![Rarma_'s tweet photo. allBTC on @osmosiszone is 63.97% backed. There are 110.57094432 allBTC in circulation against 70.73128010 BTC of real collateral. The 39.83966422 BTC gap is nBTC issued by @nomicbtc, which has been halted since 7 September.
The full trace follows, with sources for each step.
Vulnerability
https://t.co/9JrBK9DbAj
ibc_deliver calls Coin::<Nbtc>::mint(amount) twice for a single incoming deposit. The first result is consumed by burn_coins_execute; the second is credited to the destination as spendable nBTC. It is the only one of the 18 #[call] handlers in that file with two mint calls, and it performs no signer check on the crediting account. IBC_FEE_USATS = 1_000_000, so invoking it costs one satoshi. The code is unchanged on develop HEAD.
Mint
Nomic block 33,137,470, 25 June 2026 21:49:59 UTC tx BEE54496B351A018D092779FE6C833238E1CDF965FE9761A572934F37932E028
25 send_packet events, sequences 9286–9310, 162,602,409,537,873 usat each, totalling 40.65060238 nBTC. The block contains no transfer, coin_spent, coin_received or burn events.
Signer: nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt, which has signed two transactions — a probe on 23 June at 03:01:56, then this one.
This is verifiable without a Nomic node. All 25 packets arrive on Osmosis block 64,910,685 over channel-6897, in six relayer transactions, at the same per-packet amount, from nomic1kq2rzz6fq2q7fsu75a9g7cpzjeanmk685ak9g7 to osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn.
Addresses
The same 20-byte account ID appears on four chains:
nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn (15 txs, sequence 15) noble1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vny890 (2 txs) axelar1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8q788kq
Ethereum beneficiary: 0x8f36fd9ffc0a8ca373aa7a4787292536a489d2b5
Drain, via Osmosis pool 1868
Pool 1868 is the allBTC transmuter, which exchanges 1:1 with no slippage.
64,911,162 · 21:59:14 — 1.0 nBTC to 1.0 WBTC.axl 64,911,346 · 22:02:46 — 7.0 nBTC to 7.0 WBTC.axl 64,911,801 · 22:11:27 — 8.0 WBTC.axl bridged (468D435D4705105362DB6BEABFB98852156998A1973CBAA146E1737AC637EE82) 64,911,856 · 22:12:35 — 10.0 nBTC to 10.0 WBTC.axl 64,911,947 · 22:14:21 — 1.5 WBTC.axl bridged (EF6FFD3034E32DC52B04262681E10311F1EBA626BA0CE7510992963387A30794) 64,912,704 · 22:28:53 — 0.29880120 WBTC.axl to 8.09767026 ETH.axl 64,912,733 · 22:29:53 — bridged (F879A15766BED480F913E74888F572574D88F603CE2EEC97E67946C2A4A1D1D7) 64,915,592 · 23:24:58 — 1.99940004 allBTC to 112,509.46 USDC, sent by IBC to Noble 65,121,991 · 28 Jun 18:33:44 — 6.16296736 WBTC.axl bridged (70DFD62F6DC370C25EDD726CF87BCDB3F668E9049AC88B46E6C7E15C0E182904) 66,554,379 · 17 Jul 22:44:35 — 22.65060847 nBTC to 22.65060846 allBTC
The 22.65 allBTC is still in the wallet and has not moved since 17 July.
@axelarr to Ethereum
Four GMP transfers, each naming SquidRouter 0xce16F69375520ab01377ce7B88f5BA8C48F8D666 as destination with 0x8f36fd9f… encoded in the payload. Each executes as Axelar Gateway, SquidRouter, SquidMulticall, Uniswap V3 WBTC/WETH, WETH unwrap, then native ETH to the beneficiary.
0x75b42eceb283eaa88303d23bca8f9ccc6c5579cdfc1e8c757ea1e33118dd125b · blk 25,397,547 · 303.01315917 ETH 0xe051dc2bbb37b1510faecaeace9288ca5bc0deda9562bdfe164643d268e69236 · blk 25,397,562 · 57.09781972 ETH 0x3dc170230bbbaab36b0bbfb0201ba705d09448be9db973c3725a72577e54ae1a · blk 25,397,637 · 8.09751591 ETH 0x6426edf655e833c2544a5541faceadb22d8d7c9a758432b409932155b6b4148f · blk 25,417,983 · 232.39729801 ETH
The ETH arrives through internal calls rather than ERC-20 transfers, so it does not appear in a token-transfer scan of the wallet. It shows up under debug_traceTransaction.
