While many investors despair of not seeing their funds frozen on FTX again, others are rejoicing! Yes, after 523 days, OasisDex investors have been able to recover their funds thanks to RAID Square.
Note: Coinpri is a RAID Square partner, but we’ll get to that in another article.
650,000 recovered, without even touching it!
Often, in the cryptocurrency industry, we lose money due to a hack and we never see it again… Fortunately, sometimes a lucky star places a community in our path and our funds are recovered by purely volunteer individuals.
As you can imagine, RAID Square fits into the latter case.
So, what happened? Well on February 4, 2021, OasisDEX, which was as its name suggests … a DEX (decentralized exchange) closes its doors on the Ethereum blockchain.
So a DEX that suddenly closes its doors, so far nothing new, the nuance is that it was also used by dydx and Kyberswap. We are not talking about just anyone!
Unfortunately, by closing its doors, OasisDEX also kept its customers’ funds. Let’s be clear, they did not exit scam, on the contrary, they had warned to withdraw the funds, something that some users did not do… as a result, the carcass of OasisDex hosted since then the coquettish sum of $650 000!
Fortunately, 523 days later, thanks to an internally developed software, the RAID Square team managed to recover $653,983.89 blocked on the platform.
And, as the magic of blockchain requires, without even passing them through a team wallet! 100% of the funds were automatically returned to the owner.
Imagine the face of the owners who, when connecting, discover that they have recovered thousands or even tens of thousands of dollars lost for almost 2 years!
Because yes, always blockchain obliges, RAID Square did not have the phone numbers or emails of these. We are on a DEX and not a CEX I remind you!
So the RAID Square team sent an NFT explaining why and how. Be careful here, we are on pure utility, artistic souls abstain:
But how did they do it?
As I was telling you, 523 days ago, Oasis Dex took some customers hostage. Coincretely, the graphical interfaces allowing to interact with the smart contracts have been disabled. Nevertheless, blockchain obliges (yes, I’m repeating myself, I know), the smart contracts have not been disabled.
Thanks to its internally developed software, the team scanned all 550,000 orders on the platform before automatically cancelling them on November 2, 2022! This cancellation then automatically returned the funds to their original owner’s wallet.
Thanks to RAID Square‘s volunteer operation, all of the funds on the platform were returned to the owners. Other similar operations are to come and the team is also listening if you have ideas! By the way, courage to FTX users, we are with you guys…
CEO and Editor-in-Chief of Coinpri I have been navigating the waters of Blockchain for 5 years already.
Wait, I can see the Promised Land of Adoption in the distance.