Radiant Capital, a multi-chain lending agreement, has released an update on its X platform in response to the $58 million attack in October. The update outlines the current status of the recovery efforts and future plans.
Recovery Efforts Underway
According to the update, the recovery of lost funds and fundraising of rescue funds are ongoing, but no significant progress has been made. The community is working on a comprehensive proposal to be submitted to the DAO for voting, which is expected to be smoother after the council review and mediation stage.
Remediation Plan and Council Election
A separate proposal for unlimited authorization losses is expected to be drafted in the first quarter, which will be handled with caution due to its complexity and sensitivity. Additionally, a proposal for the election of a new community council is in the community collaboration stage and will soon start the governance process. This new council will replace the first council as stipulated in the DAO charter, with annual elections to follow.
Note
This article is for informational purposes only and does not constitute investment advice.
Source: Panewslab.com
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