This is one of the first times we’ve seen a proposal like this, and frankly, it’s quite impressive. Kudo’s to the Bybit team for tracking down all these avenues to try and return lost customers’ funds. For the vote itself, now following a 10% bounty deduction, here are some thoughts:
- Returning the funds would certainly be seen as a demonstration of our dedication to ethical standards and industry-wide efforts to combat cybercrime. Overall, additionally, this amount is rather negligible and we certainly think it’s more of the concept of it than the value of the ETH itself.
- With the concept, this will set a precedent for future incidents. We’re not sure if returning the funds might obligate the DAO to act similarly in future cases, potentially exposing us to unforeseen liabilities. Conversely, this would likely just as importantly set precedent in the broader crypto space for something like this. Thought: Likely Bybit knows this and is using this small example of funds transfer to secure a win and convince other avenues where more funds were lost to act similarly, smart move in our opinions if so.
- The proposal includes a 10% bounty deduction, aligning with Bybit’s HackBounty program, makes a lot of sense and in line with general Defi standards.
Overall, we are leaning in favor as there is a strong general inclination to return the funds and uphold the DAOs ethical standards. Ensuring a transparent and secure process will reinforce trust in our governance practices and demonstrate our commitment to integrity in the DeFi space.