@noble_xyz to Ethereum via Circle CCTP
Noble 53,482,030 · 14003B7245C38C55778DA07C77AC123A69711AD95D264EC2F4DDA162985C0CD3 · DepositForBurn 56,254.663934 USDC, nonce 349050 Noble 53,482,093 · D8FFF6FD4538CA34B0F40AB842E1C67AF1590DA922AF93B29B0475C7C055FF99 · DepositForBurn 56,254.623933 USDC, nonce 349052
mint_recipient on both is 0x8f36fd9f…d2b5. Minted on Ethereum at blocks 25,397,917 and 25,397,924, then swapped through 1inch Fusion for 71.14822656 ETH at block 25,397,930.
Destination
The beneficiary received 671.75412248 ETH and sent 671.10 ETH to the Tornado Cash router 0xd90e2f925da726b50c4ed8d0fb90ad053324f31b in 34 deposits: 439.10 ETH on 25 June between 22:56 and 23:46, and 232.00 ETH on 28 June between 18:41 and 18:46. The remaining balance is 0.5753708194 ETH. Nothing has moved since 28 June.
The wallet's only funding before the exploit was 0.03729586 ETH received on 22 June from an address-poisoning bot, followed 24 seconds later by a counterfeit token from a lookalike address. There is no exchange or mixer deposit into it.
Reconciliation
40.65060238 nBTC minted, plus 0.00000612 left over from a legitimate test purchase on 23 June, gives 40.65060850 available. Against that, 18.00000000 was converted and bridged out, and 22.65060847 was converted to allBTC and left on Osmosis, totalling 40.65060847. The difference is 3 usat, or 0.000003 satoshi.
Of the 18.0 converted: 15.66295187 went out as WBTC and returned 592.50827690 ETH; 0.29880120 became 8.09751591 ETH; 1.99940004 became 71.14822656 ETH through Noble; approximately 0.0388 was lost to slippage, relayer fees and gas.
Halt
Nomic stopped at block 34,837,131 on 7 September 15:30:21 UTC. That block contained one transaction with code=0, no validator updates and no end-block events. Consensus is at height 34,837,132, round 0, step 1, with no proposal.
Bitcoin checkpointing stopped 23 hours 39 minutes earlier, while the chain was still producing blocks. The last checkpoint is Bitcoin block 965,798, txid 105f80d33d383667cf200a81cd1c0cf2ed829ba4f696e44b7d5c89e94262d705, confirmed 6 September 15:51:27, paying 0.74599951 BTC to bc1q9e3d4nca68wzh8j3gme7z7gatnrzrpgcflsu5tgeuh6g7svqykssqzxyfe. That output is unspent and Bitcoin is now 316 blocks past it.
Fee exhaustion does not explain this. The median observed checkpoint fee is 3,598 sat and the maximum ever paid is 15,064 sat. The final reserve UTXO holds 74,599,951 sat, enough for roughly 17,400 checkpoints. Of 262 Osmosis withdrawal requests, one exceeded the reserve, and it was paid on 22 July.
I could not verify the failure mode itself. The only reachable Nomic RPC reports 0 peers, so it cannot distinguish a halted network from an isolated node. The halt is confirmed instead by the 54-hour checkpoint gap on Bitcoin and by @osmosiszone pausing the pool.
Current state
40.63744627 nBTC outstanding against a 0.78126898 BTC reserve, or 1.92% backed. Osmosis paused the allBTC pool at height 70,112,441 on 7 September 19:35:16. is_active is false and redemptions are blocked. get_corrupted_denoms is still empty.
Two notes
nomic1rk07saqmvfle50h4h9hul00g67xzrcc5ytfxjm has been circulating as the exploiter address. It has 3,100 transactions, all update_client on IBC client 07-tendermint-1. It is a relayer, not the attacker.
At 14:09:08 on 7 September, 81 minutes before the halt, an unrelated Osmosis account with an established history swapped 9.00805626 allBTC for WBTC at block 70,097,405 (D43E123EE07576B1445DE95D0747A474E6B756B17920FD4BC7F38D5076BC4092). I have no evidence about motive and am not claiming any.](https://pbs.twimg.com/media/HRuoucRawAAzlu9.jpg)
![Rarma_'s tweet photo. allBTC on @osmosiszone is 63.97% backed. There are 110.57094432 allBTC in circulation against 70.73128010 BTC of real collateral. The 39.83966422 BTC gap is nBTC issued by @nomicbtc, which has been halted since 7 September.
