Looking Back at the WLEO-ETH Liquidity Pool - Thank You LeoFinance!
About a month ago I dipped my toes into the SPEW Pool by @spinvest, and two weeks later I felt sufficiently emboldened to head dive into the deep end of the Liquidity Pool, providing close to a thousand dollars worth of WLEOs and ETHs to be exchanged on Uniswap. No more than three days later, the entire pool gets smashed to bits by a malicious hacker, clearing out pretty much my entire investment.
Coming to Terms with my Losses
At first the shock was great, to say the least. Some members of the pool noticed the hack right away, and managed to jump out of the pool in time to rescue their funds, among others the good folks from the SPEW pool. Not me though... While the hacker was clearing out all my ETH for worthless fake WLEOs, I was fast asleep. Only the next morning, as I was checking my Uniswap next to a steaming coffee, did I notice that something wasn't right.
Over the next days, following the news on LeoFinance, I had to accept that - once again - I managed to lose a substantial sum. It wasn't easy finding a silver lining in this, other than that it was all crypto, which I wouldn't use to pay the rent anyway, and hence I could afford to lose it. Great! Not that it was much of a consolation, but at least I would not use (that same money) for failing investment projects. But then, something unexpected happened...
After the Dust Settled
The LeoFinance team published a number a posts suggesting that they may reimburse their valued investors... but honestly, I never thought it was more than just a positive effort on their part. However, two days ago they brought out the most detailed report on the hack, the weakness it exploited, the measures they would take to prevent it from happening again, and most importantly, their plan of compensating their Liquidity Providers like me, who have lost their funds.
They weren't kidding around either. The next day I saw my ETH fully returned to my wallet, and the matching amount of LEO in my Hive Engine. YES! Thank You! You guys are awesome! I still have 80k of wLEO on Uniswap, but I suppose that's all fake, deeming it worthless. But at this point it bothers me little. On the contrary, after this wonderful experience I am certainly more than ready and willing to keep supporting LeoFinance, and embark on further investment projects by this awesome group, who managed to strengthen my faith in them.
Now that I think about it, this is the first time that something like this has happened. I know, I have made some bad investment moves in the cryptosphere before, where I often ended up losing bigger sums of money. But never before has a group returned the lost funds of their valued investors. I realize, things could have gone much worse, and the only reason LeoFinance could help us out was because things did not go into the worst case scenario. Still, my confidence in this group is stronger than ever, and seeing the price of LEO, I guess I'm not the only one.
Great job, everyone! Thank you again! And let's go full steam ahead. The future looks bright with you guys! The one thing I'm still undecided on is what to do with all those LEOS for now? Should I retrieve them as ETH (since its price seems to be rallying right now)? Or should I stake it all, giving me a bigger reward for posting and curating? Or maybe, I'll just keep it liquid, in order to use when - let's say the updated and upgraded WLEO pool is up and running? This is the kind of dilemma I don't mind having.
