{"id":47891,"date":"2022-05-26T14:52:27","date_gmt":"2022-05-26T12:52:27","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=47891"},"modified":"2022-05-26T14:52:27","modified_gmt":"2022-05-26T12:52:27","slug":"is-mirror-protocol-a-farce","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/is-mirror-protocol-a-farce\/","title":{"rendered":"Is Mirror Protocol a Farce?"},"content":{"rendered":"<p style=\"text-align: justify\">According to a Terra analyst, the synthetic asset trading protocol, <strong>&#8216;Mirror Protocol&#8217;<\/strong>, is a <strong>scam set up by Do Kwon<\/strong> to be a part of the Terra wormhole infrastructure.<!--more--><\/p>\n<p style=\"text-align: justify\">On May 25, Terra analyst and whistleblower who goes by the pseudo name, <strong>&#8216;FatManTerra&#8217;<\/strong>, identified a wallet via Etherscan that deployed the Mirror Protocol yield farming smart contracts. The wallet created the smart contract <strong>0xdb27<\/strong>, which FatManTerra alleges to be a <strong>part of the Terra wormhole infrastructure and a liquidity pool for Mirror Protocol.<\/strong> The whistleblower stated,<\/p>\n<p style=\"text-align: center\"><em>&#8220;Owned most of the Mirror LPs on Ethereum. They thus farmed most of the MIR rewards, which would allow them to have a disproportionate say in governance decisions.&#8221;<\/em><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It appears to me that Mirror governance is a sham. It appears that the reason Mirror dev proposals get voted in so fast is because TFL and TFL-related entities secretly control most of the Mirror governance power behind the scenes without any proper disclosure. (17\/19)<\/p>\n<p>&mdash; FatMan (@FatManTerra) <a href=\"https:\/\/twitter.com\/FatManTerra\/status\/1529391381097156608?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify\">Why Is The Protocol Believed To Be A Forgery?<\/h2>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-47903 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/41.jpg\" alt=\"Is Mirror Protocol a Farce?\" width=\"896\" height=\"264\" \/><\/p>\n<p style=\"text-align: justify\">The whistleblower explained that the contract certainly appears to be acting as an <strong>LP pool for some protocol.<\/strong> However, he neither confirmed nor denied that it belongs to Mirror Protocol. It seems FatManTerra&#8217;s accusation holds true as CoinMarketCap, listed the mentioned wallet as one of the <strong>top 20 MIR wallets.<i> <\/i><\/strong><span style=\"color: initial\">The MIR held in the wallets identified <\/span><span style=\"color: initial\">is apparently <strong>all staked<\/strong>, giving them excessive voting power in the MIR governance when combined. The Terra validator remarked,<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I could go on all day, but I&#39;ll try to pick my address case studies wisely. Wormhole Deployer 4 sent a *lot* of mAssets over from Ethereum into this Terra wallet (both the transaction and the address have been linked). (9\/19) <a href=\"https:\/\/t.co\/e4MYIH5CZZ\" target=\"_blank\">https:\/\/t.co\/e4MYIH5CZZ<\/a> <a href=\"https:\/\/t.co\/vNH5NHQxSp\" target=\"_blank\">https:\/\/t.co\/vNH5NHQxSp<\/a><\/p>\n<p>&mdash; FatMan (@FatManTerra) <a href=\"https:\/\/twitter.com\/FatManTerra\/status\/1529391366580711426?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: center\"><em><span style=\"color: initial\">&#8220;I have found evidence that this wallet and related wallets try very hard to make it look like MIR governance is not majority-controlled by a single entity \u2013 they do so by splitting up MIR between several fresh anonymous wallets.&#8221;<\/span><\/em><\/p>\n<p style=\"text-align: justify\">Furthermore, FatManTerra also identified several wallets that interacted by <strong>bridging tokens across the wormhole, <\/strong>transferring mAssets from <a href=\"https:\/\/crypto-economy.com\/ethereum-oscillating-in-a-bear-flag-eth-ceiling-at-2-15k\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a> to Terra, purchasing <strong>$750 million<\/strong> tranches of UST, and spreading MIR across multiple wallets similarly to the previously described wallets.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">That address sends money to <a href=\"https:\/\/t.co\/1T8ItzIm4c\" target=\"_blank\">https:\/\/t.co\/1T8ItzIm4c<\/a>, which then sends money to a massive Terra whale who sometimes transacts in 750M UST tranches (this is a big deal! That is a *lot* of UST!) (10\/19) <a href=\"https:\/\/t.co\/8bRX6t99V5\" target=\"_blank\">https:\/\/t.co\/8bRX6t99V5<\/a><\/p>\n<p>&mdash; FatMan (@FatManTerra) <a href=\"https:\/\/twitter.com\/FatManTerra\/status\/1529391368069586946?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify\">Is Do Kwon Behind The Mirror Protocol Sham?<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Here&#39;s a fun little bonus bit. One of the addresses above (<a href=\"https:\/\/t.co\/Dgz46MjBXU\" target=\"_blank\">https:\/\/t.co\/Dgz46MjBXU<\/a>) bridged over money to this Ethereum address (<a href=\"https:\/\/t.co\/ETy7vBUqw3\" target=\"_blank\">https:\/\/t.co\/ETy7vBUqw3<\/a>) that owns the &quot;dao5.eth&quot; ENS name. Uh oh&#8230; What&#39;s this? (12\/19) <a href=\"https:\/\/t.co\/UYF5DdBV5t\" target=\"_blank\">pic.twitter.com\/UYF5DdBV5t<\/a><\/p>\n<p>&mdash; FatMan (@FatManTerra) <a href=\"https:\/\/twitter.com\/FatManTerra\/status\/1529391373065003010?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">He suggested that one of the wallets that he has been tracking sent tokens to a <strong>DAO address for which Do Kwon is an official advisor.<\/strong> He then describes how MIR funds incorporated in this web of wallets have been <strong>transferred<\/strong> to Binance and KuCoin to be sold on the open market.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This blockchain evidence corroborates much of what the employee currently working at Jump told me, most of which I cannot reveal for now, but I assure you that it will (fingers crossed!) all come out in due time. Now, let me tell you what these red flags suggest to me. (16\/19)<\/p>\n<p>&mdash; FatMan (@FatManTerra) <a href=\"https:\/\/twitter.com\/FatManTerra\/status\/1529391379603914752?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">FatManTerra emphasized that TFL &amp; Jump have been working hand in hand to<strong> pull capital out of the Mirror ecosystem<\/strong> without fair disclosure to retail investors. He remarked,<\/p>\n<p style=\"text-align: center\"><em>&#8220;It appears to me that Mirror governance is a sham. It appears that the reason Mirror dev proposals get voted in so fast is because TFL and TFL-related entities secretly control most of the Mirror governance power behind the scenes without any proper disclosure.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a Terra analyst, the synthetic asset trading protocol, &#8216;Mirror Protocol&#8217;, is a scam set up by Do Kwon to be a part of the Terra wormhole infrastructure.<\/p>\n","protected":false},"author":21,"featured_media":47905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,74,122],"tags":[5553,4752,5547,5483,5530],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/47891"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=47891"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/47891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/47905"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=47891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=47891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=47891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}