Just Thinking
1.9K posts
Just Thinking
@ThinkingJust79
Wut crypto lmao Enjoying this absurd
Beigetreten Şubat 2024
158 Folgt31 Follower
🚨 $BASE Airdrop Main Eligibility Criteria
Make sure your on-chain activity wallet is having Coinbase on-chain verification.
Coinbase is registered with 115 countries. So, there is a high chance they want this verification for the Airdrop.
US regulations are strict. Most of the US projects did KYC in the past. Base is no exception.
Also, the Clarity Act pushes US projects to do KYC. So, Base has no chance. KYC is a must.
There are more than 230M wallets. So, Base needs Coinbase for fair distribution.
What do you think of this? 🫵
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I recently had a great conversation with Mitosis team member @Redacted_John about the tMITO situation.
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@PrimordialAA Lol nobody cares you screwed community and users
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I’ve been asking myself why has it taken me so long to write this? Ultimately I still carry a huge amount of cognitive dissonance here. In my mind LayerZero the protocol was like Gnosis Safe and the application was setting their config, and who the )@(!$ would secure billions in TVL on a 1/1? I even tweeted about it, literally 0, I would have bet almost anything on that because almost every major application we helped setup their configs. Someone then going and manually changing that to a 1/1 was outside of the realm of possibility for me.
I was wrong.
It’s easy to sit back and say ‘it’s just a protocol we have no control over how people use it’ but we have the opportunity to be better.
There was a conversation this week speaking to a customer and they just… screamed at me, at the top of their lungs, and swore for a solid ~3-5 minutes straight. We had implemented additional security measures of forcing a more stringent RPC quorum and forcing every chain to provide multiple RPCs and we had done it without telling them and it !)@$d with their business, which frankly is a deadly sin. We had messed with their business and they said communication wise we were completely blowing this. They were completely right.
This is something I care about a ton, it is both the result of a huge portion of my life and something that I fundamentally believe in. I literally gifted a copy of Unreasonable Hospitality to every single manager in the company. The entire point of what we’ve built is to enable others to build on top of it, it is to provide a protocol and a platform for people to build on, and we’ve been failing some of our largest customers.
The past two weeks have been unbelievably miserable. I’m incredibly grateful for all of the applications who have worked with us over the past 2 weeks, for @zeroshadow_io who has spent endless cycles with us tracking and seizing millions in attacker funds which will be returned to the rsETH team, and for all of the parties who brought together DefiUnited. Particularly @aave for leading and @MikeSilagadze for pushing everyone to get their !@)($ together and sort things out as quickly as possible, and putting himself in the frontline of acquisition talks and everything else to try to get to a solution quickly.
@LayerZero_Core is one of the most critical pieces of infrastructure in the industry, the LayerZero protocol has earned the trust of the largest and most important asset issuers in the space. We will do better and we will make the industry better for it.
My entire focus over the past 2 weeks has singularly been working with applications to harden their setup, building tooling to assist in tracking and freezing hacker funds, and the rsETH recovery efforts.
That is going to shift now to where LayerZero Labs spends it's time and effort. The only thing this company will spend time on is how we can better serve our asset issuers and the upcoming launch of Zero.
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I have zero sympathy for Avi, but he is one of only two parties that sued Sasha Ivanov, who got away with a $500M crypto fraud on $WAVES, the other being Alameda Research.
