Gare Bear

@NeelMacro @DriftProtocol "If you had*** funds on Drift"... FTFY

Something serious is happening on Drift Protocol right now. On chain monitors have flagged approximately $270 million in abnormal fund movements. That is nearly 50% of the protocol's entire TVL. Gone in a single event. The breakdown is specific. $155.6 million in JLP. $60.4 million in USDC. $11.3 million in cbBTC. $4.7 million in WETH. $4.4 million in WBTC. $4.1 million in FARTCOIN. Stablecoins. Liquid staking tokens. Wrapped Bitcoin. Everything. This was not random. Whoever did this knew exactly where every asset was sitting. Helius CEO Mert has acknowledged the on chain signals publicly. But the situation is not fully confirmed. Drift Protocol has released no official statement yet. Here is why this matters beyond Drift. Drift is Solana's second largest perpetuals protocol. $270 million represents serious systemic risk for the entire Solana DeFi ecosystem. If confirmed this ranks among the largest exploits in Solana history. Do not make any decisions until Drift releases an official statement. If you have funds on Drift right now, monitor the situation closely. Will update the moment there is confirmation. Follow @NeelMacro. The next move is already in the data. Rest. #DYOR

We are observing unusual activity on the protocol. We are currently investigating. Please do not deposit funds into the protocol while we investigate. This is not an April Fools joke. Proceed with caution until further notice. We’ll provide additional updates from this account.

@AlexJul23 @preballin @cobie Sign up for CB1 Premium for one month and they’ll (probably) fix it

@preballin @cobie Have you done anything in particular lately to get it back? Done the same mistake but on Optimism 🙏

Thankyou @cobie

@DrReclaimerTX @CyberGreen09 So a lateral move, then?

@CyberGreen09 From living in a shack with dirt floors and no toilet to a palatial estate in Texas.

Americans are getting laid off every day while foreigners on work visas, (often hired through ethno-nepotism, fake credentials, and shady kickbacks), get to live the American Dream. They're buying new oversized homes in Texas while American workers can't even start families.

@a16z These must not have communicated to my dept. 😫

Brian Armstrong says Coinbase started an internal venture bets program so great ideas—and great people—don’t walk out the door: “We have something internally called Next Bets. Twice a year, we have a panel where anybody in the company can come in and pitch and say, ‘I think we should be building this.’” “My fear was from reading things about Steve Wozniak at Hewlett-Packard. He famously went to HP and said, ‘I think we should build a personal computer.’ They said no, and he left to found Apple.” “The panel—there are different product group leaders who each have their own budget. They can decide to fund it out of their own budget.” “If you get any one of them to decide they want to fund it, you’re greenlit. It’s kind of like coming in and pitching an internal set of venture capitalists.” “The Next Bets are typically very small teams—like two or three people—with small amounts, but they’re really crazy, high-potential ideas where it’s okay if they don’t work, but the ones that do could be really massive.” “USDC came out of that. The Base blockchain came out of that. There’s a really cool one we’ll probably announce in a couple weeks.” @brian_armstrong with @ti_morse on @relentless

@cobie @bigbossage_ @AvgJoesCrypto @coinbase Welcome to Coinbase brother I won't so badly to Slack you but those voices aren't winning today

@bigbossage_ @AvgJoesCrypto @coinbase Yeah few ppl saying the same thing so will go see what’s going on and try to fix

I have received three separate notifications about College Basketball from @coinbase in the past *hour* alone. It is absurd that, amidst arguably the worst collapse in trust in this industry’s history, the largest American CEX has completely pivoted to trying to get their customer base hooked on sports gambling, so that they can extract even more exorbitant fees. At this point, it is undeniable that Coinbase *is* part of the industry’s problem. I will be ending my Coinbase One subscription and moving my business to new a CEX, any recommendations?

@GmanPoker @BartHanson I hope you're just paper chasing and not seriously still stuck on J4. Hope you're living life.

@BartHanson Excited for you to read Bart. I suspect you’ll see things differently.

