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1/ Take it as you will:
I am the person who sold $SYFI on uniswap at the same time as the Rebase.
Or, I am the person who exploited the rebase bug in $SYFI.
Or, I am the malicious actor who pulled the rug on innocent chads.
I am the person who sold $SYFI on uniswap at the same time as the Rebase.
Or, I am the person who exploited the rebase bug in $SYFI.
Or, I am the malicious actor who pulled the rug on innocent chads.
2/ 9/5/2020 I am like most of you. I have a small trading account of > $5000 split between uniswap and other CEX& #39;s. I have attempted yield farming, liquidity providing, arbitrage, flashloans, Robinhood, futures, forex, DeFi, CeFi, and every other kind of fi to earn a livable wage
3/ I have found success in few; "this is enough." I think to myself. I have a sustainable trading strategy that provides a pretty equity curve on CEX& #39;s. "This is not enough." I think to myself.
I work a minimum wage job from home to support myself and my family.
I work a minimum wage job from home to support myself and my family.
4/ I have consistently lost money for 3 years to learn one thing that works. I am regularly awake at 4AM to find the next edge. "It& #39;s time to find one more thing that works."
5/ Enter uniswap, and the circus that comes with it. If you aren& #39;t aware, (few) the premise of uniswap listings is you risk x amount and only 1 of two things happen... You either win 500% or lose 100%. I know some aren& #39;t good at math, but that is a good trade any day of the week.
6/ I regularly "ape" into fresh uniswap listings after confirming project credibility.
7/ This consists of a website that works, some perceived community value, and a verified contract on etherscan without a mint function. (Cause we all know how important that is even if we don& #39;t understand any of it right?)
That said, I am not a security expert or a developer. I have the most fundamental ELI5 understanding of solidity that came from a token I forked from open zeppelin and deployed through remix 3 years ago. If I can make one thing clear, I have less of an idea of what I did than you
9/ I have a profitable trading system that works, but in the dark corners of telegram, I saw uniswap groups making 10x from .5 ETH within hours, sometimes minutes.
10/ So I woke up at 4AM to catch the $SYFI listing on uniswap because I missed the ICO, and
@chokethehippo and other groups were "ready to drop 10ETH on this scam." And asking "rug when? NVM still buying."
@chokethehippo and other groups were "ready to drop 10ETH on this scam." And asking "rug when? NVM still buying."
11/ I held $SYFI for a nice 3x that morning, sold, and had a grand old time with the lot of you. It became clear very early that despite $AMPL, $XAMP, $RMPL, $SLINK, and more, none of you knew what a Rebase meant, except "number go up."
12/ Minutes before the Rebase I decided to buy back into $SYFI with my initial investment of .5ETH, I already made 1.5ETH. I had nothing to lose, right?
13/ So there I am 2 minutes before Rebase with my 2 $SYFI I bought for $100 each, waiting for my key to this aforementioned citadel of confusion.
14/ I am staring at the uniswap UI with bated breath when the 2 $SYFI turns into 15,551, and subsequently the price quote for these tokens being over 740ETH. My immediate thought is:
15/ "This is a UI bug, it& #39;s going to bait me into sending a transaction I know will fail because of insufficient output amount.
16/ I saw this with $YAM after Rebase when my farm quoted me of having $6k of LP tokens even though I only staked $250 or so." You understand my naivety...
17/ My second thought is: "Ok. You have 9 seconds left. This goes one of two ways. The transaction succeeds, or it fails. There literally is not a third option if I press this button right now. The most I can lose is $20-$50 of fees."
19/ I did not have any intent to hurt anyone. I did not want the $SYFI team to fail. There was never any malicious intent here. I saw an opportunity, or trade if you will, and I took it.
20/ I didn& #39;t know what would happen or where this fantastical made-up number in ETH would come from. I was thinking within a 12 second block time window, and I knew this.
21/ Now, looking back. This was going to happen regardless. If I didn& #39;t push that transaction through with 500 gwei, someone else would have (and likely did) with 490 gwei.
22/ I am not justifying my actions as being a betterment to society, however;
23/ I am condemning the actions of the developers for having the balls to ask for a PRESALE for a forked coin and pushing it with unaudited code
24/ You want to mimic the price of $YFI, but won& #39;t mimic it& #39;s distribution? You want to sell a token that is, fundamentally and in no uncertain terms, another token.. but less of it?
25/ I will not go so far as to argue that the token $SYFI was built with this bug in mind with the specific intent of fooling the community into thinking "liquidity locked" actually meant something for a coin with faulty rebase code and would make for a blameless exit scam by--
26/ the devs because "liq lock." But hey, there it is. Take it as you will.
27/ In some small way... Yeah. Maybe I am contributing to the betterment of society. With $10,000 of this money you were all so readily available and eager to lose, I will be donating it to a gitcoin grant of my choosing.
28/ (I accept suggestions, DM& #39;s always open) With the hopes that the team that needs it will use it to audit their contracts before deployment.
Sorry, not sorry...
Sorry, not sorry...
29/ I hope we can DYOR and invest in safer things next time. I also had $200 to lose and, if you were listening, that is a lot of money for me to risk on "number go up." But I did.
30/30 I want to reiterate that I did not know this bug in $SYFI existed. I simply pressed a button because I saw something unbelievable on the other side.
