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An anonymous whale with massive sway over MIR pushed through the suboptimal proposal that would allow liquidation bots to make a quick $3m as opposed to the saner proposal that would protect users & positions in a fair manner with fair warnings via visible margin updates. (6/10)
That is the risk you run with decentralization - unfortunate. SFYL. It wasn't a rug because it was just an anonymous whale, and it sucks for people who didn't know or didn't check governance weekly. But as Joseph rightly points out... (7/10)pic.twitter.com/2nVxx22P8V
So we have an innocent, unfortunate situation. No front-end warning and no Discord announcement may be a coincidence. But once you apply the discoveries we made earlier in the day, things become a lot more sinister. TFL claims they do not own MIR and do not vote - lies. (8/10)pic.twitter.com/2KgtzSeOw0
Conclusion: it seems an employee from within the TFL-Jump consortium decided to make a quick $3m from loopers via governance manipulation. To those who missed the extension reading required to derive this, here you go, have a deep dive into this: https://twitter.com/FatManTerra/status/1529391352856838144 … (9/10)
Here's a deep dive into chain data suggesting Mirror Protocol, TFL's 'decentralized' stock exchange, is really just a farce designed to enrich Do Kwon/VCs while manipulating governance and screwing over retail. Thank you for being so bad at hiding on-chain moves, Do. This tiny story is a perfect microcosm of Terra as a whole. We start off with a sad tale of loss and user responsibility. SFYL & DYODD. And when we dig deep into the evidence, we unearth the true extent of the deliberate manipulation, fraud, lies, and evil hidden within. (10/10)
It’s more a governance problem. Better to use protocols that are sufficiently robust to be deployed immutably
Could this have been the Armageddon protocol Do Kwon bragged about?
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