Felix Leupold

Technical Lead @CoWSwap. Multi-dimensional Batch Auctions with Uniform Clearing Prices on Ethereum. Prev. @gnosisPM, @facebook, @google. @HPI_DE Alumnus.

[koeppelmann @koeppelmann]

Here is the root cause of the current Gnosis Pay incident. Several other projects are affected. We tried to inform everyone privately in advance, but if you haven’t heard yet and are using a Zodiac module — Delay or Roles — please urgently check whether you are affected 👇

[Felix Leupold @fleupold_]

@robotevm @matchametaxyz Quick question: Is this data based on simulations of the returned calldata or the eventually achieved price (ie positive/negative slippage)?

[CoW DAO @CoWSwap]

We’ll continue monitoring as Vercel’s investigation progresses.

We have no indication CoW Swap was among the impacted customers. However, we still completed all recommended remediation steps:

✅ Rotated all tokens
✅ Audited deployments -> no malicious code
✅ Reviewed activity logs -> no suspicious access

CoW Swap is safe to use.

[CoW DAO @CoWSwap]

https://t.co/iLRNm5N7WT

[Felix Leupold @fleupold_]

@idratherstand @CoWSwap > the .fi TLD did not support transfer lock (clientTransferProhibited) via AWS

[Felix Leupold @fleupold_]

@lightwalker_eth @CoWSwap @ensdomains @enscribe_ Unfortunately, for this to show nicely in any kind of wallet, the contract would need to claim the reverse record (e.g. approvals.cow.eth).
The current contract isn’t able to do this and is immutable. But definitely something we have on our radar for future versions.

[CoW DAO @CoWSwap]

UPDATE:

We now have full control of the https://t.co/0eMdcCPFeF domain.

CoW Swap has been working as normal at https://t.co/ctY0XbrdxI for some time now, and we are now working to transition it back to it's original domain.

In the meantime, here is an update on we know about the incident so far and what you should do if you were impacted. 👇🧵

[Felix Leupold @fleupold_]

The CoW Swap frontend is back up at https://t.co/428UojJIdq.

Make sure you only sign approvals to 0xc92e8bdf79f0507f65a392b0ab4667716bfe0110 (the original GPv2VaultRelayer contract)

[CoW DAO @CoWSwap]

UPDATE: The swap dot cow dot fi domain is currently locked and not accessible. We are working with security experts to assert control over the domain while it is locked, but we *do not* expect it to be live again tonight.

For those who rely on CoW Swap daily, we have spun up a new instance of the CoW Swap UI at https://t.co/nPBhNMX0De, which is safe to use.

Please continue to exercise extreme caution when interacting with any websites (including the new URL above) or social media accounts purporting to be CoW Swap. Only rely on official communications from this channel or on Discord surrounding the status of CoW Swap.

[Felix Leupold @fleupold_]

@katiabanina @CoWSwap Let’s say the best route without propAMM is 99.7. On other aggregators you see 100, get 99.5. On CoW you'd see 100 get 99.7.
I agree that the quote may be misleading in both cases, but unlike other aggregators CoW Swap will still give you best execution (which is what matters)

[Felix Leupold @fleupold_]

@katiabanina @CoWSwap Which is what matters for the amount the user actually ends up getting

[Felix Leupold @fleupold_]

@katiabanina @CoWSwap This is what I described in 1. If a solver spoofs their bid in the actual auction (not the quote competition) they will have to pay the negative slippage out of their own pocket.

[Felix Leupold @fleupold_]

@katiabanina @CoWSwap If a propAMM baits and switches, two things can occur:
1. A solver bids on your order using the propAMM. In this case they eat the loss
2. No solver bids using the propAMM because they know it won’t last

=> you get better execution than the bad propAMM price you'd get elsewhere

[Felix Leupold @fleupold_]

One man's “protection” is another man's “patronization”

[DeFiac @TheDEFIac]

Counter argument to all the frontend error folks:

Imagine a protocol is hacked. You try to swap out the tokens with haste as you know the tokens you hold are worthless. You open the UI and the UI doesn't allow you to swap it for the sake of your safety.

[Fábio @mendesfabio]

https://t.co/jd9InQ0zvz

[RAILGUN - Private Ethereum DeFi @RAILGUN_Project]

https://t.co/OG1XkIliHz

[Stani @StaniKulechov]

CowSwap is now powering @aave.

Swap collateral or debt or repay with collateral, all in a seamless experience and best execution with MEV protection.

[Felix Leupold @fleupold_]

Few people seem to know that there is a @safe module allowing to guard transactions from being executed before a certain timestamp: https://t.co/0oKhm7JLd7

H/t @schmanu_

[Hari @hrkrshnn]

The @megaeth issue is arguably a (known) footgun in Safe.

All four signatures were off-chain signatures, but the @safe backend exposes them to anyone, as opposed to only other signers. This is a design decision: you don't have to auth the owners, but comes with a tradeoff.

[Felix Leupold @fleupold_]

@koeppelmann @hal2001 I think the goal of ve-tokens is to create friction (not all token holders may be able to stake) and thus boost value accrual for a fraction of token holders. This breaks Modigliani–Miller.
Also they allow to boost long term commitments (locking) which burn programs don't.

[Felix Leupold @fleupold_]

This could work for ERC777 tokens (which call back the sender on transfer, so it could adjust their order) in combination with smart accounts. I'm not sure there are a lot of users/tokens with this setup though.
Otherwise I'm afraid this would be purely off-chain semantics, which could easily overstrain the size of the bond solvers are putting up with in case the limit orders are very large.

[Felix Leupold @fleupold_]

It’s one of those mornings where you wake up, see there was a crash, and check how much extra $ you made from your @CoWSwap limit entry bids getting executed better than their limit price 🤌

Only place where a “limit order” can mean more than you asked for.