Episode Transcript
[00:00:00] Out of cycle Update.
[00:00:10] Our condolences for the great loss that is the Thorium ecosystem apparently. CryptoTalk FM. My name is Leister, I am your host. Just a quick caveat because Leister doesn't go to Telescam so I can't verify what I'm seeing but I'm just going off what I'm seeing and I'm sharing it because there could be people that listen to the show Crypto Talk FM that came from the Thorium ecosystem. Thorium ecosystem obviously was very diverse at one point in time in 2021 the Wawa west cryptocurrency on the Binance smart chain. And then there was Libero which was. Had such potential. They screwed it up. And then F. Libero had great potential and they screwed it up. And Epic Hero I didn't. I got an Epic hero late but looks like they screwed it up.
[00:00:57] Multiverse Capital was a blatant copy. They screwed it up. These obviously were. And then they created that Key of life crap and BnB garden crap and everything was a shiny right. And this was a fork was Libero of Titano.
[00:01:12] Tatano of course is dead to rights. Dead, dead, dead. All of them are dead. They don't. They didn't last. They weren't going to last. They should have, but they didn't. They're stupid people. And I wanted to just. Just share what I'm seeing. So for why ever. And again I don't go to Telescam. So if somebody out there has info. CryptoTalk FM hit the contact form, let us know if we're off or there's some information that tells what happened with these jokers. But I noticed that seemed like all the development had stopped. There was no activity, there was no movement. The medium wasn't being updated. It's almost like these guys just disappeared. Thorium overarching quote company seemed like there's no activity. Didn't know what was happening. I dialed in today and I noticed that so for like years the they. They dumped the Liberal bank which I thought was stupid. They went to that Kia Life crap. They had f Liberal. They left alone and then they didn't because it was printing out of control too and it was losing value.
[00:02:09] They were doing the BnB garden for a minute and then it just died. It basically bled itself out. And then the Thorium had its own minor sp alone a Solana miner when Solana was running up and they were doing all these little spot things that didn't seem to be succeeding. And it was all just copying stuff that was already out there. Well, the sites are gone. Thorium Dot Capital's dead. Thorium.AI or whatever it was is dead. Liberal Financial is dead. Key of Life FI is dead. F. Liberal Financial is dead.
[00:02:40] And I'm assuming. I don't think they ran out of money, but maybe that's what it is. But the. The domains are still owed, owned rather by people all the way to 2029.
[00:02:51] So they had the wherewithal to book it for quite a few years, which is unusual for something that's a scam.
[00:02:57] But the sites are dead. So if somebody knows something like these guys they turned into some other project or they did something else, let us know. Crypto talks FM contact form, but I can't find hiding or hair. Since they didn't want to reveal themselves, I don't know exactly who they truly were or if they spun up some other project and just abandoned this stuff, but it's dead. And that's unusual because it used to be that all the projects they would abandon were still out there.
[00:03:22] Like Thunder, bmb, Thunder K, Thunder E, Thunder ADA were still out there. They just. There was no money. And then Multiverse Capital was still out there, just no money. Epic Hero was still out there. It just didn't work.
[00:03:33] So here it's unusual to see them just completely dead to rights, gone.
[00:03:38] So I was figured I'd put an impassioned plea if anybody had any information about it. But I also noticed something else. There's another project and I'm just gonna. I'm gonna expose them for how bad this is.
[00:03:48] Now, we know that the people that were in Libero specifically, we understand that whatever they were doing wasn't working. And I called out multiple coverages and people came by and said, no, you're right on spot. And the team, somebody on the team said I didn't know what I was talking about. Of course, here we are. Leister told the truth and you know, I being proven right, I really do. But I noticed also that the Libero and Multiverse Capital and one other one, the contract code for those tokens is out on their GitHub. It hadn't been touched in years, but it's out on the GitHub now. I find that interesting. They. They put their code fresh out on the GitHub public so you could look at the code, you could see. And I saw the flaw in the rebasing for those that don't remember exactly what was going on at the time, just to refresh, it started Printing out of control because they were not doing a negative rebase, they were only doing a positive rebase.
