Specter
13.4K posts
Specter
@SpecterAnalyst
Onchain Investigator | Peace ✌️ Specteranalyst.sol (.eth)
Over the past 2 days, there has been a lot of discussion, concern, and misinformation around $THE. Let’s clarify what actually happened. THENA was not exploited. The incident originated from $THE market on Venus Protocol. Our own smart contracts and liquidity pools remain safe and operational. We had been monitoring suspicious accumulation patterns for months and shared observations with security and protocol partners as early as 2025. Venus was always a potential risk surface. We also worked closely with @zeroshadow_io and @HypernativeLabs, who helped flag early signals and coordinate with relevant parties, including law enforcement. While market conditions and liquidity can influence price dynamics during extreme events, the root cause of this incident was a known architectural gap in Venus’s supply cap enforcement, previously identified but not remediated. No one could predict how, if, or when an event like this would occur. But we were watching closely and ready to respond. So what’s next? 1. Later today $THE Single Sided Vaults will see a large increase in APR, driven by fees generated during the incident. These update weekly on Tuesdays. 2. This Epoch’s voters will see outsized returns following the extreme volatility on Sunday. We’re also planning to shed a bit more light on what THE future looks like. Yes, it’s a challenging time, but we’re doing everything we can to push through and remedy the situation. Onwards.
Metaplanet has raised ~$255m from global institutional investors via a placement of new shares priced at a 2% premium, paired with fixed-strike warrants at a 10% premium that monetize our equity volatility for up to ~$276m in additional capital upon exercise. Up to ~$531m in additional firepower on our march towards 210,000 BTC. $MPJPY
A newly created wallet 0x352a just withdrew 20,000 $ETH($44.83M) from #Coinbase. intel.arkm.com/explorer/addre…
@etherscan Nice to see my post featured in this article
A victim lost $50.3M after swapping 50.4M aUSDT for 327 aAAVE (~$35.9K). The victim received $50.9M USDC and $50.4M USDT from Binance on February 20 to two wallets: 0xcaE19A19128C4Aabbabc2334613C6b7AE75b1111 0x98B9D979C33dD7284C854909BCC09b51FBF97Ac8 About 2 hours ago, the victim supplied the USDT and USDC and received aUSDT and aUSDC. Wallet 0x98B then attempted to swap 50.4M aUSDT for aAAVE via CoW Protocol but only received 327 aAAVE (~$35.9K), likely due to extremely low liquidity for that pair. It is worth noting that the CoW Protocol UI shows a warning for such transactions and suggests using TWAP instead. Stay smart.
Poor fellow swapped $50m -> $35k on eth mainnet 😭😭😭 etherscan.io/tx/0x9fa9feab3…
Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface. Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox. The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return. The transaction could not be moved forward without the user explicitly accepting the risk through the confirmation checkbox. The CoW Swap routers functioned as intended, and the integration followed standard industry practices. However, while the user was able to proceed with the swap, the final outcome was clearly far from optimal. Events like this do occur in DeFi, but the scale of this transaction was significantly larger than what is typically seen in the space. We sympathize with the user and will try to make a contact with the user and we will return $600K in fees collected from the transaction. The key takeaway is that while DeFi should remain open and permissionless, allowing users to perform transactions freely, there are additional guardrails the industry can build to better protect users. Our team will be investigating ways to improve these safeguards going forward.
JUST IN: Trader accidentally swaps $50 million $USDT for $36,000 $AAVE on Ethereum.
Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface. Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox. The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return. The transaction could not be moved forward without the user explicitly accepting the risk through the confirmation checkbox. The CoW Swap routers functioned as intended, and the integration followed standard industry practices. However, while the user was able to proceed with the swap, the final outcome was clearly far from optimal. Events like this do occur in DeFi, but the scale of this transaction was significantly larger than what is typically seen in the space. We sympathize with the user and will try to make a contact with the user and we will return $600K in fees collected from the transaction. The key takeaway is that while DeFi should remain open and permissionless, allowing users to perform transactions freely, there are additional guardrails the industry can build to better protect users. Our team will be investigating ways to improve these safeguards going forward.