Hey! Hope you guys are doing well today, just wanted to make a quick post on this insane move that we've seen Osmosis today and I just wanted to give my take on it.
🔥Two days ago the Osmosis blockchain was halted due to a liquidity pool bug/glitch which enabled users to essentially siphon funds from the pool when they a reddit user found out and posted that whenever you removed your funds from the pool they increased by 50%. This was exploited and well, close to $5 million was taken from the pools though Osmosis had noted that the pools had not been completely drained and things we're still okay for the most part.
🔥One of the validators for Osmosis's blockchain, Fire chain FireStake, which runs a staking service for the Cosmos ecosystem, said that two of its team members had taken $2 million in repeated withdrawals using merely $226. The service FireStake claimed that what started as testing to see if the bug existed, "grew into a temporary lapse in good judgment."
"We were thinking about our family's future, and not the future of our community," the firm affirmed. However, later it decided to notify Osmosis team to return the drained funds, the team added.
🔥What we have seen with the insane move today could be the Osmosis team putting those funds back into the pool and turning back on the blockchain following the halt to fix the bug. In the least Osmosis avoided what could have been fatal and have possibly led to another LUNAUSDT situation. So in the least that was avoided and we know that 2 million of the funds drained is safe at least and was returned so that is a big plus. 3 Million isn't bad at all, with the treasury easily able to put those funds back in, although where the other 3 million in funds went is a mystery of course.
Nonetheless that's great to hear that the crypto tragedy was avoided and hopefully Osmosis has some good times ahead of it!
Thank you and if you'd like leave a like and follow which is always appreciated!
~ Rock
🔥Two days ago the Osmosis blockchain was halted due to a liquidity pool bug/glitch which enabled users to essentially siphon funds from the pool when they a reddit user found out and posted that whenever you removed your funds from the pool they increased by 50%. This was exploited and well, close to $5 million was taken from the pools though Osmosis had noted that the pools had not been completely drained and things we're still okay for the most part.
🔥One of the validators for Osmosis's blockchain, Fire chain FireStake, which runs a staking service for the Cosmos ecosystem, said that two of its team members had taken $2 million in repeated withdrawals using merely $226. The service FireStake claimed that what started as testing to see if the bug existed, "grew into a temporary lapse in good judgment."
"We were thinking about our family's future, and not the future of our community," the firm affirmed. However, later it decided to notify Osmosis team to return the drained funds, the team added.
🔥What we have seen with the insane move today could be the Osmosis team putting those funds back into the pool and turning back on the blockchain following the halt to fix the bug. In the least Osmosis avoided what could have been fatal and have possibly led to another LUNAUSDT situation. So in the least that was avoided and we know that 2 million of the funds drained is safe at least and was returned so that is a big plus. 3 Million isn't bad at all, with the treasury easily able to put those funds back in, although where the other 3 million in funds went is a mystery of course.
Nonetheless that's great to hear that the crypto tragedy was avoided and hopefully Osmosis has some good times ahead of it!
Thank you and if you'd like leave a like and follow which is always appreciated!
~ Rock
