Loss of CDT to the SSV token upgrade contract

Summary of Proposal

Dear All,
this proposal is about an honest mistake that was made during the process of a token upgrade of CDT to SSV.
CDT tokens were sent to the SSV token upgrade contract with a “Transfer” function instead of “Convert” function, thus making those CDT tokens lost in the contract without the issuance of new SSV tokens back to the sender’s address as should have been.
The transaction was made a few days ago, and can be seen below:

Proposal Details

My proposal is basically to allow the ssv DAO to issue back to the sender’s address (0x697302628be3dd222da2c817b405c561ac25fdea) the appropriate amount according to the original CDT → SSV token upgrade process.
According to the above mentioned transaction, a total of 214,691 CDT tokens were transferred to the SSV contract, which applies for 2,146.91 SSV tokens (1:100)

So a total of 2,146.91 SSV tokens should be issued to the address 0x697302628be3dd222da2c817b405c561ac25fdea

Non-technical ELI5 of proposal

A total of 2,146.91 SSV tokens should be issued to the address 0x697302628be3dd222da2c817b405c561ac25fdea due to wrongly sent CDT tokens to the ssv token upgrade contract which are now lost in the contract.

Motivation for Proposing

Since this was a complete honest mistake by the owner of the address (me basically) I believe this is the right thing to do. Also, as a 5 year veteran as an investor and believer in the SSV team (since way back in the old good days of CoinDash) , supporting of this proposal would be highly appreciated.

Reasons supporting the proposal

As mentioned above, due to an honest mistake I would sincerely highly appreciate your support on this proposal.

Reasons against the proposal

The only reason that could be in order to vote against this proposal, is from tokenomic perspective. you would want to vote against this if you wouldnt like to inflate the supply of the SSV token. which i could completely understand. but this wont be the right thing to do as i believe that the SSV dao community consists of a good people and this would be a great way to test this statement :slight_smile:

  • Would you be in favor?
  • Would you not be in favor?

0 voters

I support trying to help you out, as these kinds of mistakes happen. But this seems suspicious. I would need some people that are much more knowledgeable than me to verify that there’s no risk of a scam here.

Why didn’t you use the token conversion page here?

Thank you fod for your support.
I should have followed the token conversion page, but when i first searched in google for a way to swap the tokens, i have came across Adams post proposal here:

And as you can see, it was said that a simple deposit to the token upgrade contract will send back the sender SSV tokens. this is why i have transferred the tokens.

this is not a scam, why should it be and how could it be a scam?

1 Like

Ok, thanks for the clarification, and sorry for the slow response. It makes sense that if you weren’t following the project’s news, you could have easily been unaware of the swap page.

And please don’t take offense… I’ve encountered way too many sophisticated scams that look benign on the surface, so I think caution is always smart in this space. I just think this should be checked by someone who thoroughly understands those contracts (I do not).

I think the community should be willing to help you out though. And you’re lucky that we have another similar request to return funds that were sent to the DAO treasury by mistake (Fundamental Labs Refund Request). Both that request and yours will have to be approved by a vote, and maybe we can just combine the two requests into a single vote to help get them enough votes to be passed.

Hey Fod, thanks for the reply,

No offense taken and your concern is understandable.

Your suggestion with combining both proposals sounds perfect as I also support the returning of the funds to Fundamental Labs.

Once again, highly appreciate your support.