Open Letter To Akropolis Delphi Hacker 

November 13th, 2020

Hello, this is the Akropolis Team

The aim of this open letter is a call for cooperation to recover the user funds of our community members and propose a bug bounty as compensation for your exploit.

As you know we are in the process of conducting an external investigation. Since the hack we have taken the following actions: 

  • Internally investigated the hack in cooperation with our auditors

  • Disclosed the hack to our community on twitter and in a blog post

  • Implemented a number of fixes at the contract level

  • Started an external investigation with our investors and exchange partners

We have not contacted any form of law enforcement to pursue a criminal investigation.

We would like to propose that you return the funds of our community members within 48 hours and in return we will offer a $200,000 USD bug bounty. We will take measures to protect your identity as required. 

If you decide not to cooperate we will pursue criminal action and contact law enforcement. 

We hope that we can work together towards a resolution, thank you for your time.

The Akropolis Team

Delphi Savings Pool Exploit

November 12, 2020

At ~14:36 GMT we noticed a discrepancy in the APYs of our stablecoin pools and identified that ~2.0mn DAI had been drained out of the yCurve and sUSD pools.

These pools had been audited by two independent firms, however, the attack vectors used in the exploit were not identified in either audit. The essence of the exploit in question is a combination of a re-entrancy attack with dYdX flash loan origination.

The Akropolis team is currently working through a number of security procedures. The majority of funds on Akropolis are safe. Here is the current status:

Affected Pools:

Not Affected:

  • Compound DAI, Compound USDC, AAVE sUSD, AAVE bUSD, Curve bUSD, Curve sBTC;

  • Native AKRO and ADEL staking pools.

Actions taken:

  • All stablecoin pools are paused;

  • Exchanges informed;

  • Security specialists have been engaged;

  • Our dev and security processes are being reviewed

Next Steps:

  • We are reviewing the code and security procedures, and will publish a post-mortem with our analysis as soon as possible;

  • We are exploring ways to reimburse users for the loss in a way that is sustainable for the project, and will make a proposal to the community prior to any final decision being made.

We are extremely grateful for the many expressions of support and offers of help we have received in what is a challenging  day for our team.

Thank you,

The Akropolis Team

AKROPOLIS WEEKLY UPDATES

November 6th, 2020

Data as of November 6th, 2020: 

$9.9m TVL      2767 Members      83% Savings APY      108% Savings APY

Introduction

It has been a busy week for Akropolis! We have a new hire, exchange listings, and a bug fix to discuss - let’s dig in:

Product

  • Akropolis has hired a new quality assurance tester for product development! This is a long desired hire that will help us roll out more features faster.

  • We have identified and fixed a bug in the savings pool - more about this in a separate upcoming technical update.

  • The team remains focused on generating unique strategies for Delphi to drive value to token holders. Vaults are still under testing - more updates to follow.

  • We are also working on rolling out the dollar-cost averaging feature - more updates to follow.

Community 

  • We are pleased to be recognized as an established part of the DeFi ecosystem on both Ethereum and Polkadot in a recent Cointelegraph article - read it here.

  • AKRO was also listed on CEX.IO this week! See the Twitter announcement here. This means that CEX.io users will now be able to liquidate their AKRO and receive the proceeds directly into their bank accounts.

  • Community member of the week goes to @codesssssssssssssssssssssssssss! Thanks for supporting the community and answering questions in Discord.

  • The top three community members with the most constructive feedback will be rewarded with an AKRO token bounty (determined by spot price at time of transfer) of $250, $175, and $150 for 1st, 2nd, and 3rd prize respectively.

Governance

Quorum Calculations

  • Quorum: (Yes Votes + No Votes) / Total Outstanding Votes

  • Total outstanding votes is determined by AKRO and ADEL staked at the time of snapshot (snapshot occurs when proposal becomes active)

  • Total Outstanding Votes: Staked ADEL + (Staked AKRO / 83)

  • Staked number of AKRO and ADEL determine via Nansen AI

  • Quorum requirement (10%) and voting weights can be found here.

Proposal Results

  • Quorum: 12%; Decision: Passed, Option 2

  • Quorum: 15%; Decision: Passed, move forward

  • Quorum: 14%; Decision: Declined, don’t move forward

  • Quorum: 7%; Decision: Did not meet quorum requirements

  • The backlog of all requested features can be found here.

  • DSTG-001 and DFIP-008 are now under internal discussion to determine how to integrate them into the road map.

