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Lendf.Me Update and Action Plan

It’s with great relief that I report that nearly all of the stolen funds have been recaptured through the efforts collaboratively made by our partners, law enforcement, investors, the community, and our team members. We are still in the middle of the process so unfortunately I cannot share more details at this time; however, I will absolutely do so in a future post.

Right now, the most important thing to know is that if you were harmed by this attack, we will make you whole again. As I wrote before, this hack was ultimately my failure to foresee this attack. I’m willing to accept responsibility for that, and to learn from it. We will come out the other side of this ordeal stronger, and this is the first step.

To say the very least, this entire ordeal has been incredibly emotional and taxing. It was personal for me on so many different levels. I will never forget this day, and I know that I need to work harder so that it never happens again. Despite the harm that’s been done, I’ve decided to double down. I am resolved to re-earn your trust, and in order to do so strong actions must be taken.

Effective immediately, we are putting into place a formal asset distribution process. Here are three immediate actions that will be taken this week:

  • The current Lendf.Me smarts contract will remain disabled and will be permanently deprecated. We will set up an asset recovery login on the Lendf.Me website and all users will be able to use their existing lendf.me address to login and check their outstanding assets and liabilities up until the pause of the Lendf.Me contract on 19 April, 2020.
  • Working closely with my team and fellow community members, we will propose a detailed asset redistribution plan in writing that clearly outlines next steps and addresses all outstanding questions.
  • We will engage best-in-class, third-party security consultants to assist with a full audit and to help us with fortifying our future security practices. We will find a right time to redeploy a new decentralized money market protocol and other protocols. Moving forward, with their help, we will introduce a rigorous, audited integration process when introducing assets into the dForce ecosystem. In a future post, we will detail all of the actions we are taking to fortify our protocols and ensure the security of your assets.

I will expand on each of these steps in more detail in the coming weeks. As we navigate this trial together, I welcome your support and invite your feedback. dForce is and always has been user-first. Write to me directly or join us on the community forum. Together, we can right this wrong and build something worthy of the world’s trust.

Thank you for your continued support.

Yours Truly,

Mindao Yang




dForce is an integrated and interoperable platform of opening finance protocols, covering lending, assets and trading.

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Mindao YANG

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