Leofinance's daylight robbery [a call to action]

jocieprosza in #hive-167922 • 9 months ago

Screenshot_2024-03-29-16-49-04-74_572064f74bd5f9fa804b05334aa4f912.jpg

Ok it's official - INLEO vel Leofinance has stole my funds. STOLE.

If you're invested in Cubdefi or Polycub, your funds are being stolen as well.

Leofinance has created a HBD iteration on Binance Smart Chain (BSC) called bHBD and pegged it HBD at 1:1 ratio.
bHBD contract https://bscscan.com/token/0x874966221020d6ac1aed0e2cfad9cbfee0ba713b

Screenshot_2024-03-29-16-47-15-46_e4424258c8b8649f6e67d283a50a2cbc.jpg
*source https://docs.cubdefi.com/mechanics/multi-token-bridge

That's gone

I didn't want to exit Cubdefi to get Leo token and just pooled out my liquidity of CUB-bHBD pool, swapped remaining cub for bHBD and used the bridge to deppeg.

The Leofinance has taken out most of HBD and now they offer to pay me about half of what they owe. Yes, OWE. They owe, because it's them who have taken out the bHBD out of the pool/bridge, staked it in HBD savings, earned a ton out of it.

This situation isn't unprecedented in crypto world, but it's something I haven't seen on Hive. It's even more surprising since the InLeo is now doing some integration with Maya protocol or whatever - they're about to do it again.
The audacity of this. I can't cope with the situation that a respectable member of the Hive maliciously takes other people's funds trusted to him and the community does nothing. Please help. All I want was to get my HBD back even with their 9% commission.

If you want to know more go to https://hive.blog/hive-167922/@jocieprosza/is-inleo-broke

You guys got to know it
@mightpossibly @lbi-token @silverstackeruk @valdiva @brianoflondon @mes @paulag @caladan @bozz @d-company @x30 @toni.point

#leofinance #polish #proofofbrain #tribes #pimp #hive

9 months ago in #hive-167922 by jocieprosza

10.89 VYB

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hivebuzz 9 months ago

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mes 9 months ago

Yeah, it's pretty ridiculous. I tried doing the same and here is my interaction with them. They have put me on hold until they finish the new DEX...

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7 votes

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jocieprosza 9 months ago

The same here, half was bought for 1$ the other one was bought at about 0.5$ but with CUB

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2 votes

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leofinance 9 months ago

If this is the case, then why did you demand the entire amount get paid as if it was all bought for $1?

If you have a dispute with the calculation we came up with for your refund then you should have said something in the ticket.

You didn't mention anything in your ticket about this

Instead, you're asking here for 9%, not sure where that comes from. And 849,884.49 HBD? Also not sure where that comes from

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leofinance 9 months ago

Also seems it was left out of the post that you've been getting paid weekly for your last unwrap

If funds were getting stolen, how are they also getting paid out?

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leofinance 9 months ago

There's some important context conveniently missing here: the response is that ticket load is high because we are working through high ticket volume as CUB/pCUB are migrated.

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2 votes

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mes 9 months ago

Thanks for the reply. Yes I understand ticket volume is high. It's just frustrating for long-time supporters losing their bHBD savings value, and during a bull market too.

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1 vote

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khaleelkazi 9 months ago

can you clarify that you mean “losing your potential HBD savings interest”

Not actually losing $$ but the speed of getting it back to earning % Apr from the hive blockchain.

Clarifying this is important as some people like Jocie in this post are trying to claim LeoFinance is stealing money from them instead of clarifying that it’s potential profit (not profit or money they currently hold).

And yes, ticket volume is insane right now. God bless nifty who has to sit on the front lines and help everyone while being yelled at

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mes 9 months ago

I was speaking about its current value, not interest. Its face value is 60% but it can't be swapped without losing another 50% or so. I'm not saying there is any theft but the speed (and communication about) of it getting back to peg is important.

