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Title: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: Yaunfitda on September 10, 2020, 12:28:13 PM An anonymous user managed to net a profit of $250k from a $200 outlay due to a flaw in a DeFi protocol clone’s rebase code.
Quote The token SYFI was launched as a soft-pegged adaptive cryptocurrency that expands or contracts its supply automatically. The concept was popularized by Ampleforth which uses a rebasing mechanism to adjust the supply to reflect changes in demand. However, the Uniswap price of the cloned token was not adjusted to account for the rebase and the trader managed to sell the tokens at the previous price, wiping out virtually all of the liquidity in the pool. A flaw in the SYFI-rebasing mechanism allowed the anonymous user to obtain a large amount of tokens during its first rebase on September 3. A DeFi trader using the Twitter handle Amplify has admitted that he was the one who netted 740 ETH from an initial investment of just 0.5 ETH. This works out at roughly a $250,000 return for a $200 layout. https://cointelegraph.com/news/jackpot-user-turns-200-into-250k-thanks-to-a-buggy-defi-protocol Lucky guy indeed, but I was just thinking, if you're the guy in this situation? Are you going to take advantage of the exploit or will simply inform the devs about it? It's a question of ethics and morals and values here. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: wanted sliter on September 10, 2020, 01:50:07 PM I have heard about this story, and unexpectedly, in the past 1 month, there have been 2 cryptocurrencies with faulty token rebase, YAM and SYFI. The guy who turned 0.5 ETH into 740 ETH is very lucky, if it was me I would also DUMP.
Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: TravelMug on September 10, 2020, 02:04:26 PM Not his fault, if he didn't exploit it, someone will and probably will have taken more money from this faulty code. And it's not a crime, although if you have a conscience then you wouldn't taken advantage of. But crypto is different though, everyone here is to make money. So he sees the opportunity and make a run for it.
It says anonymous, but I doubt it, he exposed himself thru his tweet so probably people are going to be aware as to who the guy is. Nevertheless, I doubt that he will return the loot, unless there is a criminal complaint against him. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: jrrsparkles on September 10, 2020, 02:07:29 PM An anonymous user managed to net a profit of $250k from a $200 outlay due to a flaw in a DeFi protocol clone’s rebase code. It is an investment and he didn't scam anyone so he didn't make any crimes here so nothing to talk about the moral value because if he skipped then some other might made that profits.That's a huge return for 0.5ETH for sure but he is an early investor so he deserved it but the profit he made literally caused all other investors to lose their capital.Investment is not a joke, so people should invest on potential assets not the hot trending ones.```` if you're the guy in this situation? Are you going to take advantage of the exploit or will simply inform the devs about it? It's a question of ethics and morals and values here. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: hrunya102 on September 10, 2020, 02:32:03 PM The guy did a great job, was attentive and rewarded for it, for myself I will say that if I found a bag in the Bitcoin code or top altcoins, I would inform the developers, but if it was an new project that most likely plans to get scams in the future, then maybe I would use the exploit.
Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: Lagduf on September 10, 2020, 02:42:51 PM I guess when it's about money and you know which is the correct answer and people will take advantage of there. As far as I know, the problem was on the developer who can't calculate the rebase rate properly.
The guy who has been taking 750 ethereum from the liquidity pool was the first sender of the SYFI token after it was getting rebase caused by it's pegged with 0.003 YFI. I didn't even believe if there will be someone who will not do that when they have seen a bunch of money in front of their heads. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: tabas on September 10, 2020, 03:13:05 PM Is that the actual guy who has earned $250,000? or just another guy who claims to be the actual guy but was aware of the exploit?
IMO, someone like him won't reveal himself. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: Galley on September 10, 2020, 03:20:11 PM Those investors who have lost their money probably don't think he's a very cool guy. But such is the law of nature, if it has arrived somewhere, then, accordingly, somewhere has left. And in his place, everyone would have done the same. He just happened to be in the right place on time and did not stand aside. You can congratulate him on good luck.
Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: Furious 7 on September 10, 2020, 03:26:08 PM Is that the actual guy who has earned $250,000? or just another guy who claims to be the actual guy but was aware of the exploit? I don't know if this is real or not which has made 250k $ from DeFi but it's true that someone will never reveal who they really are, so from that we can only see this from the news of course not necessarily the truth is true.IMO, someone like him won't reveal himself. Title: Re: Jackpot! Người dùng biến $200 thành $250K nhờ một giao thức DeFi buggy Post by: todiefor17 on September 10, 2020, 03:40:05 PM As a result of winning the lottery, the idiot who always pats the code of things like this is worth cutting. If the development team revealed their identity, they wouldn't be safe. It was surprising to me that the project was suddenly devalued so quickly. The guy who made $ 250k from 0.5 ETH is very lucky but he posts himself on twitter so he committed suicide, Reddit seems more secure.
Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: X-ray on September 10, 2020, 03:55:33 PM Is that the actual guy who has earned $250,000? or just another guy who claims to be the actual guy but was aware of the exploit? IMO, someone like him won't reveal himself. That is not him who has already earned $250k from the liq pool of SYFI. AFAIK if the dev and some people were also searching this guy and they wanna to do something with him. You can watch this on the pinned massage that has already in the SYFI telegram group. Anyone can claim to be the guy who has already robbed a lot of ethereum from the liq pool. This story has already spread to the all of communities. There was only a smalpossibility if that's a real guy. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: hatshepsut93 on September 10, 2020, 03:59:56 PM All these DeFi "investors" are just beta-testers for highly experimental software developed by small groups of enthusiasts. It's insanely risky to store your money there - the hacks and bugs are already a big problem, and the market crash that will come after the hype will wear off. Just like with ICO, some traders will become bagholders, sitting on a pile of worthless tokens and hoping that they will moon again. Don't be that person, exit this market before it falls and secure your profts or cut your losses while you can.
Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: TradingBull.io on September 10, 2020, 04:02:24 PM "Vitalik Buterin, the co-founder of Ethereum (ETH), has again taken to Twitter to warn against naive bullishness in the decentralized finance (DeFi) sector, comparing the economics of yield farming tokens to the Federal Reserve’s money printing." CT
Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: tabas on September 10, 2020, 04:07:11 PM Is that the actual guy who has earned $250,000? or just another guy who claims to be the actual guy but was aware of the exploit? IMO, someone like him won't reveal himself. That is not him who has already earned $250k from the liq pool of SYFI. AFAIK if the dev and some people were also searching this guy and they wanna to do something with him. You can watch this on the pinned massage that has already in the SYFI telegram group. Anyone can claim to be the guy who has already robbed a lot of ethereum from the liq pool. This story has already spread to the all of communities. There was only a smalpossibility if that's a real guy. Btw, thank you for that info. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: unusualfacts30 on September 10, 2020, 04:14:22 PM taking advantage of price difference is not uncommon it can happen for many different reasons and faulty code is just one of them. I don't blame the guy for being at the right place at the right time. He should've tried to work with their dev instead of running with it all. Its one major problem with elasticity tokens thats why major exchange will never list them. You can lose all your investment if price doesn't change and exchange will go bankrupt before you know it.
Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: Falconer on September 10, 2020, 04:19:29 PM The hype Defi has generated interest in investing after the recent negative outlook on investing in cryptocurrencies, investors have amassed crazy profits but many of them are stuck in the dark when experiencing big losses like YAM. I think the Defi project hype will continue to build until the end of the year and there will be a jackpot bigger than $250k in the future.
Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: jekanmasin on September 10, 2020, 04:23:58 PM An anonymous user managed to net a profit of $250k from a $200 outlay due to a flaw in a DeFi protocol clone’s rebase code. Quote The token SYFI was launched as a soft-pegged adaptive cryptocurrency that expands or contracts its supply automatically. The concept was popularized by Ampleforth which uses a rebasing mechanism to adjust the supply to reflect changes in demand. However, the Uniswap price of the cloned token was not adjusted to account for the rebase and the trader managed to sell the tokens at the previous price, wiping out virtually all of the liquidity in the pool. A flaw in the SYFI-rebasing mechanism allowed the anonymous user to obtain a large amount of tokens during its first rebase on September 3. A DeFi trader using the Twitter handle Amplify has admitted that he was the one who netted 740 ETH from an initial investment of just 0.5 ETH. This works out at roughly a $250,000 return for a $200 layout. https://cointelegraph.com/news/jackpot-user-turns-200-into-250k-thanks-to-a-buggy-defi-protocol Lucky guy indeed, but I was just thinking, if you're the guy in this situation? Are you going to take advantage of the exploit or will simply inform the devs about it? It's a question of ethics and morals and values here. That guy was very lucky and at the same time he did hit a jackpot. Thanks to him the price of SYFI has being drop so hard and i dont think the price will recover anymore. Its was not a crime to find a bug and the team project is the one should be blame for it. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: Ucy on September 10, 2020, 04:25:31 PM I guess it will be good to reward the user to encourage others to be honest... But not without making sure that wasn't done on purpose. Will reward the user with Good Reputation or with some part of fund or both.
Well, It's normal to be moral or honest. There is nothing strange or alien about it. So, keeping such a huge amount for yourself while the owner/owners are known should be considered abnormal and strange by any right thinking person. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: ije07 on September 10, 2020, 05:30:55 PM really lucky someone who has earned thousands of dollars over the Defi protocol problem, but if that person thinks it's about money, it's highly unlikely they'll return all that money to the Uniswap project team. In short, one has no intention of stealing and it's about luck.
Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: danherbias07 on September 10, 2020, 05:46:44 PM I may not.
That's what they are here for, to create profit. But I may do it without the knowledge of an error or even if I do. ;D He may have just made it at the right time. A little late then everything will be gone. Title: Re: Jackpot! User turns $200 into $250K thanks to a buggy DeFi protocol Post by: optimisticcm on September 10, 2020, 07:52:49 PM I think the guy simply got lucky because he never intended to do this. He just invested in the token and he never knew there would be a flaw, an error or bug in the coding so i will not blame the person.
But if the person and the team negotiate and come to a resolution that will be better for investors and supporters of the project. |