Our Compensation Plan 1

First, the Qubit team would like to thank the community individuals, our security partners, and our network partners for all of the support, ideas, and information.

Our Actions

We and a group of security specialists, blockchain network partners, and crypto exchange contacts are continuing to monitor the exploiter address (and other related addresses) for any transaction activity.

We have filed reports with law enforcement agencies in several countries. With these combined efforts we hope to recover funds lost and bring the perpetrator to justice.

The team was advised to handle the progress confidentially and not to announce it publicly until the exploiter took further action. However today, the exploiter moved some of the funds to the mixing protocol, Tornado. Therefore, the team now regards these transactions as an indication that the exploiter has made a decision.

New Bounty Program

Team Mound is officially announcing a bounty program for anyone who provides key information that leads to the identification and apprehension of the exploiter. Anyone can communicate with us via tox.chat which provides complete anonymity for users.

• Maximum bounty: $500k
• Reporting channel: https://tox.chat/
• Tox ID: 1D50AF2244549A99AB06D7A4D45E0A0C8B5CECAA4F7F9F287AFFFCA49A0C007F0461D6C8B76F

Our Compensation Plan

1. Team Mound will give up all of its tokens to compensate the community.
2. Team Mound is also assuming substantial debt in order to generate compensation for the community. We are targeting the first tranche of at least $10M to be invested by an asset management team to generate compensation returns and will continue to on-ramp additional tranches of loans as soon as possible. We will publish more details about the mechanics as soon as we have finished closing the first tranche, hopefully within the week.
3. Team Mound continues to work on further compensation mechanisms to accelerate our compensation of the community. We hope to be able to announce further mechanisms soon.
4. Team Mound and our partners are committed to relentlessly tracking the exploiter and any activity of the exploiter will be continuously monitored. If any amount of the fund is recovered, it will be distributed to the victims right away.

This tragic event has been followed by similar attacks on other DeFi protocols and services. For some of these other occurrences, the protocols were backed by major corporations or other financial interests and were able to regroup quickly. Qubit is an independent venture and enjoys no such backing, but we are serious and committed to developing a plan to compensate our community and continue to build in their best interest. As we move forward, our responsibility to alleviate the damage done to the community will always be top of mind.

Your continued patience is greatly appreciated as we work through the next steps for Qubit.