link.png

ID:

fortress-dao-73

Date:

Status:

Incident Count:

February 18, 2022

Verified

1

info.png
target.png
REKT

Contributor:

chain.png

zerofriction.io

KYC By:

KYC:

No

info.png

Audit By:

Audits:

None

Loss Amount:

14,000,000

info.png

Recovered:

-

Rewards:

Currency:

USD

info.png

Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Avalanche

Protocol

Stablecoins

Poor Governance

Extended Method:

Poor governance, FORT, FUSD

info.png

Days in Operation:

317

(0.87 Years)

chain.png
chain.png
chain.png
chain.png
datasource.png

Fortress is a fork of Olympus DAO running on the Avalanche blockchain with a mere $14M in its treasury (a shadow of the more than $500M+ still backing Olympus’s OHM), but feelings are running very high right now over what should happen with that money.

The problem is that the $14M isn’t really in its treasury anyway. It’s in a separate project, one that was funded by the Fortress DAO treasury, but is now completely in control of its chief technical officer, Avraham Eisenberg, who has shown no interest in giving it back. The real assets, the assets that could actually be traded outside of the Fortress DAO ecosystem, all the $14M worth of stuff that left its smart contracts and went into FUSD.

So, Eisenberg has everyone over a barrel, because all the real FortressDAO assets are inside FUSD and FORT holders have no direct power to make him give those funds back.

Supporters of many other DAOs may be in a very similar situation, it’s just that no one has held them out over a barrel yet.

info.png

DISCLAIMER: While web3rekt has used the best efforts in aggregating and maintaining this database, this web site makes no representations or warranties with respect to the accuracy or completeness of its information and data herein, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall web3rekt be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the data and information derived from this database.