Entropy is providing this update on behalf of the reviewing committee.
Reports
Since the last monthly update, the Watchdog program has received 1 new report. This brings the total number of submitted reports (unique + duplicates) to 68 and the number of unique cases up from 49 to a total of 50.
Over the last month, the reviewing committee completed its investigation of 6 reports, 4 of which were found to be valid cases of misuse and the other 2 not valid. As of today, the committee has completed 39 investigations, 28 of which were found to involve misuse, while the other 11 were considered not valid.
We are continuing to send reminders to reporters to begin the KYC process. At this point in time, the AF has been contacted for a majority of cases. As a reminder to reporters who may have lost their login key:
- If you have an error signing in with your login key or you no longer have your login key, please resubmit the report with the same supplemental PDF materials and a note for the committee. If possible, include the estimated date of the first submission.
Finances
The following is a breakdown of the Watchdog Program’s finances over the last 3 months and provides a transparent picture of where the program stands today. All numbers are denominated in ARB.
Since the last update, the Watchdog Program has recovered 95,865 ARB, bringing the total recovery to 352,289.5 ARB.
On February 18th, the reviewing committee announced an update to the bounty structure, which shifted the base bounties to be denominated in USD terms (still paid out in ARB) and increased the recovery bounty to 15% from 10%. The reviewing committee decided to apply the updated bounty structure retroactively to ensure that reporters who had made submissions in recent months were receiving an appropriate reward for their time and to minimize operational overhead of managing 3 different structures.
A one-time additional payment was provided to 8 reports where the original USD value of the payment was lower than what it would’ve been in this new structure. These top-up payments totaled 15,912.56 ARB and the committee is treating the case as closed going forward. Payments for 3 reports are also processing. They total ~24,511 ARB. Taking the new bounty structure, pending payments, and newly completed investigations, the earmarked payments to reporters now stands at ~145,104 ARB.
There are currently no outstanding opex costs as SeedGov recently submitted their 3rd invoice. All together this brings the working budget of the program to ~471,355 ARB.
6-Month Retrospective
As part of the Watchdog Program, Entropy committed to providing a retrospective at the 6-month mark.
The Watchog portal launched on September 8th, so we’ve now reached that mark. Using the previous 6-months as our evaluation period, Entropy is now in the process of drafting the retrospective report with the aim of having it published by the end of the month.