Blockchain changed my life to worse
Joined April 2021
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semicrypto retweeted
We’re sharing our completed post-mortem on the April 18th incident, prepared with @Mandiant and @CrowdStrike. We are publishing both an executive summary and the full report at the link below.
Over the past four weeks, we’ve worked with hundreds of partners to help them understand their current security posture, and harden it where appropriate. We’ll continue this work, alongside taking additional proactive steps for the benefit of not only our partners, but also the ecosystem as a whole.
We want to extend our thanks to our partners for their support and patience this past month. There’s a reason that over $12 billion has moved across the network in the past four weeks, and why the world’s most valuable asset issuers have stood by our side: they believe in us, in what the LayerZero protocol has to offer, and in the value of modular, isolated, application-controlled security.
The work continues. And we look forward to continue showing up for the applications that trust us with their business, as well as the broader ecosystem.
layerzero.network/blog/layer…
semicrypto retweeted
Why are some protocols targeted and others aren’t?
Uniswap. Curve. Aave. Liquity…
None of them are attractive targets for this kind of attacks, because compromising their signers can’t drain the protocol.
Drift’s multisig could introduce new collateral.
So the 6month plan was to:
Compromise the signers → drain everything.
Multisigs are fine for operational tasks, but they’re not fine when they control collateral introduction or core protocol upgrades.
You can’t train your team to avoid a 6-month intelligence operation with $1M in real deposits and in-person meetings.
But you can architect your protocol so it doesn’t matter if they succeed.
Thanks for the transparency @DriftProtocol and wishing you all the best for the upcoming investigations 🤝
Let’s make DeFi safer together.
- xerberus
semicrypto retweeted
On July 31st 2023, Alchemix's $alETH synthetic was impacted by the now infamous Curve reentrancy vulnerability. Thanks to the help of the wider community we managed to claw back everything the hacker stole, but the hacker left a mess, with over 4000 alETH and ~0 ETH in the Curve pool, making a feast for MEV bots. The aftermath left our team demoralized, with our efforts to restore its price repeatedly stymied by the alETH lost to the MEV bandits. It has been a long recovery process to grind back up, requiring direct market action from our treasury, protocol mechanisms, and focused effort from our BD team. It is now getting close to being near it's price target of 0.99~ ETH, sitting at ~0.97 now.
I thought it was over at times. I struggled with mental health that spilled over into chronic physical pain that I am still dealing with to this day. But thankfully, with the support of my team, my friends, and the @AlchemixFi community, we stuck it out and survived.
Now I am filled with hope and excitement as our team is nearing completion of our upcoming v3 -- a revolutionary and innovative new version that will fundamentally change Alchemix and extend the reach and scope of it, along with introducing new DeFi primitives. It's still got a little more cooking to do and then audits and the like, but the light is at the end of the tunnel. As we get closer to launching it, we will share all the details, and I hope that you, too, will be as excited as I am for it.
Thanks to everyone who has supported me and the team in our darkest hours. We aren't fucking leaving.
semicrypto retweeted
MKR has been down only since the rebrand announcement, losing 33% of its market price. Normally, this isn’t a huge issue. It’s just crypto being crypto. But Rune is borrowing against his MKR, and is now withdrawing large amounts from governance staking to shore up his positions
semicrypto retweeted
1/6
Today, we’re launching The Alpha Challenge, a two-week experiment for the crypto community to test their on-chain analysis skills and for Wintermute to hire top talent
We've also collaborated with six companies to provide exciting awards for those who will not be hired👇
semicrypto retweeted
In a victory for the industry, a US federal court dismissed several #SEC claims against #Binance, ruling that:
1) Crypto tokens are not securities,
2) BNB sales on secondary exchanges were not adequately alleged to be securities,
3) BUSD is not a security.
Read more ⤵️
binance.com/en/blog/regulati…
semicrypto retweeted
Last week we saw a 2nd blob inversion event where L2s incurred an overpayment of ~166 ETH by including data in batches as blobdata instead of calldata. The team at Blocknative dug into the data to help understand what happened and why it happened. 🧵👇
blocknative.com/blog/june-20…
semicrypto retweeted
1/ Michael Egorov(@newmichwill) was liquidated ~140M $CRV($36.5M) today, but he did not seem to lose anything, as he had already cashed out and bought a mansion in 2023.
The losers are $CRV holders and investors who bought $CRV at $0.4 via OTC in August 2023.
semicrypto retweeted
Wallets belonging to the defunct Bitcoin exchange Mt. Gox transferred over 107,000 bitcoin (BTC), valued at around $7 billion, to an unknown address starting early Asian morning hours on Tuesday. by @shauryamalwa.
trib.al/2hPPSU6
semicrypto retweeted
We're constantly seeking qualified candidates to join the Grayscale team! Browse available opportunities on our job board:
grayscale.com/careers
semicrypto retweeted
1B $DAI
- minted out of thin air (20% of whole supply)
-into a non-battle tested protocol
-with zero risk mitigation
-weak oracles in less than a month
-for asset hyper sensible to market conditions
is the definition of reckless
Will propose LTV reduction of DAI in Aave today
semicrypto retweeted
Huge step towards decentralized dispute resolution!
As a Kleros fellow, I am currently exploring use cases in the scientific publishing system.
Retraction notices are often short on key details.
Legal threats to publishers are a burden for transparency and accountability.
semicrypto retweeted
Prediction markets are now assigning the chance of an Ethereum spot ETF approval at the May deadline to be just 24%.
Those who follow me will remember that I’ve controversially been saying since January that the ETH spot ETF is unlikely to pass on its first deadline. The irony is that price-wise, it would have been far better to have consensus thoughts with the market over this period, as Eth’s price has nearly doubled since then due to the broader market expecting an approval (Let there be a lesson in this).
Supposing there is a non-zero chance the ETH ETF might not pass, this makes for an interesting trade scenario. How exactly does one play an event where the tail risk of bullish approval news makes it too risky to short perps, OTM puts are too illiquid at size / still carry a high premium, and shorting in general in a bull market is bad R:R?
I think a simple but surprisingly interesting answer to this is to actually just buy Bitcoin. In the case that the ETH ETF is approved, BTC and the broader market should both go up with it, and in the case that the ETH ETF is denied, BTC should also go up as the market prices in its status as the only crypto truly accepted by tradfi and US markets. At that point, capital waiting to buy the ETH ETF may now only have to option to rotate to the existing BTC ETF for crypto exposure, increasing already strong flows.
These are just my thoughts from a trading perspective and not a comment on Ethereum's tech or ecosystem. The great part is that if you disagree with my outlook on the ETF odds, all you need to do is go buy some "Yes" shares; your odds are great!
semicrypto retweeted
i made a list of all the developer grants from @ethglobal partners i could find so you don't have to
🧵