Co-founder at @tradingprotocol. Don't trust, verify. Open source, information security, human rights and cryptocurrency enthusiastic since 1995.
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Apr 4 • 29 tweets • 7 min read
1/ SOLANA: SAFER THAN ETHEREUM
Memecoin mania happened on Solana. To the same extent, it can never happen on any EVM chain.
Let's examine Solana's SPL tokens and why they offer a better user and developer experience than ERC-20 and how is this related.
A short thread.
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2/ What if I told you, tokens can be done better?
Mar 4 • 34 tweets • 8 min read
1/ THE BITCOIN DEFI AND WHY DID NOT GET IT YET
Why all the current Bitcoin L2s are 💩
A short thread and on trust assumptions
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2/ Bitcoin has existed 15 years. But even for a Bitcoin maxi, it's quite a stretch to say Bitcoin is technology-wise doing much compared to alternative blockchains.
Feb 16 • 41 tweets • 11 min read
1/ SOMEONE JUST LOST $5M in an ERC-20 phishing transaction using so-called increaseAllowance() method.
ERC20 phishing scams netted $50M/m to the bad guys, mostly using permit(), increaseAllowance(), approve().
What are these methods and why do people keep losing money?
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2/ This is a story where common sense is not on a driver's seat, or not even on a navigator's seat.
It's a story where good-meaning fools caused the creation of wallet drainer cybercrime industry, causing hundreds of millions of losses.
Oct 8, 2023 • 38 tweets • 9 min read
STARS ARENA HACK AND ITS IMPLICATION TO AVALANCHE
The new darling of Avalanche got hacked twice on two subsequent days, for $3.5M. Avalanche ecosystem and its investors are rushing to make the project whole.
Why did this happen, and what can we learn from this?
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BACKGROUND
Let's lay down facts and see what we have on the on-chain drama plate this week.
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May 11, 2023 • 6 tweets • 4 min read
REAL-WORLD ASSETS - DO THEY EXIST ON-CHAIN YET?
Maybe. Due to popular requests and feedback from happy Twitter users, we have made a spreadsheet where you can start tracking Real World Asset Revolution ™
Crypto wallet signature and approval scams are rampant.
Why does this happen?
What actions can a community take to prevent these scams?
Is this universal: is it specific to Ethereum's design, are other blockchains safer?
2/ There are two kinds of problematic transfers in the financial world: authorised and unauthorised. In this Twitter thread, we focus on authorised transfers - i.e. the account owner signs the transfer himself.
Dec 8, 2022 • 42 tweets • 10 min read
1/ WHAT EUROPEAN CENTRAL BANK HAS IN MIND FOR THEIR #CBDC PILOT?
I read through the onboarding package.
TL;DR: ECB copies #bitcoin and makes a centralised version of it.
👇👇👇 2/ First the sources: the information is available on ECB site. More information in this good post by by @Finextra
👇👇👇 2/ In a smart contract security audit, or "smart contract audit" for short, usually a third party reads through the code written by the project smart contract developers and they look out for security vulnerabilities.
Unpredecent events unfolding... is it about the mastermind criminals, North Korean spies, privacy keyboard warriors or ignorant fools?
Have your ☕ ready. Let's go for a long thread!
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2/ TornadoCash is the most famous smart contract-based privacy transaction tool othe #ethereum blockchain using so-called shielded transactions (more about the model later).
1/ A smol thread on Coinbase insider trader fraud charges.
A different perspective: should a listing event be considered as insider information in the first place?
While everyone might think "d'oh, obviously" let's throw in some critical thinking and facts.
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2/ Mr. Wahi and his conspirators allegedly made $1M+ by frontrunning Coinbase listing.
- Wahi knew about the listing decision and date
- He shared this information with his brother and a third party
- Sers bought some coins on a day before the listing
Jun 18, 2022 • 39 tweets • 12 min read
1/ WHAT IS THE FUTURE OF DEFI AND CEFI?
Why #DeFi on-chain markets are the future and what is Trading 3.0 going to look like? How is the current crypto market stress going to reshape the market microstructure?
What does a bad cop smell like? A case study with one "audit" report of a scam project. What kind of audit report is a red flag and who are the dishonest auditors working with scammers?
A thread
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2/ As a preface, to set the baseline of understanding, the security audit of a smart contract should have two audiences:
More importantly: WHAT IS FAIR FOR THE PARTICIPANTS?
A thread
👇👇👇 2/ What cannot be saved, cannot be saved.
In the end, Do Kwon did not have enough billionaire friends for $6B bailout. Better to let the burning platform to sink, instead of destroying value by trying to keep it afloat.
May 10, 2022 • 25 tweets • 8 min read
1/ The short history of algorithmic stablecoins, fractionally backed family.
Some inherited unstableness goes in the blood.
A thread.
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2/ The last night was intense as $8B algo stablecoin Terra was about to crash. Looks like the $UST peg is restoring for now. Let's see if billionaire buddies make a difference.
I do not wish to see Terra collapse uncontrolled, but I see a lot of people losing their faith.
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2/ #DeFi keeps scoring higher and higher in the value of "hacks", counting losses in dozens of millions of dollars. This will make the users legitimately worried.