The full trace follows, with sources for each step.
Vulnerability
https://t.co/9JrBK9DbAj
ibc_deliver calls Coin::<Nbtc>::mint(amount) twice for a single incoming deposit. The first result is consumed by burn_coins_execute; the second is credited to the destination as spendable nBTC. It is the only one of the 18 #[call] handlers in that file with two mint calls, and it performs no signer check on the crediting account. IBC_FEE_USATS = 1_000_000, so invoking it costs one satoshi. The code is unchanged on develop HEAD.
Mint
Nomic block 33,137,470, 25 June 2026 21:49:59 UTC tx BEE54496B351A018D092779FE6C833238E1CDF965FE9761A572934F37932E028
25 send_packet events, sequences 9286–9310, 162,602,409,537,873 usat each, totalling 40.65060238 nBTC. The block contains no transfer, coin_spent, coin_received or burn events.
Signer: nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt, which has signed two transactions — a probe on 23 June at 03:01:56, then this one.
This is verifiable without a Nomic node. All 25 packets arrive on Osmosis block 64,910,685 over channel-6897, in six relayer transactions, at the same per-packet amount, from nomic1kq2rzz6fq2q7fsu75a9g7cpzjeanmk685ak9g7 to osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn.
Addresses
The same 20-byte account ID appears on four chains:
nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn (15 txs, sequence 15) noble1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vny890 (2 txs) axelar1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8q788kq
Ethereum beneficiary: 0x8f36fd9ffc0a8ca373aa7a4787292536a489d2b5
Drain, via Osmosis pool 1868
Pool 1868 is the allBTC transmuter, which exchanges 1:1 with no slippage.
64,911,162 · 21:59:14 — 1.0 nBTC to 1.0 WBTC.axl 64,911,346 · 22:02:46 — 7.0 nBTC to 7.0 WBTC.axl 64,911,801 · 22:11:27 — 8.0 WBTC.axl bridged (468D435D4705105362DB6BEABFB98852156998A1973CBAA146E1737AC637EE82) 64,911,856 · 22:12:35 — 10.0 nBTC to 10.0 WBTC.axl 64,911,947 · 22:14:21 — 1.5 WBTC.axl bridged (EF6FFD3034E32DC52B04262681E10311F1EBA626BA0CE7510992963387A30794) 64,912,704 · 22:28:53 — 0.29880120 WBTC.axl to 8.09767026 ETH.axl 64,912,733 · 22:29:53 — bridged (F879A15766BED480F913E74888F572574D88F603CE2EEC97E67946C2A4A1D1D7) 64,915,592 · 23:24:58 — 1.99940004 allBTC to 112,509.46 USDC, sent by IBC to Noble 65,121,991 · 28 Jun 18:33:44 — 6.16296736 WBTC.axl bridged (70DFD62F6DC370C25EDD726CF87BCDB3F668E9049AC88B46E6C7E15C0E182904) 66,554,379 · 17 Jul 22:44:35 — 22.65060847 nBTC to 22.65060846 allBTC
The 22.65 allBTC is still in the wallet and has not moved since 17 July.
@axelarr to Ethereum
Four GMP transfers, each naming SquidRouter 0xce16F69375520ab01377ce7B88f5BA8C48F8D666 as destination with 0x8f36fd9f… encoded in the payload. Each executes as Axelar Gateway, SquidRouter, SquidMulticall, Uniswap V3 WBTC/WETH, WETH unwrap, then native ETH to the beneficiary.
0x75b42eceb283eaa88303d23bca8f9ccc6c5579cdfc1e8c757ea1e33118dd125b · blk 25,397,547 · 303.01315917 ETH 0xe051dc2bbb37b1510faecaeace9288ca5bc0deda9562bdfe164643d268e69236 · blk 25,397,562 · 57.09781972 ETH 0x3dc170230bbbaab36b0bbfb0201ba705d09448be9db973c3725a72577e54ae1a · blk 25,397,637 · 8.09751591 ETH 0x6426edf655e833c2544a5541faceadb22d8d7c9a758432b409932155b6b4148f · blk 25,417,983 · 232.39729801 ETH
The ETH arrives through internal calls rather than ERC-20 transfers, so it does not appear in a token-transfer scan of the wallet. It shows up under debug_traceTransaction.
