May 7 (Cointime) - DEUS, the DeFi protocol that recently suffered a hack on its stablecoin DEI, announced that they are now taking snapshots of all DEI balances before burning the tokens, in order to comprehend the actual backing of the tokens. After evaluating all balances, the team will formulate a comprehensive recovery and redemption plan for affected users.

"This action would involve burning the outstanding DEI and increasing the backing of all other users. Users are advised to remain patient and not interact with current DEI contracts until a concrete redemption plan is available." the team wrote in a tweet.

Yesterday, Cointime reported that DEUS lost over $6.3 million from the hack, with a loss of over $1.3 million on the Binance Smart Chain (BSC), and a loss of over $5 million on Arbitrum.

DEUS also emphasized that the current DEUS v3 system is (and was in the past) isolated from DEI, meaning it is totally unaffected by the events. 

Read the full thread:

Important Note:

For users who attempted to arbitrage after the hack and are now stuck, there will be an evaluation, and they may be allowed to reverse these transactions as soon as possible.

This action would involve burning the outstanding DEI and increasing the backing of all other users.

Users are advised to remain patient and not interact with current DEI contracts until a concrete redemption plan is available.

The current DEUS v3 system is (and was in the past) isolated from DEI, meaning it is totally unaffected by the events.

Further updates to follow.