Proposal for DeFireX stuck money recovery

Dear Venus community:

In May, DeFireX, a BSC project, sent a request on Venus’s forum. They had a fund worth 16 million U.S. dollars that was stuck in the Venus contract due to a mistake.

For a description of the event, please see:

A lot of things happened to Venus later, and the core team also changed. For a long time, we were busy rebuilding a more secure risk framework and establishing a new tokenomics for Venus.

In the meantime, we got in touch with DeFireX again and discussed a solution to the problem, and checked and audited the code of the solution. This work is currently in progress.

The communication between the two teams on Github can be seen here:

DeFireX is a Yield farming platform that serves many users on BSC.

At the same time, DeFireX is also a user and partner of Venus.

They made a mistake that caused Venus to receive a sum of money that did not belong to us or wasn’t acquired through legitimate protocol usage fees.

We strongly believe that the ecology of BSC needs to be maintained by all developers and Defi projects to make it better and that we should help DeFireX solve this problem and help their users recover their losses.

Venus is one of the most important infrastructures on BSC. We should try our best to help our partners and BSC users.

Of course, the program and code needs to be approved by the Venus community. When we have completed the code audit, we will initiate a VIP to solve the problem.

Venus Team

2021.9.4

9 Likes

Nice! Great news for all DefireX users!

I agree : Let’s do a healthy BSC Ecosystem.

Nevertheless, I would appreciate a counterpart.

@Terrence
Can you forecast TVL or fees for Venus protocol ?
It would be a win-win situation and a better collaboration for both projects.

Yeh as long as what we’re doing is safe for that Venus community we should do what we can to return those funds as it was a honest mistake by DefireX

Yes, for a recovery that ist not legit for us. No matter which amount, not legit not ours. Give it back as it’s possible, let’s vote for a better cryptospace and for a fair and legit future for everybody. Crypto should bring wealt to anybody not only to somebody.

If it’s not our reasonable income, we can give it back to them

This is incredible news. Thank you to the Venus team for helping us return our investments in DeFi. A lot of gray hair has already appeared while I was waiting for this proposal. I hope for the involvement of the entire Venus community and that the Defirex Team will no longer make such mistakes. Good luck to all!:muscle::star_struck::partying_face:

1 Like

great news! I’m really looking forward to solving the problem

:smiling_face_with_three_hearts:

The best news in this sunshine Monday! thanks for all!

This right there is what contrasts DefireX’s request to Autofarm’s.
I’m sure everyone will agree to this proposal.

All the best.

Same business for me.

A human error and the code did what was expected.

I just ask a compensation.

2 Likes

Greetings to everyone get involved in this complicated trouble. So many of you knows me personally as Public Person - I’m Sergey Sevantsyan also put my own money (much!) into this project. All the team are best professionals with huge passion and encouragement of their clients and partners. What we need - just fair justice. It’s our earned money for our families, businesses on trust to DeFirex team. This case is unique and we need your fairness on momentum. God bless money, but people works with each other. Crypto space is extremely fair and full of likeminded distinquish persons around the globe - I need my money back guys. And have huge rely on still small voice. Thank you!

2 Likes

When will there finally be a vote on our proposal?
I have a very large amount of money stuck. I really believe that the Venus team and all the participants in the voting will react with understanding and solve the problem. A very large number of people are waiting for this decision :face_with_monocle:!

As an average noob user ( and noob english speaker, for that I apologize ), I will vote No, even with all good intentions this proposal implies.

Your guys made a 16 millions $ ’ mystake ’ ? you should probably stop managing people’s money, anyway, you are the only responsible for that mystake, not the community.

We have many problems to fix for Ourselves first : Vai minting, Vrt, venus NFT etc…
Those troubles we lived and suffered, we are not ( community ) responsive for, we have been scammed.
First goal of dev team should be fixing those troubles, not playing boy scout.

What if everybody who mystaked with his own money ask here to be refunded, without having the threshold to launch the vote, what kind of partner is that, its not, its friends giving a hand to friends, who is the next dev team friend you will refund while we wait for solutions about mystake the dev team made.

To be clear, Im not against that proposal, Id like their money back in their pocket, cause its not our money for sure, but atm I can only vote No. Stop marketing/Hype actions ( cake implementation i.e ), just do the job we’ve been scammed for, paying respect for people still holding xvs, vrt, vnft even after terrible loss we ate.

Vote is live now! :slight_smile:

To be fair, DefireX did most of the work themselves — they have implemented the releaseStuckTokens function, wrote a test suite and a simulation on a forked network, wrote clear guidelines on how to run the simulation so that everyone can check their proposal does nothing evil and works correctly. If you follow the PR, you’ll notice that the DefireX team submitted the code, then Venus team requested changes, and then DefireX almost immediately addressed the concerns.

I agree with you that Venus team should focus on Venus issues but given the attitude and the efforts of the DefireX team, it would have been just rude to ignore their work IMO. Especially when the hardest part is ready, and Venus team just needs to review, test and submit the proposal.

The “refunds”, if any, should of course not shift focus from the current development work — fixing Venus’ own mistakes and improving the protocol should always be the primary goal. But I don’t think this particular case really counts as “shifting the focus”. It’s an excellent example of collaboration, where the team who made a mistake did their best to resolve the situation, and Venus team helped them to return the funds.

I congratulate everyone with the successful execution of the proposal! The funds are released now, and the vToken contracts are back to their original implementation. Thanks to everyone involved :+1:

They said it was due to contract upgrades. They changed the Admin address on the contract.