Charles McGarnice investigates. The Genesis League Community Leaders Pull Off A Daring Heist on the Genesis League Community.

Having delved into the quest to find the much sought after Splinterlands Win Streak last week. I, Charles McGarnicle was summoned back to HQ by my tough nosed hard hitting editor Lance Steele. Lance said some "shit" was going on over in the new Splinterlands sister project Genesis League Sports. The up and coming new football game that has just launched that could finally propell Hive and Splinterlands into the main stream. Not many people know that they have partnered with the MLS so we will have real actaul player cards hitting down pretty soon based on the MLS season that has just kicked off. .This game will more than likely be bigger than Splinterlands so we have to nurture it within the community. Well some seem to think otherwise.

McGarnicle who is into the football has some knowledge of Genesis League and have a few staked GLX tucked away for when it comes out. I had heard talk of a pump and dump but never realised it was a large as it was. But pumps and dumps happen everyday in crypto but this pump took advantage of a weakness in the game mechanics.

@lordbutterfly wrote a good post about it here and has named the culprits of this heist that is rivalled only by the Hatten garden Heist in London back in 2015.

So the daring heist came about when someone glitch when burning GLX for the in game token GLUSD which is pegged to the US dollar. The ratio was GLX burned x 6 hours average price x 0.975). The wiley operators calculated using a 6 hour average price that they could manipulate the price of GLX and push it up significantly for 5 minutes to take advantage of the 5 minute average burn mechanic of GLX -> GLUSD. So they would pump GLX for 5 minutes. Burn their pumped GLX for GLUSD as per the conversion and ride into the sunset with truck load of GLUSD. Perfect plan. So they pumped the price to around 4 x the price of GLX to maximise their little profit for GLUSD. The coin is on the market, it's just a classic pump and dump you say. Happens every day. But there is more.

It was figured out fairly fast that it wasn't a Russian cyber squad of hackers attacking this new game in its infancy. Nope these robbers started buying Game packs and lots of them ,from their new found crypto monies. It was the Genesis League Community that planned and performed the heist which has cost Genesis League Sports in the the region of $250,000. Not only that but some of community leaders were in on the act. I kid you not. Many traded in for 1000's of new packs from their GLUSD which now will make them whales in the game.

So not only did Genesis Leagues own Community Leaders fuck them once. They will keep fucking them with a smile on their face when the game launches. And they say a decentralised system is the best way forward. I'm not so sure about that. Imagine being the developers and the owners of this game and in their Discord group there is a plan which was discussed pretty openly to take advantage of this glitch in the matrix. So instead of telling the game developers as to why there may be a fault in the mechanics, they went off and ripped off the very game that they are part of in the Discord group. This must be a first? No?

As Lord Butterfly put it in his post. It is the equivalent of robbing a bank and then queuing up and making a deposit. It will go one step further and say that the heist was planned on a zoom call in an office in that very bank that they have accounts in. Holey Moley this journalist gets hot under the collar with some of the greed that goes on in the human race that people are not ready for decentralisation or never will be . We cannot police ourselves. I am sure of it.
One of the crew that performed the heist came clean burned a few of their packs once it became apparent that things were getting hot. Not all the packs mind you, just some but their reputation is ruined as well as the others. But that's the thing about crypto social media. You can click X on the webpage after transferring 50k to Binance and never have to go near that site again. All his or her friends are disposable.

So McGarnicle asks you this. If someone gave you $50K and told you you can never play Splinterlands or go onto Hive again would you take the money? 99% of you would. The 1% probably have over 50k in Hive Power and would say no way. There are alot less ethics in place when you are dealing in the virtual world. This may be water under the bridge in a year or two but it will be hard to forget especially at the start of a games life.

I go back and tell Lance Steel that the rumours are true and even he is speechless but nothing shocks me on Hive. Greed is on the blockchain for all to see.