DeFi

SushiSwap To Release Website To Affected Users With Whitehat Fund

Key Points:

SushiSwap will provide impacted users with access to the claim site using funds kept at the whitehat address.
The news came only days after the SushiSwap community approved a clawback proposal.
Sushi’s Merkle Distributor contract is still worth more than ten million dollars.

SushiSwap is going to establish a claims website for vested SUSHI tokens stored in the protocol’s Merkle Distributor contract, pending an audit, according to SushiSwap Head Chef Jared Grey on Discord on Wednesday.

The creation of the claims website follows the SushiSwap community’s approval of a clawback proposal that would compel token holders to either claim or forfeit their vested SUSHI tokens from the protocol’s Merkle Distributor.

Sushi’s Merkle Distributor contract is presently holding Sushi LP token prizes for early liquidity providers to obtain SUSHI tokens that will vest in October 2021. The contract currently has 10,936,284 SUSHI remaining.

“A brief update on whitehat funds: the Merkle claim contract, UI, and claim data is ready. We’re waiting on an audit now. Once auditors provide the all clear, we’ll make the claim site available to affected users with funds held in our whitehat address,” Grey said on Discord.

The clawback comes as the trading platform faces rising financial difficulties after the SEC’s subpoena of Grey in late March.

Grey has advocated using millions of dollars from the protocol’s treasury to pay a legal defense for himself and the protocol’s core inventors in the event of future regulatory action. The idea suggests making $3 million in tether (USDT) accessible for key donors, with an additional $1 million available if the first $3 million is depleted.

SushiSwap is again safe to use after hackers stole over $3 million over the weekend. It is now planning to repay some of the stolen monies to impacted consumers, albeit not all are anticipated to regain their losses immediately.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.