Deep generalist on founder mode since it wasn't cool. Building Mira - build a sophisticated portfolio on-chain strategies with a few clicks
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Joined September 2009
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Igor Mallagoli retweeted
think $hype is really resistant to exploits
most trading is done in usdc which will be frozen instantly. difficult to bridge large amounts off. chain is centralized so validators will react fast (jellyjelly trading was paused within minutes). it's pretty unattractive from a hackers point of view to fuck with HL.
Igor Mallagoli retweeted
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
Igor Mallagoli retweeted
Software accumulated a fire debt.
Till now the limits of human review let bugs,brittle dependencies and untested assumptions pile up like dry brush. AI security review has now ignited an ecosystem-wide burn. Destructive,but it'll clear the backlog. Software will emerge stronger
90s explainer on why we built @mirafinancexyz on a market where every trade is public
the hard part isn't seeing the trades. it's knowing which ones to follow
i know more about some traders than they know about themselves. every entry, every stop, every week they got scared
public markets are wild
a trader's best month tells you almost nothing. how he behaves in his worst week tells you everything
traders really get more profitable with lower exposures
overleveraging accelerates trader maturity, if he can stay in the game long enough
not an exploit actually just a stupid oracle design
how come some projects get so hyped and didn't even do the basics
papertrade got exploited for $1.28M by 0x2025137a136bea7446deba681cbfc7cf1970840e within just 8 hours of being live.
here is the on-chain breakdown of how a clever attacker with more than $13M all time PnL and $14B volume on hyperliquid exploited @papertrade_xyz
how it works: papertrade prices every trade off hyperliquid's ETH price at that exact second. so if you can move hyperliquid's price for a few seconds, papertrade pays you for it.
that's exactly what 0x2025.. did, manipulating hyperliquid's price to move their papertrade positions into profit.
22:01 opens $200M of longs on papertrade
22:01 buys 6,055 ETH on hyperliquid, price goes up $3
22:03 closes the longs → +$168k
22:03 flips to $160M of shorts
22:03 sells 5,260 ETH on hyperliquid, price drops $3
22:04 closes the shorts → +$97k
22:04 flips long again
the exploiter repeats this pattern over and over: long on papertrade, pump the price on hyperliquid, close the longs and open shorts on papertrade, dump the ETH back on hyperliquid, close the shorts.
they won 97% of their trades
296 wins out of 305 trades
typical hold: 98 seconds
total pnl: $1.73M
then it went wrong:
23:13 opens 30 shorts on papertrade, $297M at 2507.35
23:13 sells ~6,600 ETH on hyperliquid, price drops to 2504.4
same move as before. but this time the close never goes through. the short is stuck
02:31 ETH hits 2509.95. all 30 shorts liquidated, -$450k
leaving them with $1.28m of profit.
my guess is the team blocked 0x2025's closes to stop the attack. this is a temporary fix, the underlying oracle of papertrade is still identical, and vulnerable to the exact same manipulation which anyone could re-create from a fresh wallet.
it seems papertrade needs to upgrade their oracle system from using the BBO to possibly using hyperliquid's official oracle system which is less subject to manipulation as it uses a combination of exchange's price feeds.
papertrade address: exchange.papertrade.xyz/port…
hyperliquid address: hyperdash.com/address/0x2025…
Find the poorest Ledger-authorised reseller (they're probably not making much profit anyway), pay low six figures for their business, and fully own a node in the supply chain with zero effort.
Igor Mallagoli retweeted
🚨HUGE: Hyperliquid's perps are now live on the Bloomberg Terminal.
The Terminal now shows live data from Hyperliquid's 24/7 perps, including oil, gold, the S&P 500 and chipmakers.
It comes after President Trump said the CFTC is working to bring Hyperliquid to the US.
