A Win for the Alliance: Reclaiming Stolen Funds on Behalf of Inu Capital
Many of you will have heard about the unfortunate incident of a team member at Inu Capital stealing funds from the treasury. This is an all too common situation within crypto and one of the key reasons why we formed the DeFi 3.0 Alliance.
Of course, this is not an ideal situation for the DeFi 3.0 Alliance as we formed this group specifically to prevent these things from happening. However, there is a silver lining that demonstrates the power of what we are building.
Recovering the funds
A number of our members came together to support Inu Capital ultimately leading to identifying the thief and having the funds returned. The teams from ReFi, Cross Chain Farming, and The Chads Club joined the Inu Capital voice call in Telegram to assist in community management and to provide technical expertise in catching the thief.
This ultimately led to a successful result and the return of all treasury funds, enabling Inu Capital to move forward and relaunch. This gives us further resolve to push forward in our mission to offer transparent, affordable and secure access to DeFi 3.0 and Farming-as-a-Service for all.
A desire to do better
Ultimately this should not have happened. We initially formed the DeFi 3.0 Alliance based on mutual connections and trust. As always one weak link can break that chain. Our intention has always been to ensure proper security compliance across both smart contracts and team third-party KYC.
We have been working on building processes and vetting suppliers for both of these, and it is unfortunate that this incident happened before we were able to implement proper checks and balances. The lesson is that these should’ve been in place from day one. We will endeavour to get this set up as soon as possible.
A message to new applicants
We were delighted to receive so much interest and so many new applicants after launch. We have not forgotten you. There are two reasons for the delay in onboarding new applicants:
- For the reasons outlined above, we want to have a clear process in place to avoid any confusion or additional incidents. We will work to get this in place as soon as possible in order to start reviewing new applications.
- We’re in discussions regarding an exciting opportunity to align the DeFi 3.0 Alliance with an expansive larger DeFi association that will bring a lot of eyes and interest on to the DeFi 3.0 and Farming-as-a-Service sector.
More details on both these points will follow in due course. In the meantime please do not hesitate to reach out if you have any questions, concerns or suggestions.