cryptoverycool 🔥 Ξ 🦇🔊

$LINK $RAM

mostly retweeting interesting finds

[Cobie @cobie]

@gainzy222 thanks man

[Federal Reserve @federalreserve]

Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX

[Luke Cannon @lukecannon727]

I bought my wife an expensive gold necklace for Christmas.

And instantly hedged it with a 20x GOLD short on Hyperliquid.

It's dumb to drop $170k on jewelry. But it's also dumb to not get your wife what she wants.

BOOM, I've turned a expensive depreciating purchase into a delta-neutral strategy that produces passive income ($150 so far)

[RAMSES @RamsesExchange]

.@NestExchange, our security researchers identified a critical vulnerability in your core contracts that puts user funds at risk.

Willing to collaborate with details and guidance on how to restore safety for users and the ecosystem.

[cryptoverycool 🔥 Ξ 🦇🔊 @CryptoVeryCool]

@Bpweber share the link

[cryptoverycool 🔥 Ξ 🦇🔊 @CryptoVeryCool]

@Bpweber share the link please

[cryptoverycool 🔥 Ξ 🦇🔊 @CryptoVeryCool]

@RamsesExchange I would let it all into HyperRam

IF I had any Hypurr 😭

[The Kobeissi Letter @KobeissiLetter]

Today is one of those days:

Just about every asset class is trading lower today and all intra-day rally attempts are being sold.

It's simply widespread profit-taking.

In our view, nothing has changed fundamentally speaking.

That said, the most healthy bull markets experience periodic declines.

In fact, the S&P 500 averages at least 3 declines of -5% or more PER YEAR, despite averaging a +10% annual gain.

The reality is that Magnificent 7's CapEx ALONE is now set to exceed $500 billion PER YEAR.

Rate cuts have arrived, deregulation is here, earnings growth is running at 10%+ YoY, and the AI Revolution is accelerating.

Ignore the noise.

[camol @camolNFT]

For the crypto class of 2023-2025, let me introduce you to @cobie:

- Born in 1967, extremely talented musician
- Founded the band Nirvana in 1987
- Release Smells Like Teen Spirit in 1991, global hit
- Leaves Nirvana in 1994, Dave Grohl (drummer) goes on to form Foo Fighters
- Buys first bitcoin in 2012
- Emerges as a top crypto influencer in 2013, following alts and has a very successful trading career
- Launches UpOnly podcast in 2021, becoming cryptos biggest show
- Becomes a billionaire in 2022
- Launches Echo in 2024
- Sells Echo to Coinbase for ~$400m in 2025

[rwlk @sherlock_hodles]

the realest UpOnly clip ever

[echo @echodotxyz]

We started building Echo around 2 years ago in an attempt to try and change the market dynamics around crypto fundraising.

Today, we're joining Coinbase, but the mission stays the same.

We're gonna use the firepower of this behemoth to provide better opportunities to investors and better fundraising options to founders.

Just getting started. Cheers.

Cobie

[ElonTrades @ElonTrades]

The Oct 11 Crypto Crash — What Really Happened

TL;DR:

Roughly $60–90M of $USDe was dumped on Binance, along with $wBETH and $BNSOL, exploiting a pricing flaw that valued collateral using Binance’s own order-book data instead of external oracles.

That localized depeg triggered $500M–$1B in forced liquidations, cascaded into $19B+ globally, and earned the attackers about $192M via $1.1B in BTC/ETH shorts opened on Hyperliquid hours earlier, but minutes before Trump tariff announcement.

It wasn’t a USDe failure!! It was Binance’s design flaw, timed with macro panic (Trump’s tariffs) for cover.

What looked like chaos was actually a coordinated exploitation of Binance’s internal pricing system, amplified by a macro shock and systemic leverage.

1️⃣ The Setup

Binance’s Unified Account let traders use assets like USDe, wBETH, and BNSOL as collateral.