@noble_xyz to Ethereum via Circle CCTP
Noble 53,482,030 · 14003B7245C38C55778DA07C77AC123A69711AD95D264EC2F4DDA162985C0CD3 · DepositForBurn 56,254.663934 USDC, nonce 349050 Noble 53,482,093 · D8FFF6FD4538CA34B0F40AB842E1C67AF1590DA922AF93B29B0475C7C055FF99 · DepositForBurn 56,254.623933 USDC, nonce 349052
mint_recipient on both is 0x8f36fd9f…d2b5. Minted on Ethereum at blocks 25,397,917 and 25,397,924, then swapped through 1inch Fusion for 71.14822656 ETH at block 25,397,930.
Destination
The beneficiary received 671.75412248 ETH and sent 671.10 ETH to the Tornado Cash router 0xd90e2f925da726b50c4ed8d0fb90ad053324f31b in 34 deposits: 439.10 ETH on 25 June between 22:56 and 23:46, and 232.00 ETH on 28 June between 18:41 and 18:46. The remaining balance is 0.5753708194 ETH. Nothing has moved since 28 June.
The wallet's only funding before the exploit was 0.03729586 ETH received on 22 June from an address-poisoning bot, followed 24 seconds later by a counterfeit token from a lookalike address. There is no exchange or mixer deposit into it.
Reconciliation
40.65060238 nBTC minted, plus 0.00000612 left over from a legitimate test purchase on 23 June, gives 40.65060850 available. Against that, 18.00000000 was converted and bridged out, and 22.65060847 was converted to allBTC and left on Osmosis, totalling 40.65060847. The difference is 3 usat, or 0.000003 satoshi.
Of the 18.0 converted: 15.66295187 went out as WBTC and returned 592.50827690 ETH; 0.29880120 became 8.09751591 ETH; 1.99940004 became 71.14822656 ETH through Noble; approximately 0.0388 was lost to slippage, relayer fees and gas.
Halt
Nomic stopped at block 34,837,131 on 7 September 15:30:21 UTC. That block contained one transaction with code=0, no validator updates and no end-block events. Consensus is at height 34,837,132, round 0, step 1, with no proposal.
Bitcoin checkpointing stopped 23 hours 39 minutes earlier, while the chain was still producing blocks. The last checkpoint is Bitcoin block 965,798, txid 105f80d33d383667cf200a81cd1c0cf2ed829ba4f696e44b7d5c89e94262d705, confirmed 6 September 15:51:27, paying 0.74599951 BTC to bc1q9e3d4nca68wzh8j3gme7z7gatnrzrpgcflsu5tgeuh6g7svqykssqzxyfe. That output is unspent and Bitcoin is now 316 blocks past it.
Fee exhaustion does not explain this. The median observed checkpoint fee is 3,598 sat and the maximum ever paid is 15,064 sat. The final reserve UTXO holds 74,599,951 sat, enough for roughly 17,400 checkpoints. Of 262 Osmosis withdrawal requests, one exceeded the reserve, and it was paid on 22 July.
I could not verify the failure mode itself. The only reachable Nomic RPC reports 0 peers, so it cannot distinguish a halted network from an isolated node. The halt is confirmed instead by the 54-hour checkpoint gap on Bitcoin and by @osmosiszone pausing the pool.
Current state
40.63744627 nBTC outstanding against a 0.78126898 BTC reserve, or 1.92% backed. Osmosis paused the allBTC pool at height 70,112,441 on 7 September 19:35:16. is_active is false and redemptions are blocked. get_corrupted_denoms is still empty.
Two notes
nomic1rk07saqmvfle50h4h9hul00g67xzrcc5ytfxjm has been circulating as the exploiter address. It has 3,100 transactions, all update_client on IBC client 07-tendermint-1. It is a relayer, not the attacker.
At 14:09:08 on 7 September, 81 minutes before the halt, an unrelated Osmosis account with an established history swapped 9.00805626 allBTC for WBTC at block 70,097,405 (D43E123EE07576B1445DE95D0747A474E6B756B17920FD4BC7F38D5076BC4092). I have no evidence about motive and am not claiming any.](https://pbs.twimg.com/media/HRuotNLawAAwgLc.jpg)
![Rarma_'s tweet photo. allBTC on @osmosiszone is 63.97% backed. There are 110.57094432 allBTC in circulation against 70.73128010 BTC of real collateral. The 39.83966422 BTC gap is nBTC issued by @nomicbtc, which has been halted since 7 September.
The full trace follows, with sources for each step.
