$20 000 USD





"The Decentralized Reserve Currency. Olympus is building a community-owned decentralized financial infrastructure to bring more stability and transparency for the world."


"Olympus is a decentralized reserve currency protocol based on the OHM token. Each OHM token is backed by a basket of assets (e.g. DAI, FRAX) in the Olympus treasury, giving it an intrinsic value that it cannot fall below. Olympus also introduces unique economic and game-theoretic dynamics into the market through staking and bonding."


"OlympusDAO is an experimental project in the cryptosphere. The DAO manages a token treasury that's used to back the OHM currency. The purpose of the treasury is to make sure the token maintains a certain floor price. If the token drops below that price, the assets in the treasury can be sold to buy back OHM tokens — with the goal to bring its price back above that mark."


"The DAO uses a process for helping the token to stay above that mark called Bonding. The DAO buys assets from investors (to go into the treasury) and issues OHM tokens to replace them. These bonds usually get a 5-10% discount and the tokens are handing out after a vesting period, which is currently set to five days."


"V2 migration introduces new features such as on-chain governance and auto-staking for bonds. Transitioning from sOHM V1 to gOHM allows for multiple bonds to be taken at one time, as opposed to one bond per vesting period as it was in v1."


"Partial liquidity will remain for v1 OHM while the migration is in progress. This provides sufficient liquidity for borrowers to close or move their borrowing position."


"I mean yes you can transfer to gohm, but first of all where is the official page explaining how it works? There is so much confusion surrounding the whole migration. There are problems with the app and website, plus endless posts about not showing in wallet and restaking."


"Its not that the migration doesnt work and with research the info can be found and completed with relative ease. But if any traditional finance company with 1-2bn AUM did this without an official page on the main website, they would get completely burnt. Imagine if you are an average 40-60 year old having your savings in ohm and to migrate your money you have to rely on going to twitter or discord - forget it. Crypto and ohm especially is hard enough to understand."


"The live chat I clicked on to inquire about the V2 migration turned out to be fake and stole all my assets ($20,000) in my wallet. And these malicious hackers have victimized many Olympus investors like me. Will Olympus officials have an explanation on this issue? all these problems happened because people need support due to V2 transition."


"[A]ll our mistake was investing in Olympusdao. Please the Olympus team needs to see this situation and we are waiting for an explanation."

OlympusDAO is a decentralized reserve currency. During the migration to V2, scammers took advantage of the confusion faced by at least one user to trick them out of $20k in funds. There is no indication that any funds have been recovered.

Sources And Further Reading

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