...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.
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Users have until December 15 to move their assets, after which anything left on the chain will become inaccessible. DefiLllama estimates there were around $76 million in assets on the chain when the shutdown was announced, leading some users to complain that the wind-down period is too short.
The shutdown comes a few months after Igloo shut down its Pudgy Party mobile game, which had dropped to around 200–300 active users shortly after its launch, and also lost the company millions of dollars.
After bungling the mint, selling fewer than 2,000 of the planned 7,500 NFTs after buyers balked at the 0.911 ETH (then $1,490) pricetag, the price went nearly exclusively downhill. Now, with the NFTs floundering with floor prices down 96% from launch, Porsche has announced it is ending its "shared adventure".
The next day, Near Intents posted addresses for returning the funds and threatened the attacker: "We have identified you, sir." The attacker returned everything the next day, in a transaction that included an on-chain message saying "We've returned all the funds, we were in the wrong". Near Intents confirmed the funds were returned, and said they were stopping their investigation.
In June, a similarly low-participation vote handed "stewardship" of the project to a different group which promised to "revitalize" Abracadabra. Days later, treasury wallets sold around $500,000 worth of MIM. In July, the project tweeted that a roadmap to restore the peg was "coming this week," then never posted again. A week after that tweet, Abracadabra-controlled wallets moved about $8.3 million in treasury assets with no explanation, some of it to a Binance deposit address, in what one commentator called "treasury looting". The wind-down proposal doesn't mention the $8.3 million or count it toward what MIM holders could redeem.
A whitehat rescue spearheaded by blockchain researcher 0xQuit took control of 23,155 NFTs he estimated to be worth "north of $5.7M USD", which he said would be returned to their owners after they revoked the permissions that made the assets vulnerable to theft.
Meter paused the blockchain and bridge, and has urged people not to trade the token. They have warned that "Transactions after block 100731417 may not be honored", suggesting they are considering a blockchain rollback.
Meter suffered another bridge attack in February 2022, which amounted to $4.3 million.
Payy Network has halted all activity following the attack.
Bitget CEO Gracy Chen has said the company believes that a North Korean cybercrime group may be behind the theft. Bitget halted withdrawals shortly after the theft was noticed, citing the need to prevent attackers from stealing more assets. Bitget has said they have sufficient assets to cover the stolen funds.
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