orcus finance cause big loss to their ido participator, and the team seems have poor ability to run a project, is it appropriate to bring such a project to dapp staking system?
dApp staking is listed by the community through a community vote.
Our community can always make a proposal to delist the project.
so you’re upset a very small capped project isn’t doing good in a terrible overall macro economic environment and is down in a bear market??? please let these teams build during this time and see how they perform when the markets correct.
The whole project collapsed because of the hacking incident. Ido investors also lost almost all their money, even without the incident.
first day in crypto?
Something strange is going on with this project. I think it’s a scam.
The team rarely responds to messages and does not keep their promises. Many features on the site stopped working or were disabled at the discretion of the team without discussion with the community.
That week there was an alleged “attack” on the developer’s computer, where all the funds from the Orcus Finance hot wallet were withdrawn. I don’t understand how this could happen when there is a successful audit from packshield.
The developers commented that all of the team’s funds (about 62 million Oru tokens) were successfully stolen and withdrawn. But in toconomics it is written that the team has a linear distribution of the token for 6 years.
You can see more details here
The circulation of the token also increases significantly. During the day, the circulation of the token increased by 150 million Oru tokens to 278,923,426 Oru. I don’t think this is normal. Tokenomics says about
913,242 ORU / day
You can see more details here
At the same time, the rewards for the ORU/USDC and ORU/oUSD pools have been suspended for about a week. Staking rewards are also not credited for more than 2 weeks. Who receives these tokens is unknown.
Sad to admit, but this is a blatant scam. I lost all my investments. I would be glad if the Astar network more carefully selected projects that can be launched at the start of the network, as this greatly affects the overall impression of the Astar network.
most audits aren’t that great. don’t think just because there was an audit a project can’t get hacked. it happens. it’s better than 0 audits but…yeah don’t think it’s bulletproof.
they collapse the price in no more than one month, that time tvl is just several hundreds thousand usdt, scammers will last a little longer than them. so who are the new commer to the crypto?
I think there was no attack, I think some of the developers withdrew funds before leaving the team
What is the point of attacking a project where there were 3 thousand dollars in the pool? I don’t think it’s that big of a deal to bother with.
It’s not their code that was hacked. It’s only the dev’s computer. Maybe he gave his secret to a scammer who knows ?
It’s almost as important as a real hack.
Considering whole funds where srored on a hot wallet, on a private computer, without multi-sig account, nor a Ledger key…
It’s just amateurism…Even lambda users have more security than this.
Hey usafmike, thanks for the words of support
The listing price and available liquidity in the pair made it possible for early investors (IDO participants) to cover their initial investments fully enough at claims 1, 2, and during the farming period with the profit.
The further TVL and liquidity leak is based on the listing on other platforms with additional ORU rewards which caused a partial price drop.
- We keep promises concerning delivering new features to Orcus Finance and their implementation
- Yes, the attack affected me personally, and unfortunately, as I am one of the core project contributors, the privileged wallet which added liquidity and covered contracts ownership was imported as well. The hack affected almost all personal data stored on my working machine and it partially affected liquidity as well. The only thing we know exactly is that it could be a targeted attack as the IP of the attacker was mentioned with the Russia Federation allocation.
- Peckshield has mentioned the centralization governance issue in their official report, while contracts do not have technical issues.
- 61m ORU tokens are considered as the first allocation of the whole team share and were preminted without further token claims.
- The increased total supply can be explained by the fact that during oUSD redemption, a big amount of tokens can be minted to cover the cost difference depending on the current ECR ratio.
- Staking rewards were paused until the Orcus Vaults buyback functionality will work properly. We are still working on adding almost all DEXs with tradable tokens to perform this.
Seem that algorithmic stablesoins do appear to have major flaws. Maybe it’s not your fault.
because team didnt ask question on discord now, so I have to open this topic. as the team member has appeared, and you guys once said will give a solution at 1st june, what is solution now pls
Multisig wallet management is currently missing on Astar and sharing a private key between core team members while one of them does not use cold wallet doesn’t protect at all. The attack affected only me personally with a leak of imported wallets.
We have already transferred the ownership and closed this vulnerability.
We have identified that one of the possible reasons (and most likely) for losing access to the previous wallet and as a result of the hack can be a vulnerability called Follina. Please check additional sources to get acquainted with and be protected from this flaw.
A week later, the current circulation ORU is almost 2 billion. Over the past week, the team has done nothing. Promised vaults have not been added in the approved amount, there is no buyback of ORU, staking and farming rewards are still disabled. Nothing that was promised by the team has been done
Hello, thanks for pointing out some facts. We are working on this plan together with adding new vaults:
Vaults work separately from the main Orcus logic and the only thing that connects Vaults and Orcus are fees, which are accumulated to perform daily token buybacks. We do not execute any buybacks as they are useless at the current state.
Plan with NFTs: we will introduce the first limited collection of NFTs, and for minting them, we will accumulate ORU from holders. This event may be considered as a free one, cause the ORU price is pretty low. Separately from all contributors, IDO participants will be rewarded with rare NFTs. By doing this, we will ask the community to improve the situation, as accumulated ORU tokens will be burned (supply will be repaired) and farms will be relaunched together with buybacks and Vaults.
Thanks for your message, the project is not abandoned