Listen up, there’s a story unfolding in the crypto community that’s got everyone talking. Bybit, a major exchange, has made a bold move.
They’re asking ParaSwap, a DeFi protocol, to return fees earned from transactions made with stolen assets.
Funds from illicit sources?
The Lazarus Group, a notorious hacking outfit, used ParaSwap to swap the loot, raking in nearly $100,000 in fees.
That isn’t a small change, and now, Bybit wants that money back. They posted a proposal on ParaSwap’s DAO forum, and let me tell you, it’s ignited a firestorm.
Some DAO members are all for returning the cash, saying it’s the right thing to do. Others are dead against it, claiming it sets a bad precedent and could attract unwanted regulatory attention.
Working fror criminals?
Ignas, a DeFi researcher, put it bluntly, and told that code is law. We’ve heard this before, right?
The DAO earned those fees fair and square through smart contracts. If they return them now, what about next time? It’s a slippery slope, many warn.
And it’s not just ParaSwap in the crosshairs. ThorSwap, another protocol used by the hackers, could be next on Bybit’s list. They’ve already generated millions in fees, and Bybit might just come knocking for those too.
Crossroads
The debate is heated and fierce. Some suggest returning the full amount, while others propose keeping a 10% bounty as a compromise.
But there are those who say ParaSwap would damage its reputation by giving in. But some even say that the reputation was already compromised by the hackers.
It’s a tough call, but one thing’s for sure, this isn’t just about the money, it’s about the principles of DeFi. So, what’s it gonna be?
Will ParaSwap cave to pressure, or will they stand firm? The world is watching, and the stakes are high.
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