Archived tweet

Tweet by Aevo (fka Ribbon Finance):

We have an update on the legacy Ribbon DOVs exploit, specifically the next steps we're proposing for impacted vault depositors. If you have an active Ribbon vault position, please read carefully, as action will be required on your side. All Ribbon vaults have been stopped and will be decommissioned effective immediately. We kindly invite you to withdraw your funds through the standard withdrawal procedure. Note that withdrawals will require a contract upgrade, which will be available next week (we'll announce). The vaults suffered approximately 32% in losses from the exploit. However, we're proposing that withdrawals be subject to only a 19% reduction on your position's value at hack time. We're able to offer this smaller haircut for two reasons. First, we propose to forfeit the DAO's own vault positions (roughly $400k in various assets) to partially offset the theft, reducing the net stolen amount to $2.3M. Second, based on our evidence, the accounts with the largest deposits have gone dormant over the past 2–4 years, and it's highly likely many of them won't withdraw at all. We're proposing to prioritize active users by granting them a smaller reduction upfront. Given the expected dormancy rate, there's a strong chance that users who withdraw during the claim window will ultimately be made whole after the final distribution. The claim window will remain open for six months, from December 12 to June 12. During this period, you may withdraw at the fixed 19% reduction, as long as funds last. After June 12, the DAO will liquidate all remaining assets and distribute them to users who previously withdrew, compensating up to the missing 19% or as much as remains available. Given the circumstances, we believe this proposed resolution represents the best possible outcome for vault depositors. Please remember that the DAO, as owner of the vaults, never promised or offered insurance on deposits. While we are decommissioning these vaults, the underlying technology stack remains DAO property. We may propose a new deployment in the future. If you're a vault depositor and not satisfied with this proposed path, you may submit a governance proposal following the established guidelines to propose a different solution. Please submit any alternative proposals by Friday, December 19. Thank you again for your patience and understanding. Tweeted at 7:41 PM · Dec 13, 2025