dtoh

Bybit, as the biggest holder and supporter of Mantle, will vote YES for this proposal. When we got hacked the industry got together and helped us. It is the only right thing that we do the same to unit together and walk out from difficult times.

You've been stuck in 2 broken games: - prediction markets that cap you at $1 - launchpads that never resolve 🪻Enter 42, an event-launchpad: ✧ where outcomes are liquid tokens ✧ and markets settle on truth where 1000x is structurally possible, even when you're wrong🧵

🌳 A Major Milestone in DOR Adoption @FalconXGlobal has executed the first tradable Ethereum Staking Rate Forwards (FRAs) referencing TESR, the benchmark staking rate published by Treehouse. Institutional participants include Edge Capital, Monarq, Mirana & more. Read on. 🧵👇

We commend our partners at @Bybit_Official, @Mantle_Official, and @mETHProtocol for their swift actions and hard work over the past day. Their clear and transparent communication, decisive measures to halt unauthorized flow of stolen funds, and facilitation of withdrawals with minimal downtime underscore the robust capitalization and solvency of the Bybit and Mantle ecosystem. We stand with them as we push toward a swift recovery.

The Bybit Hack: What Now? Was mid-podcast with @DeFi_Dad last night when we heard about the $1.4B heist. Over the years at Treehouse, we've interviewed 20+ applicants with great resumes who refused to turn on their cameras, couldn’t answer basic questions about their listed universities or home countries, and immediately exited the interview when pressed about their Korean accents. As a co-founder of a DeFi protocol, I get 3-4 phishing emails/Telegram DMs attempts a week; I can’t imagine the sheer volume of attacks an institution like Bybit, managing far more assets, must fend off daily. How Did Lazarus Pull It Off? The North Korean-linked group compromised the front-end of the Bybit multisig into approving what seemed like a routine cold-to-warm wallet transfer—except the recipient was Lazarus. This transaction required four signers, including Bybit’s CEO @benbybit, executed using a @Ledger device and @safe as the multisig solution. Two leading possibilities: 1. A Compromise of Ledger or Safe – If either was fundamentally exploited, we’d likely see widespread attacks across exchanges, protocols, and institutions using these solutions. Since we’re not, this scenario seems unlikely. 2. A Socially Engineered Attack – The far more probable explanation. Lazarus likely infiltrated Bybit over months (or years), gathering insider knowledge of operational security, signer behavior, and transaction processes. For an attack of this scale, the hackers had to know: - Who the signers were – their identities, routines, and level of access. - What devices they used – whether they frequently swapped machines or relied on a single device. - When and how keys were rotated – whether multisig key changes were scheduled regularly or if there were gaps in security. From there, they had to compromise those devices. Obviously, this wasn’t a random exploit. I’m sure Bybit's working around the clock with security experts to piece this together. A Masterclass in Crisis Management Within the first few hours, @benbybit and team handled this exceptionally well: 1. Publicly addressed the hack within hours via a livestream, providing transparency on the situation and next steps. 2. Honored every withdrawal request, even as withdrawal volume surged 100x+ their usual. 3. Scaled operations without downtime—processing withdrawals at that scale without breaking systems is an underrated challenge. Yes, Bybit is now effectively net short ETH as many have pointed out, but they are solvent with the revolving facility to help with liquidity, extremely well capitalized, and highly profitable (annual profits >$1.5bn according to Bitget's CEO)—more than capable of absorbing a $1.4B hit. Put simply: If CZ himself could afford a $4B DOJ fine, Bybit as an institution can handle this. What’s Next for Lazarus? Laundering $1.4B in ETH is no small task. It'll take years. They can’t convert it to the top stablecoins – Tether and Circle will freeze any blacklisted funds. Any other assets lack the liquidity and off-ramps – making an exit difficult. Their likely moves: 1. Split funds into smaller wallets – already happening. 2. Convert to ETH first – their standard playbook, per Chainalysis report on past Lazurus hacks. 3. Swap to BTC – higher liquidity, greater scale. 4. Slowly offload through smaller, obscure exchanges – weak compliance jurisdictions. Other, less likely tactics they could do given the scale of this hack: - Buying illiquid tokens and washing them through DEX/CEX, coming out on the other side of the trade. - Using DeFi pools to obscure transaction trails (privacy chains barely hold $55M in bridges; Tornado Cash liquidity is ~$500M). The Bigger Picture The best thing to come out of this? The industry stood with Bybit. The revolving facility for liquidity, continued market-making support, and overall confidence in Bybit’s recovery showed resilience. A $1.4B loss is a black eye for the space, but we need Bybit to succeed for the broader industry to remain strong. It’s clear Lazarus won't be giving anything back so Bybit will eventually have to repurchase the underlying ETH. They likely already hold significant reserves in ETH. Meanwhile, Lazarus will slowly offload ETH (over time, net neutral for the market vs Bybit's buy), rotate into BTC (short-term positive for the asset), and eventually cash out to fiat (likely RMB) so Mr Rocketman can continue to fund his rockets. ❤️ for Bybit

