I think I lost all my ETH on Oasis.app

Hello, this is my first post on this forum. I’m active on Reddit’s r/ethfinance and I just learned about this place today.

I’m pretty sure I just lost everything on oasis.app. I heard they launched DAI on arbitrum today, so I tried depositing my ETH on arbitrum into my vault and generating DAI. I did this by opening my vault and switching over to Arbitrum in Metamask. Under collateral, where you deposit ETH, it told me my balance, so I deposited my ETH, just like normal. It’s not showing up in my vault. There’s no DAI generated either. On my transaction list, it just shows up as a send to this address.

On r/ethfinance, the posters there helped me figure out that this address is the arbitrum version of my vault on the ethereum mainnet. I don’t know if there’s anything that can be done, but I’m posting here on the off chance that it’s possible.

EDIT: Here’s an update that will hopefully more clearly explain what happened. It includes ​a video showing the steps I went through when I made the original deposit. Depositing ETH into a Maker vault on Arbitrum - YouTube

Just to go through the steps, since I probably didn’t communicate clearly earlier:

  • I connected my metamask to oasis.app with metamask set to Ethereum Mainnet, same as I’ve done probably dozens of times.

  • In Metamask, I switched from Ethereum Mainnet to Arbitrum, same way I’ve done on Impermax, Sushiswap, etc.

  • Just like on Impermax, Sushiswap, and other projects, when I switched Metamask to Arbitrum, oasis.app showed my ETH balance on Arbitrum. At the time, that balance was a little over 63.56 ETH.

  • Seeing my Arbitrum balance, and hearing that DAI was now available on Arbitrum, I thought vaults were now available on Arbitrum as well

  • I deposited 63 ETH and clicked confirm. I should have sent a test transaction, however after using my vault without problems for years, I didn’t think to do so.

  • Now that ETH is gone.

Note, in the video, that when I switch between networks in Metamask, the amount of ETH available to deposit in oasis.app changes. On Mainnet, I now have a little over .54 ETH. On Arbitrum, after losing my 63 ETH, I now have a little over .56. I’m point it out because there’s only a .02 difference between the numbers, so I want to make sure you guys don’t miss it.

If you’re reading this and you have a Maker vault, DO NOT SWITCH TO ARBITRUM AND TRY TO DEPOSIT. It will allow you to do so, but you will lose your ETH.

This was literally everything I had in the world besides my car. I’m not posting for sympathy, I just want everyone to know so it doesn’t happen to them, and because I said I’d keep everyone updated. I know I’m the one who made the transaction. I take responsibility for that. But I do think, if Maker doesn’t support vaults on Arbitrum, they should disable deposits if your wallet is set to Arbitrum. That’s what projects like Impermax, Sushiswap, and even ArbiNYAN do

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I’ll be honest, everything points to the fact that you did lose them.

First of all it was only announced that the DAI token was going to be supported on that l2, but it was not said that the MakerDAO protocol was going to be migrated to that network, the protocol integrates governance, vaults, settlements and the rest.

In that sense, I am sorry.

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Yeah, I realize now that I misunderstood what the announcement meant. When I connected my vault to my wallet and switched over to Arbitrum in Metamask, it showed my Arbitrum ETH balance as available to deposit. When I saw that, I deposited it like I normally do on mainnet. On r/ethfinance, they’ve said that it looks like the deposit went to the dsproxy of my maker vault address on mainnet. I think you’re right that it’s gone.

I don’t like to be the bearer of bad news. I’m very sorry, bro.

Thank you, I appreciate it.

That is a lot to lose rptrella. Thank you very much for the heads up, I will share this with friends also. I do hope you can recover somehow.

Thank you, Tim. I appreciate it.

I’m sorry that you had to experience this episode and I hope the Maker PE Team can help recover the funds. Wishing you good luck.

The lessons learned here:

  • Never assume your erc20 tokens are on a Layer 2 unless you have crossed “the bridge”
  • Bookmark All bridges ( you’re going to need access when you get back to Layer 1)
  • Even then—don’t assume All bridges are trustworthy
  • Only invest what you can afford to lose. This tech is brand new and has a lot of risk.

Other suggestions are welcome.

Hey all, Chris here from Oasis. I’ve posted this in G&R channel and on the reddit threads too, so apologies if your seeing this everywhere, but I just wanted to give a quick update to say we have closed the loophole that lead to the issue of funds being transferred to Arbitrum while trying to open a Vault on Oasis.app so that it can’t happen again, including on other networks - not just Arbitrum.

Apologies for the issues this caused. We are in communications with the Maker PE team who I believe is looking into trying to find a way to recover the funds sent. Will provide more updates on this as we learn them.

7 Likes

Wow would be amazing if you can help recover this!!

I usually make a tiny deposit when doing something new to make sure it works. just because I’m paranoid.

And it is the best way to be, it is better to be safe than sorry, to be the custodian of our own money is to be a full-time custodian and to understand that any false move can mean losing everything.