Fundraising for liquidation event that took place Jan 3, 2022

This post is an extenstion of the primary post above.

We know what happened exactly, Mirror protocol is not working correctly and has been liquidating positions too early after a 4% spike on a single exchange (even though the same asset was still for sale for the uninflated ‘normal’ price on the orderbook of different exchanges). Second later price came down amd NYSE aborted that record. Talking to different people, there clearly is a broad consensus that these events are not acceptable and that these liquidations should not have happened. The dev team is working on getting solutions proposed and getting this issue fixed.
The reason for the loss is clearly the Band & Mirror Protocol not working perfectly to deal with outlier prices being reported for a fraction of a second. Nobody saw this coming, till it did. Who is responsible for these losses? That is a hard question where I see a lot of disagreement. Is it the Band protocol (for not reporting a representative price) , is it the Mirror protocol (for liquidating assets based on a non-represenativie price that was fed) or me (for believing in crypto and the Mirror protocol).

One life lesson that we learned from this incident:

The crypto industry is still new and don’t expect protocols to work like you think they will. Always be ready and aware your investment could disappear overnight. Unexpected things happen in this industry.

Poll 228 was published on Mirror’s governance to get a reimbursement from the community pool going for these losses. Despite hearing a lot of support for this, it has become clear this poll will not pass. At the same time, our finances have been ruined by this incident. I and my spouse haven’t been able to sleep well for 2 weeks, it’s hard to describe how it feels to lose almost your whole life-savings in 1 second by some outside event. Suddenly the future of our family is looking a lot different. For this reason we are hereby opening a fundraising campaign to hopefully be able to get back some of our $ 268,928 loss. We both greatly appreciate any help from anyone. If you want to reach out and talk to us, please do. Our telegram is Leen93.

UST funds can be sent to terra1gcnrgrl8dzylacy95q75qw6qm7lcejevv7nvxn

In the following post I’ll keep a tab with #UST people have sent to help us out.
Thank you so much

A list of UST sent to help us out:

Thank you again!