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Our latest update:
We can confirm now until one year ago we had a NK developer in the team.
He was backed by other north Korean that supported his work. We thank @derparsel and @zachxbt for their work.
Historically we have done audits with Sec3 and neodyme – everything looked good, by the time NK developer was still part of the team. For more check here:
github.com/stabbleorg/aud…
We are now in contact with new auditing firms, to do additional audits and testings.
This should have been happening already a long time ago.
Further, we are in contact with intelligence and major Solana defi protocols who are supporting us in this critical times:
Our bottleneck: The new team took over the protocol at bankruptcy, meaning no funds left. We had a strategy to save funds like a squirrel, make buyback and grow the project. This has worked really well the first 4 weeks. TVL doubled, also thanks to 1mio whale, and amplification factors and fee level being optimized.
The path was set.
Now, we need to get funds together to finance all of these audits. This kills our initial strategy.
The new team believes in the product, we are a balancer based AMM model, with super high velocity and integrated in all major aggregators. We are permissionless, no prop AMM, you can actually use us and get yield over 10%.
Uhh did you say Balancer? Yes balancer, and not hacked. Last men standing.
The new teams are defi degens and quants, and we know how difficult it is to accumulate return on investment, that’s why we wanted to protect our LPs first.
Event if the probability for an exploit was low.
Better safe than sorry.
We prefer to die as protocol, over a small risk of being exploited.
If you like what the new team does, we are happy if you follow up on us, and once we are 99.99% secure, get some yield on BTC or USD. For the moment please don’t deploy liquidity, ideally withdraw.
We have various products in mind that we can build with the current smart contract infrastructure that will blow your mind and it would be a pity if we disappear. Still better than risking capital of our LPs.
A few takes for people running DeFi projects. #1 Check everyone in your team personally, don’t employ people you don’t know, don’t hire people by reputation – get to know them personally. #2 Build a communication channel to your LPs. We had a telegram LP group, most of our major LPs were in their and withdrew money before we pushed our public “EMERGENCY” statement.
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