Unfortunately the new Exchange is not blocking bots, they just go around the frontend entirely and the funds get swallowed up mostly by this one large wallet: 0x8be04dfeb07bea7fd23afacd1587a720f695d2ec
Really wish things could have played out differently @mbarret3 , but this is not going well and the community is surprised by the fumble.
Cool account, seven months old, concealed to the public, huh? Neat. Wonder what happened seven months ago in Harmony that would cause a user to create a new Talk account.
FWIW I’m actually a doxxed human being, not just some random hiding behind the guise of the word ‘Pioneer’. I think that you know that already, but if not: https://linktr.ee/loganthepioneer
Would just delete this message since I’m a trusted member of the community and also an admin here, but you’re just so misguided that you can’t read blockchain data it seems.
Hack victims have been failed by R1 because they are no longer able to redeem. Instead, bots are swallowing up the recovery funding each round (this is clear with on chain data)
The rate has dropped from the meager 10% to an ATL of 8% due to market volatility, which is isolated to depgged assets on Harmony.
R1 promised a funding round last Friday and then, minutes prior, changed that to today. Acceptable under the guise of implementing proper bot protecting measures, per the community’s request. Until Round 2 started and ended today in only minutes.
The so called non-bot ‘unique’ wallets which were able to participate in redemption seem to funnel into one wallet and out to an exclusive exchange. Interesting…
Keep up the fantastic work, R1 team! People may come and go, but progress is achieved by those who persist and consistently take positive actions. Over the next four-plus years, we will journey far. Pressure forms diamonds, and criticism leads to a more effective and resilient recovery. Don’t worry about the drama.
I wasn’t able to burn this round because of the laser focus on the exchange. Perhaps lowering the wallet limit to 300 and adding a counter/timer on each wallet to prevent exchanges could help. You won’t be able to stop the degens traders from using multiple computers and wallets to exploit arbitrage opportunities. The solution could be to lower the rate until we move past these aggressive traders and reach the genuinely affected wallets.
What are the solutions here, keeping a high rate will have only lead to burn less efficiently and give more individual profits to other individuals.
As long as arbitrage opportunities can be made there is no way you can stop any bots, there is always a way to pass by the security and succeed to snip liquidity.
What is the solution here ? Lower amount/wallet ? add a time delay between each swap from the same wallet ? Remove premium and only offer the avantage of slippage free exchange ? …
Also demand is so high, we are burning for 40k/month/partner to try to fill a hole of +100M, it’s just unrealistic Harmony need to communicate and increase budget.
Noo, you are completely wrong. Pioneer is a guy who is very knowledgeable, trusted, experienced and he always helped everyone in very fair and objective way. He is super valuable person to have here and I respect him truly.
I know that my most recent commentary has been negative. But ask the team, I’ve interfaced with them and participated in the new governance. I always give Harmony team the courtesy of informing them prior to taking things on socials. Honestly, the reason for the vehemence is that I left R1 because it became corrupt. And now I am reporting on their past and ongoing behavior to make positive change for the community.
We can do better and we need accountability in recovery- that’s my honest goal. I know it seems like I am trying to tear something apart, but I was advised to put this information out there in order to see what the community wants. Harmony can’t do much about recovery, or hasn’t, but that can change. We just need to unify community goals.
Logan, I haven’t shared my side of the story yet, but there’s so much misinformation circulating that I feel the need to speak up.
First off, you are a talented individual, and I enjoyed collaborating with you. Concerning your final days in Recovery One, you gave me an ultimatum to vote Quoc out after he was locked out of making additions to the Recovery Exchange V1 (its front-end code and the new burn contract that was created).
I attempted to facilitate collaboration among everyone, but all that happened was Quoc being alienated from contributing to the code since he wasn’t granted access. When I inquired about giving him access, the answer was no. Both of you chose to leave over a disagreement regarding Quoc not writing code when he didn’t have access to it. So, that’s all I have to say on this matter.
I wish you the best of luck in whatever you pursue. I’ll view your comments within a constructive framework to improve the recovery.exchange and the other R1 recovery projects.
As I said, he was always helpful to me and I respect him for being professional.
There is a lot of frustration because people lost significant amounts of money or they lost control over their funds. I am very frustrated and maybe even angry. And I will be until there is a solution found.
Let’s not hijack this subject.
Great point. Trying to handle 100 million hole with just 120k for three burn partners would take like forever. That’s like 833 months, which is like almost 70 years! This is like a really important fact. Harmony seriously needs to raise the recovery funds each round, or else we’ll never be able to get back on track, and everyone will just argue and fight over an asset that has lost its value.
Right now we are burning at a factor 10 because the rate is really low so we are burning around $1.5M each month. But the recovery has shown good engagement from community, so the proof of concept is now done and it’s time for the recovery partners to go against Harmony and fight to have more funds.
