CREAM Exploit Restitution Proposal

On October 27th, the CREAM Finance platform was exploited for $130m in various assets, including Keep3r.

This proposal is aimed to provide aid to the victims of the exploit who were in possession of Keep3r tokens on CREAM. A few of the victims are long time supporters of the Keep3r protocol, and have been involved with the project since its inception. At the time of this post, the reimbursement provided by the CREAM team is less than 1/20th of the value of the Keep3r tokens lost. The CREAM team has no plans to restore the Ethereum v1 CREAM markets.

About 2000 Keep3r tokens were supplied on the CREAM platform at the time of the exploit. 871.599 tokens were stolen by the exploiter. The remaining tokens were loaned out at the time of the attack, and will not be returned, as the Ethereum lending market is no longer in operation.

Should the Keep3r community vote in favor of this proposal, KP3R tokens will be minted and proportionally divided between the Keep3r holders who were victims of the exploit (taking into account the amount of Keep3r tokens supplied as well as borrowing limit used). The CREAM repayment may also be deducted before restitution is distributed.

Tokens may also be vested over four years as vKP3R, should the community deem it necessary. Some options of how to proceed have been presented below:

Mint and distribute the full amount of Keep3r tokens lost (taken by exploiter + withdrawn by borrowers) Mint and distribute the amount of Keep3r tokens stolen by exploiter Mint and distribute the full amount of Keep3r tokens lost as vKp3r, vested over 4 years Mint and distribute the amount of Keep3r tokens stolen by exploiter as vKp3r, vested over 4 years Mint and distribute a different amount Do nothing