EMURGO just announced it's stepping down from the Pentad! Let's talk about what led to this decision and what it means for Cardano's future 👇

emurgo being gone is a partial solution to the very real problem of a captured governance process where they exhibit undue influence due to dark pattern UX choices they made with their wallet.

Be EMURGO, the only tech company that manages production environments without backups, without testing, without rollback processes... We love the adrenaline rush of sending a really cool app straight from testing to production, an app with several bright colors that did exactly the same thing as the old Yoroi... but we also wanted to "tweak" those key aspects, and well, that's where we messed up... a friend of a friend had just downloaded a really good version of Java from The Pirate Bay, and well, we didn't test that because we were more worried about governance votes than safeguarding the funds in the wallets we offer...

Linda, did you know @emurgo_io helped pioneer #DJED mechanism, a stablecoin protocol that's never depegged? $zeph forked $xmr and #djed to make the first privacy stablecoin with yield. You should do a deep dive, I think you'd be interested... It's pumping today on $eth bridge news... Learn more about zephyr protocol here 👉

Few people were asking for Emurgo to leave the Pentad (most DReps voted Yes to financing the Pentad) The expectations were for Emurgo to not abuse its wallet UI to gain extra power in governance and staking. A closed source wallet after 10 years of open source is a big fumble.

I know your not and am a bit sorry to be really blunt here, but 99 folks out of a 100 peeps test-group would prolly think your content including your complete personality is 100% AI generated. Sad as i´m sure its less than 100% , maybe 90% lol

But why though? ☹️

Its too perfect, not natural even on the edges, no genuine expression or emotions. Really sry for giving that feedback. Your are (!) a real human with a unique character and interesting opinions. Show!

I‘ll just start crying in the next video lol

@flubdubster Maybe if you started giving us the finger in every video we would believe you are real.😂 Seriously though, the whole AI meme is a function of the fact that nobody knows what’s real anymore. That’s not your fault.

@Cryptofly777 Linda, with her technical understanding, history, EQ, reach etc would be primed to step out of the box, produce genuinely interesting content AND increasing views - attention - money. Just my 2ct, up to her how to move on from here🤷

It means jail time for Emurgo employees. This is now being investigated at the highest levels in numerous countries.

That’s true?

The Yoroi Secondfi scam is the biggest blow Cardano has had in its history. And during the depths of a bear market. Sucker Punch us while we are down. How can we trust Cardano and crypto when a major foundational wallet does this. Betrayal of trust. We are hurting. 💔

Charles asked for them to step down, 🤔

I think Vitalik targeted the hack and is spamming X with bots. He is trying to take down ADA so he can copy it and win.

Disclaimer: I have no insider knowledge of these events, but this is looking more and more like an inside job to me. imo

Good summary. As an Ergonaut, I have only an occasional ear for what is going on in Cardano, and I have always cast a jaundiced eye at Emergo because of how Yoroi did Ergo. However, I understand that business at that scope is no picnic, and now this happened, my sympathies.

As it should. Pentad v2 incoming.

great video

Will EMURGO pay back users that had stolen funds or just file bankruptcy?

Personally I suspect Emergo is stepping down because they can. The money is almost gone and from a business perspective it makes little financial sense to stay and work for free. What happened just provides an easy and understandable option to get out before the money is gone 👍 I wouldn't be surprised if the hack was performed by Vitalik or somebody from that team. The sequence of events so far seems to be a product on Cardano was designed with a weakness (maybe intentionally by whichever dev was hired to help create the product), the built in weakness of that product was then used to steal funds, everybody jumped on the bandwagon to spread fake news that Cardano was hacked, and then Vitalik announces Ethereum will.spend then next several years trying to become a Cardano clone 🤷 I don't really buy this being a nation state attack, because hackers that work for nation states are generally very good at what they do, so the fact that a white hat hacker stepped in and massively outperformed the original hacker seems very unlikely if the original hacker was from a nation state 👍