mobs
4.5K posts

mobs
@mobshq
keeta bull • sol maxi • MLE • zapped @DriftersEXE • building @CorpoDAO @Elevensonsol • meditations X.16













We are observing unusual activity on the protocol. We are currently investigating. Please do not deposit funds into the protocol while we investigate. This is not an April Fools joke. Proceed with caution until further notice. We’ll provide additional updates from this account.

Let’s talk about the Drift Protocol compromise, and how it relates to D3fenders. I know I made an April fools joke today about getting bought out by @MetaMask but the truth of the matter is Web3 isn’t very safe. Big wallets and big platforms would like you to believe that they are, that they use practices and have infrastructure in place to make it so that your assets are safe. The reality is that if Drift Protocol can get compromised to the order of $270 million (most recent figure I’ve seen) to me it means that we have a lot of work to do to fix these inherent problems that are seemingly not going away. I say this all the time, but if someone gave me their @Ledger seed phrase in exchange for mine (mine is basically fucking empty because I’m poor) I would be able to restore that seed phrase onto another Ledger and remove all of their assets, however, they would not be able to remove mine because I use another separate security layer. What is being done for security today is just simply not enough. I joke about a big wallet buying out D3fenders to implement our security, but in reality if this doesn’t happen and if big wallets don’t actually start taking action to protect their users everyone is screwed. Hardware wallets are not the only answer. They’re part of it and they create friction, but that simple layer of friction is not enough. People bring up quantum and how instantly quantum will be able to break through mnemonic. Totally true unless you have a smart contract that’s protected by more than just a private key. We need to start thinking bigger and thinking ahead. We need to start building for the future and stop building for volume. Because that’s basically all that people are building for right now, scaling. Instead of thinking about how many transactions we can go through we need to think about how many transactions we can ensure are safe from malicious intent. Lastly, the problem today is not only wallets. I use them as an example because of the fact that this is where a huge amount of compromise occurs in a way that is familiar to most people reading this thread. Most people aren’t running multimillion dollar platforms that are responsible for hundreds of millions of dollars in liquidity. This is why I use a Wallet as an example. The wallet though is something that touches the lives of every single person who uses Blockchain and is the one single instance where if it is compromised the end user potentially leaves the ecosystem forever. We need to use today’s compromise as a compass heading for where we need to go. Technology in web3 needs to be built for the future, and we need to stop living in the past. So as much as this morning was an April fools joke the message behind it is not a joke at all. Big wallets need to step up their fucking game. They need to start building for the future and stop allowing for the massive drain on our ecosystem that happens daily to the tune of millions. $6 million is lost daily to scams. Seed phrase compromise, complex social engineering scams, all of this leads to massive friction that prevents onboarding and prevents us from progressing. If we’re going to get to that next level big institutions, big wallets, big development labs need to put their heads together to build for the future and take their heads out of their asses because if we don’t actually start thinking about ways to make the space more secure we will never be able to progress to the future that we all want to build.




















