Saturn DAO: CMCT supply hacked - if it was listed on Saturn what would you do?


#1

Hey guys,

I was just having a discussion on Saturn’s telegram with Inky B where he brought my attention to the recent Crowd Machine (CMCT) hack.

10% of the $CMCT supply was dumped for 0.5 ETH, looks as if hackers market dumped at whatever price into the books.

There is now debate on what will happen with the coin, people are saying they may roll back the chain via creating new ERC20 and will ask exchanges to rollback.

Are decentralised exchanges (such as IDEX) allowed to rollback?
According to the Aurora_Dao twitter, $CMCT has currently been de-listed while they investigate suspicious activity.

I’ve made this thread as a kind of mock-up for the Saturn DAO (a bit of practise) - what would we do/vote on/would there even be a vote?

If CMCT asked us to rollback what would people vote to do?

Any thoughts are welcome please don’t hesitate to post!


#2

I don’t like to deal with hypotheticals. I can tell you that there’s no delisting feature planned, and DAO owners can and should refuse voting it in. I don’t know the exact details of the hack, but I don’t think a problem with one specific token should propagate to larger communities.

Saturn merely facilitates token exchange directly between people. There is no rollback mechanism possible.


#3

I guess, at the end of the day, people will vote with their pockets.

If a project suffers from scenarios that cause traders to feel that they are too much of a risk to trade or hold, then a likely outcome for these tokens will be that they just end up gathering dust in a long forgotten corner of the exchange.

This should be an incentive to any serious project dev, to make sure that their offering is sound.