@OVGNFT And the winner of an auction will suffer from winners curse.
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Steph Vaughan
8K posts
Steph Vaughan
@GoodStephV
Co-founder @veda_labs, prior @usmc @navalacademy @columbia_biz | no investment advice
New York, USA Bergabung Ağustos 2016
2.6K Mengikuti10.1K Pengikut
@OVGNFT I should have said if you pay a partner millions for a project you are just a customer at their auction.
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Follow-up again if you pay a company millions for a partnership they are not a partner you are their customer.
Steph Vaughan@GoodStephV
Follow-up if you paid someone $1M to build on your network they didn’t pick you because you were the best.
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Steph Vaughan me-retweet
It’s wild how crypto projects skip reference checks.
You don’t need the candidate’s “POC,” just reach out directly.
Most teams are super accessible anyway. (1-2 hops max)
Should be the norm.
Mike Silagadze🛡@MikeSilagadze
About 6 months ago we interviewed a dev who seemed great. Passed all the tech assessments and behavioural interview. Had a resume with Google and Figma work history. We did a reference check and he got glowing reviews. We were close to an offer. Then he told us he needed to work remotely from Florida for the first few months. We only work in office, and we were very clear with him since the start of the process about this. There were a few other weird flags we noticed. So we started to do some more digging and contacted Google and Figma HR for employment verification. They had no record of him. We did the same for the guy he connected us with for the refence check. Same thing. Of course we ended up not making an offer. He was an Asian dude, looked more Japanese than Korean. At the time we figured he was just another scammer trying to score a few months salary at parallel jobs before getting canned. In light of recent events I’ve wondered if it was actually something much more sinister.
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@Thinkkabtitt Leadership and others following policies put in place and having a team dedicated and loyal that does that matters.
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@GoodStephV Congrats on falling for the Grift team's gaslighting.
Their Lazarus narrative has nothing to do with the fact they handled admin txs controlling $300m of user funds on an ONLINE DEV machine.
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Relationships matter, background checks matter, loyalty matters, history matters, integrity matters. These things can take years to build in a team and can be gone in a minute. Selecting for integrity is 1000x more important than ambition.
Drift@DriftProtocol
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Follow-up if you paid someone $1M to build on your network they didn’t pick you because you were the best.
Steph Vaughan@GoodStephV
If it cost you $30,000 you weren’t invited to speak
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Steph Vaughan me-retweet
This is absolutely wild. $270m hack came down to fake app developers playing the long game and phishing multi-sig holders with a TestFlight app.
Almost a decade ago, I watched my team at Tokensoft setup clients with air gapped machines and multi-sigs while preaching security to a growing class of finance clients developing protocols about what attack vectors could be thrown at them.
Hearing about the levels the Drift hackers went to social engineer the multi-sig holders into installing their fake TestFlight apps is next level.
But, it is clear the Drift team and multi-sig holders never battle tested their security setup or used known security protocols now over a decade old.
CoinDesk@CoinDesk
ANALYSIS 🧵: The $270M Drift Protocol hack was a six-month North Korean intelligence operation. Attackers posed as a quant trading firm, met contributors in person at conferences across multiple countries, and deposited $1M of their own capital before executing the drain.
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What did you do to my face and why did you turn me into Chandler @binance???
Who is this imposter?
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Today, we launched Franklin Crypto: a new dedicated, institutional-grade crypto investment management unit.
Industry veterans Chris Perkins and Seth Ginns will co-lead Franklin Crypto alongside @FTI_Global’s Tony Pecore. To expand our existing suite of actively managed crypto and blockchain VC investment offerings, Franklin Templeton will acquire 250 Digital, led by Perkins (@perkinscr97 ) and Ginns @sethginns , formerly of CoinFund. As part of the agreement, all CoinFund liquid cryptocurrency strategies will be acquired to broaden our crypto investment platform.
The transaction is expected to incorporate tokenized registered securities within its settlement structure, marking an important step toward conducting M&A transactions on chain.
