FilDA Post-Exploit Remediation Plan

Details of the FilDA team efforts to return lost funds to users affected by the hack: IOU bonds, 10% fixed APR on stablecoin assets, full reparations for all losses.

FilDA IOU Bond Plan

Visit the IOU Bond page here

Quick reference

  1. Funds raised from IOU bond sales are for compensation and liquidity in FilDA-ESC. The IOU reward is fixed at 10% APR. A reward and repayment of principal will be airdropped to your address each month.
  2. Anyone can buy IOU bonds. If you suffered a loss in the exploit, you can voluntarily convert some or all of your loss into IOU bonds.
  3. If all the $1.68m IOU bonds are sold, all affected users will get back all their lost money (in USD, equivalent value to their loss) when FilDA-ESC re-launches. If all the IOU bonds are not sold, the remaining amount of the exploit loss ($1.68m-bond raised funds) will automatically be sent to affected users in IOU tokens proportional to their loss.
  4. Anyone holding IOU bonds will receive a monthly airdrop of stablecoins as an IOU reward and repayment of principal. The reward is fixed at 10% APR. The IOU bond is expected to be fully repaid in 3 years with the principal and interest funding coming from FilDA protocol income.

Details

Buying IOU bonds

If you want to buy an IOU bond:

  1. Visit www.filda.io/bond
  2. Connect your wallet
  3. Input the IOU amount you want to buy with USDC/BUSD/HUSD.
  4. Approve and confirm transaction.
  5. Once your purchase is completed, the IOU bond will be sent to your wallet.
  1. Input your wallet address to check your loss in the exploit. The loss is calculated from blocks before and after the hack.
  2. If you want to convert, please contact the admin in our English or Chinese Telegram groups. This is a conversion not a purchase. DO NOT transfer any funds to anyone.

IOU subscription rules:

The IOU subscription is divided into two phases.

  1. Jan spends $3000 USDC on 3000 IOU bonds. Jan will receive monthly airdrop in stable coins as a reward and repayment of principal.
  2. In the exploit, Bob lost $2000 BUSD. Bob decides to convert $800 of his loss into 800 IOU bonds. If all $1.68m is raised, Bob could get back $1200 BUSD as soon as FilDA-ESC re-launches and receive monthly airdrop in stable coins as a reward and repayment of principal for the $800 IOU bonds in his wallet.
  1. The total amount of IOU bonds available is 1.68 million, and the face value of one IOU bond is $1 USD.
  2. A fixed 10% APR is the reward for IOU holders through monthly airdrops. Meanwhile, IOU holders will receive monthly airdrops of USD as repayment of principal. It is expected that all debts will be repaid within three years.
  3. The sources of funds for compensation and repayment include FilDA platform income and any recovered assets from the hacker.
  4. The IOU bond can be transferred or traded, and the corresponding rights and interests will also be transferred.

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