The DeFi platform Resupply announced its recovery plan following a hack that resulted in $10 million in losses. The main measure will be the burning of reUSD tokens from the insurance pool.
Hacker Attack on Resupply
The stablecoin-focused platform Resupply suffered a hack resulting in approximately $10 million in losses. According to platform representatives, the attacker exploited a vulnerability in the crvUSD-wstUSR pair by manipulating the share price and solvency check mechanism using an edge case in the platform's calculations.
Recovery Measures
As a response, Resupply ceased trading the affected pair and locked the funds in its insurance pool, which acts as a safety net to protect users. The platform plans to burn 6 million reUSD tokens, making it 15.5% of the total tokens in the pool, to reduce debts and stabilize the ecosystem.
Discussion of Plan with Users
The remaining 1.13 million reUSD will be gradually paid back to users using future profits. The involvement of users in the recovery plan will depend on a vote in the community, and if agreed upon, the process will start three days after the vote. Additionally, Resupply offers incentives for users to keep their funds in the insurance pool by providing 2.5 million RSUP tokens, although users may choose to withdraw their funds.
The recovery plan from Resupply aims to restore trust in the platform and ensure user protection following the incident. The community will play a critical role in decision-making for the ongoing process.
