The #1inch Foundation has submitted a new proposal to its decentralized autonomous organization to compensate users affected by an October 2024 exploit.

The proposal, dubbed 1IP-80, outlines a reimbursement plan of $768,026 in #USDC—the estimated value of the stolen tokens at the time of the attack—to be sourced from the DAO’s treasury.

The #DeFi #DEX aggregatir Foundation would oversee the verification and distribution process, requiring victims to complete Know Your Customer identity verification, provide evidence of losses, file a report with law enforcement, and sign a compensation agreement.

It did not specify precisely what #KYC would be required. 1inch does not require users to complete a KYC process to trade on its platform, making it a popular choice for those who prefer not to use centralized exchanges that have this requirement.