So many lessons from this Lendf.me clusterfuck.
1. Chasing yield without factoring in platform risk is insane. Hopefully this is the nail in the coffin for “no risk" yield chasing.
1. Chasing yield without factoring in platform risk is insane. Hopefully this is the nail in the coffin for “no risk" yield chasing.
2. Lending platforms are as strong as their weakest link, imBTC in this case.
3. When a hack happens even if you feel it doesn't impact your funds, you MUST review all connected platforms immediately. The fact that imBTC was not disabled on lendf is beyond negligent.
4. Trusting platforms with obvious red flags like code appropriation is a bad bad idea.
5. The freezing of the imBTC from yesterday is why tokenside BTC scares me, and why I have been waiting for tBTC and renBTC before I moved any of my BTC to Ethereum.
6. You should be following @nocturnalsheet who it looks like was the first to break this.
7. Has anyone checked on @rleshner? Not often you get to see comeuppance this heavy, it must be overpowering right now…
I am sure there is more crazy shit that will come out in the next few days about this. But if you have money on lending platforms right now you better make sure you are comfortable with potential total loss for that 1-2% yield.
