MakerDAO Won't Compensate Black Thursday Victims

MakerDAO Won't Compensate Black Thursday Victims

By Abhimanyu Krishnan | News | 24 Sep 2020


The Maker Foundation will not compensate Vault owners, who suffered losses as a result of the Black Thursday market crash, after a governance poll concerning the same concluded on September 22.

  • The poll, which began on September 8, saw over 57,000 votes allocated towards 0% compensation for the crash
  • A total of 87,899.67 MKR was allocated towards the proposal, with 38 unique voters in total
  • Other individuals believed that 18% or 15% compensation would be justified
  • A rapid price crash on March 12 - known as “Black Thursday” - saw many vault owners liquidated after Maker couldn’t update the ETH-USD price fast enough; ETH dropped to $88, with the liquidation price being $100
  • This triggered auctions, which some won by making bids of 0 DAI
  • Maker also faces a lawsuit concerning the incident, with reparations of $28 million sought

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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