The post Nemo Protocol Introduces NEOM Token to Compensate $2.4M Hack Losses appeared first on Coinpedia Fintech News
The Sui-based DeFi platform, Nemo protocol, has introduced a compensation plan for the affected users in the recent $2.4 million hack. The platform is planning to issue NEOM tokens equal to the value of their losses in USD to compensate.
Nemo Protocol Launches Debt Token NEOM
In a blog post on Sunday, Nemo explained that it adopted a debt token strategy instead of paying in USD because the company does not have sufficient funds or capital to offer all the affected users. But the company will ensure that every user gets NEOM equal to the full amount of their original losses from this security incident.
Nemo wrote, “Our goal is to make every user whole by issuing a debt token equal to their loss in USD, with the understanding that its value may change over time depending on market conditions and the progress of fund recovery.”
Moreover, Nemo is also m
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