To: Epic Cash Community
From: Epicenter DAO
Subject: Epicenter IOU
One month ago today, the Epic Cash blockchain suffered a value overflow incident similar to the one that affected BTC in 2010. The attack created an unknown amount of counterfeit Epic Cash. About 2.8 million of these ill-gotten coins made their way to Vitex resulting in an estimated 6.6 BTC in losses for traders and investors. Miners suffered loss of revenue totaling about 200k Epic coins.
The Epicenter DAO has decided to socialize this loss and issue EIOU (“Epicenter IOU”) tokens to make whole affected Vitex exchange purchasers.
EIOU is a token that will pay $1 worth of EUSD currency per USD value approved through the claim process. Affected parties will be able to fill out this claim form and request reimbursement for their losses incurred between March 12th and the cessation of trading, March 20th. The deadline for claim submission is June 1st, 2021. The number of EIOU tokens given will be determined by the USD value of the transaction at the time it was made. It does not bear any relation to the number of epic involved in the unwound transaction. In short, if you lost $1, you will get $1 back after the launch of EIOU.
The DAO will set aside a portion of cash flows from fees and redeem IOUs on a daily basis. It is expected that this process will take less than 90 days.
EIOU, as a standard BEP20 asset running on Binance Smart Chain, will also be tradable soon after issuance on DEX platforms such as BakerySwap and PancakeSwap.
Miner compensation will be addressed separately on a case-by-case basis.
The development of a reliable bond instrument is essential for the construction of a trustless yield curve, which is why we welcome the chance to turn lemons into lemonade and use this opportunity to create a new decentralized financial primitive. Just as EUSD extends and enhances the utility of EPIC, EIOU extends EUSD and allows for the creation of novel financial instruments.
We appreciate everyone’s patience as we worked to restore service and look forward to the road ahead. Epicenter is a volunteer project led by individuals. This relief program for affected parties is put forth as a good faith gesture based on the principle of aligned interests. No liability, collectively or individually, is hereby created.
Link to claim form. The form must be submitted by June 1st, 2021.