Conor Patrick

CTO @cordialsys. Not your policies, not your keys. Prev blockchain custody @jump_. Past hardware hacker and founder of @SoloKeysSec.

[Armani Ferrante @armaniferrante]

Will share more on this soon. It’s been over three years in the making to get to this point, but the holy trinity has been achieved. The only other exchange in the world that has gotten regulated perps, spot, and payments live in the EU is Kraken. The other will be Backpack. We’re coming Europe.

[Matthew Green @matthew_d_green]

Lol https://t.co/rryrt3ikEQ

[Rishi Mody ツ @rishimody]

we’re about to speedrun this realization across every institution in society aren’t we

[Cordial Systems @cordialsys]

January 2026 Cordial Systems, by the numbers:

🔒 $1 billion AUC (and growing)
🔑 969,460 active wallet addresses
✍ 318,147 signed transactions
⛓️ 70 mainnet blockchains live
🦔 1 Hedgehog deployed...

... Hedgehog is our multi-tenant SaaS deployment. The easiest and most cost-effective way to use Cordial. Automate store, send, stake, & funding management operations across 70 different chains and your exchange integrations.

Next up: Native DeFi support across EVM and Solana chains. Bringing the transaction path for interacting with DeFi smart contracts into the Cordial control plane 🔜

[Conor Patrick @_conorpp]

Fireblocks publishes blog explaining why they protect against the Kiln hack.

But they omit that the victims of the Kiln hack were using Fireblocks! 🤡

[Keone Hon @keoneHD]

Dear @CryptoHayes , I respect what you have built for the industry. Perps are an amazing innovation that I believe will continue to grow rapidly. You've had a big effect on our industry.

I have seen you commenting on Monad a lot for the past few days. While I'm sure some comments might have been taken out of context, I thought you might be interested in what is different about Monad and why it's not just another L1.

I am sure that you had to deal with tons of FUD in your day innovating with BitMEX, and that you simply addressed the comments head on and kept powering through. I will take the liberty of doing the same.

Here are a few things to know about why Monad is different:
- It's really fast. You can withdraw from Coinbase and your funds show up in 1-2 seconds. It just feels magical

- It's built on a completely new tech stack so that that level of speed is possible under a highly decentralized network. There are currently 170 globally-distributed validators, with more to come. You can check out the live network topology here: https://t.co/Fgkdbvd1SI

- This is important because while everyone is saying that blockchains have to be centralized, data center chains (or single sequencers) in order to be performant, Monad proves that the opposite is possible. Businesses, asset issuers, and global developers want decentralized and credibly neutral - they don't want to be at the whims of one sequencer

- The Monad codebase is fully open source and audited, built completely from scratch in C++ and rust to introduce many HFT-style optimizations. Check it out here: https://t.co/pyfqiwdUtf

- Monad introduces MonadBFT, a frontier consensus mechanism that solves the tail forking problem for pipelined consensus. That alone is a huge advancement since BFT consensus inherently requires multiple rounds of communication; pipelining (staggering) the blocks is the only way to get fast block times; and previously pipelining was vulnerable to 1-block reorgs (tail forks) that enable MEV attacks. But not anymore!

- Monad introduces Async Execution, which adds further efficiencies by allowing consensus and execution to proceed in separate swim lanes. Ethereum is trying to adopt this.

- Monad has a bunch of other tech innovations, like a full JIT compiler for EVM bytecode to native code, a new database (MonadDb), a new block propagation mechanism (RaptorCast), and parallel execution. You can read about it all here: https://t.co/wsUcqxpLWV

- The ecosystem is just starting, but there are a bunch of new apps, built by a group of young, hungry builders. You can check out some of them here: https://t.co/AOq46FNGkS

- The Monad Foundation and Category Labs teams are locked in and ready to keep growing the space. Research contributions in areas like async execution, gas pricing, and privacy will continue to push the space forward. This is day 6 of mainnet and our excellent teams will continue to do things differently.

- Lastly, MON was the first token on Coinbase's token sales platform, with the purpose of giving as many people as possible access to the token ahead of public launch. The token sale took a "fill from the bottom" approach so that whales wouldn't be able to grab the entire sale, the way that many other launches go.

