Something interesting happened today for LEO and wLEO holders. People who are interested in sharing LEO related content and wLEO Liquidity Pool providers...
Somehow, someone, somewhere got access to, what I am assuming, the private keys for the Ethereum contract for wLEO. Which resulted in them printing LEO, LEO that doesn't exist on Ethereum's blockchain. Immediately after, all these "fake" LEO was sold on Uniswap, draining the Ethereum pool for wLEO-ETH pair. Crashing down the price of LEO and hurting many.
Of course, we can only speculate about what happened and can only wait for a post mortem from @leofinance and @khaleelkazi to understand what really went wrong and caused this issue.
Every cryptocurrency, no matter how big or small has had a hurdle in their lifetimes before. I believe this was one of those for LEO. It's a boon that nothing happened on Hive side of the things and all the LEO printed here is safe. Unfortunately, @khaleelkazi and LEO team has to do something about the huge losses that liquidity providers got. Though I am 100% sure they will do their best, in the end, they were financially hit by this as well. As I said at the beginning of this paragraph, this is just one hurdle and is NOT the end of LEO. I am certain with @khaleelkazi's ideas for LEO in the future, LEO can continue to climb.
wLEO's Future
Unfortunately, while it was something everyone was hyped about (both wLEO and wHIVE) this will probably deflate the hype greatly. Since we don't know the attack vector used (as far as I can see) it will be hard to regain trust in "Wrapped" cryptos, at least, for myself. Not that I already trust it, I barely have enough knowledge regarding UniSwap and Wrapped cryptocurrencies. I don't know if the LEO team is looking to rejenuvate wLEO or just scrap the idea altogether for something else. But one thing is for certain, at least for me, if it's resurrected, it won't have this much attention.
LEO's Future
I believe this relies on LEO's ability to handle the issue at hand. If everything is handled properly and investors are able to at least gain some of their investments back, it might help with the build of trust for Khal. Though I think a lot of people already trust him. :) The hack did not impact the Hive side of the things, hence the LEO on Hive side is completely safe and operating as usual. In the next couple weeks to months, I am sure we'll see even more improvements.
To be honest, I don't like altcoins that much. I've always held BTC all my life. However, I've been investing in HIVE every now and then and now, I invested a couple of hundred HIVE and bought some LEO thanks to the -%50 dip after the alleged hack. I recommend anyone to use this chance to stock up on some LEO :)
That's about it, just my two cents.
Good luck @khaleelkazi and @leofinance.
Thank you for reading through the post.