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Detail Analysis

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Date:

Status:

Count:

Contributor:

February 18, 2022

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Verified

1

zerofriction.io

Loss Amount:

14,000,000

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Recovered Amount:

-

Currency:

Dollars

KYC By:

Audit By:

None

None

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Website:

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

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Key Indicators

Platform:

Type:

Category:

Method:

Avalanche

Protocol

Stablecoins

Poor Governance

Extended Method:

Poor governance, FORT, FUSD

Data Sources:

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Fortress is a fork of Olympus DAO running on the Avalanche blockchain with a mere $14M in its treasury (a shadow of the more than $500M+ still backing Olympus’s OHM), but feelings are running very high right now over what should happen with that money.

The problem is that the $14M isn’t really in its treasury anyway. It’s in a separate project, one that was funded by the Fortress DAO treasury, but is now completely in control of its chief technical officer, Avraham Eisenberg, who has shown no interest in giving it back. The real assets, the assets that could actually be traded outside of the Fortress DAO ecosystem, all the $14M worth of stuff that left its smart contracts and went into FUSD.

So, Eisenberg has everyone over a barrel, because all the real FortressDAO assets are inside FUSD and FORT holders have no direct power to make him give those funds back.

Supporters of many other DAOs may be in a very similar situation, it’s just that no one has held them out over a barrel yet.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.