Dear Trevee Community,
We've secured the necessary resources to restore splUSD to perfect health on Plasma.
Operations will resume, including unstaking, at the original 1:1.004 ratio, delivering 100% recovery of your assets, with no losses for Trevee Plasma users.
Here’s how we protected your funds and restored the peg:
1⃣ Partnered with Telos to immediately lock down the splUSD/USDT0 Euler lending market, blocking any withdrawals, manipulation, or liquidations of Stream positions;
2⃣ Segregated and secured Stream’s splUSD collateral (plUSD/USDT0) within the protocol;
3⃣ Enforced a full clawback of Stream’s outstanding debt to Trevee, covering the xUSD/plUSD market shortfall.
splUSD Unstaking should reopen this Saturday morning CET at latest.
All funds already in the redemption contract should be processed today. Everything deposited today should start being released starting Monday (following the standard 2-business-day process of Midas Infrastructure).
❗️ Regarding stkscETH and stkscUSD: we are still actively exploring solutions and will keep you updated on progress.
‼️ To be precise, unlike in a hack, losses haven't been realised yet, as there are strong hints that Stream will offer at minimum partial recovery. Considering the scale of the fraud, this could take a few months however, and we are trying our best to shield Trevee user from the harm created by their misconduct.
We’re grateful for your patience and are excited to keep building the future of yield on Plasma, now with even better safeguards in place.