a "recovery admin fee"

Summary

As described on Discord, on October 6th community member cryptoactuary by mistake accidentally sent to the THORChain ETH Asgard vault approx. 140k THOR (tx details) for an approx value of 22k USD. THORChain devs have confirmed they are unrecoverable and as such to be considered as burned.

TIP-005 proposes using the "monthly burn program" as per [TIP-003] to refund cryptoactuary the tokens accidentally burned.

Abstract

If passed, the idea is that - once the next monthly amount will be known for the month of October (approx. 8mn THOR), simply deduct from them the ~140k THOR to be sent to address cryptoactuary.eth (which is the same address from where cryptoactuary sent the THOR, see txn details above). As the tokens sent to Asgard can be considered as burned, this doesn't have an impact to the community. In addition, cryptoactuary is am happy to pay to the THORSwap Treasury a "recovery admin fee" of 5% the lost amount (ie. ~7000THOR=1000$) for the inconvenience caused.

Motivation

"I have been a long term THOR supporter since day 1, both financially and to the community (note that as Discord moderators we are not paid). It was really a big hit for me losing such an amount of THOR accumulated in these years for such a stupid mistake. I would be infinitely thankful to all if you if you help getting my THOR back." -cryptoactuary

Benefits

The "recovery admin fee" can be used by the TS Treasury to improve the ecosystem.

Drawbacks

"Basically none, as the monthly total burn amount is untouched there are no consequences at all."