Tony | pigi.finance

Founder | DeFi Analytics

[SolanaFloor @SolanaFloor]

🚨JUST IN: @Solana based neobank @avici has reportedly been hacked, with more than $600,000 drained from user accounts so far.

[Tony | pigi.finance @AnthonyAkentiev]

@SolanaFloor @solana @avici Shit. Again.

[Tony | pigi.finance @AnthonyAkentiev]

@stacy_muur @betrmortgage What if the BTC goes up - can they refinance the mortgage? :-)

[Tony | pigi.finance @AnthonyAkentiev]

@GabiDev98 @Morpho What's the idea? Are you sure MANY people need to create a vault every day? Still, very cool!

[Tony | pigi.finance @AnthonyAkentiev]

@thedefiedge How about https://t.co/1KAIn8yC7A? :-)

[Tony | pigi.finance @AnthonyAkentiev]

@thelearningpill @Glasscade_xyz Great! Instant follow

[Tony | pigi.finance @AnthonyAkentiev]

@pendle_fi Let's go Pendle!

[Tony | pigi.finance @AnthonyAkentiev]

@redphone from "Institutions are coming" to "TradFi is all here"!!

[Tony | pigi.finance @AnthonyAkentiev]

@cometwtf fuck the DeFi? no, not yet

[Tony | pigi.finance @AnthonyAkentiev]

@cryptojack Oh, another one...

[Tony | pigi.finance @AnthonyAkentiev]

@Aprilzz423 Wow, that's a banger!

[Tony | pigi.finance @AnthonyAkentiev]

@Defi_Warhol @Morpho @Paxos Morpho is widely used and it's normal. Same with Aave as you know:

"On March 10, 2026, a misconfiguration in Aave V3's Collateral Asset Price Oracle (CAPO) system triggered approximately $27 million in forced liquidations of wrapped staked Ether (wstETH) positions"

[Tony | pigi.finance @AnthonyAkentiev]

@DeFi_Made_Here What do you mean by that?
> No curator does the risk management, because there are no tools on Morpho to do any of it.

You can build your own tools/dashboards to monitor risk. Or there are 3rd party tools that do that

[pigi.finance @PigiFinance]

Would be cool if options like TWAP/Linear were more transparent and had additional explanations like "borrowers will be more protected than lenders in such cases: ..."

This will help people choose the proper vault.

[Tony | pigi.finance @AnthonyAkentiev]

@pieakshat @alphaleaked Exactly! Defi worked as it should have.

[Tony | pigi.finance @AnthonyAkentiev]

@EthanDeFi_ Linear discount shifts the risk from borrowers to lenders.

A genuine reUSD yield spike would leave the market with bad debt instead of a few liquidated loopers.

So this is a tricky decision.

[Tony | pigi.finance @AnthonyAkentiev]

@riksucks Linear discount shifts the risk from borrowers to lenders. A genuine reUSD yield spike would leave the
market with bad debt instead of a few liquidated loopers.

So this is a tricky decision.

[Tony | pigi.finance @AnthonyAkentiev]

@andrewhong5297 My research says there are 19 borrowers, not 12 that lost their money:

- USDC market only: 13 borrowers, $35.2M
- USDT market only: 7 borrowers, $0.96M
- One address (0x6554…) was liquidated in both, so 19 unique across both markets (my number).

[Tony | pigi.finance @AnthonyAkentiev]

@PigiFinance @re A good investigation is available here - https://t.co/xJH4Ekp0FQ

[0scar @0scaronchain]

Here's what happened based on a quick investigation

- 0x854e... starts TWAP-buying YT-reUSD to push down the price of PT
- borrower 0xaa34... was sitting at a 90.9% LTV
- By buying YTs, 0x854e pushed 5.4M PT into a pool that held 3.1M PTs
- 15-min TWAP price falls to 0.9647, causing 0xaa34 to be flagged for liquidation
- Liquidator 0xd67d... seizes the collateral and repays the debt
- Liquidator and YT buyer are the same entity, because the liquidator paid for the buyer's gas multiple times
- they then use the YT bought + seized PTs to redeem for reUSD without slippage

This entity was already holding YTs and a leverage loop on PT-reUSD so they saw easy money in forcing a liquidation. Their realized gains were at least $360k + they have unrealized p&l from their other positions.

Two major problems:
1) Morpho market used an Oracle with a 15min TWAP, which is not robust enough for long-dated pools that will have low liquidity

2) this type of "MEV" is a looper's nightmare. Play to close to the sun and you're inviting sophisticated players to liquidate you

[Tony | pigi.finance @AnthonyAkentiev]

@eldarcap > @Morpho
launched Midnight a while back and so far it hasn’t gathered much traction (100K active loan roughly).

it will, I think. the product is good