Proposal to reimburse victims of the hack

“It’s a PR and project disaster if the biggest users who were hacked aren’t reimbursed somehow. Who would want to use the platform going forward with so much trust lost? I understand there are certain exploits and risks inherent to DeFi, but a backdoor opening like this really shouldn’t have been open”

I copied and pasted the above from another user on the Discord channel, because I could not express it better myself.

It would be nice if a discussion about this could get started!

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I agree with this. The future of Furucombo will depend on how they handle this situation. The crypto space will go into trillions. Furucombo will be worth billions. It starts will a prompt remedy to this situation.

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Nice to see you here Dilla, what are your thoughts on how victims should be compensated?

Probably will end up following a format similar to other tokens that have been exploited… An “IOU”/replacement token that is currently worthless will be created that can be cashed in at a later time or a small amount over a longer period of time. Since furucombo doesn’t currently generate any fees/revenue I’d imagine any reimbursement will probably be a part of future plans to start generating revenue. Example: furucombo starts charging 0.3% per txn, and 0.1% goes towards a reimbursement fund.

If $15 million of COMBO is just airdropped in a lump sum refund from reserve funds it will crash the token price. That would be worse for trust (sacrificing the thousands of non-whales who hold COMBO) than having the 15 or so whales who were affected have to wait a little bit to receive some of their funds back.

We have already seen that the community is fed up with whale manipulation and preferential treatment through the txn mining program. The whole program was dying until changes were made to level the playing field a bit. Regardless, it sounds like the team was consulting with some professionals in the public relations and security fields so I’m sure whatever occurs will be as fair a solution as possible.

Thx for the response, I assume you are thinking along the lines of the Bitfinex hack.

COMBO has a market cap of 19M. Not sure there are thousands of holders. Also 100M have been minted already. Most have not been distributed. 56% are reserved for the community, I would say the victims qualify as community.
At $4.3 $14m/4.3 is 3.2m tokens or .06% of the community supply.
Assuming hack victims are given COMBO they could be subject to a vesting period.

There is a good case to argue the victims should get exactly the tokens they lost in the hack.

Plus the victims could argue that they have lost even more in opportunity cost.

I assume the team is hesitant to comment on advice of counsel.

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Some of the victims suffered catastrophically. The moral question is, what is the right thing to do? Let the innocent suffer?

I think it’s a crucial point for the Furucombo team to show that they are a leader in this space. If they truly want to be the leading Dex project in the world, they need to show leadership during tribulations starting with this very first one.

The right thing to do is to compensate the victims fully for their losses.

I agree with this 100%. It makes sense.

Love the update, but disappointed
, that there was no mention of when the iouCOMBO tokens would be distributed?

Hi there! Hsuan-Ting also mentioned this in discord today, so I just quote him here directly:

The iouCOMBO token contract and vesting contract will be deployed at the end of April, just got audit report back and doing some final check before we deploy it.

By the way iouCOMBO will call RCOMBO in the future.

Thanks for the reply

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