wLEO Hack Drama - My 2c .:. not the end of the world... life goes on .:.

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(Edited)

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This post sounds very weird especially as it comes right after my vlog from yesterday, where I was talking about the things that happened today... lol... No, I didn't know that this wLEO hack will happen, and I have nothing to do with it... And to be honest, I have recorded that video a few days BEFORE publishing it... But, these things happen, and we have to get used to that...

So, someone found a loophole in the system, and used it to mint wLEO tokens for free, selling them on Uniswap for ETH, and withdrawing that ETH from the pool... In the moments where I'm writing this description, the LEO Finance team has published the official post about this hack and you can find it here

At the moment when that happened (and was happening), the typical FOMO/panic started to arising... As wLEO on Uniswap and LEO on Hive-Engine are correlated, dropped the price from dumping fake wLEO on Uniswap pulled down the price of the "original" LEO on H-E... People start to panic big-time and the selling of LEO at cheap prices started...

That was one of the scenarios that I have mentioned yesterday but in the opposite way... I was talking about FOMO-ing when the price is going up and BUYING tokens at the top, and today we have experienced in the opposite... Selling tokens when everyone is selling... Experienced traders were just rubbing hands following that old trader saying Be fearless when everyone is scared, or BUY when everyone SELLS...

Check out the video for my 2c on this LEO drama...

Thank you for your valuable time,

~ph~

wLEO Hack Drama My 2c.jpg

Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
Creative Commons — Attribution 3.0 Unported — CC BY 3.0

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I was also one of those people who bought some $LEO. Unfortunately, stuff happens & every platform or business goes through ups & down. It is to be expected. The @LeoFinance team have not run away, They are facing things headline & gave quick & efficient communication as well...

I don't doubt they will bounce back. It might take awhile but, like you, I am willing to wait & see what happens. I believe in their project & in the team...

In the meantime, the FOMO mentality grows & everyone must practice critical thinking. Don't just jump ship at the first sign of trouble. Yes, it sucks, but if you believe in the project, stand by them & be smart about your investments....

To me, it's simple, but maybe that's just how I think....

I am glad you talked about the elephant in the room. Hopefully, people will see this & maybe make a better judgment of the situation...:) 💚

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The @LeoFinance team have not run away, They are facing things headline & gave quick & efficient communication as well...

Yes, that is the most important... They have stayed on the course and took responsibility... and that is something that we don't see a lot lately... It's always blaming someone else...

I'm sure that they will find the solution to "fix" the issues and push through these hard times for them and their investors... It will take some time, for sure, but they have a great team that can build this up to higher levels...

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Thanks for posting some. I hunting around looking for post to comment on. not a where of this. wow you go alot of up votes.

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Thanks for your comment!

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Look like Leo get more user now because of this, a more strong community.

Posted Using LeoFinance Beta

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Yeah... it can be looked at from that perspective... What doesn't kill you, it makes you stronger...

I think that I saw somewhere that LEOFinance website has record number of visits yesterday, so, it works :)

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:) You read the things cool
@pixiepost may learn the skill
To be very frank and honest
I never ever liked Ethereum
I'm always happy with my decision
for not taking part in anything attached to ETH
Heartiest regrets for the people involved

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I think that the LEO team will sort out things and try to help investors in these particular issues... Maybe, I'm wrong, but we will see...

I was thinking about getting into all this wLEO-Uniswap thing, but I hadn't enough time to check all pros and cons, and how it works to the tinyest details, so I didn't...

And regarding ETH, I'm mining it for more than 3 years, and I'm not against it at all... :) It has problems with scalabilty and fees, but it is one of the most powerful blockchains out there, with the most development around it... And I respect that...

Cheers!

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I believe that Leo is strong enough to face this hack and I believe they will be back on track in spite of the set back. So yes, I think that it's a good opportunity to buy some more. Nothing changed about the project in general. Some people lost money but Leo is still Leo and I think it still has the same potential.

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True! The whole LEO project on Hive is intact, so there is no damage in the fundamentals... And I have feeling that they will try to fix the part of the losses of investors... Not sure about that, just a feeling... That step will give them even more credibility and positive marketing...

But, lets see what will happen...

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