''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:
DON'T BUY WLEO ON UNISWAP. YOU'RE GIVING THE HACKER FREE MONEY.
Said that;
Scary, the least.
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.
(Hopefully) Were Fine.
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.
The Damage
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.
Conclusion
- LEO on Hive Engine is safe to buy.
- All liquidity providers probably will be getting some funds back. I expect a token swap on the ETH blockchain for the wLEO contract once the bug has been found and solved.
- If you didn't have anything invested, please, save your bias for your inner thoughts. No need to make more *FREE damage.
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.
You can follow me on Twitter
Posted Using LeoFinance Beta
I am one of the early investors of LEO. Unfortunately, I also noticed very early (when only 200K WLEO minted), unusual selling at Uniswap was going on and posted in discord. Welcome to Leo Whalehood, LeoFinance will survive and flourish.
Posted Using LeoFinance Beta
Know who you are dtrade. I read you a lot in the early days of Steemleo.
I also noticed early but didn't had my ledger close to me, so only had the option to see the price falling from a cliff.
I also hope that LeoFinance survives and flourishes as it deserves.
Hope you're fine and that the hack didn't hurt you much.
Cheers!
Posted Using LeoFinance Beta
I was thinking some LP, had powered down some LEO but fortunately did not go much far to stake WLEO+ETH ;)
Posted Using LeoFinance Beta
It depends on when your rent is due.
Posted Using LeoFinance Beta
hahaha, my rent payment is always upfront so it's all ok.
It's just the fact that I lost all the LEO received from the bounty program from the hack.
I cant' complain, others lost way much more.
Hope you're fine.
Posted Using LeoFinance Beta
we'll be good. We both have 100K stacked.
Posted Using LeoFinance Beta
Nice stake you got there!
Don't know (nobody can) where LEO is headed, but if we overcome this drawback without much (more) damage and somehow manage to restore WLEO with at least 50% of liquidity that we had maybe we can 'just' forget that this happened.
Much words to say that 'yeah, we'll be good'.
Have a good day! :)
Posted Using LeoFinance Beta
I saw your numbers yesterday so excited if now with the title and what happened I don't know whether to laugh or get sick, I hope nothing like this happens in the future
Posted Using LeoFinance Beta
I laughed a lot yesterday when I woke up and saw the mess.
Those ETH hackers/insiders will need a lot more to make me panic and sell my LEO. This won't happen (at least, at these prices).
Of course, some shit will happen in the future. the question is, you're ready to face the loss and go on or not? If it's the second, you should reconsider your risk management/portfolio positions.
Usually with big reward comes big risk. If you don't want to face the second stick to BTC/ETH or 'legacy' zombie stocks (which IMHO are far riskier than BTC, but that's my opinion).
Let's laugh together my friend, then... let's buy some cheap LEO.
Posted Using LeoFinance Beta
I totally agree and with the rise that Leo had today I think I did well to buy Leo yesterday, I was always here and I am not going to leave, I am very little interested in the risks I have nothing to lose, but if it bothers me that they speak badly of the community, well stay safe
Posted Using LeoFinance Beta
You laugh so much you get sick...
And then keep going.
Posted Using LeoFinance Beta
Sorry for your rent man hope in the future we could recover.
Posted Using LeoFinance Beta
El alquiler es lo de menos compañero, es el daño a LeoFinance lo peor de hoy.
Ojalá que este incidente pase y no afecte (demasiado!) al camino.
Espero que estés bien y que no te haya afectado mucho.
Un saludo!
Posted Using LeoFinance Beta
Gracias por responder, si fue un duro golpe espero el equipo aproveche esto como buena publicidad para posicionar hive y leo en los principales diarios como cointelegraph o criptonoticias y salgamos airosos.
Gracias a Dios no gue tanto el impacto solo el lucrocesante el haber vendido a 1.70 pero al final asi son estos mundos ratos ganas ratos pierdes.
Espero estes bien.
Sad but I think it's only a short-term loss. If you hold, you'll win.
Posted Using LeoFinance Beta
You hold, you win.
Easy as that.
Have a great day!
Posted Using LeoFinance Beta
thanks minato
Posted Using LeoFinance Beta
Always fighting the FUD and trying to help.
You're welcome!
Posted Using LeoFinance Beta
Well said @empoderat...Leofinance and the community is too passionate to fail.
Posted Using LeoFinance Beta
No need to convince you about anything.
Stay strong Rolland!
Posted Using LeoFinance Beta
It's the trading way.
As soon as we feel comfortable, the market (in this case via a piece of shit shark), will come and knock us back down to size. We all felt this one.
Onward and upward from here mate :)
Posted Using LeoFinance Beta
After high increments of price, a correction must come. From 0,05$ to 0,25$ it's a +500%, I'm ok with a -60% from the top as we are seeing atm.
What if we act like nothing happened and the WLEO launch just got delayed? Do you imagine? (not as easy as that but...)
People usually have a short memory timespan. Give us a couple of months and a 'OK' relaunch of WLEO and we'll be more than fine.
Posted Using LeoFinance Beta
Congratulations @empoderat! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOP@tipu curate
Upvoted 👌 (Mana: 0/16) Liquid rewards.
Posted Using LeoFinance Beta