[00:04:46] What they were doing is they were using the rebase to generate rewards. So printing out of thin air started with a constrained supply. So the unrealistic APY that rhymes. But then they did a positive rebase that would just keep on printing and printing and printing and printing tokens to reward when you put it in the bank and for rebases.
[00:05:04] So the flaw in the contract is when you look at the rebase, the actual function that was doing the rebase, they actually have a frequency function right in the contract.
[00:05:18] So somewhere they thought that this was going to help maintain it actually specifically says, hey, if it looks like the frequency is out of whack, we need to make sure that there's some sort of alert or something saying this cannot happen. So it doesn't print out of control, it's written in the contract. They were trying to avoid that from happening. But then there's another function and what it's doing is straight over math.
[00:05:41] And this is how they determine whether or not they were going to execute the next rebase based on passage of time.
[00:05:49] Now, we understood that the rebase happened on a frequent basis. You know, that's how tokens got redistributed and everything else. So we understood that was happening. But when I saw the straight formula that they were using to do the calculation for the rebases, it made more sense. Why, especially if they forked this from Tatano, why it was never going to work to begin with to just do a positive rebase. Because if they're doing it this, if they were doing it this way, it's like the most fragile thing that you can think of for managing rebases.
[00:06:21] So in a simple, I want, I don't want to be over technical with it, I want to try to simplify best I can, but in a simplified form.
[00:06:29] The way that the rebase was looking at how to do it was simply based on ticks.
[00:06:35] When I say ticks, I'm talking about essentially how to count passage of time in something that is predictable and repeatable that the system can understand.
[00:06:46] That's all they were using to understand when and why to rebase. Now we understand that one of the flaws of this is that it was rebasing to the burn wallet, but it was also rebasing to other wallets that they lost control on and the value of them started to decline. There was all sorts of things printing out of control and that's the root cause of it. But if you're just doing it over straight over time with no constraint like say hey, we really should make sure we constrain the upper limit and if we hit the upper limit we should probably disable like there was no thought put into the rebase at all other than just do it. So they might have assumed I guess that well people keep buying and so we don't necessarily need to worry about it so just let it print out of control.
[00:07:30] I can't say for sure but that's what certainly seems like is happening.
[00:07:35] And the fact that they have this frequency function in there tells me that they at least thought about it. They just didn't seem to understand what was going to happen when they did it this way. So the irony of course is to see that Libero's contract is blatantly wide open out in GitHub. GitHub still basically out there in delete or anything yet blocked that can't be arsed to put their stuff in the GitHub. So we need to redefine scam. We need to put it in perspective to cut why I said it's worse than liberal. This is why. Because they were willing to put their code out there. We know this was audited by CIC at the time. So why is it that liberal could do it and block dad can't? Well, I said liberal people don't know what they're doing and they're not malicious, they just don't know what they're doing. They're. They copy other people's code, set it up on their own, give it a different name and roll it out. That's what Libro Thorium Epic Hero, that's multiverse. That's what they were doing. Multiverse capital is a copy of multi chain capital.
[00:08:37] Epic Hero was a copy of some other garbage out there.
[00:08:41] Libero was a straightforward Titano. They admitted that F Liberal was a copy of their own liberal. Like everything is a copy of what they were doing and then all of that was a copy of Gerudo and Sturters Cerberus. So it's interesting, you know, back then we actually had it better. We actually had less garbage back then than we do now. Can you believe that? Because any fleck they weren't scammers, they were just stupid liberal word scammers. To my lens they were just stupid. Obviously you got the car salesman on seifu, but you know what I'm talking about. For the vast majority of them they were on the up and up but most of them were just dumb. The the guy behind ID finance, the freaking blistering idiot. The guy behind Angie who just sold it, just blistering it. Just dumb. You just had dumb people. It not dumb. Not scammers. They're just stupid. That was our world back then, right?
[00:09:35] Versus now. You got people that can't even launch a freaking chain with any competent. It's just a it's a chaotic mess anyhow. Anybody who was in that ecosystem and knows something that maybe I don't know because you go to tell a scam where I do not, please let us know. CryptoTalk FM hit the contact form. Otherwise, please, may the ecosystem rest in peace after so much money was taken from people not maliciously, but simply by virtue of gross incompetence.
