$30M MakerDAO ‘Black Thursday’ lawsuit sent to arbitration

Details here


Grabs the popcorn

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lol. Well that should be interesting.

MakerDAO - we feel we owe you nothing.
Plantiff - you owe me 200K + legal expenses.

MakerDAO - how about we give you a shiny new NFT
Plantiff - are you kidding you said 13% losses.

MakerDAO - Umm we said 13% liquidation fees. What the auctions would fetch - there was no guarantee that auctions would fetch what you borrowed much less the 13% fees. If you had reviewed the software and documentation you would have realized that there are many situations where you might lose all of your collateral. smart contract bugs, hacks, ethereum protocol changes inducing errors, much less a market that due to the OSM delay could have the price so low that when your collateral auctions it doesn’t fetch the DAI you borrowed much less the 13% fee and return ANY collateral.
Plantiff - But you said 13%… I want my 87% collateral back.

MakerDAO - we already paid you (TAB) amount of DAI which at the time of liquidations was above the liquidation value. :smiley:
Plantiff - I can’t negotiate with this. These guys are like machines saying the same thing over and over again.

And the saga goes on!


This is getting good now, grabs more popcorn.

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