Next steps for $REPT holders
This post is relevant if you lost money during May 8th’s hack. You have likely already read the post-mortem here and the proposed reimbursement plans here.
During the post-mortem we reported that approximately 2600 ETH were stolen (equivalent to about $10m USD at the time of the hack). We’ve had the opportunity to dive deeper and can report the exact numbers are as follows (based on the blockchain at an exact timestamp the block before the attack):
Sum of ETH stolen: 2985.599816839800562964 ETH
Price (in DAI) at time of attack: $11,692,355.28
After the hack, the community quickly came together on brainstorming how to resolve the attack. The community brainstormed 10 different solutions on how to reimburse everyone. After lots of discussions and multiple rounds of voting via governance, the community decided on one path forward.
Each user who lost money because of the hack will be receiving REPT-b tokens in the coming days. These will be distributed based on a snapshot from right before the hack. In an effort to make sure that these assets are distributed as safely as possible, we have trialed the distribution on Ropsten (a test-net), here. You can view the asset and your address if you were impacted. If anything seems out of place, flag it in the Discord! We have shared this Ropsten deployment with Quantstamp and the Yield team to do a security review to ensure its safety. As soon as we get the green light on its security, the REPT-b assets will be distributed on the Mainnet. When this distribution takes place, an alert will be sent on both the DAO’s Twitter and the DAO’s Discord.
So what are the REPT-b assets? They are our form of a reimbursement token. On a quarterly basis, governance will choose to set aside an amount of funds for the REPT-b allocation. By the expiration of the REPT-b (4 years from the governance vote passing), governance should hopefully have enough to make each asset redeemable for the given amount of Dai lost.
What can you do with REPT-b between now and then? There are a couple things you can do. The first is that you can sit on the asset until it is redeemable. The second is that you can actively trade the asset. We are working with the Yield team to develop a YieldSpace AMM that will support the trading of these assets. Additionally, one could hypothetically create a Fuse market to take unique actions with these assets.
Are these bonds? These have been described as bonds throughout the community and even throughout the post, but I should make it clear-these assets are not bonds. We do not endorse the sale of any of these assets either, they are purely a means of reimbursing users who lost money during a hack. This is a purely informational article to describe the path that the DAO has chosen and provide an update for those who may have not been following along.
