Ovix Hack -A Call to Action for Web3 Advocates

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This heartfelt plea serves as a call to action for friends, guides, and fellow champions of the Web3 space An impassioned request for support and amplification, hoping that someone with a larger audience will lend their voice and ask the critical questions that must be addressed

@thedefiedge @sandeepnailwal @0xPolygonLabs @zachxbt @packyM @banklessDAO @BanklessHQ @bantg @Mudit__Gupta @RektHQ @phtevenstrong @FatManTerra Your voice has the potential to reach wider audiences, raise awareness, and ignite the necessary conversations that will drive change

By uniting our voices and pushing for transparency, we can shed light on the concerns surrounding Ovix @0xCygaar @milesdeutscher @CroissantEth @NFT_GOD @rektdiomedes @OlimpioCrypto @TheDeFISaint @crypthoem @TheDeFinvestor @ThorHartvigsen @ViktorDefi @DefiIgnas @Dynamo_Patrick

The lack of accountability in DeFi is deeply troubling Protocols/teams often go unchecked for their actions and wrongdoings It is disheartening to witness this recurring pattern without any means of holding them accountable or providing necessary remedies

There are teams and builders operating with dishonest intentions, seeking to exploit and take advantage of users while evading accountability This cycle of unethical behavior perpetuates as they move from one exploit or failed endeavor to another

I want to shed light on the recent 0vix protocol hack that resulted in a substantial loss of approx $4.3 mil It is crucial to begin addressing these issues one step at a time to establish a precedent & bring attention to the matter to mobilize a stronger collective voice

It is concerning to note that 0vix used an unreviewed Oracle code which was previously deployed for vGHST's use on Qidao The hacker exploited the pricing mechanism for vGHST-GHST as the oracle was susceptible to donation-based price manipulation 0vixprotocol.medium.com/0vix-exploit-post-mortem-15c882dcf479

Before delving into the details, I want to draw attention to another project called @GOGO_coin Conversations with affected GOGO users reveal a concerning lack of transparency and accountability displayed by the team This context is important for understanding the broader issue

The involvement of the same individuals in both GOGO & 0vix raises significant concerns about their intentions It is alarming to see a similar pattern where the protocol is now urging the community to transition into a DAO to shift responsibility away from the protocol itself

The silence and lack of communication on the concerning issues at hand have raised suspicions about the motives of the team The team's reluctance to provide timely and transparent information has left users questioning the integrity of the project

No disclosure of Ongoing Investigation Team has been reluctant to provide details about the ongoing legal investigations It is rather unusual for a legitimate protocol to withhold information for such an extended period Reason cited - Risk of compromising the investigation

Request for Nationalities The request for community members to disclose their nationalities raises suspicions about the underlying motive It appears to be an attempt to assess the likelihood of users uniting for legal action rather than genuinely addressing the issues at hand

Legal Setup & DAO Narrative A recent update to the protocol's docs regarding a legal setup has raised concerns about its intention to potentially shift responsibility onto the community

It is meant to involve them in a situation they did not choose to be a part of By establishing a DAO, it appears that the protocol aims to protect its own interests rather than prioritize the well-being and rights of the users

Voting Mechanism Issues Team's decision to use pre-mined Vix tokens for voting despite concerns raised by users regarding fairness shows a clear disregard for the community Differentiating users based on deposit timing rather than considering their financial loss is unjust

Using premined VIX gives voting rights to individuals who have used OVIX in the past but may no longer hold a stake It gives them a say about the disposal of the recovered funds This raises doubts about the intentions of the OVIX team and their commitment to fair governance

Not to mention aimed at collective complicity that benefits the OVIX protocol And a proposal is already up based on VIX voting power

Rushed Proposal Timing & duration chosen for the proposal over a weekend/48 hrs is a deliberate attempt to minimize confrontation and dissent Selecting a time when users are likely to be less active or unavailable

Meant to hinder meaningful participation and open discussion While the vote aims to reset the attacker's account and is not inherently harmful, it establishes a precedent for using VIX tokens for voting

Concerns of Censorship and Skepticism Towards 0vix's Intentions Time-banning users who express factual information reveal a lack of empathy & openness to criticism A culture of censorship raises concerns about suppressing dissenting voices and hindering constructive discussions

Recent addition of a new moderator with a legal background, along with other actions, deepens the skepticism surrounding the intentions Are these decisions truly focused on transparency and accountability or strategic maneuvers to shield the protocol from legal consequences?

Aavegotchi DAO Proposal @aavegotchi holds approximately 978K GHST from the hack & is committed to returning these funds It is important for the A/DAO to remain vigilant and discern the true nature of 0vix Affected users must ensure that these funds are returned to them

0vix protocol appears to be aimed at consolidating control over the protocol and influencing the outcome of the funds Collective action and concerted efforts are necessary to ensure that these funds are returned to the community rather than being retained by the 0vix

The lack of transparency and accountability demonstrated by 0vix and such projects in DeFi poses significant challenges And it needs to be highlighted It is imperative for the communities to gather together and demand increased accountability, transparency, and fair governance

I end this with the same plea request for you to support us - We can make a difference - We can ignite the change we seek Please keep tagging all those who you think can support Thank you!