Compensation plan for Iron Finance incident on Mar 16th, 2021
For the incident post-mortem, please refer to the article linked below as well as subsequent announcements on Twitter:
For the SIL > STEEL migration plan, please read: https://ironfinance.medium.com/iron-finance-sil-steel-93f5e316b59a
The following steps will take place:
- A snapshot of all holdings will be taken before the incident occurred in order to verify the balances of all reported addresses
- The following users are entitled to compensation:
- SIL token holders (this includes Binance Smart Chain and Hotbit exchange users)
- SIL LP holders (Value DeFi SIL-related vFarm, bVault and JurassicFarm pools)
- Every SIL token holder will be given back the same (1:1) amount in form of STEEL token.
- For SIL LP holders, we will give you IOU tokens or have a similar alternative solution so you can get back with the equivalent value of the LP token before the incident happened.
How and when will the compensation start?
We started collecting people’s lost claims right after the incidents. If you have not yet filled out the form, please do so ASAP: https://forms.gle/imiE8SYxtPRCv6kU8
After the launch of STEEL and stabilization of the protocol, our team will go through all submitted claims and calculate the exact amounts for each user’s loss and respective compensation. We will publish the spreadsheet with our calculations so anyone who believes that the calculated compensation is deemed inappropriate can object. You can contact us directly via Telegram or Discord and we will settle every user on a case-by-case basis whenever needed.
At the moment of the incident, there were roughly 520,000 SIL in circulation (total circulating supply). We have decided to allocate 1,000,000 STEEL to the Compensation fund. We will first compensate every SIL and SIL LP holder (as stated at the beginning of this article) with the equivalent amount in STEEL. Thereafter, any remaining STEEL in the Compensation fund will be used to compensate for these users for were indirectly affected (IRON “panic sellers”), those who had unclaimed SIL rewards in old vFarm and some other cases.
Once again, please submit your claims ASAP so we can speed up the process. Besides the form, there is nothing else for SIL token holders to do at the moment. The expected compensation timeframe will be clearer to us by end of this week as it depends on the scope of work and amount of users who claim. We have already started with the described steps and will keep you updated about next steps. Thank you.