My overall loss is around 50k USD, there are some reports of this being a web3 vulnerability as there are increasing members who are getting their wallets stolen despite not having their seed phrase written anywhere online. Somehow the hacker is able to interact with metamask to export the seed phrase which is a huge vulnerability and a shortcoming of Metamask in the face of increasing threats.
I propose Radiant capital make an insurance / donation fund for users who lose their locked DLP, and therefore future earning potential, as now about 3k worth of DLP is locked in that wallet, but I cannot make any use of it as the thief will immediately drain any additional funds…
There must be a way to protect users who put faith in a web3 protocol and lock their capital, only to have their wallet stolen from them in more obscure ways that are not clear as to how it happened to even cyber security experts.
If web3 dapps can’t find a way to help innocent victims, and instead throw platitudes about defi and “Bearer asset” etc, this I think will only further alienate newcomers and mainstream, and the momentum of web3, a beautiful invention will either wither away or become centralized…
So I urge Team Radiant to empathize with their users, and offer a solution, to at least save the DLP. I discovered this project when it was in the ground floor, but now I can’t even interact with it, it’s really my darkest day in crypto…
As a DAO members of many other communities aside from Radiant, your case is far from unique. Unfortunately, losses due to user error are common and the DAO should not be responsible for the user’s own fault to secure their wallet properly.
What you’re suggesting will set a dangerous precedent, where bad actors can potentially claim they got exploited (even if they didn’t) and then ask the DAO for reimbursement.
I predict here and now that Dapps and organizations that ignore the community’s problems will have a 0 chance of surviving in crypto. Right now as it stands, new capital is extremely afraid of entering crypto as it’s a scammer’s paradise, and when faced with innocent victims, most protocols come up with incredibly tone deaf platitudes.
I am completely disappointed in Radiant Capital’s handling of this issue, I have about 4k USD still locked in DLP, and it’s an offense almost as upsetting as the theft itself that the DAO Admin doesn’t want to show any sensibility or empathy, and is suggesting nothing can be done…
It’s always the same double standard, “nothing can be done” when it comes to the needs of the individual, but if there were billions of dollars involved, or the future of Radiant DAO itself was in question because of a hack, then a completely different pragmatic tone would be taken.
It’s against the spirit of libertarianism and the very foundation of why crypto came to exist in the first place.
I hope Asian entrepreneurs like Hung Vu can delve deeper into the philosophy of crypto and react with more concern for the rights of the individual.
Technology like this does not exist yet. What you want is human involvement and that will guarantee the failure of a project sooner than ignoring a problem not related to the platform.
When you find a useful solution I’m sure we will adopt it quite quickly.
The useful solution is for DAO to have a built in agreement with a flash bot expert or a dev who can prepare bundled transactions, and extract the lost DLP as the unlock happens in cases like this to a burn wallet.
Meanwhile, the DAO can allocate to the victim his lost DLP on a safe wallet, given that the theft can be proven on chain, which is mathematically clear in this case.
So there are always ways to work with the community if the will is there, it doesn’t bode well for Radiant capital that the DAO admin doesn’t want to cooperate at all, when it can be resolved in a few simple steps…
There can be a vote and the victim can voluntarily relinquish his seed phrase to the DAO, then the DAO dev’s use their blockchain expertise to extract any locked tokens via bundled transactions, victims gets compensated on his new wallet…