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1inch Proposes $768K Exploit Compensation – DAO Voting on 1IP-80 Now Live

  • 1inch Foundation proposes a $768K exploit compensation through a DAO governance proposal.
  • The exploit on 1inch interface occurred due to a vulnerability in the Lottie Player library.
  • Users seeking compensation need to meet strict requirements including providing transaction hashes, KYC verification, police report, and waiving future claims if funds are recovered.
  • The Foundation will manage user verification, law enforcement communication, and USDC distribution.
  • Stolen assets, if recovered later, will be returned to the DAO and not to compensated users.
  • 1inch's infrastructure is designed to handle such operations and emphasizes 'regulatory compatibility.'
  • 1inch's compensation terms are unconventional for DeFi, involving centralized verification and legal formalities.
  • The impact of these terms on the voting process and user acceptance is yet to be determined.
  • Monitoring the outcome of this decision will provide insights into the future approach of users in the crypto, blockchain, and DeFi space.

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