If you'd like a few MON to try out the network, let me know and I'd be happy to send you some. Thanks again for your contributions to the space and I'll see you on chain.

[Hein Dauven @HeinDauven]

All of these networks have their place. But let me make a case for $DUSK.

At @DuskFoundation , we’re building something different though, a settlement layer that combines compliance and privacy, without sacrificing either.

Built for regulated finance, Dusk enables confidential transactions that remain verifiable and auditable when required.

Our privacy-preserving UTXO model keeps everything on-chain, but encrypts sender data so only the receiver can decrypt it. It’s travel-rule compatible. You can prove the source of funds when required, yet remain private to everyone else.

You can even build ZK-enabled dApps, with PLONK verification and our UTXO model implemented in-contract.

Heck, we even implemented our UTXO model, account model, and staking protocol in-contract, just to prove the point.

👉 https://t.co/1Kbm3FMW0Z

[Jonathan Claudius @claudijd]

If you are a decentralized blockchain and took downtime time today because your validators are overly centralized on cloud infra, hit me up about adding a bare metal operator to your validator set.

[mert @mert]

incredibly based stuff by SEC commissioner @HesterPeirce on privacy in crypto

"guard zealously the people's right to live private lives"

z

[Armani Ferrante @armaniferrante]

Waking up to see this post, I'm a exhausted, disappointed, and heart broken to see it go viral and to see the responses.

No one cares about our users more than our team, and if you take the time to actually read our Discord and my tweets over the past day, I hope you'll see that. The team has spent the past 24 hours all hands on deck to make sure every single user story has been accounted for.

I don't have a crisis management team for this post. I honestly am shocked by it, given how much of a disconnect there is between how we actually feel, our actions, and the sentiment of the tweet. All I can do here is to give as much information as I can and to let the reader infer the truth.

As most of our long time users know, we often make mistakes, but we always do the right thing. This post appears to have taken a reply to a question out of context, where I'm explaining why something happened at a technical level. It doesn't mention our policy, our response, or what we're actually doing after yesterday's massive liquidation cascade.

The truth is that

- We paid out each and every trader *yesterday* immediately and automatically without issue. This has never been an issue.
- If you read our Discord announcements, you'll see that there has been zero clawbacks and zero socialized losses.
- We published our daily proof of reserves yesterday and the exchange has been operating uninterrupted since yesterday (although certainly with plenty of hiccups along the way)
- However, liquidity dropped off significantly when the market collapsed, causing a cascade of liquidations and ADLs on Backpack and every other exchange.
- As you can imagine, due to the massive liquidations, there are a lot of questions about what happened, e.g., what's auto deleveraging?
- This quoted screenshot and the associated tweet is completely taken out of context and doesn't communicate what is actually happening.

The screenshot, in truth, is a somewhat technical reply illustrating *how* futures profits and losses work. It is *not* a policy choice in response to any incident. It's explaining *why* something happened.

For those that don't have the context, here are the details:

- Firstly, Backpack is a completely neutral party. The exchange doesn't take on positions for users. We don't provide liquidity ourselves. The whole system works without reliance on any priviledged trader, vault, or any other party. In essence, it's infrastructure acting as a peer to peer match making service/exchange between longs and shorts, winners and loser.
- Every long has a short. This is a fundamental invariant of any perpetual futures system.
- When positions are closed, there is a settlement process, where profits and losses are exchanged between longs and shorts, winners and losers. Profits for perps are not printed out of thin air. It is not taken directly from our wallets either. Settlement is an intermediate step to realize the PnL.
- Winners on perps earn profits from losers. It's zero sum. That PnL is always conserved between the two parties on any given trade. Your counter party is the person on the other side of the exchange. When you profit on a perp, the losses are paid out directly from losers. If the losers run out of money, e.g., due to going bankrupt, then there's no money for the winners to realize their profits.

What happened yesterday, and what this quoted post is referring to, is that some of the losers went bankrupt and as a result their accounts were stuck in this "settlement" step. As a result, when those losing positions deposited into the exchange, the settlement process was able to automatically complete and the winners were automatically paid.

The issue: a small amount of these bankrupt users deposited into the exchange *before* we settled all accounts on the exchange on behalf of user. What the quoted post fails to mention is that we did this already, yesterday, before we published our daily proof of reserves, and we did this without question because it's simply the right thing to do.

