“We f***ed up big time”

Hell of a headline, right? Juno, a Cosmos-based blockchain, had a community airdrop that was eventually gamed and exploited by a well-known investor, Takumi Asano, to the tune of $36m. The community widely passed Juno Proposal 20, one of the first of its kind to date, in which a blockchain community vote changed the token balance of a single user accused of acting maliciously.

You might be thinking, well great! A DAO was able to reverse a malicious act through consensus! Hooray! However, it didn’t go that smoothly in the end. The revoked tokens were then sent to a wallet that was not in control by either Juno or Asano. Fat-fingering strikes again! Daniel Hwang, head of protocols at stakefish, one of Juno’s validators, in response to the mess-up: “We f***ed up big time.”

The juxtaposition of a code-powered vote to reverse a costly mistake vs. a costly mistake due to a manual error, is quite funny. However, these are the bumps along the road in web3. All we can do is live and learn!

Written by: nikethereum.eth