If the hacker returns the funds that were taken, there won’t be any legal action taken against him or her by the Defi DEUS protocol. Moreover, 20% of the stolen funds will be used toward bug bounty programs.
DEUS Protocol Offers Hacker 20% of Stolen Funds!
The DEI stablecoin security breach was updated on May 7 via a tweet from DeFi protocol DEUS. In order to avoid further disruption, all contracts have been temporarily halted, and on-chain DEI tokens have vanished.
What is the DEI Team Doing About the Situation?
The crew is now learning about DEI’s strong backing. Before tokens are burned, a snapshot of each DEI balance is collected in order to accomplish this. A thorough collection and redemption plan will be created following an evaluation of all balances. There will be an evaluation for users having difficulty trying to arbitrage following the hack, and they may be given the option to immediately reverse those deals.
The DEI will be noted as being in circulation, and all additional users’ support will be added. DEUS urges customers to wait until a specified redemption plan is in place before interacting with an existing DEI contract.
DEUS further declares that in the event that the funds are returned, it will not pursue legal action. This situation will be seen as a white hat rescue, and 20% of the funds will be given out as bug bounties. They additionally verified that the DEUS group controls the multi-signature on the BSC chain. The team will openly declare that the funds have been received.
About the Hack
The hack cost the DEI stablecoin $1. The token’s latest peg of $0.30 was broken during the assault. The attack’s primary cause, a technical flaw in the token contract, was found to be what also caused a more than 30% decline in the value of the protocol’s DEUS token.
You can read more about the DEI stablecoin hack in this article: https://cryptodataspace.com/crypto-news/hacking-of-deus-stablecoin-dei/
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