Vulnerability
https://t.co/9JrBK9DbAj
ibc_deliver calls Coin::<Nbtc>::mint(amount) twice for a single incoming deposit. The first result is consumed by burn_coins_execute; the second is credited to the destination as spendable nBTC. It is the only one of the 18 #[call] handlers in that file with two mint calls, and it performs no signer check on the crediting account. IBC_FEE_USATS = 1_000_000, so invoking it costs one satoshi. The code is unchanged on develop HEAD.
Mint
Nomic block 33,137,470, 25 June 2026 21:49:59 UTC tx BEE54496B351A018D092779FE6C833238E1CDF965FE9761A572934F37932E028
25 send_packet events, sequences 9286–9310, 162,602,409,537,873 usat each, totalling 40.65060238 nBTC. The block contains no transfer, coin_spent, coin_received or burn events.
Signer: nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt, which has signed two transactions — a probe on 23 June at 03:01:56, then this one.
This is verifiable without a Nomic node. All 25 packets arrive on Osmosis block 64,910,685 over channel-6897, in six relayer transactions, at the same per-packet amount, from nomic1kq2rzz6fq2q7fsu75a9g7cpzjeanmk685ak9g7 to osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn.
Addresses
The same 20-byte account ID appears on four chains:
nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn (15 txs, sequence 15) noble1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vny890 (2 txs) axelar1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8q788kq
Ethereum beneficiary: 0x8f36fd9ffc0a8ca373aa7a4787292536a489d2b5
Drain, via Osmosis pool 1868
Pool 1868 is the allBTC transmuter, which exchanges 1:1 with no slippage.
64,911,162 · 21:59:14 — 1.0 nBTC to 1.0 WBTC.axl 64,911,346 · 22:02:46 — 7.0 nBTC to 7.0 WBTC.axl 64,911,801 · 22:11:27 — 8.0 WBTC.axl bridged (468D435D4705105362DB6BEABFB98852156998A1973CBAA146E1737AC637EE82) 64,911,856 · 22:12:35 — 10.0 nBTC to 10.0 WBTC.axl 64,911,947 · 22:14:21 — 1.5 WBTC.axl bridged (EF6FFD3034E32DC52B04262681E10311F1EBA626BA0CE7510992963387A30794) 64,912,704 · 22:28:53 — 0.29880120 WBTC.axl to 8.09767026 ETH.axl 64,912,733 · 22:29:53 — bridged (F879A15766BED480F913E74888F572574D88F603CE2EEC97E67946C2A4A1D1D7) 64,915,592 · 23:24:58 — 1.99940004 allBTC to 112,509.46 USDC, sent by IBC to Noble 65,121,991 · 28 Jun 18:33:44 — 6.16296736 WBTC.axl bridged (70DFD62F6DC370C25EDD726CF87BCDB3F668E9049AC88B46E6C7E15C0E182904) 66,554,379 · 17 Jul 22:44:35 — 22.65060847 nBTC to 22.65060846 allBTC
The 22.65 allBTC is still in the wallet and has not moved since 17 July.
@axelarr to Ethereum
Four GMP transfers, each naming SquidRouter 0xce16F69375520ab01377ce7B88f5BA8C48F8D666 as destination with 0x8f36fd9f… encoded in the payload. Each executes as Axelar Gateway, SquidRouter, SquidMulticall, Uniswap V3 WBTC/WETH, WETH unwrap, then native ETH to the beneficiary.
0x75b42eceb283eaa88303d23bca8f9ccc6c5579cdfc1e8c757ea1e33118dd125b · blk 25,397,547 · 303.01315917 ETH 0xe051dc2bbb37b1510faecaeace9288ca5bc0deda9562bdfe164643d268e69236 · blk 25,397,562 · 57.09781972 ETH 0x3dc170230bbbaab36b0bbfb0201ba705d09448be9db973c3725a72577e54ae1a · blk 25,397,637 · 8.09751591 ETH 0x6426edf655e833c2544a5541faceadb22d8d7c9a758432b409932155b6b4148f · blk 25,417,983 · 232.39729801 ETH
The ETH arrives through internal calls rather than ERC-20 transfers, so it does not appear in a token-transfer scan of the wallet. It shows up under debug_traceTransaction.
@noble_xyz to Ethereum via Circle CCTP
Noble 53,482,030 · 14003B7245C38C55778DA07C77AC123A69711AD95D264EC2F4DDA162985C0CD3 · DepositForBurn 56,254.663934 USDC, nonce 349050 Noble 53,482,093 · D8FFF6FD4538CA34B0F40AB842E1C67AF1590DA922AF93B29B0475C7C055FF99 · DepositForBurn 56,254.623933 USDC, nonce 349052
mint_recipient on both is 0x8f36fd9f…d2b5. Minted on Ethereum at blocks 25,397,917 and 25,397,924, then swapped through 1inch Fusion for 71.14822656 ETH at block 25,397,930.
