Maxence Raballand

Always great working with the @cantinasecurity researchers 🫡

Wild story unfolding around the KelpDAO hack funds frozen on Arbitrum. Quick context: in April, Lazarus Group (DPRK-linked) hacked KelpDAO for $292M via a LayerZero bridge bug. Some of the stolen ETH flowed through Arbitrum, and Arbitrum's Security Council froze $71M before the attacker could move it further. The industry mobilized to recover. Aave, KelpDAO, LayerZero, EtherFi, and Compound co-authored a proposal asking Arbitrum DAO to release the frozen ETH to a multisig that would compensate hack victims. The vote is passing. Then this week, a plot twist. Lawyers showed up with a restraining order. But not on behalf of the KelpDAO victims. The plaintiffs are Han Kim and two other groups - family members of people killed in DPRK-backed terrorist attacks years ago. They hold combined ~$877M in unpaid US court judgments against DPRK. North Korea never paid. They have been hunting for any reachable DPRK asset for over a decade. When Arbitrum's frozen ETH was publicly identified as "DPRK money," they saw a target. Their argument: this is DPRK property, we have $877M in judgments against DPRK, give us the money. The counter-argument: DPRK does not actually own this ETH - they stole it. The real owners are the KelpDAO hack victims. The old terrorism creditors are trying to grab money that was never really DPRK's. Arbitrum is now caught in the middle. The industry wants to release funds for hack recovery. NY court is saying "do not move anything until we resolve this." If multisig signers transfer the ETH while the restraining order is active, they become personally liable. This is the first real test of DAO funds against competing US court claims. The precedent set here will shape how every future DAO incident response handles legal pressure.

Another week of @3f_xyz private beta! Now $3.1 million of total exposure sits with the JAAA tokenized fund sub-managed by @JHIAdvisors and tokenized by @centrifuge Yesterday's 3F auction cleared the full stack. Same RWA, three risk profiles, three different rates: 🟧 Leveraged LP (8x): 21.7% APY 🟦 Bridge Facilitator: 8.95% APR overnight 🟩 Morpho lender: 3.3% APY To be continued next Wednesday!

@frontrunvc flagged @3f_xyz on Feb 21st On Mar 9th we tweeted: "Looks like seed round staging." Today: $4M seed led by @Maven11Capital, with @FPrimeCapital, @MetalayerVC, @GSR_io, Susquehanna Crypto, @Gate_Ventures. 61 days of signal. Receipts attached. Congrats @sonyasunkim & @3f_xyz team on the raise.

Congrats to the @3f_xyz team on the seed round! Excited for what's coming next as they're building the missing piece of onchain RWAs.

Just to share a few unsolicited thoughts. This is one of the projects I have personally been the most excited for internally. Back in September, people dismissed 3F for 'simply' providing leverage to RWAs. Who cares right? Fast forward a few months, RWAs are the main talk of the town, and supposedly by your timeline, the only lifeboat left for DeFi. Still, people will continue disregarding the complexity of providing leverage to RWAs. These are net new assets that neither traditional finance has iterated upon, nor crypto as a whole. We are coordinating two different structures (Crypto and TradFi) to create a net new thing. Making these things interoperable is no mundane task. 3F will have to take upon themselves multiple responsibilities, and all of these vocations will be equally important. To provide leverage to RWAs, 3F will have to coordinate their network to come to the table and work together. Each of these parties will have different requirements, different legal and compliance structures. A complex issue, but necessary to solve in order to reach the next iteration of DeFi. Lastly, beyond just creating a network, 3F will have to stay opinionated to protect its own users. We have seen most recently that poor design and listing choices can cost many a huge toll. 3F will have to unite its own network and platform to create a safe place which users can trust, but also where DeFi can prosper. I wish them all the luck (!)

1/9 Ever wondered how leveraged positions work with real-world assets (RWAs) on-chain? It's trickier than you'd think, and @3f_xyz has a clever solution, called Grunt. 🧵

We are excited to announce that @3f_xyz has raised $4 million in seed funding led by @Maven11Capital, with participation from @FPrimeCapital, @MetalayerVC, @GSR_io, Susquehanna Crypto, @Gate_Ventures and others. 3F is building the onchain infrastructure that unlocks leveraged exposure to tokenized real-world assets.

@apoorveth @walletchan_ Here I am curious to know if an approach that uses RPC APIs like eth_simulateV1 to then parse the logs and see all transfers would also be a viable option? Or is this method or any other debug method not baseline or too expensive?

Every wallet shows you "asset changes" before you sign a transaction. Most of them call a centralized API to do it. We don't. Here's how @WalletChan_ simulates every transaction using nothing but raw RPC calls and a ghost contract that never exists onchain 🧵

Five project's i'm bullish on coming out of @EthCC: 1. @3f_xyz - leveraging RWA's onchain 2. @SteakhouseFi - solidifying themselves as the only trustworthy curator. Folks ask me for intros all the time. 3. @MidasRWA - institutional adoption through reinsurance. I just met @DennisMidas at Stable Summit. 4. @Scroll_ZKP - @razacodes coming in as new CEO with dialled in focus and a new direction 5. @capapp - one of the few stablecoins that may benefit from Clarity/Genius and with "programmatic insurance" guarantees through re-staking

At @3f_xyz, we are very excited to host our first event for our early partners at @EthCC to celebrate our imminent private beta launch

@sonyasunkim @3f_xyz @3f_romeo FOMO is real

25 hrs of travel later, the @3f_xyz team is reunited in HK! RWAs are indeed the talk of the town

@sonyasunkim @3FLabs Can’t wait 👀

Soon, more to come with @3FLabs

👀👀

Today the 3F x Steakhouse USDC vault is LIVE on @morpho This vault allows lenders to earn yield by supplying USDC to borrowers with institutional-grade RWAs and crypto assets with real-world exposure RWAs and onchain finance is one of the fastest growing trend in crypto today As more assets become tokenized, attention is shifting toward how RWAs can provide greater utility onchain @3f_xyz is developing infrastructure for enabling a one-click RWA leverage solution within defined risk parameters. This vault is an initial phase of that work Link to the full article of our work with @SteakhouseFi View the vault on Morpho: app.morpho.org/ethereum/vault…

2026 will be the year for RWA looping and @3FLabs It's going to be absolutely huge @KyleSamani @pythianism @MikeIppolito_

@mattpocockuk @kettanaito Still not using until @bunjavascript supports it in bun publish… github.com/oven-sh/bun/is…

@kettanaito You using trusted publishers? Not up to speed with this, but I set up trusted publishers a few days ago and it's nice. docs.npmjs.com/trusted-publis…

So ya'll rotate your NPM tokens every 90 days now? Or is there a way that promotes secure publishing without turning it into a total chore? 👀

@Pybast @LayerZero_Core If you’re building docs, vocs.dev from @wevm_dev has this out of the box, highly recommend !

This button in the @LayerZero_Core documentation is something we need on all websites