Inner Conflict May Lead to MakerDAO Execs Lay Off

As reported, the confrontation was initiated by the decision of the current head of the MakerDAO to establish total control over the $200M development fund
26 April 2019   1507

Founder of MakerDao and CEO of MakerDAO Ecosystem Growth Foundation (MEGF) Rune Christensen attempted to usurp power and impose his vision for the further development of the project to the detriment of decentralization, reports The Block, citing informed sources.

So, some time ago, an opposition faction called “Purple Tablet” [chat name in Signal messenger] was formed inside the project, headed by former business development director Ashley Sharp, who plans to sue MakerDAO and recover $ 1 million. Against the background of the conflict with Christensen, the project was also left by Andy Milenius CTO.

The confrontation was initiated by the decision of the current head of the MakerDAO to establish total control over the $ 200 million worth development fund, which was previously supervised by several parties, each of whom had a unique access key, without which the others could not use the funds.

At the same time, CoinDesk had a letter signed by lawyer Andrew Pullinger from Campbells in the Cayman Islands, claiming that five of the nine members of the board of directors were pressured by Christensen, who demanded their resignation. Nevertheless, it remains unclear whether he has reached his goal.

Leaked Letter Exposes Infig... by on Scribd

The Block sources claim that MEGF has already acquired a broker-dealer and intends to launch a commercial division in the format of an alternative trading system (ATS).

Note that MEGF controls 30% of all MKR tokens, and the total market capitalization of MKR and DAI at present reaches $ 660 million.

Synthetix Hacked, 37M sETH Stolen

This asset has extremely low liquidity in the secondary market, so it's hard to understand the value of stolen assets
25 June 2019   221

The platform for the release of synthetic assets using the blockchain of Ethereum Synthetix was attacked, which resulted in the seized 37 million sETH stolen, The Block reports. Estimating the value of these assets is problematic due to their low liquidity in the secondary market.

There has been an incident with the price feed of sKRW, we are currently investigating the root cause, but during the time when the price feed was returning the wrong value we believe an automated arb bot converted into sKRW and then into sETH.

Kain Warwick

CEO and Co-Founder, Synthetix

Warwick asked the bot owners to contact the platform to help eliminate the vulnerability and offered a reward. According to information from the Synthetix Discord channel, the team has full control over smart contracts and does not intend to resume transfers in the system until the problem is resolved.

According to The Block analyst Theo Leibowitz, the advantages of Synthetix are leveled by the vulnerability of the mechanisms for ensuring the value of synthetic products produced using the platform, which makes its users at significant risk. "The irony of this situation is that the currently suboptimal design of the Synthetix platform makes it's actually very difficult to realize gains from this kind of attack", he said

sETH is a synthetic version of Ethereum in the Synthetix system and can be used for trading on the project's stock exchange. The platform uses its own token SNX, which is necessary for the release of synthetic assets based on it.