Ramiro Vignolo

@AlexAuroraDev @aave This was not funny and could have ended badly.

A funny twist was that the hacker deposited a portion of the funds in the @aave pool. And then they returned LP tokens. The KelpDAO hack happened which led to full utilization of the stables on Aave. Which meant that these assets are stuck.

On April 16, ~$18.4M was stolen from Rhea Finance. Over the next 7 days, through the joint effort of the NEAR ecosystem, we recovered it. Then we had to recover the recovery. Here's what happened 🧵

@AriEiberman @0xV0k3r @ether_fi What example do you want? Xapo fx is almost the same as market fx when you consider cashback. Xapo is expensive, but it is a bank and in an extreme case it will cover up to 120k GBP. If you are trying to avoid USDT/USDC smart contract risk, Xapo supply APR will cover yearly fees

@efectorami @0xV0k3r @ether_fi No? Tell me more about Xapo card 🙏 Can you give a real example I haven’t yet requested for it because Xapo membership will make me poorer

How are you thinking your card unboxing experience for your neobank? Here’s @ether_fi card in their most basic tier. How do you like this unboxing? Does it really represent the brand or the experience of its users?

@AriEiberman @Zucher_DeFi @0xV0k3r I think you are making incorrect comparisons. You cannot compare the card fx against USDT/ARS at P2P. You must compare the card fx against USDT/ARS at a Cueva. This is because the first one would report to ARCA while the second one would not (as using etherfi card).

@Zucher_DeFi @0xV0k3r No guys, it’s not about EtherFi. Every foreign issued card works the same here. It takes the acquirers bank rate which is 7% lower than USDT rate (cripto dolar) It’s a big spread+fee the acquirer bank charges Visa because of legacy volatility and pesos natural risk.

@AriEiberman @0xV0k3r @ether_fi And also, the fx for etherfi, once you take into consideration the cashback, is similar to USDT to ARS from a cueva.

@0xV0k3r @ether_fi Not at all. Foreign cards (stablecoin or any bank, eve Revolut) in Argentina still suck

@aescobarindo @kendaIIc @AlexAuroraDev @ilblackdragon @0x_socratic @ChrisJBriseno @AbhishekEsq @ekuzyakov @MarcGoldich @AxelClipman @AnirudhanAbhi @zerochlnock What are you going to do with the locked funds on aave? It is so funny that they were left inside aave haha

A rainbow after the rain for RHEA 🌈 The brains behind RHEA's recovery — @kendaIIc @AlexAuroraDev @ilblackdragon @0x_socratic @ChrisJBriseno @AbhishekEsq @ekuzyakov @MarcGoldich @AxelClipman @AnirudhanAbhi and the one and only @zerochlnock These are 1 of 10 group of experts who helped us recover within 96 hours of the hack. More official updates, post-mortem, re-opening of operations, and a detailed breakdown coming soon

@AlexAuroraDev I told them. Many times. You can verify my comments on their twitter account. This was the first time I used twitter haha, so I am not sure why they did not reply.

@efectorami True. This is a tricky situation.

Rhea hack story is coming to an endspiel. A small outstanding amount of funds remains in the hands of the hacker and now he has 24h to close this.

@AlexAuroraDev Yes but the hacker transferred aave aTokens. They cannot be redeemed for the underlying asset. There is no liquidity in aave anymore. I notified the Rhea team in their twitter account and they did not reply. Those 3.5M are lost for unknown time period now.

@efectorami Hacker transferred these to Rhea team

@rhea_finance You can’t withdraw anymore. This is just stupid from your end. Just read a bit

An update on the fund recovery process and reopening of RHEA protocol: Funds continue to be returned. We have received additional assets from the exploiter since our last update. The team is performing due diligence across all protocol components and is confident in moving toward a gradual reopening of the protocol, starting with RHEA DEX on NEAR, which is aimed to go live after all contracts have been reviewed and security has hardened. A detailed recovery plan, asset breakdown, and user support and recovery framework will be published once finalized.

