Fan Club loses 750 SOL tokens in Saga Phone incident

In a chaotic setback for the weeks-old Saga DAO, a community-run fan club for Solana’s sellout mobile phone, over $60,000 in SOL tokens – 70% of the treasury – was lost. The funds were supposed to be securely held in a multisig wallet, but the security feature was never activated, allowing one signer to move the funds. The details surrounding the draining of the funds were being debated in Saga’s Discord server. The loss has cast uncertainty on the future of Saga DAO, and its leadership may be replaced as a result. The incident highlights the risks of operating in pseudonymous environments and the importance of trust in partner relationships.

Fan Club loses 750 SOL tokens in Saga Phone incident

Saga DAO’s founder had moved the funds to a wallet whose multisig protections never came online.

In a significant setback for the community-run fan club for Solana’s sellout mobile phone, Saga DAO, it was revealed that the founder had moved the funds to a wallet without activating the necessary multisig protections. Multisig wallets require multiple parties to approve any transfer of funds, providing an added layer of security. However, in this case, the protections never came online, leaving the funds vulnerable.

Details surrounding the draining being debated in Saga’s Discord server.

The details surrounding the draining of the funds are currently being debated in Saga DAO’s Discord server. Members are discussing how such a significant loss could occur and are seeking to understand the specific circumstances that led to this incident. The community is grappling with the implications and seeking answers to prevent similar incidents in the future.

Money was supposed to be securely held in a multisig wallet.

The intention was to securely hold the funds in a multisig wallet. This type of wallet requires multiple participants to sign off on transactions, ensuring that no single individual has complete control over the funds. However, due to an oversight or failure to activate the necessary security protocols, the funds were left vulnerable.

No one activated the security feature, allowing one of 12 signers to move the funds.

Unfortunately, the security feature that would have prevented unauthorized access to the funds was not activated. This allowed one of the 12 signers to move the funds without the necessary approvals. It is unclear why this security feature was not activated, and it highlights the importance of thorough and diligent implementation of security measures.

750 SOL tokens sent to an address controlled by one of the founders.

In the incident, 750 SOL tokens were sent to an address controlled by one of the founders of Saga DAO. The intention of this transfer is unclear, as it contradicted the supposed security measures in place. This unexpected action raised suspicions and led to concerns within the community about the integrity of the founder.

Funds were quickly sent to another address.

Following the initial transfer of funds to the founder’s address, the funds were quickly sent to another address. This rapid movement of funds created further confusion and made it challenging to trace the exact flow of the funds. The community is working to gather information and reconstruct the sequence of events to gain a comprehensive understanding of the incident.

Founder claims to be the target of a ‘remote hack’ on their PC.

In response to the allegations and suspicions, the founder who received the funds claimed to be the target of a ‘remote hack’ on their PC. According to their account, they were not responsible for the unauthorized transfer of funds and had fallen victim to external malicious activity. However, this claim is currently under scrutiny, and the community is seeking additional evidence and information to verify its validity.

Another founder accuses the first founder of pulling the heist themselves.

Despite the founder’s claim of being a victim of a remote hack, another founder within Saga DAO has accused them of orchestrating the heist themselves. This accusation suggests internal conflicts and raises questions about the level of trust among the founders. The community’s faith in the leadership and the DAO’s future is now being tested.

Operating in pseudonymous environments poses trust risks.

Saga DAO’s incident highlights one of the inherent risks of operating in pseudonymous environments. Pseudonymity can provide individuals with privacy and protection, but it also introduces challenges regarding trust and accountability. In the absence of clear and verifiable identities, establishing trust becomes more complex, and incidents like this can create significant disruptions and damage to the community.

Uncertainty surrounding Saga DAO’s future.

In light of the draining of funds and the ensuing controversy, Saga DAO’s future is now uncertain. The community that started as a gathering of Solana’s Saga phone owners bonded by their shared interests and the perks of owning the exclusive device is now questioning the viability and trustworthiness of the DAO. The loss of funds and the allegations among the founders have shaken the foundation of the community, and its survival and recovery will depend on the collective efforts of the members to rebuild trust and establish stronger governance mechanisms.