Altcoin Founder Announces Reimbursement Plan for Those Victims of Price Drop!

Altcoins platform Mango Markets is offering to refund users with different tokens after the $114 million attack last week.

Altcoin Founder Submits Repayment Plan to Victims Investors to DAO’s Vote

The platform will use a snapshot of balances one hour before the attacker made the first deposit at 6:19pm on October 11. Mango Markets presented the motion in a Discord community conversation this morning.

The DAO will have 72 hours to vote on the proposal after it is published.

Self-proclaimed digital art expert Avraham Eisenberg admitted to being the person behind the hack, claiming he didn’t do anything illegal.

The Mango community voted over the weekend that Eisenberg should keep the $47 million and return the remaining $67 million.

The attacker’s accepted bounty offer was conditioned on the use of stolen funds to reimburse all users affected by the controversial attack.

Mango Markets co-founder Daffy Durairaj said on Discord that one of the main goals of his redemption strategy is to minimize the difference between the tokens users had before the attack and the tokens they would receive.

All perpetual futures or borrowed funds will be calculated based on the time of the snapshot and PNL, Profit and Loss USDC will be converted to altcoin.

Mango Markets later found every single item in its treasury. cryptocurrency will list them from smallest to largest and repay the borrowed amounts in that order. When users are paid, the current price of the tokens will be used to calculate their total refund.

The plan to distribute the smallest balance altcoins first aims to minimize price impact and volatility for users.

Durairaj said that the MANGO token will be paid out last, as the price of MANGO has changed the most since the snapshot, dropping by about 50% since the attack.

*Not investment advice.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!


source site-4