TLDR: We are pleased to say that further recoveries of ~$2.72m have been made for Vault users following the CREAM exploit, in addition to the $782k already recovered by the strategies.
$CREAM tokens were transferred directly to affected Vault users, unless you had <10 tokens in which case GVT was transferred to save gas costs.
Summary
- Gro received $CREAM as partial compensation by the CREAM DAO treasury for the recent exploit
- We distributed this to affected users, meaning that $3.51m has now been recovered of the $9.24m in the exploit
- For users due to receive less than 10 $CREAM we have sent back GVT in order to avoid paying 2x gas costs to approve and sell CREAM
- Users receiving larger amounts have received $CREAM tokens which they can choose to hold or sell (as they wish)
- Final recoveries will be provided using $GRO from Gro DAO treasury with a vote going on the forum post soon
The core team concluded that the best outcome for Gro users would be to provide $CREAM to those with larger holdings than 10 tokens
- GRO received 54,491.39 $CREAM tokens from the CREAM DAO (currently worth ~$2.72m)
- This made Gro one of the top holders of $CREAM and if we had sold all $CREAM there would have been a negative 87% impact on price (due to slippage)
- The core team was unable to consult with the DAO on this as any public decision would have had an immediate impact on $CREAM price
- Gas costs to approve and then sell $CREAM on a DEX (Sushiswap or Uniswap) are ~$80 at current gas prices, with further costs to then reinvest to Vault
- Any very small amounts are therefore uneconomical for users; at 10 $CREAM this becomes more economical and below this threshold Gro converted back to GVT
Next steps: distribution of $GRO to compensate for early Vault exits
Thank you again for such strong community support during this exploit.
Following the vote and distribution of $GRO proposed in the community forum currently (vote due to be started soon) we hope that we can move forward from this period 💜