To this day people still ask me about the J4 hand (I was the commentator). At the time I was convinced it wasn’t legit as no one calls with J high losing to most bluffs. But with no new evidence since I lean slightly towards no. But I still don't believe she misread her hand.

@ioandtitan @RobbiJadeLew @GmanPoker LMAO "not good enough to play like shit" You GTO nerds still don't get it

@RobbiJadeLew @GmanPoker You're not good enough to call with Jack high. We all know the accusation and it's pretty obvious to anyone that knows anything about poker what happened.

Its time I tell the full story...

@BitKieran @zachxbt @evilcos @coinbase @im23pds What actually is the way around it though? CB cannot migrate you without the seed phrase

The real problem isn’t just that the page can be cloned. Any web UI can be cloned. The deeper issue is that Coinbase normalized a behavior users are usually taught to never do: entering a seed phrase into a website. That makes lookalike phishing much more believable. In other words, the design may solve a migration problem, but it does so by weakening one of the strongest safety norms in crypto.

我很疑惑 Coinbase 为什么会有这样的页面，直接让用户输入明文助记词做资产恢复？如此不安全的行为，匪夷所思…@coinbase 我都差点以为子域名被黑了…cc @im23pds withdraw.commerce.coinbase.com/seed-phrase

@Lionscraft_io @ecdsafu God is it satisfying seeing some smug fucks in there that I know have since been drained and rekt. Crying about it on twitter, saying the attacker should refund.

@ecdsafu FYI to others, this was the osmosis governance thread discussing the refund: forum.osmosis.zone/t/refund-dydx-…

