Ciprian Ciurdea

Yeah man crypto is the future, let me bring you up to speed First, TerraUSD collapsed, a massive Ponzi scheme where investors were promised 20% APR on their USD ($20B in UST and $40B in LUNA wiped out) This caused the largest crypto hedge fund to go insolvent due to excessive leverage, 3AC ($3B AUM wiped out) 3AC borrowed funds from all the largest crypto lenders, each of who went insolvent after bank runs inevitably occurred, causing a market wide credit crunch Celsius ($12B AUM, $1.2B deficit), Voyager ($1.6B AUM, ~$670M default), BlockFi ($3.9B AUM, $400M revolving credit) Voyager and BlockFi were bailed out by FTX/Alameda, but ah turns out they were complete fraud too With $10B of customer funds siphoned from FTX to cover Alameda’s losses, a bank run took place, creating a second contagion wave, leaving Voyager/BlockFi rekt again Genesis Lending, under the DCG conglomerate, also went bankrupt due to Alameda/FTX exposure ($3B shortfall) Gemini was lending $900M in customer funds to Genesis, so they and their customers inevitably got wrapped in the mess too No doubt TradFi is involved in this too, with the collapse of two banks that were key banking partners for crypto Silvergate (FTX’s banking partner and ran an payment network for crypto exchanges) experienced a bank run and collapsed after losing $1B on bonds While SVB (Circle’s banking partner for USDC and most tech startups) experienced a bank run and collapsed after losing $1.8B on bonds Not looking too good for Signature Bank either, which runs the ‘other’ bank payment network for crypto exchanges Can’t forget the SEC trying to strongarm the industry from shutting down Kraken’s staking product to calling Paxos’ stablecoins a security and shutting down BUSD, and much more Various banking regulators also strongarming banks into refusing to onboard crypto companies as clients, forcing them overseas and to use sketchy counterparts Anyways Have you heard of liquid staking derivatives and re-staking? Pretty cool financial engineering right there, crypto innovation never stops 💪

$HYPE loading for $100. Get ready ⚡️

This notice is issued on behalf of Resolv Digital Assets Ltd. in relation to the Resolv protocol. Earlier today, a malicious actor gained unauthorized access to Resolv infrastructure through compromised private key, resulting in the minting of approximately $80M of uncollateralized USR. A full post-mortem is currently in progress and will be shared once completed. The incident was identified quickly, and the relevant smart contracts were promptly paused. Approximately 9M USR held by the attacker has since been burned in order to reduce the potential impact. The protocol currently holds approximately $141M in assets, with the only realized impact identified to date being approximately $0.5M in redemptions processed prior to the pause. Current USR supply consists of 102M pre-incident USR and approximately 71M newly and illicitly minted tokens. As an initial step in the recovery process, we are preparing to enable redemptions for all pre-incident USR, beginning with allowlisted users. The current target start date is 23 March 2026. Affected users should coordinate directly with RDAL through official channels. This incident resulted from unauthorized third-party actions, including a targeted infrastructure compromise and cyberattack. Resolv’s underlying collateral was not directly compromised. We are actively:  • tracing and seeking to contain illicitly minted USR and other affected assets  • coordinating with partners and counterparties  • working with law enforcement and onchain analytics firms to identify those responsible We will pursue all available avenues to recover assets and hold those responsible accountable. We strongly advise against trading USR or related Resolv tokens at this time while recovery measures are being implemented. Actions of users during post-exploit period may affect the recovery. Further updates regarding illicit USR, and RLP will be communicated in the near term.