The Sentiment Protocol will compensate 100% of users affected by the latest hack.
Announce a protocol Sentiment On Twitter, that users affected by the latest protocol hack, will be compensated 100% of their lost funds.
Also read: “General Bytes” is hacked and $1.5 million worth of bitcoins has been stolen
The refund will be facilitated, via a group of independent shareholders, with corporate coverage Sherlock for an amount of $49,275.77, plus an amount of $16,425.26 from a company Nexus Mutualbringing the total amount to $65,701.03.
On the other hand, the team has negotiated Sentiment In order to return 90% of the funds that were embezzled from the hacker, the team also decided to use the internal treasury to provide the teams of recovered funds to compensate those affected.
It is worth noting that the protocol was hacked on April 4, 2023, which led to an unauthorized drain of user funds.
Where the hacker manipulated a currency Balancer LPprotocol breached Sentiment To borrow against a greatly inflated asset price, leaving an account Sentiment With approximately $1,092,191 in bad debt (an amount owed to a creditor that is unlikely to be paid).
Furthermore, the hacker stole $463,920, $363,303 and $125,804 in coins. USDC AndUSDT AndFRAX respectively, including coins Ethereum whose value exceeds $152,938.06.
However, after negotiations, the hacker returned 90% of the embezzled funds, totaling $872,724.60.
Also read: The “Eiler Finance” protocol is being hacked and working to recover funds
It is mentioned that the refund process will see the money transferred to Arbitrumand exchange it for the equivalent of the debt assets, after which the well-known market maker will Wintermute With an on-chain deal, to clear the bad debt account, once completed users will once again be able to deposit funds and borrow assets.