Squid went through a very similar thing to this, and it's been long enough now that I feel comfortable getting it off my chest It was a huge wake up call and drastically updated my view of DeFi at the time TLDR: - The block builder and MEV searcher should return the money. This is obviously the right thing to do and hopefully will set a precedent. - Infra and apps are all responsible for user losses, especially when they direct their users to a "decentralized' protocol. - DeFi 1.0 protocol+app and "code is law" models can't work as the basis for global finance. DeFi protocols should be minimized to extremely basic settlement mechanisms onchain, with most application and trade logic offchain. Truly "open" markets are disproven imo. DeFi works best when combining the exit hatch characteristics of self custody which the reg arb bringing global, 24/7 availability. Now for Squid story time: Around Christmas 2023, a user bridged $600k USDC from Ethereum to DYDX on the DYDX interface, using the Squid API under the hood. They only received $350k, resulting in a $250k loss in one transaction due to slippage. The Osmosis pools for axlUSDC/USDC only had 350k liquidity of USDC in it. The $250k got picked up by an Osmosis MEV function they had built into the chain. This $250k USDC was immediately used to buy OSMO, and the OSMO was sitting in the Osmosis treasury. Apples for apples: - Aave is DYDX - CowSwap is Squid - Uniswap is Osmosis AMM - The Block Builder and MEV Searcher are Osmosis. In contrast to Aave, the DYDX bridge UI didn't show any price impact warning. No red text or checkboxes to continue. The user may have seen the expected output on the UI ($350k), but even that might have been hidden, depending on the version of the UI he used. We had warned the DYDX team of this issue for months before the incident happened, but startups move fast and they didn't get to adding a price impact warning. From our point of view, Squid "worked as intended" (also a phrase that Stani used toward CowSwap). - Squid returned the correct quote for this bridge (600k USDC -> 350k USDC), - Squid returned the price impact (25%) - slippage was set correctly (DYDX asked for 0.1% slippage via our API, meaning anything up to 0.1% worse than the current market rate is acceptable) But this wasn't enough to protect our partner or their user. This was our big wake up call. If Squid worked exactly as intended, how can we expect our design to be successful in the real world if users can get completely wrecked? We had started building Squid in 2021, in DeFi 1.0 where "code is law" and application logic followed the same wild west product approach as self custodying your Bitcoin. It's dangerous even for the most hardcore nerd, but outright unusable and extremely unsafe for many normal people. An immutable, deterministic approach to trade, used by humans who are very much not immutable or deterministic. So we built this to protect users and our partners: - Don't return any quote if the price impact was >3%, or if the user would lose $3k or more. - Allow users to opt in by turning on "degen mode", but don't make it easy for them. We don't tell our partners to even add a "degen mode" button. The trading apps who need this feature ask us about it directly when needed. This user had said that $250k was a large personal amount of money for them. We felt terrible. In TradFi, this problem doesn't exist. Code has a bug, someone ends up with money that they shouldn't have, then they return it. So in our case, who should pay the user back? - DYDX is just a front end, but they had a critical issue with UX and had neglected to solve it despite warnings - Squid (and the Osmosis AMM pools) "worked as intended", but clearly shouldn't have let this route be handed to a user or executed - Osmosis base protocol had received the users funds, but had converted them to OSMO, and were sitting in the Osmosis community pool DYDX had 10s of millions of dollars in their treasury and had recently filled a user who lost $8m from a liquidation on their protocol. But they went completely quiet on this. The user was dead to them. Squid had always refunded users in full for any loss our protocol had caused from a bug, but this wasn't technically a bug, and $250k was a large chunk of our treasury at the time. We were still a small team, trying to survive a bear market. Osmosis had done nothing wrong, but they now had the user's money, so I thought it made sense for them to just give it back. So I spent the 12 days of Christmas lobbying the Osmosis community to give back this money that had landed in their lap. Drafting governance forum posts and talking with people who had influence in the community. The response was extremely negative, instead of returning the user's funds, the community laughed at the user, and decided to burn the OSMO that had been bought with the user's lost funds. This would to reduce the OSMO supply and hopefully pump their token. There was a solid contingent who were supportive of the user and our proposal, but they were outnumbered. I thought this was detestable behavior, but things were very sensitive in Cosmos, notoriously political and touchy. It was pointless to push it further. In the end, Squid sent a small portion of funds to the user to try help them somewhat. We wish we could have sent them more. DYDX and Osmosis gave nothing as far as we knew. We all know what it's like to accidentally fat finger something. Not saving a game, deleting some photos. It's awful, and you pray for a way to reverse it, take your hard drive to a specialist to look at the electrons and recover your memories. Humans are not perfectly rational, and they make mistakes. We need to live in a world which is forgiving and allows us to operate to the best of our abilities. Finance is a very harsh world, and in certain cases we can't and shouldn't protect our users from themselves, but we should try to do the right thing when it's available to us and avoid blatant stealing or loss of funds. For me, this was a very painful Christmas, and a moment where I grew out of DeFi 1.0. DeFi 2.0 Squid would build products which have the user in mind, not the dream-state vision of people who were pumping their ETH bags in 2020. Smart contracts should not be used for core business logic. They should be reduced as much as possible to only settlement. Intents solve this nicely, and many projects are building their products to be much more forgiving and user friendly. Aave and CowSwap (and all crypto swap products) should update their guardrails on their products to not allow a trade like this to happen again, but I'm glad for the transparency of DeFi bringing this to light, and I hope the block builder and MEV searcher return the user's funds!

@ianbtudor @CohenSite What is construction defeat?

@CohenSite How do they handle construction defeat?

This project in Oakland is a pretty good model of the future of homeownership in urban California. In 10 years time, you're going to see condo buildings like these all over Los Angeles.

@yfeldblum @danzu72 It's remarkable that they still do not, even after the unthinkable has happened, comprehend that they were EMPLOYEES. They really truly thought they were entitled to that job for life. It's astounding.

@danzu72 You worked for the citizens of the United States. It was a job. Not a royal privilege, not a title, not a sinecure. As is our right, we have evaluated the results and have decided to reprioritize.

I worked for USAID when It was closed, these guys literally were firing senior Foreign Service Officers with 30 years of experience on the spot. These kids were drunk on power and a reckoning is coming. I will always be hot about this shit. I know for a fact we allowed children to die because of these snotty shits.

