2025-08-27: Neemo Finance Incident – Post-Mortem & Reimbursement Plan

Summary

On July 5, 2025, Neemo Finance (Astar) was exploited via a compromised admin key, enabling over-minting of nsASTR and subsequent liquidity drains.
Governance intervention secured 204,283,546.036 ASTR; a white-hat later returned 91.634 ETH.
The community approved the Asset-Linked (Burn) Compensation Model; claims require burn-to-claim.
The incident occurred on Neemo Finance. Yay! smart contracts remain secure. However, Yay! stakers who used the Neemo vault are affected through their nsASTR positions and should follow the steps below.

Phase 1 — Immediate: Burn nsASTR to receive ASTR from the recovered pool at the Phase 1 compensation rate.
Phase 2 — Long-Term: Future Neemo dApp staking rewards (minus minimal ops) are redirected to a compensation pool and distributed monthly to wallets that completed Phase 1 until pre-hack value is restored.

Redeem on Yay! Dashboard: Convert yayASTR → nsASTR (Neemo vault page).
Claim on Neemo:
1. Open https://app.neemo.finance/withdraw/astar
2. Connect the wallet
3. Enter the nsASTR amount
4. Click Approve token for nsASTR
5. Click Withdraw to receive ASTR at the Phase 1 rate shown in the app.

Redemption on Yay! Dashboard: 1 yayASTR → 0.9949 nsASTR This redemption rate is the same as before the incident and has not changed.
Phase 1 (Neemo burn-to-claim):
- Per 1 nsASTR: expect ~0.8686 ASTR in Phase 1 (≈ 78.3% of pre-hack value).
- Per 1 yayASTR: expect ~0.8641 ASTR in Phase 1.

Note: The remaining ~21.7% (vs. pre-hack value) is planned to be paid over time in Phase 2 to wallets that complete Phase 1.

Questions about redeeming on the Yay! Dashboard (yayASTR → nsASTR): use our standard support channels.
Questions about reimbursement mechanics, please refer to Neemo Finance official communications: X, Discord.

Last updated 5 months ago