The simplest compensation plan is to return the funds 1:1 at the time of the hack, period.
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Hello! I am one of those who suffered from a hack and I have some questions. I would be grateful if someone could give answers to them:
- Who is responsible for the detailed calculation of the stolen funds?
- How long will this calculation take?
- How to check if the funds that were stolen from me are taken into account in the calculations?
- In private messages on Twitter, the Bzx team reported that the stolen USDT was frozen. What does this mean and will it be possible to use them as compensation?
Hopefully we will learn from the situation and exchange some of the treasury funds into BTC and ETH in the future which can then also be sold completely and in one go on the market, as I once suggested in the group.
Personally I like this step by step compensation. We can’t do it all at once now but can assure that everyone will get compensated in the near future if the protocol stays solid.
Think this way : group 1 and 2 were already loyal and might sacrifice for the sake of protocol growth. However, not / partially compensating group 3, you might turn the victims into pure enemies against bZx. They’d take legal actions as well as bad PRs on your social channels until the full payment, since there’re the group with the least patience unlike group 1 and 2.
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This sounds like the most reasonable proposal so far.
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I’m sorry this is not a serious attempt at solving anything, it is just a way for BZRX holders to try to get a slick way out for themselves. Frankly, this is almost infuriating from the perspective of someone who has lost A LOT of their money in this hack [that not even an insurance is going to cover because it’s pure negligence by the team].
I own(ed) quite a lot of BZRX (and vBZRX) myself, but we need to find better approaches otherwise the trust in this community is gone forever. Think about it: who would ever place a single token into the protocol if it is common knowledge that the project bailed out BZRX holders and all others got rekt.
No, we need to do better and we will do better.
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“all others got rekt”, where did you read this?
You are most probably referring to all those other protocols like Compound were users lost money and did not get anything back, but this isn’t the case here.
This is only part 1 out of 3, as it’s the quickest group to compensate without having potential backlash to the protocol itself, actually it’s strengthening it by having those guys actively participating in the voting and it shows we are serious in compensating the users as fast as we can.
The other groups will need more time to estimate how many losses there are, they are much bigger and need a different approach which is already being discussed in other threads.
maybe we can combine jokerba his proposal and this one. stakers/lenders who had ibzrx can easily 1:1 funded trough the treasury, since there where only be stolen 22m bzrx, excluding the developers bzrx. all others who suffered can have a depth token what jokerbra was proposing, if they are agree on that (details need to be made, buts a good start)
just my humble opinion, this is not strengthening the protocol, it is draining the backstop funds instead of spending it on the group that actually matters.
You could make a point that everyone should be in the same group, fair, but that BZRX holders come first… absolute worst mistake that the protocol could make and it would lose all credibility forever.
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Who is going to guarantee that other groups will be compensated?
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I’m sorry but the proposals for compensating users is quite pathetic. As it seems users from each group are being prioritized differently. Furthermore, the simple fact that the developer had this information on his laptop is plain and simple gross negligence. Those of us with substantial losses are in the dark about when we will be compensated. In fact, I would say that those in the proposed group 3 will never get any compensation, based on bZx’s past history and how things currently look.
The most just plan for compensation is simply do away with these preposterous groups and return user funds at a 1 to 1 rate.
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I think this is the best I’ve heard so far. We need to compensate BZRX holders first so the DAO can work and we can move on from here. Let’s get it done ASAP.
it the payout is on eth chain, it should be possible.
I thought they fully compensated users after the last one happened. Are you saying they didn’t?
they did. eveyone was fully compensated and i think it was with some profit (but im not 100% sure about that)
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Breaking into groups of ‘significance’ and ‘deserve’ is bound to lead to more issues. Organizing groups by holdings is logical - bZx holders, BTC holders, BUSD holders, etc…
Creating ‘category 1’ the ‘loyal group that matters’ (who also turns out to be the group with the most voting power) is such an obvious attempt to save oneself without considering how that: a) looks to current users b) looks to future users c) the 7700 hacked wallet addresses.
‘Loyalty’ is difficult to measure, and if it’s difficult to measure then it shouldn’t be used as the basis for an ‘objective’ choice.
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In regards to the frozen funds. How about returning them to the owners as they were their tokens to begin with.
That won’t work. Which wallet holder to return to?
Why wouldn’t that work? When lending out tokens on fulcrum wallets are provided associated itokens.
As a lot of people are going on about fairness, lets assume we managed to recover all bzrx, and you as a person whos lost tether, doesnt get recovered… would you feel the same if you didnt recieve a portion of the recovered funds… I think not.
It probably sounds right, when it suits our own personal situation, yet we would all feel very different if were not in the group that gets sorted first.
Personally ive changed my outlook, that i think everyone should be reimbursed over time, and in a fair manner, and in equal proportions
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