Curve founder Michael Egorov expressed confusion over Fluid's latest governance proposal, which aims to transfer fGHO and iETHv2 positions from the protocol treasury to a team-controlled multi-sig wallet to cover the remaining bad debt from the Resolv depeg incident.
Aerodrome community member jpn memelord argued that the operation lacked sufficient communication and indirectly altered the risk exposure for USDC/USDT depositors, effectively using user liquidity to cover bad debts. The Fluid team responded, stating this is a standard technical procedure to unify the liquidation of thousands of Resolv-related debts. The total protocol assets remain unchanged, all steps are within the governance framework, and the proposal was prepared in advance.
In March of this year, the Resolv protocol suffered a hack targeting its signature infrastructure, leading to the malicious minting of approximately $80 million in unbacked USR stablecoins. This caused USR to severely depeg, and due to factors such as lagging oracle prices, Fluid was exposed to approximately $21 million in bad debt.