@IamAdm1n @JoyfulWarrior91 @danzu72 @RountreeRonda I'm going to guess the part where it's fucking Serbia. The US has been given no mandate, absolutely none, to use taxpayer dollars to improve LGBTQAI+ visibility in Serbian offices.

@JoyfulWarrior91 @danzu72 @RountreeRonda What is wrong here, genuinely.

@capexbt If you believe that's CZ's net worth, you are mentally retarded. He's not worth, on his own, two Coinbases.

CZ is now richer than Bill Gates and nobody finds this suspicious. - pled guilty to money laundering violations - paid a $50M personal fine - Binance paid $4.3B in settlements - served 4 months in federal prison - Trump pardoned him days after 10/10, the biggest liquidation event in crypto history - $19B wiped in 24 hours, 1.6M traders liquidated - he owns 90% of Binance which processed the majority of those liquidations - his net worth went UP $47B to $110B in a year where crypto dropped 50% Yes, crypto is a fair and free market.

@JonNoorlander @beaniemaxi Nope nvm just looked at it and I am retarded. Who the fuck did this

@JonNoorlander @beaniemaxi The guy making the swap got the money, every last cent clean and washed as can be

Pathetic and broken Aave protocol (interface has been bad FOREVER) extracts user of $50 Million on a very large transaction. Billionaire founder blames "user error" (he clicked the box to agree to be fucked) and offers to return 1% of the loss. Crypto is not a serious industry.

@StaniKulechov Just thinking about this causes my tendency to suicidal ideation to spike

Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface. Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox. The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return. The transaction could not be moved forward without the user explicitly accepting the risk through the confirmation checkbox. The CoW Swap routers functioned as intended, and the integration followed standard industry practices. However, while the user was able to proceed with the swap, the final outcome was clearly far from optimal. Events like this do occur in DeFi, but the scale of this transaction was significantly larger than what is typically seen in the space. We sympathize with the user and will try to make a contact with the user and we will return $600K in fees collected from the transaction. The key takeaway is that while DeFi should remain open and permissionless, allowing users to perform transactions freely, there are additional guardrails the industry can build to better protect users. Our team will be investigating ways to improve these safeguards going forward.

@Gadget440 @Blazedbarbell But he was right. The better analogy is that he owns a donut shop AND invites his friend down to the gym next door to work out & get fit. That's no contradiction, plenty of businesses peddle something they don't fully believe in personally.

There are plenty of gyms that have PTs shove donuts in your face as you arrive and tell you to eat them, but your a loser if you do? That was the comparison he made. You can't possibly be pretending he was talking about a gym doing a staff pizza night? You don't need to embarrass yourself to defend this clown, just let it go.

🚨 Louis Theroux exposes HSTikkytokky as a walking contradiction He says that Onlyfans and porn are "disgusting" and "wrong." Yet he manages OF and promotes it constantly.

@Pledditor @JamesMorganti_ It's actually Plebbit / Plebbitor

@JamesMorganti_ Not a coincidence. Plebbitor/Pledditor is 4chan slang for a normie who posts on reddit. I chose the name as a form of self-deprecating humor.

STRC works flawlessly at a small scale, in a controlled enviroment, under favorable market conditions. But almost nobody is acknowledging the long term risks if the bitcoin price stays depressed for a prolonged period of time, if the STRC liabilities grow too large, and Saylor doesn't have the on-hand capital to reduce the supply. When I bring this up to STRC shills, they always say something along the lines of "If you aren't bullish on bitcoin, then don't buy STRC" Fine. But here lies in the problem: you have these grifters now making stablecoins backed by STRC, pretending it's a rock solid foundation, gaslighting the public about the risks involved.... and @Saylor has been actively promoting these stablecoins as "money" 🤦

@Puncher522 @Pledditor You must have missed the part where our precious finite supply went infinite

@Pledditor Only as much as math, supply & demand, and a finite asset are concerned. Yes.

@hannaahhn @iamdjka I got an au pair job for you. Free room. Bustling city. And we’ll pay you. However, no bras required and there will likely be a psycho-sexual component to the job. More your speed?