Worst Case Scenario Achievement.

14 days ago
1 Min Read
236 Words

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I awoke today to see that wLEO was trading for 99.9% less than it was yesterday.

OOPS

I sure hope some hacker didn't exploit the pool! Or even worse exit-scam! Yikes!.

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Ah well apparently that's exactly what happened. Someone figured out how to exploit our contract and create free wLEO and drain the ETH out of the pool. I've talked about this scenario at least 3 times, so there really is no surprise from my end, only disappointment.

Kinda reminds me of when Justin Sun was trying to hostile-takeover this place. We coded circles around him. Well, if we enter the Ethereum network those guys are going to code circles around us, unfortunately.

I hear the LEO dev team was able to stem the bleeding by printing out of bunch of LEO themselves, draining the last 100 ETH out of the pool. IIRC, that's only about one fifth of the pool meaning around 400 ETH was stolen.

This is a pretty big setback for me, but even more for the rest of the LEO network. We've lost all our liquidity and are now left is a super awkward situation when it comes to onboarding ETH users via MetaMask and the like.

I'll probably have to post about this again when more information surfaces.
Dark day for LEO :(
RIP wLEO
The only way to resurrect it is with a decentralized solution now.