It’s the moment to take advantage of that and speed up things. Otherwise in one year the chain will be fully actively dead and nothing will bring it back.
Questions need to be answered and changes must be made in how R1 and the Exchange are operated.
R1 just had another poorly executed exchange round where the entirety of funds were instantly drained with very few community members being able to participate. For anyone who hasn’t been following, this means that both “parts” of Round 7 were insta-drained. This is in addition to several earlier Rounds that were insta-drained as well. It has become a constant problem with R1 and its Exchange.
@HoundOne_Validator - a recently added R1 team member - has even voiced their concern about this prior to joining the R1 team. R1 has said many times they are listening and working on a solution, yet R1 has so far failed to deliver.
Their most recent advice was to basically “Wait by your computer and when we say ‘Go’, may the fastest wallet win!”
R1 did not provide any update from their twitter account as to why there was a delay or when the exchange would actually open. So how could anyone “be prepared”?
“Ready your trigger finger.” “Wait minute by minute” for launch. If you weren’t able to swap it’s because you “weren’t ready” and maybe next time you’ll “be prepared.” The only way you can exchange is if you “transact as soon as the contract is funded”?
Why is R1 making it harder for community members to exchange and not easier? How is R1’s current “plan” what’s best for the community’s ability to partake in reimbursement/R1? It doesn’t give a fair opportunity to people at work or asleep (there are people from all over the world who are a part of the Harmony community). Quite literally it allowed almost nobody to participate at all! Just 20 wallets were able to exchange in Round 7 part 2 (but 14 of those 20 wallets were controlled by just 4 users: MORE ON THAT FARTHER BELOW).
I’ve personally contacted Hound validator on multiple occasions to ask when the contract will be available. He has said each time that he will ask the rest of the R1 team/Quoc. But there has been no progress on this. The community is still waiting. Can we get an answer from the R1 team?!
How can Harmony agree to fund R1 without the contract being available to the public?
How many of the 20 wallets that were able to exchange held 1tokens at the time of the bridge exploit?
How many total wallets held 1tokens at the time of the bridge exploit?
How many of the 20 wallets that were able to exchange voted on the R1 governance proposal using the rONE token?
How many total wallets voted on the R1 governance proposal using the rONE token?
I hope you can see where I’m going with those questions… These are the users who should be the audience of the R1 Exchange, so are they the ones actually able to use it? What data does R1 have on their participation rate?
The R1 twitter account posted at 7:00pm EST that the exchange was funded:
But at 6:59pm EST, thirteen (13) burn tx of the 27 total tx had already taken place:
R1 contract address: 0x56ff8BE962d531f5f1a5bDed45c6B61e11D18fC6.
1. Seven of the 20 wallets were created in April (first tx made between April 15-19).
Logically, they were created by users in order to bypass the $1,000 per wallet limit. This wouldn’t have been a problem if R1 had implemented a “whitelist” like had been done successfully for several prior Rounds. [Unknown if Quoc tweeting on April 18 that R1 won’t be using a whitelist had an affect: 3 of the 7 wallets were created after his tweet.]
2. Four users accounted for 14 (70%) of the wallets used.
There were 4 “clusters” of wallets that each had previously interacted with the others in the cluster. Four people drained the majority of the funds. Again, this was clearly done to circumvent the $1,000 per wallet limit. And again, a whitelist easily prevents this.
4 groups of wallets with a connected tx history who participated in the insta-drain on the R1 exchange
Cluster 1
Burn tx:
Tx connecting the 4 wallets:
Cluster 2
Burn tx:
Tx connecting the 4 wallets:
Cluster 3
Burn tx:
Tx connecting the 3 wallets:
Cluster 4
Burn tx:
Tx connecting the 4 wallets:
Let’s make this simple.
(1) Enact a whitelist.
All wallets who held 1tokens at the time of the hack are included. They are the victims who need to be reimbursed (reimbursement was the impetus behind Harmony’s recovery plans/discussions). But currently they can hardly even participate. It is absolutely necessary to reimburse the victims.
All wallets who voted on R1 governance using rONE tokens are included. These are the people who actively engaged with R1 and the recovery process. Without their support, it’s possible R1 would’ve never been approved by Harmony.
No other wallets should be on the whitelist.
A whitelist has been the ONLY way to prevent the R1 exchange from being instantly drained. The changes R1 made in both parts of Round 7 failed to prevent an insta-drain. So let’s do something that we know works!
(2) Reduce the per wallet limit and exchange rate to allow more people to participate.
Funding from Harmony is limited. And it may remain limited for the foreseeable future. Try to benefit as many users/community members as possible. Do not celebrate only serving 20 “wallets” in a Round. Do not force users to play a “fastest finger” game in order to receive their funds.