Destination
The beneficiary received 671.75412248 ETH and sent 671.10 ETH to the Tornado Cash router 0xd90e2f925da726b50c4ed8d0fb90ad053324f31b in 34 deposits: 439.10 ETH on 25 June between 22:56 and 23:46, and 232.00 ETH on 28 June between 18:41 and 18:46. The remaining balance is 0.5753708194 ETH. Nothing has moved since 28 June.
The wallet's only funding before the exploit was 0.03729586 ETH received on 22 June from an address-poisoning bot, followed 24 seconds later by a counterfeit token from a lookalike address. There is no exchange or mixer deposit into it.
Reconciliation
40.65060238 nBTC minted, plus 0.00000612 left over from a legitimate test purchase on 23 June, gives 40.65060850 available. Against that, 18.00000000 was converted and bridged out, and 22.65060847 was converted to allBTC and left on Osmosis, totalling 40.65060847. The difference is 3 usat, or 0.000003 satoshi.
Of the 18.0 converted: 15.66295187 went out as WBTC and returned 592.50827690 ETH; 0.29880120 became 8.09751591 ETH; 1.99940004 became 71.14822656 ETH through Noble; approximately 0.0388 was lost to slippage, relayer fees and gas.
Halt
Nomic stopped at block 34,837,131 on 7 September 15:30:21 UTC. That block contained one transaction with code=0, no validator updates and no end-block events. Consensus is at height 34,837,132, round 0, step 1, with no proposal.
Bitcoin checkpointing stopped 23 hours 39 minutes earlier, while the chain was still producing blocks. The last checkpoint is Bitcoin block 965,798, txid 105f80d33d383667cf200a81cd1c0cf2ed829ba4f696e44b7d5c89e94262d705, confirmed 6 September 15:51:27, paying 0.74599951 BTC to bc1q9e3d4nca68wzh8j3gme7z7gatnrzrpgcflsu5tgeuh6g7svqykssqzxyfe. That output is unspent and Bitcoin is now 316 blocks past it.
Fee exhaustion does not explain this. The median observed checkpoint fee is 3,598 sat and the maximum ever paid is 15,064 sat. The final reserve UTXO holds 74,599,951 sat, enough for roughly 17,400 checkpoints. Of 262 Osmosis withdrawal requests, one exceeded the reserve, and it was paid on 22 July.
I could not verify the failure mode itself. The only reachable Nomic RPC reports 0 peers, so it cannot distinguish a halted network from an isolated node. The halt is confirmed instead by the 54-hour checkpoint gap on Bitcoin and by @osmosiszone pausing the pool.
Current state
40.63744627 nBTC outstanding against a 0.78126898 BTC reserve, or 1.92% backed. Osmosis paused the allBTC pool at height 70,112,441 on 7 September 19:35:16. is_active is false and redemptions are blocked. get_corrupted_denoms is still empty.
Two notes
nomic1rk07saqmvfle50h4h9hul00g67xzrcc5ytfxjm has been circulating as the exploiter address. It has 3,100 transactions, all update_client on IBC client 07-tendermint-1. It is a relayer, not the attacker.
At 14:09:08 on 7 September, 81 minutes before the halt, an unrelated Osmosis account with an established history swapped 9.00805626 allBTC for WBTC at block 70,097,405 (D43E123EE07576B1445DE95D0747A474E6B756B17920FD4BC7F38D5076BC4092). I have no evidence about motive and am not claiming any.](https://pbs.twimg.com/media/HRuoq0yboAAyXMq.jpg)
Olivia
Online
Galactic Mining Club🏴☠️🫡
@Galactic_Mining
The most degenerate NFT in the Cosmos 🌌
Pushing the limits of what's possible bitcoin backed nfts
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somewhere in the cosmos
Joined February 2022
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Today is a special #WalkOfClaims day....It's been 1 year plus one month since we moved from Terra to @osmosis and now it's official. Any NFTs that failed to migrate have forfeited their $BTC backing.
For the 3,349 NFTs that made it home your backing has now increased! The increase per NFT has killed a zero and will only go up faster from here on out!
