Verus - The Internet of Value @Veruscoin - Twitter Profile

Pinned Tweet

28 days ago

From Discord: We can confirm that 4052.4 ETH (around 75% of the stolen funds) have been returned to the funds return address by the bridge exploiter, and are now controlled by members of the Verus community. While we are hard at work on a plan to reintegrate those funds into the bridge and restore DeFi functionality, we would like to address a few key questions we have been seeing across public discussion and social media, invite everyone to participate in the community meeting taking place today at 19:00 UTC time [on Discord], discuss the plan going forward, and reflect a little on the events of the last few days. Firstly, we would like to announce that we will be following our end of the publicly posted terms: we are ceasing any investigation we were previously conducting, and will not be pursuing the exploiters further or pressing charges. The 1350 ETH has been moved to another address by the exploiter, is a bounty and not viewed by us as stolen funds. To those asking how we came to the amount offered as the bounty, it was an amount that, along with the reduction of risk to them by considering this a bounty, we believed would be most likely to result in a return of funds. Out of respect for our end of the terms, we will not be engaging in discussion regarding the negotiation process. Secondly, we need to acknowledge and learn from this experience as a community broadly, if we want a long and prosperous future for Verus as a project. Our success or challenges affect everyone in the community, and others indirectly through them. As mentioned in our breakdown of the exploit, it was both sophisticated and statistically fortunate. However, it was ultimately possible due to a chained together series of difficult to exploit software bugs, that on their own, could be considered minor. The few community developers that could have detected and fixed those issues before this event have been working, oftentimes as volunteers, tirelessly now for more than 8 years to bring the vision behind Verus to fruition. Although a small and appreciated number of core community members have listened and understood repeated attempts to sound the alarm about the need to fund development and continuous strengthening of a protocol as revolutionary as Verus, these discussions have often been overshadowed by marketing or other priorities first, even though the protocol, with unique capabilities and robustness, along with a breadth of core contributors make up the bedrock on which everything rests. Development donations even just to Valu's matching (Valu has offered to match up to 20k $ per month), a funded bug bounty program, or one or more extra pairs of skilled eyes developing on the Verus codebase may have enabled identifying and preventing this issue before it began, and would have cost a lot less than 3 million $. Although not exciting to hear or discuss, funding solid, sustainable development is as important as ever in the coming age of AI enabled exploits and quantum computing. Finally, we would also like to mention that those looking to market or advertise themselves or their services (however well intentioned), whether that is auditing, investigation, etc. refrain from doing so in today's community meeting, and reach out to @lyonsnicholas1 ["Consilience" on Discord] directly instead. Today will be a chance to discuss how we plan to move forward from this event, and address any further questions regarding the incredibly stressful last few days. Although we can all breath a bit easier with the funds return having taken place, the hardest work to do to get Verus back on track is still ahead of us. Thank you all and we hope to see you here in the Verus Discord for today's community meeting at 19:00 UTC.

4

57

12

5

11K

VerusCoin retweeted

Verus - The Internet of Value

@VerusCoin

Who to follow

Last Seen Users on Sotwe

Trends for you

Most Popular Users