DAO Maker, a cryptocurrency fundraising platform, is going through renewed scrutiny over its dealing with of a 2021 hack that left buyers thousands and thousands out of pocket. Regardless of preliminary assurances of compensation, victims say they’ve been left empty-handed, elevating questions in regards to the platform’s accountability and transparency.
The hack, which occurred in August 2021, focused DAO Maker Ventures, the platform’s enterprise capital arm. Hackers exploited a vulnerability to steal round $7 million price of cryptocurrency from buyers. Within the aftermath, DAO Maker pledged to make affected customers complete once more. This pledge included a direct airdrop of $500 price of USD Coin (USDC) per sufferer, with the remaining compensation to be distributed via a token known as USDR. USDR was designed to be redeemable for DAO Maker’s native token, DAO, inside a 12 months.
Nevertheless, in response to victims, USDR redemption was by no means enabled, leaving them with solely a fraction of their preliminary funding. They allege that DAO Maker reneged on its full reimbursement promise. Additional fueling their frustration, a decentralized finance (DeFi) researcher named SOMA Analytics claims DAO Maker used its affect to govern a vote with its governing physique to scrap the compensation plan altogether. The proposal to cancel reimbursement, SOMA Analytics alleges, was handed on account of DAO Maker’s management over a good portion of the voting tokens. Moreover, the researcher claims that the proposal was deleted after the vote, doubtlessly in an try to hide proof.
DAO Maker has but to publicly handle these allegations. The shortage of communication and obvious about-face on compensation has left victims feeling deceived. Many have taken to on-line boards to specific their disappointment and frustration with DAO Maker’s dealing with of the scenario. The incident has additionally solid a shadow over DAO Maker’s fame, elevating considerations in regards to the platform’s safety practices and dedication to consumer belief.
Whereas DAO Maker makes an attempt to maneuver ahead, fundraising for brand new Web3 tasks, the unresolved situation of the 2021 hack continues to loom. The disgruntled victims and the unanswered questions surrounding the alleged cover-up threaten to overshadow any future endeavors undertaken by DAO Maker. The platform now faces the problem of not solely rebuilding belief with its userbase but in addition guaranteeing {that a} comparable incident doesn’t happen once more.
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