DeFireX
4 min readApr 20, 2021

For rapid search and implementation of a solution to the problem with locked funds, we ask all participants to read our proposals and help in their implementation and inform the Venus team.

Due to the high volatility of BNB on April 12, the DeFireX team moved user funds from the old $ 16M BUSD and USDT pools to a new stable farming strategy. Due to a common human error, they ended up locked on two Venus smart contracts:

BUSD

https://bscscan.com/address/0x3b1a4f61bd3d7301edbd3ea2a5e05ede8dda812d

USDT

https://bscscan.com/address/0x22b433402b65dccbe79fe66b4990a2569ab01572

We immediately wrote about our problem to the Venus team and for a week now we have not been able to get a clear answer from them.

The DeFireX team communicates with several representatives of Venus during the week, including the community manager of the official telegram chat, who blocked two members of our team. We sent them tickets (tickets: 86507, 86508) with a message about a problem, requests for attention and a solution. We are very sorry that users, together with us, were faced with the indifference of such a promising project as Venus. By popular demand, we attach screenshots and other evidence of our appeals and active work to unlock user funds.

At the moment, the Venus team has not given a single clear answer to the numerous questions of the DeFireX team.

From the excuses and actions of Venus (blocking members of the DeFireX team, explaining all inaction by decentralization), we realized that they were not going to meet halfway, despite the fact that more than 500 users interact with the Venus puncture using the DeFireX protocol. Our contracts are in the TOP 10 on Venus and have $ 16 million frozen in funds.

What are we going to do next? One of the options is to create a proposal with the help of holders of the largest XVS wallets. We need users to delegate their votes to DeFireX to make changes to the smart contract, where the funds of users of the old BUSD and USDT pools are locked. The updated smart contract will be made publicly available on Github.

There is also another option — a special Binance program that allows you to return tokens that are considered irretrievably lost.

https://www.binance.com/en/support/articles/7bcf4da5671d44a0a5118c2277773bb4

To use this option, we need to get from Venus a clear answer “That users’ funds cannot be returned and they are lost forever”.

The DeFireX team is ready to distribute 300 thousand dollars among all XVS holders who will help create a proposal and support a vote that will unlock DeFireX users’ funds, this can be done by delegating votes to the DeFireX wallet. It is absolutely safe and necessary for voting.

Delegation wallet address: 0xb580f73db43015a1211a394eb175a81df55bbe66

Contact for communication: @DeFireX_Manager

Delegation: https://app.venus.io/vote (Get started -> Delegate Voting -> 0xb580f73db43015a1211a394eb175a81df55bbe66)

We examine all wallets of XVS holders and only 5 addresses store more than 300K tokens. Most of the addresses probably belong to the Venus team or their investors and partners. If our proposal will not be supported or will be blocked, we can consider this as a fact of deliberate blocking and withholding of users’ funds by Venus. We hope that the Venus team will clarify the situation and help in resolving the issue.

This is DeFi. Everyone has mistakes, it’s good that this mistake has a solution. In the Ethereum network, there were much more difficult situations: Parity, where as a result of an error in the contract, more than $ 110 million at 2017 prices were permanently blocked. The DAO, due to an error in which the entire ETH network was rolled back. Or Compound, where they also made changes to the smart contract through a proposal (https://compound.finance/governance/proposals/37 — Transfer 1618868.33 cUNI to 0xf22c2e3475e4a066f4e9f44567c950dd36112d05).

The solution to this situation can be the addition of the function of transferring erroneously blocked funds to the address of the contract owner.

The DeFireX team is doing everything possible and counting on the support of the users and the Venus community. Major partners and liquidity providers support the project and forgo their profits in favor of users with smaller balances. Also, after unlocking, these users will receive a reward in DFX.

#DeFireX pays interest from its funds to users, continues the development of the project, and is constantly in touch with the community. Two years of work and hundreds of thousands of dollars were spent on project development and launch. Nobody is more interested in a speedy solution than we! We know what needs to be done and we do.

Thanks for your patience and trust!

#Crypto #BSC

DeFireX

DeFireX — the most profitable and relieble Yield Farming in DAI, ETH, USDC / protocol-based Compound