''Early u talk, the early u suck.''
Seems that LEO won't be paying my rent this month as I stated in my last post.
Damn, what a big mess.
The first thing that I must say:
When I woke up today and saw that wLEO pulled a -60% I knew that something wasn't working as intended. A few moments later noticed that a hack was going on and someone managed to print 'infinite' wLEO.
The hacker pulled out all or most of the ETH supplied in the uniswap pool. Making all the WLEO worthless, since there's no LEO to back up all that artificial minted supply.
Fortunately, Khaleel woke up and managed to turn down the contract.
Things could have been extremely worse, and far as I know, no WLEO were moved into the Hive-Engine books.
I'm still waiting for an official statement from the LEO team, we'll have some kind of announcement soon.
Frankly, I don't know what to expect, but probably a new contract for WLEO will be deployed soon (once the bug were fixed).
(Take all this information with a grain of salt, I'm not part of the LEO team nor I have expertise in IT solutions).
Most (if not all) of the ETH pooled has been probably lost forever, but regarding WLEO...
A snapshot will be taken (minutes?) before the unlimited printing and the 'legitimate' ETH/HIVE addresses will be refunded with the new WLEO manually.
Loads of hacks happen in this space every other day and this hasn't been the first or won't be the last. We're intrinsically dealing with these risks when 'playing' with this tech.
Doesn't matter the amount of optimism with which we pretend to face the situation. This hack represents very bad news for LeoFinance and I feel sad because maybe we'll be losing that wished momentum that we had.
Hopefully, this hack won't compromise those future listings that were already into talks. But it's difficult to know.
On the other hand, it's better to face this kind of problem early (in the first stages of the project) and not later with thousands of users and 'potentially' millions of $$ compromised.
I also feel bad because some greedy users blamed @khaleelkazi of pulling an exit scam when he worked his ass off the last year and a half. Pretty disgusting.
I support completely Khal and I'm feeling bad towards him for that bad timing.
That kind of jealousy from some 'despicable' people pisses me off a lot and I'll be using all my stake to punish such behaviour.
Last but not least (It's a good day to remind this famous quote):
''Never Invest what you can't afford to lose''
Stay safe out there.
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Posted Using LeoFinance Beta