2/ The liquidity conditions for ETH lenders is exactly the same as for any other pool. The loan pays interest just like any other loan. In fact, it is currently paying lenders a very high interest rate. As long as it is a permanent borrower, it is a great boon to lenders.
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3/ There is currently 600k of wBTC collateral left by the attacker. We will be using this to stream interest and exit liquidity to existing iETH holders. This will be done using our admin key. This is an extremely difficult decision for us that we don't take lightly.
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4/ Right now there has been a panic and a run on the iETH supply based on the idea that there are losses. However, as long as we stand by this borrower and ensure that they continue to pay interest, the pool is healthy and will continue to be so.
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5/ We will be issuing a more detailed post-mortem as soon as possible. Right now, we wanted to simply reassure users that the funds are in fact safe. No lender will be affected by the attack. Lastly, we apologize to our traders who have come to depend on our consistent up-time.
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6/ We are adding additional measures to ensure that this does not happen again, which will be documented in the post-mortem. Fulcrum will be coming back online 10:30pm MST. Thank you for your patience and your support. It means so much to us.
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7/ More news is coming soonhttps://twitter.com/tcbean/status/1228807622071062528 …
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There is no free money
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We agree. Post 4/ does too.
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@ChrisBlec had a great video on the risks of DeFi admin keys. Must watch for those using DeFi protocols.#DeFihttps://youtu.be/U9fVIPhWj6c -
Keep in mind though that nobody have ever said that bZx was fully decentralized. This wouldnt have been possible if the bZxDAO as mentioned a few weeks back was already live.
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