I wonder how much they had to give up to take that much investment money that wouldn’t even get them back to being whole.
Remember, if you scam or charge $700M from your casino game users, you can accept $625M lost to theft and still make a profit.
But the announcement says "if this isn't enough to stabilize the coin, we'll take a treasury vote" presumably either to raise more funds or to default on their (non-legal) obligations to users.
Code is law. Radical decentralization. Users should not expect to get any money back from Sky Mavis (or any other cryptocurrency system). That's what they signed up for.
"The round combined with Sky Mavis balance sheet funds, will be used to ensure that all users affected by the Ronin Validator Hack will be reimbursed. "
Maybe they turn around and don’t do it but that sounds like all.
No, it's unambiguous. "All of our users' lost funds" doesn't imply "But not all of the funds". Nor can it mean "But not all of the users".
The meaning of their statement is clear, unless they're going ridiculous and disputing definitions, such as: What are "funds", or Who is a "user"
But whether it's possible for them to honor that promise? Seems doubtful.
I find it very hard to believe that they can promptly conjure up over half a billion dollars to refund their users. Firstly because I'd ask: what were they doing with that excess capital before?
edit: Although "committed to" does not mean "anytime soon"! Perhaps they plan to issue a token of some kind, and pray they can keep going and gradually make the users whole?
rē″ĭm-bûrs′
transitive verb
To repay (money spent); refund.
To pay back or compensate (another party) for money spent or losses incurred.
To replace in a treasury or purse, as an equivalent for what has been taken, lost, or expended; to refund; to pay back; to restore.
Its unclear if it does according to this definition. I could see it either way.
It sounds like they're putting in a bunch of their own money as well to reimburse people. I guess we'll only find out when they actually do that though if they are doing a full reimbursement.