Incident Report: 37,000 SOL in Losses — A Call for Investigation and Action

[Shiroi]

Thank you for your reply.

@maxkaplan

I will now address your points 1 by 1.

• In epoch 766, Marinade slashed most of your stake (from 108,687 SOL down to 1,585 SOL in epoch 767),

As shown in my previous post (with data), I first got the stake in epoch 652. You did nothing to acknowledge the whopping 115 epochs I had the Marinade stake, starting from the very first epoch Marinade ever had an auction. Instead, you brought up the fact that I tried to get the stake back in epoch in epoch 767, where I had the stake for about 2-3 epochs. This is a case of extreme cherry picking, where you are focusing on 2-3 epochs, rather than 115, which I explained how it happened, again with data to back up the claims.

Let me clarify the reasoning behind some of my responses:

1. I deliberately selected these specific epochs as standout examples — not because they’re the only problematic ones, but because they clearly show that the situation isn’t as straightforward or “clean” as it might initially seem. The reason I focused on them is because you publicly stated that I acted fairly and did nothing wrong. I simply pointed out a scenario where that conclusion might not hold up under closer inspection.

2. I’m not making accusations or jumping to conclusions — I’m just sharing raw numbers from my own research. If it feels like I’m calling you out, that’s not the intent. I’m only showing that some of the decisions made in these epochs could be interpreted as questionable. Whether they are or not — that’s for others to decide.

3. I’ll clean up the dataset and format the findings properly soon, and I’ll share them with you.

4. Just to be clear again — I’m not here to shame or accuse anyone. My goal is to provoke action — from Marinade, from the Solana Foundation, and from the broader community — action that has been missing for 126 epochs straight.

5. Projects like Marinade have a responsibility to manage staker funds transparently and proactively. Ignoring a systemic issue for this long is not acceptable.

Some might say, “Hey, 37,000 SOL lost out of 9 million? That’s negligible.”
But I don’t see it that way.

This entire effort — this research, this messaging — is about one thing:
stop sweeping problems under the rug. Start fixing them.

Once again, thank you for actively engaging in the discussion.
I hope that together we can bring more attention to the issue — and actually get it resolved.