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News

dYdX Community On Alert: Suspicious Snapshot Sparks Scam Fears

September 12, 2023 - Around 2 mins mins to read

Key Points:

  • dYdX community faces a fake Snapshot threat with malicious intentions, as the Foundation warns against involvement and the associated Ethereum address.
  • The Ethereum address tied to the suspicious Snapshot is linked to a phishing scam, with the proposal bypassing community channels and leaving the community powerless.
  • Antonio Juliano, dYdX’s founder, sees significant inflation reduction and potential for the chain as a sustainable Layer 1 blockchain close to Ethereum.
In a recent development, the dYdX community has been shaken by the emergence of a suspicious Snapshot, which appears to have been created with malicious intent.
dYdX Community On Alert: Suspicious Snapshot Sparks Scam Fears
dYdX Community On Alert: Suspicious Snapshot Sparks Scam Fears 2

The Snapshot in question was designed to “skip testnet round 3 and go live with BETA v4.” However, the dYdX Foundation has issued a stern warning, discouraging participation in this Snapshot and advising individuals to steer clear of the Ethereum address responsible for its creation.

Disturbingly, reports have surfaced linking the same Ethereum address (0xa2…) behind the questionable Snapshot to a phishing scam, raising concerns within the community about potential fraudulent activities.

What adds to the controversy is that this proposal bypassed the typical channels of community discussion and did not adhere to the established Proposal Lifecycle, leaving the community without any control over the testnet for dYdX v4.

Amidst these troubling developments, Antonio Juliano, the founder of dYdX, has shared his perspective on the situation. He pointed out that inflation within the ecosystem has been significantly reduced, by more than 60%.

Juliano expressed optimism that dYdX Chain is on track to become the Layer 1 blockchain most closely aligned with Ethereum in terms of token economic sustainability.

However, he emphasized that his view is personal and not binding on the community. Decisions regarding adjustments to the token economic model will ultimately rest in the hands of community governance.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Antonio Juliano

dYdX

dydx v4

Proposal Lifecycle

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

dYdX Community On Alert: Suspicious Snapshot Sparks Scam Fears

Key Points:

  • dYdX community faces a fake Snapshot threat with malicious intentions, as the Foundation warns against involvement and the associated Ethereum address.
  • The Ethereum address tied to the suspicious Snapshot is linked to a phishing scam, with the proposal bypassing community channels and leaving the community powerless.
  • Antonio Juliano, dYdX’s founder, sees significant inflation reduction and potential for the chain as a sustainable Layer 1 blockchain close to Ethereum.
In a recent development, the dYdX community has been shaken by the emergence of a suspicious Snapshot, which appears to have been created with malicious intent.
dYdX Community On Alert: Suspicious Snapshot Sparks Scam Fears
dYdX Community On Alert: Suspicious Snapshot Sparks Scam Fears 4

The Snapshot in question was designed to “skip testnet round 3 and go live with BETA v4.” However, the dYdX Foundation has issued a stern warning, discouraging participation in this Snapshot and advising individuals to steer clear of the Ethereum address responsible for its creation.

Disturbingly, reports have surfaced linking the same Ethereum address (0xa2…) behind the questionable Snapshot to a phishing scam, raising concerns within the community about potential fraudulent activities.

What adds to the controversy is that this proposal bypassed the typical channels of community discussion and did not adhere to the established Proposal Lifecycle, leaving the community without any control over the testnet for dYdX v4.

Amidst these troubling developments, Antonio Juliano, the founder of dYdX, has shared his perspective on the situation. He pointed out that inflation within the ecosystem has been significantly reduced, by more than 60%.

Juliano expressed optimism that dYdX Chain is on track to become the Layer 1 blockchain most closely aligned with Ethereum in terms of token economic sustainability.

However, he emphasized that his view is personal and not binding on the community. Decisions regarding adjustments to the token economic model will ultimately rest in the hands of community governance.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.