0.04 VYB

1 vote

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khaleelkazi 9 months ago

doing our best. You can always unwrap and show proof of what price you paid for it

If you bought it at $0.70, then your $0.70 will get honored less a smaller fee.

If you bought at $1, then we honor that as well.

Jocie is complaining in this post because we won’t double his money on a $0.50 peg buy and convert to $1.

Happy to honor the peg purchase price as that is what the goal of the token is. Feel free to add more details to your ticket if you continue to unwrap

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2 votes

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mes 9 months ago

Thanks for the info. Yeah, I am wanting to unwrap but it's been 12 days since my ticket request for a quote. My ticket number is 1802. I have many transactions for bHBD so I'm not sure how how to estimate the average price. The majority of bHBD I purchased was at $1.00 as I was providing liquidity to bHBD-bUSD. I withdrew liquidity as the peg was lost at around December 2023 and then tried slowly buying back at around $0.80 before it dumped further.

You can see my transactions here: https://debank.com/profile/0xe6c0634d02ae5f136500ac9428ed5d9576695ef9/history?chain=bsc&token=0x874966221020d6ac1aed0e2cfad9cbfee0ba713b_bHBD

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1 vote

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khaleelkazi 9 months ago

make sure all of this information is in your ticket and it will of course be honored

herosik 9 months ago

Mogę Ci jakoś pomóc przez nagłośnienie tematu czy coś?

0.16 VYB

3 votes

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jocieprosza 9 months ago

Oczywiście to nie zaszkodzi. Czekam na reakcję witnessów, więc poczekaj z tym chwilę.

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1 vote

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herosik 9 months ago

Z tego co mówił Hallman, udostępnianie nic nie daje (bo to nie fejsbuk), ale kliknę, co mi tam. Jakby trzeba było narobić krzyku, to wal. Mam w tym wieloletnie doświadczenie jako troll :D

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1 vote

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jocieprosza 9 months ago

Hahaha D oczywiście będę raportował jak sytuacja się będzie rozwijać

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1 vote

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bozz 9 months ago

I started moving my BHBD a while ago. I had 440 in the queue and that is when they imposed the 13 week "power down". I have about five payments left now, but they are each taking about 20 days to happen. Meanwhile you know they are earning interest on my HBD.

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4 votes

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leofinance 9 months ago

This is not true

Each one is taking 20 days? Can you prove that or did 1 of them take a bit of extra time and all the others were on time?

Please provide on-chain links before accusing.

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bozz 9 months ago

There you go. Yes, the first couple were pretty timely, but the last couple have taken increasingly longer. The original promise was once a week. Then the promise was sort of a week because it is based on block times not actual days. It's pretty clear from the image though that a week turned into 10 days, then 12 days, then 20 days, then another 20 days. I've resigned myself that I will get my funds whenever I get them at this point. I don't doubt that Leo will make me whole, but at least take responsibility for the broken promises or misinformation even if it wasn't intentional.

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6 votes

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khaleelkazi 9 months ago

It is roughly every 7-8 days. We have talked about this in countless AMAs, blog posts and threads. Also on discord and in tickets.

For some reason there are a handful of people who haven’t been keeping up with updates but decide that since they haven’t seen those updates / notices, they don’t exist.

This stuff is all on-chain people. We can link to it.

Instead a few people are spreading false messages. It’s horrible ethics. I wish people would take the 15 minutes it requires to find this information is inaccurate.

We talked about that one payment which was delayed. The others have normal block delays. We built this script to refund people and mean everyone whole. This has cost well into the $100k+ range for me personally. All of that profit went to arbitragers. We could have left everything in the dust and the users would have eaten that cost. But we didn’t, we made sure that users don’t lose a penny if they have a little bit of patience and work with us in tickets.

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lukaszolejnik 9 months ago

That's why I cashed out of Leo - everything they say is a lie

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5 votes

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khaleelkazi 9 months ago

thank you for leaving early 🙏🏽

You should never stay involved in something you don’t believe in. It’s bad for you and it’s bad for all the people who believe in it.