Migrations will be left open and be eligible for staking and WOC rewards. But will NOT be able to claim $BTC backing. As always #stacksats miners and have a great weekend ⛏️🫡
@DizzleSocial @Rarma_ @osmosiszone @nomicbtc @galactic_punks We’ve warned people for awhile now, hence why we switch our rewards to the .atom.eth version long ago. Same thing as we warned everyone to exit Noble $USDC as well. 🫡
allBTC on @osmosiszone is 63.97% backed. There are 110.57094432 allBTC in circulation against 70.73128010 BTC of real collateral. The 39.83966422 BTC gap is nBTC issued by @nomicbtc, which has been halted since 7 September.
The full trace follows, with sources for each step.
Vulnerability
https://t.co/9JrBK9DbAj
ibc_deliver calls Coin::<Nbtc>::mint(amount) twice for a single incoming deposit. The first result is consumed by burn_coins_execute; the second is credited to the destination as spendable nBTC. It is the only one of the 18 #[call] handlers in that file with two mint calls, and it performs no signer check on the crediting account. IBC_FEE_USATS = 1_000_000, so invoking it costs one satoshi. The code is unchanged on develop HEAD.
Mint
Nomic block 33,137,470, 25 June 2026 21:49:59 UTC tx BEE54496B351A018D092779FE6C833238E1CDF965FE9761A572934F37932E028
25 send_packet events, sequences 9286–9310, 162,602,409,537,873 usat each, totalling 40.65060238 nBTC. The block contains no transfer, coin_spent, coin_received or burn events.
Signer: nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt, which has signed two transactions — a probe on 23 June at 03:01:56, then this one.
This is verifiable without a Nomic node. All 25 packets arrive on Osmosis block 64,910,685 over channel-6897, in six relayer transactions, at the same per-packet amount, from nomic1kq2rzz6fq2q7fsu75a9g7cpzjeanmk685ak9g7 to osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn.
Addresses
The same 20-byte account ID appears on four chains:
nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn (15 txs, sequence 15) noble1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vny890 (2 txs) axelar1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8q788kq
Ethereum beneficiary: 0x8f36fd9ffc0a8ca373aa7a4787292536a489d2b5
Drain, via Osmosis pool 1868
Pool 1868 is the allBTC transmuter, which exchanges 1:1 with no slippage.
64,911,162 · 21:59:14 — 1.0 nBTC to 1.0 WBTC.axl 64,911,346 · 22:02:46 — 7.0 nBTC to 7.0 WBTC.axl 64,911,801 · 22:11:27 — 8.0 WBTC.axl bridged (468D435D4705105362DB6BEABFB98852156998A1973CBAA146E1737AC637EE82) 64,911,856 · 22:12:35 — 10.0 nBTC to 10.0 WBTC.axl 64,911,947 · 22:14:21 — 1.5 WBTC.axl bridged (EF6FFD3034E32DC52B04262681E10311F1EBA626BA0CE7510992963387A30794) 64,912,704 · 22:28:53 — 0.29880120 WBTC.axl to 8.09767026 ETH.axl 64,912,733 · 22:29:53 — bridged (F879A15766BED480F913E74888F572574D88F603CE2EEC97E67946C2A4A1D1D7) 64,915,592 · 23:24:58 — 1.99940004 allBTC to 112,509.46 USDC, sent by IBC to Noble 65,121,991 · 28 Jun 18:33:44 — 6.16296736 WBTC.axl bridged (70DFD62F6DC370C25EDD726CF87BCDB3F668E9049AC88B46E6C7E15C0E182904) 66,554,379 · 17 Jul 22:44:35 — 22.65060847 nBTC to 22.65060846 allBTC
The 22.65 allBTC is still in the wallet and has not moved since 17 July.
@axelarr to Ethereum
Four GMP transfers, each naming SquidRouter 0xce16F69375520ab01377ce7B88f5BA8C48F8D666 as destination with 0x8f36fd9f… encoded in the payload. Each executes as Axelar Gateway, SquidRouter, SquidMulticall, Uniswap V3 WBTC/WETH, WETH unwrap, then native ETH to the beneficiary.
0x75b42eceb283eaa88303d23bca8f9ccc6c5579cdfc1e8c757ea1e33118dd125b · blk 25,397,547 · 303.01315917 ETH 0xe051dc2bbb37b1510faecaeace9288ca5bc0deda9562bdfe164643d268e69236 · blk 25,397,562 · 57.09781972 ETH 0x3dc170230bbbaab36b0bbfb0201ba705d09448be9db973c3725a72577e54ae1a · blk 25,397,637 · 8.09751591 ETH 0x6426edf655e833c2544a5541faceadb22d8d7c9a758432b409932155b6b4148f · blk 25,417,983 · 232.39729801 ETH
The ETH arrives through internal calls rather than ERC-20 transfers, so it does not appear in a token-transfer scan of the wallet. It shows up under debug_traceTransaction.