@rhea_finance You just don’t understand how lending works.

@rhea_finance This is just stupid. Utilization will reach 100% soon. You won’t be able to withdraw. I thought you manage a lending protocol.

@rhea_finance Are you crazy guys?? Just withdraw from aave!!!

@rhea_finance Did you withdraw from aave already?

@rhea_finance guys, what are you waiting for? you have USDC deposited on AAVE. AAVE just got hit. You are in time to withdraw and get back your USDC... what are you waiting for?

An official update for the community is a work in progress.

@AlexAuroraDev based on the recent hack of rsETH, you guys should withdraw the USDC from the AAVE lending protocol asap. Otherwise it won't matter that you manage to recover the funds.

This was a right thing to do, sir. Thanks for returning the money.

@rhea_finance given the ongoing hack on rsETH you might want to withdraw from AAVE the USDC that has been recovered

@damareonmc @HatomProtocol This implies that your borrowing limit with BUSD collateral will decrease accordingly, until reaching a point in which BUSD collateral does not allow you to borrow assets, because its collateral factor is zero.

With Binance gradually ceasing its support for $BUSD, we are initiating a strategic action plan to safely phase out $BUSD from our lending protocol. This plan commences on December 6th and involves several critical steps. Please read all this information carefully to understand how these changes will affect your positions and what actions must be taken within the lending protocol. Immediate Actions Starting December 6th 1. Termination of Reward Programs: Both Controller Rewards and Booster Rewards will be discontinued, reducing the net rewards APY to zero. All the rewards previously allocated to $BUSD are now being equally redirected to $USDC and $USDT; 2. Adjustment of the Reserve Factor: The reserve factor will be set to 1, bringing the supply APY to zero. 3. Pause of Borrowing: We will suspend all borrowing activities in the $BUSD money market. 4. Mint Pause: Minting operations will be paused. Gradual Reduction of Collateral Factor The current collateral factor for the $BUSD money market is 80%. A key aspect of this deprecation is the systematic reduction of the $BUSD collateral factor, scheduled as follows: • December 7: Reduction to 70%, marking a 10% decrease. • December 8: Further reduction to 55%, amounting to a 15% decrease. • December 9: Adjustment to 25%, signifying a 30% decrease. • December 11: Finalization at 0% collateral factor, completing a 25% decrease. These steps will bring the $BUSD money market in line with the deprecation criteria: a zero collateral factor, a suspended borrowing capability, and a reserve factor of one. Liquidation of Outstanding Borrowings It is imperative to recognize that all outstanding borrows in the deprecated $BUSD market, including those in solvent accounts, are subject to liquidation. For example, if an account holds a loan of 1000 $BUSD, any external party may settle this debt. By doing so, they gain the right to claim the borrower's collateral at a discounted rate. This liquidation is crucial to ensure the repayment of all borrowed funds, enabling the secure withdrawal of supplies from the deprecated market. We advise you to switch your $BUSD debt and collateral position to another stablecoin to ensure a smooth experience while we transition away from the $BUSD market. If you require any assistance, please feel free to reach out to us on our Telegram group using this link: t.me/HatomProtocol Our team is readily available to provide support and guidance during this phase. Thank you for understanding!

@damareonmc @HatomProtocol Ideally you should start replacing your collateral with other asset, as BUSD collateral factor will start decreasing soon.

@KangerooDiv @HatomProtocol @CristianRatis @CoinMarketCap @coingecko no sir, when you consider borrows, you are reporting 100. If you don't consider borrows, TVL is just 75. Of course we are not reporting 125. Thanks!

Hatom has achieved a significant milestone by surpassing a TVL of over $100 million, propelling the MVX blockchain into the ranks of the top 18 largest blockchains in terms of DeFi TVL. 🚀 This accomplishment represents a tremendous achievement for the blockchain, and it marks only the beginning of an exciting and promising journey in the world of DeFi! 🔥 We also have some exciting news to share with you in the upcoming days, so make sure to stay tuned! 👀