Jai Bhavnani, head of DeFi project Rari Capital, announced the payment of compensation to users affected by the hacker attack on May 8th. This is stated in a post on Medium.
Related: Rari Capital lost about $11M as a result of hacking
According to Bhavani, the protocol lost 2,600 ETH (~ $ 10.6 million current). The project will transfer RGT tokens from the incentive fund for developers in favor of a decentralized organization.
“All participants in the protocol decided to return this 2 million RGT to DAO with a request to use tokens to recover lost funds and reward those who helped,” the message says.
Considering that at the time of writing, RGT is trading at $ 11.61, we are talking about $ 23.2 million. The order of distribution of tokens is still subject to approval.
Bhavani stressed that Rari did not raise funds from venture capitalists. The project intends to abandon the team and transfer the development of the protocol to the community members.