Grim Finance: Whitehat Closure

On February 24, Beefy began the redistribution of rescued Grim Finance funds. To do this, we took a series of snapshots beginning from the first affected vault’s genesis, valid to the block before the first whitehat exploit transaction.

How much did affected users receive back?

Our token airdrop to rightful owners compares the deposit's value at the moment of the whitehat hack and the value of these tokens at the time of return. The higher number of these two amounts was then used to calculate the dollar value returned.

To compensate for deposits that lost value, Beefy added USDC to the airdrop. This ensures the whitehat operation had no negative impact on depositors. No native tokens were sold to execute the airdrop.

Transparency is our priority

We’ve tried to be transparent as possible through the whole process. Therefore, you can check all our calculations and the transactions made to verify them yourself in our Google Sheet.

Beefy is committed to a decentralized, multichain, trustless, and secure future. At the moment, we felt that our whitehat operation was best for the space. However, in retrospect, we realize the situation was mishandled.

To counter this, we have conducted the redistribution in the fairest and quickest way possible. This attempt at protecting another project’s users led us to spend 100,000 FTM from our own treasury and countless hours to design, execute, and document.

Beefy has learned a valuable lesson and will not perform this kind of operation in the future.