See https://twitter.com/al_onyxprotocol/status/1719698066020733063
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Its very sad . Please post a elaborate details about what happened and how you could have saved this . Please @alex
Indeed its quite shocking . we were repeatedly asking for second audits too . some opposed
Hi Onyx Community,
The Onyx DAO will utilize, for the first time, the $40 million XCN token facility it has, in part with LDA Capital and others, to sell XCN from the DAO treasury through this facility to compensate the Onyx Protocol directly for the hack to ensure users receive funds that can become available.
Earlier, the Onyx DAO preferred to utilize something other than this 40 million dollar XCN token facility due to how the token sale structure is to access these funds. However, given the circumstances, we will take this opportunity to ensure users are made whole to the best of the DAO’s ability. We will utilize any additional avenue we have to expedite the utilization of this facility.
Onyx Protocol will deploy this proposal to ensure compensation for the affected users.
We apologise for any inconvenience, and we will work with the security experts and the community to ensure better security practices in the future on new market deployment. Moving forward, until better practices are established with the community, all salaries to the developers and DAO will be halted until further notice. We understand that this is a time we need to rebuild trust, and we will work with the community to establish this.
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So why do you take monthly budget from the DAO treasury to pay the technical team? To be able to be exploited and hacked so easily? What we are most concerned about right now is where will you get the money to compensate for the 2.1 million dollars stolen by hackers.
Please read the message of Alex. He explained in detail what will be done.
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According to what i just read , money will be taken from the $40 Million dollars raised earlier.
To fill up the gap , you can read again.
This phase shall definitely pass away and Onyx Protocol will come out strong…
I have trust in this project irrespective of the incidence.
The most important thing is to learn from what has happened and ensure that appropriate security measures are put in place
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Are you saying that selling XCN from the DAO treasury is for compensation? So do you know that at the present time, the value of Onyx Protocol: DAO is 5.5 million dollars. So I have to sell 3.5 billion XCN to compensate for the damage from the hack? How do you gain trust when there are no new users to trust, the value is divided 234 times from the top. The old person is still hard to trust, so what reason do you have for the new person to trust?
Does this have any effect on
staked funds?
Is there anything being done to investigate this criminally or is this just the end of it?
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Wishing the team some great positive energies . take it as a lesson and hope everything gets right soon
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You don’t know how deep down the rabit hole I’ve dived for the better part of a year attempting to find even just a small tell. BOOM, I’ll be standing by and continuing to support the project. Thank you sir for all you have done up to this point and hope you continue on doing. I have total faith in you and your team.
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Hello,
Thank you for your thoughts.
Additionally to the DAO direct funds, there is the time-locked Treasury.
Additionally to this offer, we propose an alternative: Recovery Proposal 2 of 2: Onyx to be Acquired by Strike Finance.
Hey,
Staked funds are not affected.
Yes, the DAO is working with security partners to track down the hacker and then report the hacker to law enforcement.
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This is a great step if you guys will be able to track him
you really think this can be case ?
Alex had stated earlier that the funds staked were not affected
My joy will know no bounds if we succeed in tracking the person down.
We need to learn a big lesson from this and see how we can work on the security lapses.
I really appreciate Alex and the team. You guys have been doing great job.
I’m happy about the fact that users will be made whole.
Thanks for the transparency
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