When Disaster Strikes: Developing a Recovery Plan for Bitcoin and Digital Tokens
This is a guest post by Pamela Morgan, the CEO of Third Key Solutions. She is a widely respected authority on multi-signature governance, smart contracts, and legal innovation with cryptocurrencies. Third Key Solutions is the culmination of her work advising bitcoin startups in multi-signature governance processes and key management. Your company's....
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Drift Protocol announced on Tuesday that it has laid out a recovery plan for users affected by the April 1 exploit, an incident that resulted in a major loss of roughly $295 million in user funds on the lending decentralized exchange (DEX). Drift Protocol’s $295M Recovery Plan Drift Protocol’s plan centers on a recovery token […]
Various blockchain solutions are being used by organizations and enterprises to create efficiencies for U.S. disaster relief efforts. Natural disasters in the United States are becoming more prevalent, resulting in increasing costs, a lack of transparency between state and government organizations and a slew of other issues impacting relief systems. The Pew Research Center found that the Federal Emergency Management Agency’s (FEMA) public assistance program spent 23% more on natural disasters between 2010–2019 than it did during 2000–2009. Data from Climate.gov further shows that 2021 was....
Market jitters over a futuristic risk met a calm reply this week. Some voices warn that quantum machines could one day threaten the keys that protect Bitcoin and other cryptos. Other leaders say the danger is distant and that systems can be fixed well before disaster strikes. Related Reading: Could A Stablecoin Fund Gaza Relief? […]
The crypto lending firm said that the exact amount reimbursed to users will “depend on what happens in the restructuring process and the recovery of 3AC assets." Following Voyager Digital filing for bankruptcy on Tuesday, the crypto lending firm said its recovery plan was aimed at preserving customer assets but did not explicitly state it would be able to return all equivalent funds to affected users.In a Monday blog, Voyager said it had roughly $1.3 billion in affected users’ funds in addition to $650 million of “claims against Three Arrows Capital” — referring to the 15,250 Bitcoin (BTC)....
Hacked DeFi service Furucombo will issue "iou" tokens as part of its compensation plan to repay 22 affected users. Decentralized finance transaction combination tool Furucombo will compensate the victims of a recent “evil contract” exploit that cost the protocol $15 million in stolen funds.Following an internal call with affected users last week, Furucombo released a compensation plan Tuesday, announcing that they will issue 5 million iouCOMBO tokens to the victims of the breach. Issued in the form of ERC-20 tokens, iouCOMBO tokens will represent the rights to claim Furucombo’s COMBO....