Was the Saga DAO Rugged by One of Our Own?
In the world of blockchain, every transaction weaves a story, and yesterday, the SagaDAO community found itself at the heart of a narrative we never anticipated.
As someone deeply embedded in this community, I want to share our journey, the challenges we’ve faced, and the lessons we’re learning.
SagaDAO is a unique community focused on managing partner airdrops and nurturing relationships within the blockchain space between Saga Genesis NFT Holders and projects that want to interact with them.
It’s a place where members come together to foster a strong sense of unity and collaboration.
Surprisingly, the projects we partnered with were incredibly generous, allowing our treasury to grow rapidly, reaching over 1000 SOL in a short span of time.
This growth is a testament to the trust and commitment within our community. Or so we thought.
Our story hit a critical juncture when zk, also known as zkRedDevil, a figure we trusted, was involved in a troubling incident.
A considerable amount of 750 SOL, about $70,000, was unexpectedly moved from the SagaDAO treasury, shaking the core of our trust and transparency values.
While zk’s account suggests a security breach, the plausibility of this explanation has been met with skepticism within the community.
The circumstances surrounding the transfer, especially the lack of multisig protections that were supposed to be in place, add layers of complexity and raise questions about the true nature of the incident.
We initially secured our funds with the Realms system, known for its robust security, necessitating a majority vote for significant transactions.
Yet, in our strive for efficiency, we switched to the Squads system, championed by zk.
This new system, while intended to streamline operations, inadvertently introduced risks that went unnoticed.
Questions remain about whether zk actually did this and who helped him but as of the time of this writing his twitter profile is now private.
So who nows?
The Squads wallet’s ability to transfer funds with just a single vote was a stark departure from the stringent controls we were used to.
As the gravity of the situation set in, our community took decisive steps. Those involved in this oversight were relieved of their roles in the DAO, the council, and Discord.
It was a tough but necessary decision to maintain our commitment to accountability and begin rebuilding the trust that was compromised.
In the midst of this, Ashen, a respected and dedicated member of our community, offered to resign.
This gesture was more than personal accountability; it symbolized our shared responsibility and commitment.
Ashen’s decision reflects a sentiment that resonates with every one of us: we are in this together, through thick and thin.
Now, as we navigate these turbulent waters, our mission is clear. We’re dedicated to dissecting this incident, learning from our missteps, and implementing strategies to safeguard our community from future risks.
This isn’t just about fixing a financial error; it’s about strengthening the principles and values that bind us.
As we forge ahead, the choices we make today will define SagaDAO’s path forward.
This challenging moment, though fraught with pain, is ripe with opportunities for growth, learning, and reinforcing the ties that bind our community.
Your thoughts, insights, and commitment to our community are more valuable than ever.
We stand at a crucial junction, not just as a DAO but as a collective of individuals with a shared vision.
The way we move forward will not only shape our recovery but also establish a model for governance and integrity in the decentralized world. What are your thoughts on our next steps? How can we, as a community, leverage this chapter to fortify and unite our shared journey?
Written by Mike Perez and Co-Authored by Artificial Intelligence.
Not financial advice, always do your own research.
My name is Mike. I am a WEB2 turned WEB3 Nerd. I write about crypto, WEB3 Games, Blockchain, and AI.
I am currently serving as Outreach Wizard Ambassador for DappRadar DAO and the US Regional Ambassador for BoomLand Games.
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