[Blockchain Today Reporter Kim So-yeon] Rari Capital, an Ethereum-based decentralized finance (DeFi) project, lost $11 million in hackers’ hands.
The company announced on the 9th (local time) that about 60% of all user funds were stolen by hackers. According to the announcement, the hacker stole about 2600 ETH from the project’s Ethereum pool. However, unlike other hacking cases, such as the notorious Mt.Gox security breach that has taken place over the years, Lari’s token holders have voted to pay compensation.
The community plans to set a separate 2 million RGT to compensate users who lost their tokens due to hacking. With a digital asset transaction price of about $12.43, the compensation plan is now worth $24 million.
According to CEO Jai Bhavnani, team members will offer refunds to affected users at the expense of their RGT quota.
“A lot of protocols are hacked every year,” he said.
Lari Capital refers to itself as a’robot advisor for maximizing profits’. Unprotected funds promise to squeeze out the interests of users who entrust their money to the company.
This year alone, the cryptocurrency industry has experienced several hackings, rugs, and scams. As reported by BTC PEERS, the CEO of Turkish exchange Sodex ran away with customers’ $180 million worth of cryptocurrencies.
Lari’s innocence seems to depend on the method and timing of compensation for the victims.
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