Instead of oracle or redemption prices, Binance valued these using its own spot market - a major vulnerability.

On Oct 6, Binance announced a fix to move to oracle-based pricing, but rollout wasn’t until Oct 14, leaving an 8-day window.

2️⃣ The Exploit

During that window, sophisticated actors manipulated Binance’s order books, dumping ~$60–90M of USDe, driving it to $0.65 on Binance only (still ~$1 elsewhere).

Because the Unified Account marked collateral to internal prices, this instantly wiped margin value and triggered $500M–$1B in forced liquidations.

Then, Trump’s 100% China tariff headline hit, magnifying panic and liquidity stress.

3️⃣ The Profit Engine

The same day, fresh wallets on Hyperliquid opened $1.1B in BTC/ETH shorts, funded by $110M USDC from Arbitrum-linked sources.

As the Binance cascade unfolded, BTC and ETH cratered, those shorts netted $192M in profit before closing out at the bottom.

Timing, precision, and funding paths all suggest coordination.

4️⃣ The Contagion

Binance liquidations dumped BTC/ETH/ALTs into thin books.

Other exchanges mirrored the collapse through cross-market bots.

Market makers hedged across venues were forced to unwind everywhere.

Result: $19B+ global liquidations, with many alts down 50–70% intraday, all triggered by <$100M of manipulated collateral.

5️⃣ Who’s at fault?

Binance: design flaw + delay in oracle rollout = root cause.

Exploiters: executed and timed the manipulation, profited via external shorts.

Ethena (USDe): not at fault - protocol stayed 1:1 collateralized, redemptions normal, peg held everywhere else.

6️⃣ Aftermath

Binance admitted “platform-related issues,” promised compensation for affected margin/futures/loan users, and rolled out minimum price floors + oracle integration.

USDe remained operational, and the incident is now a case study in how exchange-side pricing errors can trigger system-wide liquidations.

Bottom line:
A ~$90M dump on Binance and a $1.1B leveraged short elsewhere sparked a $19B bloodbath.

Not a stablecoin failure, but a masterclass in exploiting flawed collateral valuation during peak macro stress.

[Byzantine General @ByzGeneral]

sigh...

the powers that be aren't even subtle about the crimes that they're doing.

[Coin Bureau @coinbureau]

WE JUST WITNESSED THE LARGEST LIQUIDATION DAY CRYPTO HAS EVER SEEN!!!!

DROP A 👍 IF YOU'RE OK...

[kook 🏝️ @KookCapitalLLC]

today was the top liquidation event in crypto history

[MartyParty @martypartymusic]

The insider who opened trades 30 mins before Trumps tarrif announcement closed the trades for $104m+$88m=$192m profits.

The @HyperliquidX accounts were opened today.

[Cobie @cobie]

Probably one of the most severe flushes I’ve ever seen on alts, I didn’t even imagine alts had this much leverage in them. It feels like someone got hit very hard and will see a large body float to the surface soon, reminds me a little of summer 2021.

Good reminder to myself to own things that I am actually bullish on, and not things I am trying to shift on momentum. Some charts look like they’ll never recover, whereas some things look buyable for the first time in a while.

When everyone is making hilarious amounts of money I am always tempted to start using leverage again. It is almost impossible to fight the feeling that you’re not making enough, or everyone else is outpacing you. Good reminder that fighting that feeling and avoid the wipeouts is worth it in the end.

Check on your friends, likely a bad day for many.

Personally, am concentrating my bags into the things I am happy to own for the next few years, and shedding the fat. Realised I own some assets based on not wanting to miss out, rather than on some actual thesis. Days like today are much easier for me if I think my bags will bounce back, and much worse if I’m losing money owning things I don’t even believe in.

Don’t let a leverage blowup dictate your long-term views. The future is bright, good things to come, patience is rewarded.

嵐の後

[Cobie @cobie]

I am feeling happy and optimistic about the future