Quick update for the SPEW pool members.

in LeoFinance2 months ago

Just wanted to let you all know that I will be working on unwinding the SPEW pool over the coming days. I'm sure by now you all know what has happened, but here is the link to the official LeoFinance post fer reference.

I found out about the hack while I was at work. I was unable to access funds to save what I could for 2 hours. As soon as I got home, I was able to withdraw all remaining funds from the WLEO / ETH pool. I managed to get the WLEO removed, and unwrapped them just prior to the WLEO site being taken down.

This time yesterday, The first bounty payout had been made, andthe total SPEW fund had just nudged over $10,000 in value. You can see the last post from @spinvest-leo here for all those details.

The plan now is to work out the dollar value we have saved, and return each contributers portion.

A current rough guide is that we now have:

  • 5.8801 ETH worth $2194.40
  • 49813.943 LEO - on HIVE Engine. LEO is currently trading on HE at $0.152 . This means on paper the value is $7571.719

This gives us a total saved funds of $9766.12 at the time I write this.

Looks like by getting the WLEO unwrapped before that service was shut down, we have saved the USD value of the SPEW pool (and - believe it or not, made a nice profit from the starting value just over 2 weeks ago). I can hardly believe it, but it seems to be the case.

I asked @khaleelkazi in the Leo discord if any fake WLEO had been unwrapped, and he said no. The Hive Engine LEO token value has held up remarkably well, and is a strong sign that this will just be a roadbump in the long run for LeoFinance.

I still can't believe it, but it looks like our $ value funds have been saved.

Amazing really.

I'll have more info soon about how the funds will be divided up, and when money will be repaid to investors in SPEW but for now it looks like we dodged a major bullet.

Thanks everyone for the support, I'll have more info out to you all ASAP.

Cheers for now,

JK.

Tagging all participants:

@spinvest, @jk6276, @tandara, @forexbrokr, @tbnfl4sun, @pouchon, @eirik, @shanibeer, @oakshieldholding, @jocieprosza, @josediccus, @roger5120, @stortebeker, @mistakili, @steemitromney, @underground, @dera123, @deflacion, @roleerob, @flemingfarm.

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Thanks for this timely update @jk6276. I found this to be a remarkable statement ...

"Looks like by getting the WLEO unwrapped before that service was shut down, we have saved the USD value of the SPEW pool (and - believe it or not, made a nice profit from the starting value just over 2 weeks ago). I can hardly believe it, but it seems to be the case."

... as I did not fare anywhere close to this well with the funds I put into the LP directly. A 42-minute delay, through repeated MetaMask failures was very, very expensive ...

Also, I would suggest double-checking this ...

"I asked @khaleelkazi in the Leo discord if any fake WLEO had been unwrapped, and he said no."

... as the hacker's creation of "bogus" wLEO definitely inflated the wLEO numbers we all had very quickly, soon after he (she?) began creating and selling them. I know my wLEO value, for example, more than doubled. How the LeoFinance team can sort the "good" wLEO from the "bad" wLEO will be a key. The moment I went to wleo.io myself, once finally getting my funds removed from the LP, it was down ...

All in all, we live and learn and go on ... Looking forward to your next post on what will be done with the SPEW funds.

Thanks again.

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Yeah I can't believe it either. More to come no doubt, but right at this point, we have nearly $10000 in the wallets. If all the leo that got unwrapped in between the hack starting and the shutdown is to be considered clean, then we have somehow come through unscathed.

I didn't fare so well personally either, as soon as I could, i pulled spew out snd unwrapped, then switched to personal account, pulled my funds out. In those 2 minutes the unwrapping site shut down.

I think spew might have literally been the last wleo to get unwrapped before shutdown.

Unbelievable just need to see for sure 100% if our leo is clean.

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Saving our moolah...

BRILLIANT!!!
BRILLIANT.gif

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LUCK OF THE IRISH!!!
Awesome deal, I mean it still looks like the pool is now deceased
(DEAD-POOL) but it looked pretty bad at the drop...

I gotta tip my cap to all the main movers on these systems, I had a
few wild theories about who's fault this was, but gladly they are all
debunked.

Awesome, @jk6276 CHEERS!!

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Hey @jk6276,

I was looking forward to an update by you.

So does this mean that the entire SPEW pool is to be dismantled? Does the same thing go for the big pool of liquidity providers? I just read the official post on LeoFinance, but it wasn't clear. At the moment I have lost 1.3 ETH (almost everything) but on the other hand I have more than 82K WLEOs. What do you suppose I can do with that?

Anyway, I like the positive take that this is all just a bump in the bigger road map of Leo, so I'm thinking maybe to wait it out. Unless, the entire liquidity pool is to discontinue. But I didn't see an indication for that.

SPEW will we dismantled as soon as I know for sure all our LEO now is clean. See the convo with roleerob here.

The overall uniswap pool is destroyed. Khal managed to save around 100 eth ftom it, but over 300 ETH has been stolen from liquidity providers. Keep an eye on @leofinance for news of how they will return the saved eth to people.

As for your WLEO, it is worthless for now. I imagine some leo will be airdropped to compensate- based on a pre-hack snapshot. But that is pure speculation till khal can sort it out.

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Thanks for getting up to it timely enough. The experiment was indeed fun while it lasted, I have you to thank for that again. I hope we can continue with this process, but first I hope the leofinance team can get things sorted out, we were building some nice momentum there...

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That's amazing!

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Attention @underground, @shortsegments, @joetunex

I have just returned LEO you sent to @spinvest-eth. These funds did not get added to the pool, and thus have been refunded as is.

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Thanks @jk6276 much appreciated

I really appreciate your timely reaction! I hope it's not the end of our cooperation 🙏

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