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Many posts about the Drift founder following the hack are straight-up misogynistic. No wonder so much female talent has left for other tech sectors.
I haven't looked into the events of Drift, but Crypto's talent density is already too low, we don't need comments like that.
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Steph Vaughan me-retweet
Recent joint guidance by the SEC and CFTC attempts to define a crypto asset issuer. Kudos to both agencies, since that's a difficult thing to do.
@NYcryptolawyer explains why:
Jacob Robinson@JacobRobinsonJD
My conversation with Lewis Cohen (@NYcryptolawyer), Partner and Co-Chair of @CahillNXT on the latest in U.S. securities law and crypto. 0:00 Intro 1:19 SEC & CFTC on Investment Contracts & Crypto 3:51 Attachment and Separation 6:52 Secondary Market Transactions and Ripple 10:43 Safe Harbors 13:37 Who Is the Issuer? 17:24 What Counts as a Representation or Promise? 22:55 Disclosure 24:53 Ending An Investment Contract 29:43 Legal Claims Against Issuers 34:05 Unregistered Securities Exchanges? 35:22 Bifurcated Disclosure Markets 39:06 AI: ChatGPT, Claude & Disclosure 39:58 Valuing Guidance After Loper Bright 43:01 What the SEC Got Right / What Is Missing 46:19 Vaults 47:29 Lewis Needs Movie Recommendations Includes paid partnership with our sponsor, @DayOneLaw.
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@DefiIgnas Unfortunately this is still true. Everyone needs to do better.
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Crypto gave up building real DeFi years ago.
What we have now is onchain finance.
For me real DeFi means:
- no admin keys that can modify or upgrade contracts (most are upgradable projects)
- no multisig that can pause withdrawals, block addresses (like Hyperliquid)
- no centralized oracle feed or offchain dependencies that a single provider can manipulate (Aave falls here)
And no governance token concentration that lets one entity do whatever it wants.
In this sense only Uniswap falls under pure DeFi. Perhaps Curve too.
Even OG MakerDAO had dependency on oracles but pivoted to pure onchain finance protocol. Or Reflexer's RAI that didn't target direct $1USD peg needed oracle.
Liquity V1 was a good try but still needed oracles.
a16z vision of 'progressive decentralization' was a right one, but we gave up on it.
So blaming Drift for not being DeFi is true, but basically nothing is.
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Steph Vaughan me-retweet
Bitcoin is more vulnerable to quantum cryptography than traditional institutions like banks, says @apruden08
"One reason is obvious. Satoshi — who we think has gone away or died or something — their early bitcoin hasn't moved. There's a bunch of lost coins. All in all, about 15% of bitcoin supply is estimated to be lost. That's hundreds of billions of dollars. That's a huge incentive."
"Let's take the counterexample of if someone wanted to hack into a bank or something. As you pointed out, banks are centralized, they can react. Also, the way that banks implement their cryptography is just one of many layers of security."
"Theoretically, if someone tried to wire all the money out of my account, my bank would call me."
"That's not true for Bitcoin. All I need is one signature and all of Satoshi's, Coinbase's, or Binance's bitcoin is mine. There's no fallback."
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Christine Moy (@cmoyall), Paul Frambot (@PaulFrambot), and Andy C (@andyyy) discussed how vaults are converging with institutional asset management.
From onchain credit to global liquidity, vaults are becoming the new financial rails:
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Steph Vaughan me-retweet
@GoodStephV @sethginns Thanks, Marine. Deeply appreciate your partnership.
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@danrobinson @thecolinmclaren Just some light market manipulation.
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Never do April Fool’s Day
Never ever do April Fool’s Day as a company
Never, ever, ever do April Fool’s Day as a company with a token
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Congratulations @sethginns @perkinscr97 and the CoinFund Liquid team!
Amazing news. 🚀🌕
The Block@TheBlockCo
BREAKING: FRANKLIN TEMPLETON AGREES TO BUY COINFUND SPINOFF AS PART OF DIGITAL-ASSET EXPANSION — WSJ
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