Make no mistake: all positions have been settled without question across the board. We did not touch a single penny of unrealized PnL from our users and will never do so.

Going back to the topic of settlement mechanics. Settlement is not some horrible decision we made where we decided that we would take money from users after yesterday's event. It's a fundamental part of how the peer to peer system works: Loser pay winners directly. The exchange itself is not the counter party for a trade. The counter party is the person on the other side of the trade when you open a long or a short.

As a result, there's never a run on the bank risk. That's one of the many reasons why we are so comfortable publishing proof of reserves every single day, even on a historic liquidation day like yesterday. Even if the whole system were to blow up, the losses, contagion, and risk is isolated between all the longs/shorts, winners/losers. Anyone holding spot with no leverage is unaffected. This is a relatively technical point but it's an important one. We put an enormous amount of work into designing a system robust to these types of situations. Risk isn't an after thought, it's a core part of how the whole system is built.

To any user that deposited while their account was being settled--or to anyone that was unexpectedly affected for any reason--they should please email [email protected] and give us any and all information so that we can help. We are also present in Discord to answer questions. We do our absolute best to be available there all day every day, although in this case email is a lot easier for us to stay organized to move as quickly as possible.

In any case, I hope this clarifies the below quoted tweet, and what is actually happening. Honestly, we try to be some of the most approachable people we can. There's no question we don't answer. There's no PR crisis management team, here. We just do the right thing and hope that is good enough for the world.

We've put our heart and souls into our product, users, and community, and we will continue to do so.

Thank you for reading.

[Conor Patrick @_conorpp]

How to install Cordial Treasury for your organization in under 1 minute.

Fastest secure enterprise custody setup in the world.

https://t.co/eK14qx5gcU

[Conor Patrick @_conorpp]

Use of blind signing with Fireblocks allowed the Kiln compromise to happen.

If you’re interested in safely making staking transactions, your custody solution should natively support it.

@cordialsys Treasury natively supports staking for many chains, including Solana.

[Kiln 🧱🔥 @Kiln_finance]

On Sept. 8, 2025, unauthorized activity by a threat actor was detected on the Kiln platform, caused by a compromised GitHub token. After a full review with our security partners, we’ve confirmed no other customers were impacted. All Kiln services have been safely re-enabled.

[Conor Patrick @_conorpp]

@levelsio It is in fact a feature for B2B companies.

Business customers worry that the startup will fail, and then a bunch of work will be needed to replace the product.

Funding adds a sense of security / de-risking.

[Cordial Systems @cordialsys]

Created and signed our first transaction from our flagship platform on @FogoChain testnet. Let's go fogo🔥💃!
https://t.co/ZOJlre0rtB

[Conor Patrick @_conorpp]

@SandyofCthulhu Does he stream?

[Conor Patrick @_conorpp]

Check out the infra offered by @cordialsys
Simple & secure self custody for institutions. Fully self hosted or co-hosted.

[mert @mert]

The SEC just said they want to take all markets onchain, unleash defi, open up airdrops for Americans, and that the right to self custody is a deeply American value and youre bearish?

[Dusk @DuskFoundation]

We’re back with Episode 2 of our X Space series on everything RWA and the future of finance.

Topic: MiCA & The EU
Date & Time: Wednesday, 9th July | 3PM CEST
Speakers: @thisisryanking | @cordialsys

Set a reminder and join us below 👇

[Dusk @DuskFoundation]

The Dusk ecosystem includes:

🏦 @npex – licensed exchange for native issuance
💶 @Quantoz – digital euro (EURQ) integration
🔒 @cordialsys – compliant custody infrastructure
🤝 @tradeon21x – the only protocol (so far) with a DLT TSS license

🫡

[Cordial Systems @cordialsys]

Our COO about to go all '8 Mile' in Cannes in two weeks. Don't miss it if you are in town!
https://t.co/AHD4SzgP4P

[Cordial Systems @cordialsys]

MPC Wallet Guide
1/ MPC wallets: You’ve probably heard the term tossed around in crypto custody, but how do they actually work—and why do institutions swear by them?
Let’s break it down. 🧵👇
https://t.co/r9YpGyX3Up