Hi, our team acknowledges that the evidence is indeed striking, and we are conducting a thorough internal investigation to examine and assess it.
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Once we have acquired all the necessary information and are confident in our assessment, we will reveal a detailed plan outlining how we intend to rebuild and move forward. We are doing our best to be proactive in our approach, preparing for the potential restructuring of our operations entirely if required.
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Hi
okay sounds good.
I would be interested in that you reveal your dev, reason being is not because we want to approach your dev, but rather serve as more of a warning to others who might be using the same dev/dev group…
However I look forwared to your detailed plan.
Best Regards,
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It appears we are heading in the right direction, thank you.
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The predicament that has taken place in the past with similar situations is these outside devs have had access to the private keys of the TSO that is using their price. I think moving forward to chill on chain makes sense given how these situations have gone before.
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Agreed, I think it makes sense to move forward with this. I truly hope we see some updates and changes from @FLRLABS in the near future to avoid a continued discussion on this subject.
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Please update the group today, @FLRLABS
This group does not need to know your detailed plan or how you wish to rebuild, as it may further delay the process.
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Chill proposals will be created, tomorrow 25/5, for FLRLabs and LoveFTSO on both Flare and Songbird, as the evidence relates to both networks.
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Hi,
Can I ask how far you have got in your internal assessment? and if you are able to provide us with more information? For sun-dara, we feel the information you have currently provided seems inadequate, and so currently we would vote in favour of chilling.
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I support the chill request. Thanks for laying out the evidence. Based on the evidence + official responses (and eventual concession of FLR Labs), it makes sense to go through with this chill.
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I support the chill request.
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Hi, our internal investigation is still being conducted. We plan to reveal as much information as possible as soon as it is completed. We appreciate everyone’s patience.
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Chill proposals have been created on SONGBIRD.
FLRLabs Chill Proposal ID = 6
LoveFTSO Chill Proposal ID = 7
Option 4. castVote PollingFtso (0x790525B93Fa4BFd3A586b68C5F41c113645f8AF6) - Songbird Explorer
Proposal ID in the first box then 1 = FOR, 0 = AGAINST in the second box.
Or you can use the SolidiFi Toolbox … SolidiFi Web | XRPL, Flare & XinFin ecosystem
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Chill proposals have been created on FLARE.
FLRLabs Chill Proposal ID = 3
LoveFTSO Chill Proposal ID = 4
Option 4. castVote PollingFtso (0x461c4219d5fcAF0fEA304F57a4b0f8061f08064A) - Flare Explorer
Proposal ID in the first box then 1 = FOR, 0 = AGAINST in the second box.
Or you can use the SolidiFi Toolbox … SolidiFi Web | XRPL, Flare & XinFin ecosystem
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We’re yet to hear anything from @FLRLABS regarding their “Internal Investigation” but according to their Discord they’re rebuilding their FTSO.
What they should be doing is turning off their provider on both networks and conveying their findings.
Allowing several weeks to pass and Oliver the time to differentiate the services he’s running won’t satisfy the FTSO Management Groups.
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Hi,
We have scheduled a meeting with a member of the Flare Foundation. This meeting carries immense significance for us as it allows us to engage in discussions about our current situation with the foundation.
Once this meeting is completed, we will be well-prepared to unveil our plans and discoveries to the management group.
Hi everyone,
Following our recent discussion with the Flare Foundation, our team would like to provide management group members with an update regarding the new restructuring of our team and the implementation of our new algorithm.
Firstly, we have made the decision to end our partnership with our previously private senior developer, who was referred to as Mayank on LinkedIn. A combination of factors has led us to terminate our contract with Mayank.
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Technical price spike similarities with LoveFTSO: Recent evidence has come to light, showing technical price spike similarities between our data provider and LoveFTSO. This discovery raises concerns about the integrity of Mayank’s practices.
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Direct discussions with the Flare Foundation: Our direct discussions with the Flare Foundation, as well as evidence and the discussion within this management group, have highlighted areas of concern regarding Mayank’s practices.
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Our team expressed concerns presented by this management group and directed them to Mayank, where we requested an explanation. Additionally, we pushed for a Know Your Customer (KYC) process to ensure transparency and accountability. Since initiating our requests, Mayank deactivated their LinkedIn account and cut off all communication with our team.
To be as transparent as possible we would like to share details about our previous operational structure and the rebuilding process we have undergone over the last couple of weeks.
Our previous operations structure involved our CTO, Rafi, setting up and managing a basic backend server where Mayank would send the price data to our server. However, due to recent developments, we have made the decision to terminate our partnership with Mayank. As a result of this, we have taken the initiative to develop our own algorithm, which is now controlled and managed by our CTO, Rafi.
The development and implementation of our new algorithm has led to a noticeable decrease in our success rate. Additionally, this restructuring has resulted in changes to the wallet addresses to which any of our ongoing FTSO and STSO SGB/FLR rewards will be sent to.
To address @Brent-4Dads concern about previous instances of compromised private keys, thankfully, in our situation, our private key was never shared with Mayank. Therefore, we plan to continue our data provider operations under the same FTSO and STSO addresses.
We would like to extend our sincere apologies for our recent misunderstanding of the accusations brought forth, as well as any shortcomings on our part. We want to assure you that we have reflected upon this experience and are committed to learning from it and we are committed to upholding the professionalism, integrity, and accountability in all our actions going forward.
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Hi
Can I ask how you compensated Mayank? did you pay them in fiat or SGB/FLR?
if SGB/FLR do you know if they subsequently sold their coins on the open market to get in to fiat?
When you say “which is now controlled and managed by your CTO, Rafi” - does that mean Rafi is writing a proprietary algo? or are you using another outsourced dev?
Reason why im asking is so I can manage my own risk. If we look atthe current crypto market SGB/FLR
FLR
down 16% on the 7 day
SGB
down 13% on the 7 day
Rest of the market seems to be averaging about 5%
What this means is its highly risky if your [replying] relying on FTSO for income while many outsource devs are dumping on the market - just my 2 cents - as im not relying on FLR or SGB to pay my hosting fees, it doesnt affect me as such
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secondly, your new algo, how do you measure success or fail? is it to get in to the reward band? or would yuo also consider off chian data?