Mantle Network is proud to be the dedicated EVM partner for Synergy, an initiative aiming to advance cross-chain developments between the TON and EVM ecosystems supported by Mantle EcoFund and @accelerator_ton. x.com/accelerator_to…

✅ [PASSED] MIP-24: Mantle EcoFund ➡️ Full proposal: forum.mantle.xyz/t/passed-mip-2… ➡️ Snapshot: snapshot.org/#/bitdao.eth/p…

Yesterday, we announced the MetaStreet v2 lending competition, going live May 15, 2023. Today, we’re going to give an overview on what MetaStreet v2 is, how it works, and why you should care. MetaStreet v2: Automatic Tranche Maker (🏧): 🧵👇

Today, the news of the @BuildOnBase launch reverberates through the industry and marks a dramatic acceleration of the on-chain vision that @Coinbase has been quietly building over the last half decade. Let's dive deep into #Base, and what it means for the Moonwell community. 🧵

The most liquid event at @EthereumDenver is going to be the Meet the VC Brekky on March 3rd. Submit your decks and sign up here: lu.ma/meetVC Shoutout to collaborators @BigBrainVC @hashed @mirana @IOSGVC @NGC_Ventures @OrangeDAOxyz

1/ 🚀 The #Mantle Testnet has arrived! Build on a high-performance, low-cost & high-security chain that is: ✅ Modular in design ✅ Community owned & governed #BuildonMantle and create your dream dApps. Sign up here: mantle.to/devs

1/ Presenting #Mantle. A high performance @Ethereum layer-2 network with modular design, low fees and high security. Mantle’s unique architecture will power the next generation of hyperscaled dApps and accelerate the mass adoption of web3 technology.

After over a year of building our zkEVM-based zkRollup in close collaboration with the @PrivacyScaling group at the Ethereum Foundation, we are releasing the pre-alpha version of Scroll for external testers! 📜 mirror.xyz/scroll.eth/XQy…

Today, @flow_blockchain is announcing a $725 Million ecosystem fund to accelerate growth across the entire Flow ecosystem The largest joint commitment made towards ANY blockchain ecosystem, available for both existing & future developers #onFlow 🌊 👉: flow.com/ecosystemsuppo…

Today we’re announcing M2. The first #metaverse network to enable and grow rich, high-density, large-scale virtual worlds. Backed by renowned #Web3 and #crypto names: @a16z @mirana @DCGco @alliancedao Find out more: improbable.io/blog/improbabl…

1) We are delighted to announce our first raise of $12M led by @Sequoia_India, @mirana (venture partner of @BitDAO_Official) to continue building EthSign Signatures and more tangible scenarios around DAOs.

1) We are excited to announce that @joinmirrorworld has successfully raised over $4 Million in Series Seed Funding. This round is led by @glxydotgg ,@joinrepublic ,@AlamedaResearch. And followed by top investment institutions from the Blockchain, AI and Gaming industries

The Jambo team is extremely excited to announce our seed round raising $7.5m from the most exceptional minds in web3. 🦁 [Our Journey - Thread 👇🏾]

On our quest to onboard the next 100 million citizens to the Metaverse, we are delighted to be accompanied by an incredible group of backers led by @dragonfly_cap, @PanteraCapital and @hashed_official. Join us in our journey to build the #Metaverse! 🚀 blog.ancient8.gg/ancient8-raise…

1/ New Soft Proposal: @the_matter_labs x @Mirana: zkDAO Endowment This proposal creates and funds a community owned #zkSync ecosystem accelerator with $200M that helps bootstrap the @zksync ecosystem, empowers builders, and enables the fractal growth of #BitDAO and all DAOs.