Following the attack incident, we updated the community on the progress of the investigation, and the compensation plan is released during the weekend. Here is the plan for our restart.
1. Security Audit: It is important for us to get a full audit of the protocol for enhanced security. we are partnering with SlowMist to audit not only the protocol smart contract code but also do a complete audit of all the security-related steps.
2. Protocol Launch: We will launch the platform on Avalanche again.
a) Current version (v1) will be suspended, with only Withdraw & Repay functions open. In addition, we will also make some changes to the UI pages, such as the content displayed on the Dashboard page and the function display on the left menu bar.
b) After the audit, the new version of smart contracts will be deployed as V2, a brand-new pool with VEE rewards. Trade function will not be available. Stable Coin Sector and Crypto Sector will relaunch in the next early week.
3. Compensation plan. We have published a plan designed to compensate everyone for their losses as soon as possible. And we will fully fulfill our obligations according to the plan. Compensation details will be published after the voting is over.
4. Community incentives. Once the platform is relaunched, we will reopen farming for VEE token holders. Moreover，we will support farming with the VEE in the wallet soon.
What doesn’t kill us makes us stronger, as a community. We’ll continue to chase the funds as we reopen the platform, with this amount of money, the hacker can’t easily get away from it.
This is also a huge huge lesson for us, we are going to gain back the community’s faith and support, we know we did not meet your expectation when the attack happened.
From now on, we’ll do better and better. We’ll listen to every voice in the community and provide better feedback. You supported us; we’ll pay back with our future hard work.
Thanks for being a member of Vee.Finance community.
Stay tuned for more updates on our Twitter or Medium.