Likewise on the other hand, when they declared events to be a sure thing, over 25% of them never happened. Despite years of experience and access to classified information, when experts declared that future events were impossible or nearly impossible, 15% of them occurred nonetheless. Studies have shown that even expert predictions have a spectacular failure rate. Unless you happen to have a magical crystal ball, it’s going to be pretty hard to figure out what will actually happen. Think about movies that are focused on travelling through time, or imagining what life will be like 50 years from now.īut…predicting the future is extremely difficult. Even our pop culture is obsessed with it. There is an inordinate amount of time, resources, and money is thrown towards drawing up projections for tomorrow. “We’re hopeful that the exploiters will do the right thing here so that aggressive action will not be necessary.Everyone wants to be able to predict the future. Law enforcement has been notified,” RoboMcGobo wrote. Crypto exchanges must comply with know-your-customer laws, making it far easier to identify bad actors. CEX LinksĪccording to Aggarwal, the other two hackers who stole the vast majority of the remaining money have made transactions with centralized exchanges. The post goes on to say that the FireStake members who exploited the bug had a change of heart and are now working with Osmosis to return the pilfered assets. “We were thinking about our family’s future, and not the future of our community.” That “testing” grew into “a temporary lapse in good judgment, and in the process, we managed to convert $226 USD to ~$2M,” the post continued.
“In disbelief of it being real, two members of - a staking service for delegators of the Cosmos blockchain - “started testing to see if the bug existed,” reads a post on FireStake’s Twitter account. ET Wednesday, a proposal was yet to be put forward and voted on by the Osmosis community.Īt least one person claiming to have taken advantage of the bug confessed publicly. “It is likely that some temporary measures will be taken to prevent further losses until governance can make a decision on the final disposition of those funds.”Īs of 5 p.m. After it was discovered, validators coordinated an emergency halt within 12 minutes - before some of the stolen money could be sent off-chain, RoboMcGobo said.
The exploit was apparently first flagged by a Reddit user. The bug was exploited intentionally by “a small number” of people and “seemingly unintentionally by a few others,” RoboMcGobo added. “So if one should have gotten 10 LP shares, 15 would be achieved out.” “Essentially, the function would give 50% too many LP shares for a join,” moderator RoboMcGobo wrote shortly after noon Wednesday. The hackers exploited a bug in Osmosis, according to posts from a moderator in the project’s Discord. Osmosis, an inter-chain automated market maker, had approximately $212M in total value locked as of Wednesday afternoon. Two have already said they will return the money they had stolen, Aggarwal added. Osmosis co-founder Sunny Aggarwal said four attackers were responsible for stealing at least 95% of the money. 8 after hackers drained an estimated $5M from its liquidity pools. Osmosis, a decentralized exchange in the Cosmos ecosystem, was taken offline on Jun.