Twitter user FatmanTerra recently tweeted a thread about Do kwon’s arrogance which costed Anchor users in $20.8 in losses.
In August of 2021, whitehat dev
contacted Do Kwon about a serious bug involving Anchor’s possible liquidator issues. He was dismissed for ‘raging’ and Do Kwon was ‘pretty confident’ that it would work (you can already tell what’s about to happen)
In April this year, as per responsible disclosure,
emailed the Anchor team, describing three issues in detail (one of which could potentially cause hugely unfair liquidations due to a major bug in the liquidation queue).
The Anchor team never replied. Did they ignore the email? Did they just not bother checking their inbox? Either way, during last week’s meltdown, Anchor accrued $20.8m in bad debt at a direct cost to depositors. https://github.com/throwaway0xfr/anchor-bad-debt
I remember seeing a lot of reports in the Anchor Discord of people being liquidated for their entire collateral instead of just what they owed. This bug explains it. Carelessness led to people’s money being unfairly snatched away (again)
In the grand scheme of things, $20.8m is not that much (especially when UST was shedding billions from its market cap), but this event lends to a certain culture & environment that seem to be present at TFL. Despite being paid millions, they seem to be flippant at times.