Mike 🧺

Co-Founder of VEMP | | Head of Product at Alvara | |

[Mike 🧺 @MikeVEMP]

We just levelled up 🤝

[Alvara @AlvaraProtocol]

Alvara’s Liquidity Expansion Layer is now live 🧺

BSKT creators can now access:

▪️Thousands of ERC-20 assets

▪️Best swaps powered by @1inch

▪️Exposure to crypto, tokenized stocks and other RWAs

This isn’t your ordinary upgrade.

It’s a new frontier for asset management.

[Mike 🧺 @MikeVEMP]

Inching closer.

[Alvara @AlvaraProtocol]

Tomorrow, we unlock something big.

For the managers.

For the contributors.

For everyone.

We've been building towards this for months.

Thousands of assets, infinite BSKTs.

February 10. 🧺

[Alvara @AlvaraProtocol]

Not just another asset management protocol
February 10. 🧺

[Mike 🧺 @MikeVEMP]

@AlvaraProtocol Don’t Bastardize it, BSKTize it.

[Mike 🧺 @MikeVEMP]

LeL

[Alvara @AlvaraProtocol]

Liquidity Expansion Layer
▓▓▓▓▓▓▓▓▓░░░░ 70%

[Alvara @AlvaraProtocol]

The BSKT activation just went live.

Built on ERC-7621.

Portfolios have officially leveled up 🧺

[Mike 🧺 @MikeVEMP]

Big if true

[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.

[Mike 🧺 @MikeVEMP]

*shocked Pikachu face*

What do we expect when the source material is garbage?

Moloch’s Bargain: https://t.co/if3xpkUKLq

[Mike 🧺 @MikeVEMP]

@AlvaraProtocol Wait, were we not supposed to get all of them?

[Mike 🧺 @MikeVEMP]

@callummclark Responsibility

[Mike 🧺 @MikeVEMP]

First time doing Disneyland as a parent, I’m terrified. Send tips. (Info not money)

[Mike 🧺 @MikeVEMP]

I've been a wanker for over 30 years, and it's finally a good thing 😎

[Alvara @AlvaraProtocol]

August 14th: Alvara Mainnet Beta Launch.

BSKT Lab goes live. The Initial Basket Offering (IBO) begins 🧺

First baskets mint and the ERC-7621 proves concept.

History in the making. ↓

[Mike 🧺 @MikeVEMP]

ETH is back == DeFi is back??

[Mike 🧺 @MikeVEMP]

@safetyth1rd helth is welth

[Mike 🧺 @MikeVEMP]

my last 2 months have been incredibly productive and busy on the development side.

bribes, DAOs, an arcade, and some more DeFi 👨🏼‍💻

[Mike 🧺 @MikeVEMP]

@SplitCapital Plenty of innovation if you know where to look.

[Mike 🧺 @MikeVEMP]

@lakschmimax “They call me Dahl Boy”

[Mike 🧺 @MikeVEMP]

@DeFi_Dad The whole industry is reliant on ETH. We’ve all pegged our tokens to Ethereum as a DEX pair so if Ethereum loses, we all lose

[Mike 🧺 @MikeVEMP]

does AI need an anime waifu personification?

If someone asked this question 2 years ago they'd be called a simp