💰Resupply: $10 million in bad debts has now been fully repaid.
According to official news, the stablecoin protocol Resupply @ResupplyFi announced that $10 million in bad debts has now been fully repaid. Among them, $8.8 million in bad debts related to the recent security breach has been repaid first. The remaining $1.13 million in bad debts will be covered by a loan obtained from yearn, and will be gradually repaid through the earnings generated by staking RSUP in Convex @ConvexFinance and Yearn Finance. Thus, all bad debts have officially been cleared.
Previously, Resupply stated that the hacker attack resulted in approximately $10 million in reUSD bad debts, and the stolen funds are still on-chain.
Resupply’s $10M bad debt has been paid in full.
$8.8M in bad debt associated with the recent exploit was initially paid off.
The remaining $1.13M has been covered by a loan secured from @yearnfi and will be gradually repaid using protocol revenue generated from Convex and Yearn Finance’s staked $RSUP positions.
This officially brings the last of the bad debt to zero.
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