Hi everybody!
First of all, before proceeding reading this article, you need to know this post is the continuation of my 3 last ones, about the bVaults’ BUSD Alpaca incident on bEarn Fi (a cross-chain product in Decentralized Finance).
To summarize it happened that due an informatic error of the platform’s developers, the funds have been lost and the amount of each connected wallet disappeared.
The platform self-communicated to their investors and explained really honestly the situation, in my opinion, in a considerately quickly timing considering the issue, proposed a compensation plan divided into 2 different phases.
In the first phase, I Could receive back in my wallet a part of the lost money directly in BUSD.
Today, as promised in the telegram group, the details of the compensation plan have been published; here below their link:
bEarn’s BUSD Vault compensation progress: Phase 2
As described in my second post, the phase one has been fast but not so clear to me. I was expected to receive the 87,5% of my deposited busd (so 131,25busd of 150), but the withdraw showed me 119,49 busd.
In the daily article, I can clearly read the phase one returned to their users the 80% of BUSD, not the 87,5% so the calculation seems now more correct.
The second phase details are the following ones:
the remaining BUSD (20%) value will be compensated as below:
-
20% will be returned in bDEX
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20% will be returned in BDO V2.0
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Claim UI is in final testing and will be deployed very soon (for the above 2 points)
-
60% in a new token to be launched on Polygon vested linearly over 6 months). This UI is currently under development for the Polygon network.
Should I be happy?... not so much*, but it’s better then nothing.
My remaining 30$ are going to be split, divided in an uncertain date with an uncertain value.
To summarize, my little investment of 150$ would be compensated in this way:
- 119,49 busd already credited back
- 6$ in bDex to be claimed
- 6 $ in BDOv2 to be claimed
- 18$ in something new and unknown (*it could be an huge opportunity but also a total dropping loss) to be claimed
Finally, regarding the additional 5% bonus they write:
BDO/BUSD 80/20: 80% of compensation value in BDOv2 on a 1:1 ratio (each BDO lost due to the incident will be returned by 1 BDOv2)
For today it’s all.
See you for futures updates and thank you for reading and tipping.
Once again: Stay #strong & Keep #growing
