REUTERS / Samantha Sais
Rari Capital said it will pay back users who lost funds when about $10 million in ether was drained from the decentralized finance project's liquidity pool.
On Friday Rari's ether pool was attacked and approximately 2,600 ether, worth around $10 million at the time, was stolen. The loss equated to 60% of all users' funds in the Rari Capital Ethereum Pool, according to a blog post from David Lucid, Rari's lead developer.
On Sunday, Jai Bhavnani, Rari's CEO, explained that the DeFi project will be reimbursing users who lost out due to the attack with two million of Rari's RGT token that was initially going to be used to scale the team.
"While it was indeed initially meant to scale the team, all of the protocol contributors have elected to give that 2M $RGT back to the DAO with the ask of using the newly acquired $RGT to reimburse lost funds and reward those that helped in the war room," Bhavnani said.
The Rari Governance Token is currently trading at $12.19. 2 million $RGT is worth roughly $24 million. The CEO said the DAO will keep the remaining tokens that aren't being used to reimburse users.
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