An anonymous crypto trader claims to have lost a significant amount of money on 0L Network (LIBRA). Several people are said to have been given early access to the token. To combat this, the developer team decided to fork these users off the network; An hard fork. But among those users there was also one innocent one. And it has now lost more than a million.
Innocent crypto users affected
Trader ‘NN’ reports that he has lost approximately $1.47 million worth of Libra tokens. This happened after a hard fork that reportedly took place without consultation with the community. In a https://twitter.com/nn_blossoms/status/1788153022683533522 on X on May 8, NN claims:
“The team behind @0LNetwork (LIBRA) decided to do a hard fork because of an unhinged core member’. This fork resulted in the destruction of 4% of the total supply and also burned the wallets of innocent people, including tokens purchased almost 2 years ago.”
The problems arose when a bug in the system allowed some insiders to gain faster access to their tokens. Despite previous warnings, the team ignored the problem for a long time due to the low value of the Libra token.
Only after the value increased did the team intervene. This resulted in the removal/forking of wallets that the team believed could have exploited the vulnerability. However, according to NN, it was virtually impossible to distinguish innocent from guilty wallets, leading to unfair losses.
Losses and further commotion
NN claims he purchased more than 147 million Libra tokens in February 2023 and later contributed to the protocol’s marketing team. He and other victims were also reportedly kicked out of the Discord group after asking critical questions about the hard fork. The value of the Libra token has since fallen by more than 58%.
The list of suspect wallets, drawn up by one of the core members of the project, was not publicly available, according to NN. This lack of transparency led to further controversy, especially as insiders were previously believed to have benefited from the bug themselves.
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