New troubles decentralized exchange Etherdelta

Decentralized cryptocurrency exchange Etherdelta for a long time remained the largest existing Dapp on Ethereum blockchain, providing maximum liquidity for the majority of tokens ERC-20. Moreover, critics ICO-delusions constantly pointed out Etherdelta as the current successful application developed and running on their own funds, without any licensee.

Etherdelta represents an exemplary quasi-decentralized application, which is not even the official team – exchange consists of a smart contract, the Central book of orders (otherwise, any change or cancellation of orders would be a separate transaction that requires time for confirmation and payment of commissions) and the user interface. Transactions are carried out through smart contract, and market makers submit orders that are recorded in the centralized order book. Despite the absence of any official information, in the user community, the ingrained notion that the only developer of the smart contract is Zack Coburn (Zach Coburn), concurrently serving as a key developer of e-sports project on the Ethereum blockchain — FirstBlood. Coburn himself has never confirmed nor denied any of the allegations, nor the fact that he is the main moderator branches Etherdelta on Reddit under the nickname frenchhoudini.

A series of unpleasant events started on 21 December when the Internet domain Etherdelta was hacked, and users wishing to perform trading operations were redirected to a fraudulent website, receive access to the private keys of users, while the main smart contract has not been compromised. The normal functioning of the exchange resumed two days later, on December 23.

Following the commotion started on December 30, between Christmas and New Year, when the activity of European and American users was at a minimum. In the official Twitter Etherdelta there was a message that 1 January 2018 starts Etherdelta ICO, which will last until January 13, as the ceiling of the funds raised announced an impressive $60 million, and the address of krautsalat was on the original domain Etherdelta.

The reason for the panic was the fact that until that moment nobody even mentioned any ICO. Moreover, as the project team on the site of krautsalat appeared three characters of Chinese origin, about which until now nothing was known, and all the new posts on Twitter were full of grammatical errors, indicating that English is not the first language of their authors. The first reaction of the community in the last days of the old year was the assumption that the domain Etherdelta again hacked. A bad feeling was compounded when around nick Coburn frenchhoudini in the list of moderators appeared the inscription «Ex Etherdelta», and he stopped communicating. However, unlike last time, access to the DNS server of the site Etherdelta was not intercepted by hackers, and users have lost their funds.

Some clarity to what is happening
31 December was made by a Reddit user under the nickname DeltaBalances, as well as Coburn is a moderator branches Etherdelta:

The Creator of this app sold it to the Chinese team a few days before hacking DNS servers. I can’t say whether breaking DNS servers intentional or just an oversight.

As the new owners paid for the project, a substantial sum, they want to recover their investments with ICO, which is a real Scam. None of them added to the project with a single line of code.

Even if we accept this version, it is unclear what to expect the new owners of the platform – the barrage of negative information is unlikely to allow them to collect a substantial amount. However, the period of the ICO from 1 to 14 January indicates that they rely more on Asian investors, as activity in Europe and America at this time is minimal.

What do the owners of the wallets Etherdelta

At the time of this writing, bidding on Etherdelta continue, since the smart contract has not been changed. Wishing to withdraw their funds (ETH and tokens) are at your own risk continue to use the interface Etherdelta, or withdraw funds via direct interaction with smart contract platform, using MyEtherWallet – detailed instructions given in Reddit
two months ago (using this method requires familiarity with the principles of smart contracts).

If almost the entire year 2107 Etherdelta was virtually the only decentralized exchange, with sufficient liquidity, we now already have a perfectly working alternatives such as Radarrelay
the first exchange built on the Protocol 0x (soon to come) or IDEX. In addition, we can assume that someone will be able to offer an alternative web interface to a smart contract Etherdelta, or to organize its interaction with the distributed system of domain names Ethereum ENS.

And while the intentions of the new owners is best says their first decision 2018: tokens new projects will be traded only in the case that the Deposit will be made Etherdelta tokens EDT (new token Etherdelta) in an amount equivalent to from 1 to 3% of the total capitalization of the project at the time of listing. The term of the Deposit defined in 6 months.

It seems the best Christmas gift for competitors Etherdelta to desire is impossible, and a new CEO, Terry Lew (Terry Liu) can be regarded as a gravedigger first successful project Ethereum. Perhaps this decision is due to the fact that by the end of the third day the ICO completed in just 3.5% of new tokens.

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