  • These proposals both require high technical bandwidth and the team is currently focused on vault strategies and dollar-cost averaging implementation. Therefore, the lead time on these proposals will likely be prolonged.

As always, feel free to reach out to us on our social media channels and thank you for your continued support!

AKROPOLIS WEEKLY UPDATE

October 30th, 2020

Current Stats

$9.5m TVL 3908 Members

Intro

It’s our first weekly newsletter, so any feedback is greatly appreciated! What should we add? What info & in what format would be interesting to read?

Product

  • Rewards distributions are restricted to >$100.00 moving forward to limit spending on gas costs, sponsored by the team previously. Read more

  • The harvest page was updated to reflect vested rewards & add more withdrawal possibilities. Read more

  • The team is currently focused on generating unique strategies for Delphi to drive value to token holders. Vaults are under testing - more updates to follow.

Community

  • The top three community members with the most constructive feedback will be rewarded with an AKRO token bounty (determined by spot price at time of transfer) of $250, $175, and $150 for 1st, 2nd, and 3rd prize respectively.

Governance

  • The first snapshot proposals are in and we are analyzing voting data/turnout to improve our governance model. Check our forum & snapshot page!

  • DIP-005 Extension of Voting Duration proposal ends tomorrow 10/31/2020, so please remember to participate!

As always, feel free to reach out to us on our social media channels and thank you for your continued support!

Delphi Beta is live on mainnet!

We’re now ready for the next big step — pre audited launch with a $50k cap on TVL.

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Hey Akropolitans (is this a thing or we should vote for the name? 👀 )

Delphi started functioning on Rinkeby testnet around a week ago, on August 3rd. After working literally 24/7, we’re now ready for the next big step — capped pre audited launch on mainnet.

What is Delphi Beta?

Delphi Beta is an early pre audited version of Delphi on Ethereum mainnet available to the whitelisted user only. You could have earned your spot by being early supporter, Sparta user, Delphi tester or by participating in the lottery we held! More on it here.

Why capped launch?

We stood in front of the dilemma — we care a lot about security, but we also want people to try Delphi on mainnet. Following the Guarded Launch idea proposed by Ken Deeter from Electric Capital, we decided to enforce a $50,000 cap on TVL (Total Value locked) and add whitelist to reduce security risks & attack vectors, as well as minimise possible losses. While people see the hype around DeFi, they might forget about risks that come with it.

Initial functionality

Github: https://github.com/akropolisio/delphi

We are starting with three primary pools (as it is an unaudited version) — Compound USDC, Compound DAI & AKRO Staking. More pools will come with audited launch ~ Aug 24.

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What are the incentives?

As we shared earlier in Liquidity mining update, we will be allocating 1М $AKRO и 0.3% from ADEL TTS (180,000 $ADEL) to test liquidity mining in Delphi in the pre-audit capped launch.

We want to start as simple as possible, so $AKRO and $ADEL will be distributed proportionally to the liquidity supplied by users. We will be enhancing the model and adding coefficients starting from the audited launch.

How does it work?

As simple as choosing token amount & clicking on allocate/stake. That’s it; all the black magic happens on the backend side. Let’s take the Compound DAI pool as an example.

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What else is in the pipeline?

We have been heads down working on integrating different pools & protocols to give more savings & investing opportunities to the users. We completed Balancer, Curve & Uniswap integrations already (Aave is pending). Still, we’re not rolling them out at this time only due to security reasons — these protocols are pretty complex, and we need to cover the code with tests first to ensure that everything is working correctly.

  • [in progress] Further frontend enhancements

Everyone already saw our UI/UX prototype by now, but getting there still takes time — we’re working on further setting up our Subgraph to show all the data we outlined in the prototype.

  • [in progress] Security audit

We started Delphi security audit with testnet launch — on August 3. The audit is ongoing at the moment and progresses nicely as we cover more code with tests & continuously communicate with our proven auditor — Certik team.

  • [coming soon] $ADEL token generation event

We are aiming for TGE around full mainnet launch and will be sharing contract address & details as soon as it’s live.

Security notice — $ADEL has not been generated yet; please do not fall for scams. You can’t buy it anywhere — the token does not exist yet & ADEL will be locked for two weeks since full mainnet launch.

  • [coming soon] Liquidity mining update

Current LM program outlined above is a testing ground for what is yet to come — we will be working with early supporters & community members on enhancing the model for liquidity mining. You can expect more updates near audited launch which will set how we’re going to move forward starting from full mainnet.

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