Buybacks are carried out through our bot, which is designed to buy back as many Flares as possible. The details of how it works are undisclosed in order to avoid exploitation. All its purchases can be tracked on-chain.
Flares also have a secondary buyback mechanism. If they ever fall below 50% of their mint price, they are bought back with the pooled funds (as opposed to profit generated). This mechanism has not yet been used.
Flares that have been bought back are governed by Flare holders; they can collectively choose to do with them as they please.