JPEG’d DAO Voters Decide How to Account for $1 Million Bounty
JPEG’d, a NFT-backed loans protocol that suffered a $12 million loss in a recent exploit, is now facing the decision of how to fill the hole in their funds. The protocol paid a $1 million bounty to recover most of the lost crypto, but now it must determine who will bear the burden of the missing funds. Investors governing the JPEG’d DAO are currently voting on six proposals, with the option called “D” currently in the lead. This option splits the loss between non-paying customers and the DAO itself, ensuring that paying customers are fully compensated. The DAO will incur a net loss of 484 ETH and 861 million JPEG tokens under this plan. Additionally, the protocol plans to replace pETH with a new derivative token that will be airdropped to all holders, regardless of the winning option.
Key Points:
– JPEG’d suffered a $12 million loss in a recent exploit and paid a $1 million bounty to recover most of the funds.
– Investors in the JPEG’d DAO are voting on six proposals to determine how to fill the missing funds.
– Option D, which splits the loss between non-paying customers and the DAO, is currently leading the vote.
– Paying customers will be fully compensated, while non-paying customers will receive most of their money back but not all.
– The DAO will incur a net loss of 484 ETH and 861 million JPEG tokens under Option D.
Hot Take:
The JPEG’d DAO voters face a difficult decision on how to account for the missing funds. Option D, currently the leading choice, seeks to protect paying customers while still providing some compensation for non-paying customers. Regardless of the winning option, the protocol plans to replace pETH with a new derivative token, ensuring that all holders will have their assets secured. The community’s focus on protecting paying customers demonstrates the importance of maintaining trust and security in the crypto space.
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