Example 1: Instead of a $1,000 limit per wallet, perhaps reduce it to $250 or $500. This would allow for up to 4 times as many participants.
Example 2: Instead of offering an exchange rate of 0.08 when the market rate is around .065 (a 23% markup), perhaps offer .0725 (an 11.5% markup).
(3) Adjust 1 and 2 as necessary, but ONLY with community engagement. The R1 team should not be unilaterally making these decisions like they did in both parts of Round 7.
1. Should R1 implement a whitelist for pre-hack 1token holders and rONE voters?
0 voters
2. Should R1 reduce the exchange rate and per wallet limit in order to allow as many holders/community members as possible to participate?
0 voters
also use USDS for recovery exchange.
1/ Stably’s USDS stablecoin has gained a lot of traction on Harmony Protocol due to its high liquidity compared to other stablecoins like 1USDC. This makes it easier for traders and users to buy and sell USDS on the network.
2/ Another advantage of using USDS on Harmony is the low bridge fees. This means that users can move USDS tokens between Harmony and other networks at a lower cost than other stablecoins.
3/ In addition to its liquidity and low fees, USDS is also backed by the US dollar, providing a stable and reliable value for users. This makes it a popular choice for traders and users who want to avoid the volatility of other cryptocurrencies.
4/ With the recent surge in popularity of decentralized finance (DeFi) on Harmony Protocol, USDS has become an important part of the ecosystem. Its high liquidity and stability make it an ideal stablecoin for lending, borrowing, and other DeFi applications.
5/ Overall, Stably’s USDS stablecoin is a valuable addition to the Harmony ecosystem, providing high liquidity, low fees, and stability to users and traders alike. As the network continues to grow, we can expect USDS to play an even larger role in the DeFi space on Harmony.
Great write up @TrickLuhDaKidz -
IMHO everyone on Harmony is affected by this as long as your wallet was created & had a transaction before the bridge hack. Even if you didn’t have bridged assets you are now affected as well.
I’m not sure with the current rpc state this data is available to be referenced for a whitelist option as well but that could also serve as another option for people who wish to participate.
As a validator that uses these programs to help reduce the gap, we were very disappointed to be shutout on this round with rone. We fully support splitting the funds between the other two options if there isn’t going to be transparency on the rone side.
For those catching up, don’t brush this off as someone complaining or fud. This is a long tear Harmony community member that has gone through all the ups and downs with Harmony. Hell most of us here interacting to this talk form are.
R1 has been dropping the ball with these drops and it’s an issue for those that were affected. Please vote in @TrickLuhDaKidz post. Let your voice be heard. If R1 can’t do it probably then Harmony should hand it over to Tranquil’s Dev team that will. Pay them as well.
Thank you for the great work that you did here!
I don’t think a lot of people knew any of this, on Reddit there is a post, and on Twitter there is a lot of info scattered…
Whitelist in Round 5 and 6 worked!
Since Logan left the R1 Team, this has gone to sh*t.
The R1 Team saying they added a whitelist for Round 7 is a joke, clearly they did not.
I am all for a Whitelist for rONE voters!
But! If the R1 Team can’t implement it, I certainly don’t need them at all! I mean, AT ALL.
Get rid of them and burn the 1Assets directly or give it 50/50 to the other 2 Teams.
This…it’s a joke, and has nothing to do with a Recovery.
Does anybody know what happend to the 3.000$ that got moved in Round 7 Part 2? Did they take that as second payment?
Thank you for reading.
For clarification, there was no whitelist in Round 7. Quoc specifically tweeted that he wouldn’t do it and that he had a better way.
Well, Quoc was wrong and his method was an abject failure.
As for the $3k, each R1 team member receives $1k per month from Harmony for their work. My understanding is that payment comes out of the $40k Harmony sends R1 each month. I think this is a Harmony thing and not wrongdoing by R1.
Though i would argue the R1 team hasn’t earned their payment on multiple occasions.
So there wasn’t a Whitelist at all? And Quoc thought it would work better like this? Never worked with Humans before? Fool.
I don’t think the 3k$ did come out of the funds before, the other Rounds where 50/50 funded.
Also the R1 Team only has 2 Members rn as far as I know. Logan left. Matt and Quoc, right?
Great writing, it just makes more sad and delusional about what harmony is becoming. I’m trying to be here for the long term, still trying to being part of the community that propels harmony forward in those troubled times. But apparently the staff is not aware or don’t want to be aware of those problems. If a serious thing like this is not being handled with care and the seriousness it needs, how we can expect that all the others urgent matters will be handled carefully? How we will expect that our money will be cared carefully?
See Quoc’s tweets:
3 members: @mbarret3 Matt, @hashmesan Quoc, @HoundOne_Validator (joined this month)