So yeah I'm asking for updates there because I'd very much like to see that bastard in prison too
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Just Thinking retweetet
Curve's founder pulled $100 MILLION out of his own token to buy two Australian mansions and left holders with a token that dumped 98%
In 2023 Curve Finance founder Michael Egorov took out $100 million in stablecoin loans across Aave, Frax, Inverse, Abracadabra and other protocols
His collateral was 427 million CRV, which was 47% of the circulating supply of his own token
Lookonchain traced $31 million in stablecoins flowing from Egorov to Bitfinex in April 2023
One month later his wife bought a $41 million mansion in Melbourne, right next door to the $18 million home they had purchased the year before
That's $59 million in Australian real estate funded by loans against the token his own community was holding
In July 2023 Curve was hacked for $70 million through a Vyper bug, CRV crashed and his positions almost got liquidated
A liquidation would have created tens of millions in bad debt across Aave, Frax and other protocols and triggered a DeFi wide catastrophe
To avoid this Egorov sold 106 million CRV in OTC deals at $0.40 per token, well below the market price, to a roster that included Justin Sun, convicted felon Michael Patryn, Jeffrey Huang, DWF Labs and several anonymous wallets
He raised $42 million in stablecoins from these deals while community holders watched CRV dump
In April 2024 he had to do it again, selling another 159 million CRV in OTC to 33 different buyers for $63 million
In June 2024 CRV crashed 24% in 3 hours and he got fully liquidated for $140 million across 5 protocols
The liquidation created $10 million of bad debt that the community had to absorb
Ethereum developer Eric Conner did the math: "He got 100 million in stables out of a 140 million CRV position. He just transferred the rektage to the community instead"
Egorov's response was that he was "committed to building Curve more than ever" thanks to veTokenomics, meaning he locked his remaining CRV to keep control of governance
CRV is down 98% from its all time high and Egorov still owns the two mansions and the protocol
When the founder of your protocol uses your bag as collateral for his mansion, you're not an investor
You're his ATM
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@avi_eisen But why you failed to liquidate that scumbag egorov? he got liquidated later only
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To be clear, I never threatened to attack Aave.
I informed the team privately about a potential risk, then disclosed it publicly after they said they were aware and monitoring.
Arkham@arkham
AVI EISENBERG IS BACK. In 2022, Avi Eisenberg exploited Mango Finance for $110M, threatened to attack AAVE, then got liquidated on Curve while trying to liquidate @newmichwill. Then he went to prison. His address just signed a transaction. Is Avi Eisenberg back?
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@LoringHarkness @StaniKulechov Once a scam always a scam lol
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It looks like DeFi United (defiunited dot world) is asking for donations from the public when all/most of their listed "key contributors" are giving loans.
I don't want to be too quick to judge, but that seems kinda scammy, @StaniKulechov.
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@Fiskantes Egorov is a fkn scumbag more like Do Kwon kind of defi
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Just Thinking retweetet
- takes out massive Aave loan against his CRV bags
- uses it to buy luxury real estate
- CRV dumps, Aave gets into bad debt
- industry rallies to bailout Aave
- later on another Aave bad debt, industry rallies again
- schools everyone on what should be done
- is asked for financial contribution
- "nah, I'd need to sell a kidney"
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This Egorov mfer is smth else lol
fiskantes ⭐️🩸@Fiskantes
- takes out massive Aave loan against his CRV bags - uses it to buy luxury real estate - CRV dumps, Aave gets into bad debt - industry rallies to bailout Aave - later on another Aave bad debt, industry rallies again - schools everyone on what should be done - is asked for financial contribution - "nah, I'd need to sell a kidney"
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What’s happening right now on our side
- Working with industry recovery group
- Working with external security groups
- Working with all relevant external law enforcement agencies
- DVN is live, Stargate just went through additional hardening pass
- Spending 100% of cycles hardening security across every possible vector for applications. We will be able to say a lot more on here but right now security is the #1 priority across the board
- Expect more updates on all fronts, will start streaming more steady state of information now that initial investigations are largely resolved
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@MrCampbell @AcrossProtocol Those were drop farmers, now he's alone (screwed them)
You can eat him alive lol
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When I was working at @AcrossProtocol we argued with LayerZero a lot. I once pointed out on X that L0 had tons of these 1/1 DVNs, making it a walking security nightmare. Got literally hundreds of angry responses calling me a retard. How the turns have tabled.
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@shafu0x Lol
but why you were in defi before?
Wasn't it all clear before?
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This was the last straw for me.
I'm not a user of defi anymore and I'm t-bill maxxing instead.
Sad state of affairs. But in the end the you are getting treasury yields for defi risks. It simply does not make sense.
It's just irresponsible for me and the people I care for to take that kinda risk.
We need to grow up. Fix governance. Add Time locks and circuit breakers.
And hopefully I'm back soon!
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@Jai0xCrypto @aave Idiot, it shows your balance in the bottom left corner
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