Please pass this on to the reef team: Dear Reef Finance

Team,

I am writing to express my concerns about the suspicious activity that recently occurred on the Reef Finance network. As an investor in Reef Finance, I am committed to ensuring the transparency and accountability of the project, and the recent activity raises serious questions about the integrity of the network.

Specifically, I am referring to the 1 billion Reef tokens that were transferred to a suspicious wallet, and subsequently sent to another wallet on Binance. While it is unclear whether these tokens were minted or taken from staking, the fact that a wallet with sudo privileges was used to execute the transaction raises serious concerns about transparency and accountability.

As a member of the Reef Finance community, I urge you to provide clarity on the situation and address any concerns that investors may have. Specifically, I would like to know:

Whether the tokens were minted or taken from staking, and if so, from which validator?

Why a wallet with sudo privileges was used to execute the transaction?

What steps the Reef Finance team is taking to ensure the transparency and accountability of the network going forward?

I appreciate the work that the Reef Finance team has done to create a robust and innovative project, and I hope that these concerns can be addressed in a transparent and accountable manner.
Thank you for your attention to this matter, and I look forward to your response.

Sincerely,

The Reef Community

I have a good deal of money (+- €20k) invested in Reef from the very start I'm buying to get my average down. If I wasn't so dedicated to Reef I would have backed out already. The only reason is that the ideas are excellent and these ar difficult times; but the transparency needs to change quick. This isn't a development team anymore, it is a multi million dollar company with a development team. Reef needs to act this way to make a difference. No fudding just feedback, my bags are still full of Reef (70%)

Any reply?

Not really Julian. There are several validators, some run by the team, others not. Validators can move their earned tokens, as they see fit. The devs also need to move large quantities from time to time, for development reasons. Liquidity, bridging, etc. We don’t know exactly what this particular movement in tokens was for, but equally won’t be in a position to account for every movement of tokens. I’m pretty sure this would be the same for other POS and NPOS chains. I doubt other projects account for movement of tokens. At this stage there’s not any further explanation that will be provided.

Thank you for your response. However, I must express my disappointment with the lack of transparency and accountability regarding the recent movement of 1 billion Reef tokens. As an investor in Reef Finance, I am deeply concerned about the risks associated with such suspicious activity and the potential impact it may have on the project's reputation. While I understand that validators and developers may need to move tokens for development reasons, I strongly believe that the Reef Finance team must be accountable for all movements of tokens, especially those involving large quantities of tokens or wallets with sudo privileges. Without proper accountability, investors are left in the dark, exposing them to significant risk and uncertainty. Therefore, I urge the Reef Finance team to take immediate steps to provide greater transparency and accountability for the network's token movements. Failure to do so not only undermines investor confidence but also poses a significant risk to the project's long-term success. I implore the team to take this matter seriously and work to restore trust and transparency in the Reef Finance network.

Your concern and feedback has been noted, and passed up the chain. Thanks again.

Just get over it man. It’s obviously for the bridge or as part as the development, they don’t need to tell you every time they do something

I can understand his concern and question. It’s fair to ask. However, what you say is true. We won’t be publishing info, everyone a validator moves funds. I’m not sure of a project that does this, but even if there is one, that doesn’t mean all have to follow the same methodology

👎

Are you totally wasted? How long you been in this chat reef finance 🤣🥃

That deserves a warning^

Why is that?

I literally asked if you had been having a lot of alcohol please let’s not lose our minds here. You said ( Reef finance) I said a sphincter says what ?

Did you ask chat GPT to write this 🤣

😝