Steaks Finance Disappears

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Steaks Finance

Steaks Finance offered a yield farming solution, and was apparently backed by well known HedgeTrade/Rublix CEO David Waslen.

The website and Twitter are both gone, and this was mentioned on a list of DeFi losses, however there doesn't appear to be any indication whether any user funds were lost or not.

This is a global/international case not involving a specific country.

About Steaks Finance

"[T]he @hedgetradehq team introduces it's #defi token, $STEAK, to the world. Find out how #SteaksFinance and #HedgeTrade integrate to create a Fair Launch, yield farming token like no other."

"Steaks Finance is the realization of everything about DeFi done right -- no pre-mine, no investors, and no advisory tokens. Like other DeFi platforms, Steaks is designed to exist in perpetuity on its own, but by integrating with HedgeTrade, we create a closed-loop ecosystem and create a practical application for STEAK tokens," David Waslen, CEO & Co-Founder of HedgeTrade and Steaks Finance said. "By layering in DeFi models, we will be creating a community-driven ecosystem where you can farm, stake, use, trade, govern, and earn STEAK and HEDG tokens."

"Steaks Finance addresses the need for proper long-term use cases for DeFi tokens -- allowing users to do more than provide liquidity and earn a portion of the swap trading fees. With Steaks, users can yield farm STEAK tokens and will eventually yield HedgeTrade commissions as well as vote on how the protocol evolves. Combining these models will make this an unprecedented all-in-one ecosystem."

"With Steaks, HedgeTrade is answering the gaps left by other DeFi initiatives -- allowing you to earn beyond farming and trading fees which is by integrating with an already viable platform that allows you to earn both STEAK and HEDG tokens in multiple ways," Waslen said."

"Steaks will distribute future fees from various HedgeTrade business lines into the Steaks platform. For example, commissions generated on HedgeTrade will be distributed to STEAK holders via the Steaks "SteakBar" pool. In that way, the STEAK yield farming will not end, even when STEAK genesis distributions end."

"Farm STEAK with Uniswap LP Token." "Yield farm STEAK tokens by staking Liquidity Pool (LP) tokens. Launching at Ethereum block 10954381."

"Flagship staking pool that receives rewards in three ways: (1) Yield Farming (2) From SteakSwap Fees (3) Commissions from HedgeTrade Platform. The longer you stake in the SteakBar Pool, the higher your rewards." "Predictions marketplace platform where you can earn HEDG tokens for making accurate trading calls. Fees from HedgeTrade will be distributed to SteakBar STEAK stakers."

"No pre-mine. No pre-sale. No founder or advisor tokens. Development fund only." "The idea is to make Steaks Finance completely decentralized. The development team that brought you HedgeTrade, Rublix Development, is also behind the fair token launch of Steaks Finance. CEO of HedgeTrade and Rublix is David Waslen."

"[The d]evelopers apparently had trouble interacting with their own timelock. Though some consider it may be due to a problem with their code rather than ill-intentions."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - Steaks Finance Disappears

Date	Event	Description
October 19th, 2020	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

General Prevention Policies

The most secure form of storage for crypto-assets is an offline multi-signature wallet.

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.