Tinyman Compensation Program

Today we start giving out compensations!

Tinyman's new invention: Compensator 3000

I did that. Now, give us some details!

We know you’ve been expecting to hear from us about the compensation for a long time, so you should know what we’ve been busy with so far. In the first month after the events, our focus was on minimizing the damage, fixing the smart contracts, and getting Tinyman back online. Unfortunately, it took a lot of extra effort from the team, so we could only start working on compensation after dealing with all the other priorities for the whole of January and the better part of February and we could get back to our usual pace.

Tinyman is grateful for all the support

Scenarios that failed, the scenario that survived

Tinyman is compensating not only the stolen amounts, which sit at 1.8M Algo, but also the stuck amounts in the pools that cannot be retrieved at this point and the amounts that were sucked out of the pools through heavy arbitraging. The arbitrageur accounts were able to get out around 1.2 M Algo more, exacerbating the lost amount to a total of 3M Algo. One of the internal discussions we had was to distinguish these three phenomena and pay for only the stolen and stuck assets. We figured we could employ a percentage calculation for the pools that experienced arbitrage action and roughly come up with some compensation amounts for each wallet. Although that could lessen the total amount we are paying out, we decided it will not help dampen any damage suffered. On the contrary, it would only fuel the community’s frustration because the arbitrage happened as a direct aftermath of the attacks. Therefore, we decided to include arbitrage losses in the compensation program as well.

  • All the hacked amounts, both Algo and ASAs. ASAs will be calculated with their price to Algo just prior to the first attack hitting their pools
  • All the LPs stuck in the v1 pools
  • All the amounts that were arbitraged out of your LPs
  • Any successful withdrawals (burns) will be reduced from the compensation amount.

Eligibility criteria

In the compensation program, we are compensating almost every wallet with LPs that suffered hacks. The only exclusions are:

Tinyman sitting on the treasury after the compensation program

What does Tinyman treasury look like after compensation?

It has seen better days :)

Tinyman delivering Compensator 3000

Doing the right thing…

When we announced our hacked amounts, they were in the range of 1.8M Algo, but we realized that the damage we were looking at was much more than that. That was because of the heavy arbitrage that took place during the time of the attacks. These arbitrageur accounts cleared a hefty sum of money in a matter of days because they were efficient and well-prepared for any price discrepancies in our platform. Although they are not at fault in any of these attacks, their activities nearly doubled our losses incurred to around 3M Algo. We know that these accounts have not done anything illegal; however, their earnings might have painful costs to some users. We aim to build an inclusive community that helps each other grow more robust rather than one that competes and tears itself apart. Maybe this is a naive way of looking at life, but if we want to grow as a society, we need to take responsibility as individuals first to build something bigger than us.

Tinyman's philosophy has always been to treat others the way you want to be treated yourself, and even if it means enduring the pain along the way, we will always remain true to this character.

If this resonates with you, we ask you to share any amount of your gains made during attacks with the community by sending funds to our compensation fund. We will keep these accounts anonymous if they want to remain that way. If you wish to help or not, it is your decision. Any support you give will only strengthen this project and its community.

Moving past compensation and looking ahead!

We’re happy that we’re finally getting past this stage and have started focusing solely on Tinyman product development. There are so many things to do moving forward, and we are very excited to get started. This was another significant milestone for Tinyman and its community. We want to build a long-lasting product; that would not be possible without a solid foundation. We hope that this act will strengthen us and lead us to many more adventures.

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Tinyman

Tinyman is a re-imagined decentralized trading protocol that utilizes the fast and secure framework of the Algorand blockchain