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Sahil
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Sahil retweetledi
Sahil retweetledi
When the industry faces challenges, Tether steps up. 🛡️
We are leading an up to $150M recovery plan alongside the @SolanaFndn to support user recovery and safely relaunch @DriftProtocol
Watch the video to see how we're protecting the community and expanding $USDT on Solana. 👇
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Sahil retweetledi
Today, Drift is announcing a collaboration with @tether and other partners totaling up to nearly $150 million to support our commitment to a relaunch with USDT at the center, and a path to user recovery.
These funds encompass a $100M revenue-linked credit facility, an ecosystem grant, and loans to market makers, designed to fund a dedicated user recovery pool.
Learn more 👇
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Sahil retweetledi
Agreed, this feels like a weak argument for closed source. If your everyday device is compromised, your code is already at risk, open or closed doesn’t save you there. At least open source gives you auditability, more eyes, and a chance at catching issues early. Security through obscurity has never been a real defense.
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If they can get you to sign a tx they can steal your source code. Immutable open source with formal verification is the only real option
Arjun@clipsofcrypto
"North Korea is willing to spend $100 million for a $300 million prize. You don't have $100 million to defend yourself" Haseeb on why open source might stop being the default in crypto "The pollyanna-ish kumbaya version of open source we've had over the last 20 years is going away" "Crypto apps are open source but they're maintained by a single company. Only Drift uses the Drift contracts. That's really different from open source like Linux or Axios" "There's such an asymmetry between attackers and defenders that this may end up pushing against open source as the default. Maybe they issue a zero knowledge proof that shows there's no admin key, but they're not going to decompile the code for you"
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Sahil retweetledi
Sahil retweetledi
48 hours since Drift got drained for $285M. Elliptic and TRM Labs have linked it to North Korea. 20+ protocols were impacted including Carrot, Reflect Money, Ranger, Prime Numbers, Gauntlet, and more. I scanned 23 protocols yesterday, found 19 with no timelocks. Added 3 more today. Almost nothing has changed
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Sahil retweetledi
A lot is happening in the crypto regulation world lately, how are you keeping up with it?
I curated a tool, check out the link in bio, if you already haven't.
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Sahil retweetledi
Crypto isn’t being regulated globally.
It’s being shaped, differently, across jurisdictions.
I’ve been tracking this and built DAOcuments to make sense of it.
A global Web3 regulatory tracker covering:
→ legislation
→ enforcement
→ court decisions
→ policy signals
If you’re building, this is your map. Bookmark it.
#web3 #CryptoRegulations #RegulatoryTracker #Web3Lawyer
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Coinbase has received "bank status" in the US?
What Actually Happened:
> Coinbase received conditional approval from the Office of the Comptroller of the Currency (OCC), a key US federal banking regulator, to establish Coinbase National Trust Company.
> This is not a full commercial banking license.
> Coinbase explicitly clarified: It will not take retail deposits, make loans, or engage in fractional reserve banking (the things traditional banks do).
> It is a limited-purpose national trust company charter, focused almost entirely on custody.
In simple terms: Coinbase is getting federal permission to act as a federally regulated crypto custodian instead of relying only on state-level licenses.
If you are tracking global web3 regulatory developments, check out: daocuments.com
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Sahil retweetledi
Sahil retweetledi
Already did. Scanned 23 protocols against that exact standard. 8 need only 2 signatures. 7 of those without timelocks. Also found shared signers across protocols creating chain reaction risk. One key sits on 3 protocols covering $2.65B
toly 🇺🇸@toly
What would make something more “native” than squads? solana has “native” multisigs because transactions are compound by default. Any smart contract can require any n/m combo and implement their own policy. Or do you mean some kind of native policy? Squads already has that built. Someone can scan the chain and shame any DeFi protocol that doesn’t have onchain squads with a timelock and at least 3/5 signers. Yell at the founders in your portco
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The issue is way bigger than setting up a dedicated tx device.
A protocol just lost $280M because 2/5 multisig signers were socially engineered into pre-signing transactions that sat dormant for a week.
No signing laptop prevents that.
We need dedicated opsec audits of protocols, not just their smart contracts but their multisig governance, signer policies, and admin key management. And a public transparency standard so users can evaluate protocol security posture before depositing, not after the postmortem.
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today, it is your moral responsibility to set up a dedicated transaction signing device for crypto
"i have an old laptop that i have been thinking of formatting" - trust me it will never happen
just buy a new laptop, do not think about cost.
"well my onchain funds are not that much" - they will be at some point
it's better to set up these guardrails when you have nothing to lose, in peace, vs panicking at the last minute
clear everything from your calendar and just do it.
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Sahil retweetledi
While we wait for the dust to settle and hope for the best there is, sharing a few pointers on hardening the admin control flow for programs:
1. Program-native multisig for all admin config ixs over and above the obvious external multisig/cold-wallet setup
2. Timelocked admin execution enforced onchain for critical changes to program config like new listings, thresholds for circuit breakers etc.
3. Real-time admin config alerts so team/community can act on time critical intel.
4. No-op buffer for emergency bricking so program upgrade multisig can swap in a single tx
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Sahil retweetledi
not 100% fully certain yet, but it seems drift might be getting exploited
monitor your positions
mert@mert
hello someone from circle reach out asap, seeing high likelihood of a potentially large exploit
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Sahil retweetledi
Sahil retweetledi
Sahil retweetledi
Built something for anyone building in crypto.
Regulatory clarity, by country, is one of the hardest things to get right before you ship.
Is it legal here? Partially restricted? What laws apply? Are there active enforcement cases?
Right now you're digging through PDFs, law firm blogs, and 3-year-old articles.
DAOcuments maps crypto regulation across every country, legal status, legislation, enforcement cases, and news. All sourced.
Useful if you're:
→ Choosing which markets to launch in
→ Building a compliant product in a new jurisdiction
→ Doing due diligence before raising or deploying
→ Staying on top of how regulations are shifting
Teaser in the video. Interested in early access?
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Sahil retweetledi
Fuck Racists.
Some of the smartest people I know are Indian.
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