Okay Bears, once hailed as the BAYC of Solana, has seen its floor price drop from 104 SOL yesterday to 81.5 at press time after a bug was discovered on their Hibernation platform, a much-anticipated staking program.
Crypto Twitter is in turmoil as the team embarks on a damage control spree, releasing a tweet to address the situation. While the team assures holders that they are working on a fix, the Hibernation mechanism is currently being sunset for now, but will not affect the schedule of its upcoming Bear Drop.
Twitter NFT media DEGEN NEWS reported a screenshot of Okay Bears co-founder Kais’s Discord rant, stating that he might “go missing” for the day, and that internally, “things are hotter than a raging volcano”.
Bear FUD Everywhere
It didn’t take long for various individuals and influencers to spread fear, uncertainty, and doubt (FUD) regarding the situation. Some came from disgruntled hodlers, others from non-holders. Even whale HGE.SOL, who claims to hold over 400 Okay Bears, criticized the team for their lack of transparency and the fact that they used a centralized database instead of a blockchain. The Solana influencer also states that there are “100 ways” it could have turned out worse.
The most vocal FUDder happens to be Hustler, the same individual who launched an OKB derivative project called Not Okay Bears using the same exact OKB artwork but facing the other direction. He claims that Okay Bears have given “0” value to holders, can’t hire a proper dev, and advised them to “stop scamming people”.
But perhaps the most questionable of all is the allegation that some developers found vulnerabilities in the OKB smart contract that would have allowed anyone to steal any bear they want. No proof has surfaced regarding this as of now.
Bear Supporters Stay Strong
Fortunately, not everyone is as critical of the OKB team’s shortcomings. Another influencer who goes by the name TheS◎Lstice shares that Okay Bears is the most well-positioned Solana IP to take on the masses.
DeGods founder FrankDeGods also recommends people cut the OKB founder some slack, stating that no industry in the world can prepare someone from running a hyped NFT project. He also adds that it’s impossible not to be bullish on Okay Bears and that the chances of them surging at some point are high.
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