0xbepresent
8.2K posts
@0xbepresent
Smart contract bug hunter | Found +200 H/M | 90+ audits | I like to observe things
These Resolv guys are straight-up clowns 🤡 Looks like the “exploiter” was basically an insider — probably some engineer who knew exactly how sloppy their security was. Total damage by now: ~11,318 ETH (~$23.8M), now just chilling on this address: 0x8ed8cf0c1c531c1b20848e78f1cb32fa5b99b81c What’s even funnier — the exploiter casually spent 4 HOURS swapping wstUSR into USDC/USDT, patiently waiting for traders to buy the depeg back up lol (and even now keep swapping). On top of that, they kept abusing the mint bug multiple times over several hours. Team must’ve been on weekend mode with laptops fully closed. Either way, no shot they’re covering a $23.8M hole. But the real comedy is how they handled the situation (spoiler: as badly as possible). At this point, only a full reboot could justify holding USR. RIP RESOLV 💀
$MSFT CEO Satya just made one of the most revealing comments of the entire AI cycle when he said Microsoft has $NVDA GPUs sitting in racks that cannot be turned on because there is not enough energy to feed them. The real constraint is not compute but power & data center space. This is exactly why access to powered data centers has become the new leverage point. If compute is easy to buy but power is hard to get, the leverage moves to whoever controls energy & infrastructure. Every new data center that $MSFT, $GOOGL, $AMZN, $META & $ORCL are trying to build needs hundreds of megawatts of steady power. Getting that energy online now takes years which means the players who locked in power early & built vertically across the stack are the ones with real control. Hyperscaler growth is no longer defined by how many GPUs they can buy but by how quickly they can energize new capacity. Satya’s other point about not wanting to overbuy one generation of GPUs matters just as much. The refresh cycle is shortening as Nvidia releases faster chips every year which means the useful life of a GPU now depends on how quickly it can be deployed into production. When power & space are delayed then that GPU loses value before it ever produces a dollar of compute revenue. Satya just validated why my DCA plan remains overweight in the AI Utility theme. The AI economy will scale at the rate power comes online, not at the rate chips improve. The next phase of AI infrastructure growth will belong to whoever can energize capacity faster than demand expands. Power has become the pricing layer of intelligence: $IREN, $CIFR, $NBIS, $APLD, $WULF, $EOSE, $CRWV
Now that people seem to be paying attention to what's actually behind the yield coin meta, few more fun facts for you. The Stream xUSD wallet holds 60% of the outstanding xUSD all of which is levered up. While the comingling of funds between their products make it impossible to know how much is recursively minted with its own backing, this includes a $95m position on Plasma Euler. As with most of these positions it would be impossible to actually liquidate given on chain liquidity. Of course they are using an upgradable proxy for the oracle, so need not worry about those things. xUSD largest exposures are - mHYPE (whose liquidity buffer appears to be empty) - RLP whose transparency page numbers don't match the wallets and shows a negative $25m balance on Binance. Other notable exposure is to other yield coins like rUSD, which about 30% of its backing is rUSD itself. As well as deUSD, who has 30% of their backing in mF-ONE. mF-ONE is mostly off chain but claims to have a $16m "liquidity buffer", which is actually 100% deposited to mTBILL. mTBILL is missing about $15m but only has $100k "liquidity buffer" and the other $5m is in BUIDL. In general basically every Midas Transparency page is wrong in some capacity (which is more than you can say for Stream who's still doesn't exist) and every single one you look at has some amount of funds not showing up in the wallets. The daisy chain stretches on farther than you can imagine and with recursive self minting and lending fueling basically all of the "growth". Though good news Midas provides "Independent Verifications and Attestations" which like the one below are 4 lines of arbitrary numbers followed by 120 blank pages. drive.google.com/file/d/1Zj8fAv… Happy Farming.
CIA and Mossad and pedo elite are running some kind of sex trafficking entrapment blackmail ring out of Puerto Rico and caribbean islands. They are going to frame me with a laptop planted by my ex gf who was a spy. They will torture me to death.
