The Great Heist AKA buying enough voting power to loot the system, True Seigniorage Dollar.

The Great Heist AKA buying enough voting power to loot the system, True Seigniorage Dollar.




DAO


DAOs or decentralised autonomous organisation may sound like a new term to learn about in crypto but Bitcoin was actually the first fully functional one to be created. This is because it has a pre-programmed set of rules, functions autonomously and is coordinated through a distributed consensus protocol. If you're interested in learning more about DAOs I highly recommend reading the aforementioned article.


A crypto savvy poacher understood the third principle well enough to set out on a brilliant plan to buy enough tokens to acquire a majority vote of 33%, propose and then pass a crafty implementation. Unfortunately the Devs only possessed 9% of the tokens and therefore would not have been able to prevent the attack.


So what did he implement?


The attacker altered the code to mint 11.8 billion tokens which he then sold on Pancake Swap.

Investors that lost capital in the attack have accused the devs of being involved in an inside job, while infamous #WARONRUGS described it as 'proxy abuse by DAO'. They had previously warned that the DOA was not sufficiently prepared for such a rug pull and thus issued a scam advisory. 



What are your thoughts on TSD and this rug pull? Were the team/investors to blame?

How do you rate this article?


10

0

True_Grin
True_Grin

Musings, alpha and the likes.


Interesting Projects Crypto
Interesting Projects Crypto

Projects I have come across which I have decided to review.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.