To say that this week did not go as planned is an extremely abbreviated version of the events. There’s a lot of speculation about why the mausoleum didn’t launch, we understand how sad and disappointed our community is right now — and also, how excited you were for our mausoleums.
So, we are going to lay it out here for you all — and you can be the judge of if we did the right, or the wrong thing.
About a week ago — the team came up with a wild idea to put together some yearn vaults to compliment our ecosystem. We spec’d out how to utilize our tokens in such a way that our ecosystem would benefit greatly from this vault system. You insert RI + dXIOT into the vault which then modifies your yield curve, and comes out with converted yield into XIOT or bXIOT. Sounds great, right? We certainly think so.
At that point, we got referred to a contractor that was working with another project that specialty is in vaults, so we felt like this would be the best way to go about it — seek professional help, referred to by trusted people. He shipped us the code early, so we could review it — we ran the tests, we felt confident.
But, there’s always an itch in our minds and especially working in this space and with what we’ve built, we want to protect the project and the community. So we decided to dig a little further, and had the vaults audited by a well respected community member. As it turns out, the code did not do what was promised and had a backdoor built into it to transfer all of the money out of the vaults when put on to the production ethereum network.
Needless to say, we were a bit taken aback. We spent about 50ETH on the code, and the audit and now we don’t have anything show for it, and a community ready for some vaults in the xiotri core ecosystem. The person who referred the scammer has been forced to start over from scratch and scrap what he thought was months of work — and now we have to rewrite our vaults from scratch.
So, while it hurts to disappoint the community, and it hurts to lose 50ETH out of pocket all hope is not lost. The core XIOTRI ecosystem is still in tact, no malicious code has been deployed, and our bank is not broken. More importantly, our resolve is stronger than ever.
We will get these vaults to you, and we will keep innovating in this space. Although the community might be upset that the vaults are delayed, one can only imagine how upset they might be if we would’ve lost 10mil in TVL.
Cheers
