Investors who lost funds from the 2021 DAO Maker hack claim they got only irredeemable and nontradeable USDR in return.
Investors say they lost thousands of dollars from the 2021 hack and never received a portion of the funds they were promised as compensation.
DAO Maker, based in Prague, is completely separate from and has no relation to the similarly named MakerDAO stablecoin protocol.DAO Maker is a fundraising platform for technology startups, with a particular focus on raising money for Web3 protocols governed by decentralized autonomous organizations . According to its official website, the protocol signed on “more than 75,000 retail users interested in early-stage ventures” in 2020 and has “200,000+ KYC’ed users.
One investor Cointelegraph spoke with, who used the username “Red Drac” on Telegram and spoke on the condition that their real name not be revealed, claimed they lost $2,000 from the hack. They said they deposited $2,000 into a “pre-deposit” contract. But when the August 2021 hack occurred, this contract was drained, and they lost all of it. Red Drac stated that after the compensation plan was announced, they received 500 USDT — and that they also received 1,500 USDR at a later date.
According to SOMA, the DAO Maker team created a proposal to abandon the redemption process for USDR. This proposal was allegedly passed by DAO Maker — but was then deleted from its Snapshot webpage. They claimed that the DAO Maker team likely used its own tokens to outvote the majority of tokenholders, ensuring the vote would turn out the way it wanted. It allegedly distributed tokens to new wallets in an attempt to obfuscate its role in the proposal’s passage.
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