Everyone is entitled to their opinion. While I see you saying everything is a lie without any proof, I appreciate your opinions and the feedback we get all the time.

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leofinance 9 months ago

We're very open and transparent about it. If you want to ask questions, ask them. But don't spread false rumors with no TX data to back it up.

1.64 VYB

10 votes

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jocieprosza 9 months ago

Every ticket od discord has its own TX presented (if it wasn't the case, why should you offer anything)

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1 vote

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leofinance 9 months ago

I'm not sure exactly what you're saying in this comment.

It's up to the user to provide us their TXID for transfers. Discord can't automatically read the blockchain

When we dig through TX records - as we did with your ticket - we find the purchase price of the bHBD being unwrapped.

If you didn't agree with the findings of your ticket (which you screenshotted in your post above), then you could have appealed that to us and showed us different TX links to back your appeal.

But you didn't do that. You said "no no no" in your ticket, then wrote this post. There is no on-chain data backing your claim in this post nor in your ticket.

We have the actual on-chain links we used to calculate the price quoted in your ticket. If you're able to provide conflicting links that show a different price we are more than happy to honor that quote. But you haven't done so. You still have the opportunity to provide those TX Links in your ticket, so I urge you to find the TX Links to back your claims above and then paste them into the ticket. If they check out, we'll revise our price.

I'm also not sure if you will resend any of your statements in the post above but there are many inaccuracies and you're also claiming that we're stealing money. None of these claims are true and again can't be backed by on-chain evidence.

You're harming our reputation and our community by spreading false rumors. I would ask you to pull back or modify your statements and appreciate it if you clarified your post. If not, It's totally fine and everyone is entitled to their opinions but I dislike that these things are stated as matter-of-fact without any evidence.

On-Chain Links I Was Referring To:

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silverstackeruk 9 months ago

What a shit show!

I bought BTC for $5k, do you think if I try to sell it for $60k today, the exchange is going to say, no no no, you only bought that for $5k so we'll give you $5k for your BTC and because it's in our terms and we're the only shop in town, you'll get fucked or you can hold your bag.

What does it matter what @jocieprosza paid for it? The person who sold it took the loss and that $171 profit does not just disappear. If LeoFinance is paying 272 HBD for 443 HBD, then that $171 is going into LeoFinance's pocket. They can dress however they like with terms and conditions are whatever but people see things as black and white. This is pretty disgusting if it's true and I feel like I need to shower after reading the post and comments.

If they had a working bridge, none of this would have been an issue and the price of bHBD would never have dropped to 50 cents in the first place.

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7 votes

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khaleelkazi 9 months ago

hi before you comment I would urge you to learn the facts.

Nobody is earning this $171 profit. Read the other comments in this comment section.

We’re honoring $1 in and $1 out. The leg was depegged and we are preventing users from losing $$

How do we do this? By honoring $1 for $1. Not the current de-pegged price.

It’s impossible for us to profit $171 here. I’m not sure where you’re able to back into that math.

Please read the comments above before making baseless accusations without any proof

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1 vote

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leofinance 9 months ago

First of all

Please use facts when you write a blog post accusing theft. If you are unsatisfied with the response you got in your ticket, you could work with us in the ticket to resolve why we came to the conclusion we came to and then dispute it so we can figure out a solution.

Instead, you're writing this post and skipping over some pretty significant facts. Some people will now headline read this and get the wrong impression.

I'm looking at your account and you paid $272.98 for 443.874 bHBD

Guess what we said you would get refunded? ~$272.98 HBD

The real complaint here is that you won't be able to turn around and make an instant $171 profit. Despite the fact that the UIs all state this variable fee is in place after the de-pegging event.

So did you get $171 stolen from you or are you just upset because you won't make $171 in instant profit even though we've stated both publicly and over discord that this is not how the peg works?

1.65 VYB

10 votes