Shiba Inu announced a formal repayment structure on Monday to address unresolved user losses linked to the Plasma Bridge hack. The plan introduces an on-chain method that converts verified claims into tradable NFTs, creating a recorded and trackable process for settling outstanding balances.
Shiba Inu Introduces ‘Shib Owes You’ Recovery Framework
The initiative is titled Shib Owes You, known as SOU. The project’s OG developer, Kaal Dhairya, detailed the plan in a blog post titled “A Year-End Letter to the Shib Army.” The update shifts recovery efforts from informal statements to a defined structure enforced through smart contracts.
According to SOU, affected users would receive NFTs on the Ethereum blockchain. Each token records the principal amount owed to a specific wallet. These records are kept on-chain, and backed up in private databases.
NFTs serve as cryptographic proof of ownership over a claim according to Dhairya. The recorded amount changes automatically. As repayments occur, the balance shown on each token decreases in real time.
Dhairya stated that SOU claim tokens will be transferable. This allows users who do not want to wait for full repayment to sell their tokens on supported marketplaces once the system is live.
Users with several affected wallets can combine claims into one token. Larger holders can split claims, selling a portion while keeping the rest active.
Repayment funding will come from stricter control of ecosystem revenue. Dhairya said all projects using the Shiba Inu name must allocate a share of their proceeds to the SOU pool. The requirement also applies to partner platforms and publications.
Cost Controls and Audited Safeguards Define Recovery
The reorganization brings in strict cost controls. Teams will pause or shut down projects that fail to generate revenue. The aim is to preserve funds and route them toward user repayment.
New rules will apply to future licensing of Shiba Inu intellectual property. Licensing revenue will flow directly into the restitution program. These funds will support ongoing repayments.
The SOU facility has already been vetted for security. Smart contracts for minting and various transfer operations were reviewed by Hexens. The review also comprised reasoning for join, split and transfer of claim tokens.
However, the platform has not launched, and no official interface is available. Dhairya cautioned users to avoid third-party sites that purport to offer early access.
The announcement followed recent technical stabilization across the network. Dhairya confirmed that the Plasma Bridge is active again. New safeguards include a seven-day withdrawal delay and the migration of critical smart contracts into hardware-based custody.
According to Dhairya, the recovery is going to be based on audited systems. The team execute all repayments on-chain and will not rely on any off-chain promises to resolve pending claims.
Source: https://coingape.com/shiba-inu-unveils-sou-plan-to-repay-plasma-bridge-hack-victims/
