FilDA-ESC: Remediation and Re-launch

What happened?

As stated in the last community update, an exploit was orchestrated by an attacker on FilDA-ESC. The dev team identified the root cause and fixed it alongside the Slowmist team. The hacker’s address is being analysed, traced, and added to the blacklist of security organisations and exchanges. All related functions on FilDA-ESC are suspended. FilDA on other chains remains functional.

The total compromised funds add up to 1,677,000 USD.

What’s Next?

It’s our responsibility for the engineering error, and we are taking every measure to ensure 7 incidents won’t happen again. We have come up with a remediation plan to make our users whole and FilDA-ESC liquid again.

An IOU token will be generated as a voucher for account losses. IOU is exclusively for accredited investors and those affected by this exploit. You can purchase an IOU with stablecoins or exchange their debt for the IOU. If all IOUs are assigned, there are no more losses for users, and the platform can re-launch. Join Telegram for more info.

Schedule

1. IOU Token subscription: ~7 days

2. FilDA-ESC re-launch: ~14 days

IOU details

1. The total amount of IOU token is 1.68 million, and the face value of one IOU Token is $1 USD.

2. A 10% APR is the compensation to IOU holders by monthly airdrops of FilDA. IOU holders will receive monthly airdrops of USD as repayment of principle. It is expected to repay all debts in three years.

3. The sources of funds for repayment include FilDA platform income and any recovered assets from hacker. Token rewards will primarily come out of the team’s quota and marketing fund, with a lesser amount to come out of the liquidity incentives if necessary.

4. The IOU Token can be transferred or traded, and the corresponding rights and interests will also be transferred.

After the community update, the statistics of loss were completed, and more than half of the damaged users have submitted forms or communicated with the team. The FilDA LAB team will continue to communicate with the damaged users about the remediation plan.

If you have any questions, please join the FilDA Telegram group and ask admins.

Do not trust anyone that DMs you.

No one will ever ask you to provide private key or seed phrase.

IOU tokens are NOT live.

Please beware of fraud.

FilDA Lab team

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