This repository contains the smart contracts for the Arcadia Recovery Tokens and Recovery Controller.
Following the security incident in July, the Arcadia Protocol Foundation announces the following measures in relation to the loss of approximately 450k USD worth of assets.
The Arcadia Protocol Foundation has formalized an official criminal complaint. Users who have suffered financial loss due to the Incident may join this criminal complaint.
To ensure transparency and structure in the interim, the Arcadia Protocol Foundation will issue recovery tokens ("RecoveryTokens.sol") to affected users, representing the losses at a 1:1 to USD. The Recovery Tokens will facilitate transparent accounting and provide a structured method of documenting losses.
In the event that the original funds are recovered, and only after all users have received their funds in full, outstanding Recovery Tokens will be burned. If ongoing legal action proves to be unsuccessful, the Recovery Tokens will be used to execute an alternative compensation plan always maintaining complete transparency and fairness above all.
In both cases, the controller ("RecoveryController.sol"), an immutable smart contract, will handle the accounting and compensation of Recovery Tokens.
Please note that the Recovery Tokens are intended solely for purposes as described above and should not be used in any way which would not be in line with the above purposes.
The distribution process of recovery tokens will occur on the Optimism blockchain, without the necessity for user action.
The issuance and distribution of Recovery Tokens, and/or the content of this communication or any future communication in the framework thereof, cannot be considered as a derogation of the terms of service (available on https://www.arcadia.finance/terms-of-service) and do not create any liability of the Arcadia Protocol Foundation or any of its affiliates.