@noble_xyz to Ethereum via Circle CCTP
Noble 53,482,030 · 14003B7245C38C55778DA07C77AC123A69711AD95D264EC2F4DDA162985C0CD3 · DepositForBurn 56,254.663934 USDC, nonce 349050 Noble 53,482,093 · D8FFF6FD4538CA34B0F40AB842E1C67AF1590DA922AF93B29B0475C7C055FF99 · DepositForBurn 56,254.623933 USDC, nonce 349052
mint_recipient on both is 0x8f36fd9f…d2b5. Minted on Ethereum at blocks 25,397,917 and 25,397,924, then swapped through 1inch Fusion for 71.14822656 ETH at block 25,397,930.
Destination
The beneficiary received 671.75412248 ETH and sent 671.10 ETH to the Tornado Cash router 0xd90e2f925da726b50c4ed8d0fb90ad053324f31b in 34 deposits: 439.10 ETH on 25 June between 22:56 and 23:46, and 232.00 ETH on 28 June between 18:41 and 18:46. The remaining balance is 0.5753708194 ETH. Nothing has moved since 28 June.
The wallet's only funding before the exploit was 0.03729586 ETH received on 22 June from an address-poisoning bot, followed 24 seconds later by a counterfeit token from a lookalike address. There is no exchange or mixer deposit into it.
Reconciliation
40.65060238 nBTC minted, plus 0.00000612 left over from a legitimate test purchase on 23 June, gives 40.65060850 available. Against that, 18.00000000 was converted and bridged out, and 22.65060847 was converted to allBTC and left on Osmosis, totalling 40.65060847. The difference is 3 usat, or 0.000003 satoshi.
Of the 18.0 converted: 15.66295187 went out as WBTC and returned 592.50827690 ETH; 0.29880120 became 8.09751591 ETH; 1.99940004 became 71.14822656 ETH through Noble; approximately 0.0388 was lost to slippage, relayer fees and gas.
Halt
Nomic stopped at block 34,837,131 on 7 September 15:30:21 UTC. That block contained one transaction with code=0, no validator updates and no end-block events. Consensus is at height 34,837,132, round 0, step 1, with no proposal.
Bitcoin checkpointing stopped 23 hours 39 minutes earlier, while the chain was still producing blocks. The last checkpoint is Bitcoin block 965,798, txid 105f80d33d383667cf200a81cd1c0cf2ed829ba4f696e44b7d5c89e94262d705, confirmed 6 September 15:51:27, paying 0.74599951 BTC to bc1q9e3d4nca68wzh8j3gme7z7gatnrzrpgcflsu5tgeuh6g7svqykssqzxyfe. That output is unspent and Bitcoin is now 316 blocks past it.
Fee exhaustion does not explain this. The median observed checkpoint fee is 3,598 sat and the maximum ever paid is 15,064 sat. The final reserve UTXO holds 74,599,951 sat, enough for roughly 17,400 checkpoints. Of 262 Osmosis withdrawal requests, one exceeded the reserve, and it was paid on 22 July.
I could not verify the failure mode itself. The only reachable Nomic RPC reports 0 peers, so it cannot distinguish a halted network from an isolated node. The halt is confirmed instead by the 54-hour checkpoint gap on Bitcoin and by @osmosiszone pausing the pool.
Current state
40.63744627 nBTC outstanding against a 0.78126898 BTC reserve, or 1.92% backed. Osmosis paused the allBTC pool at height 70,112,441 on 7 September 19:35:16. is_active is false and redemptions are blocked. get_corrupted_denoms is still empty.
Two notes
nomic1rk07saqmvfle50h4h9hul00g67xzrcc5ytfxjm has been circulating as the exploiter address. It has 3,100 transactions, all update_client on IBC client 07-tendermint-1. It is a relayer, not the attacker.
At 14:09:08 on 7 September, 81 minutes before the halt, an unrelated Osmosis account with an established history swapped 9.00805626 allBTC for WBTC at block 70,097,405 (D43E123EE07576B1445DE95D0747A474E6B756B17920FD4BC7F38D5076BC4092). I have no evidence about motive and am not claiming any.
![Rarma_'s tweet photo. allBTC on @osmosiszone is 63.97% backed. There are 110.57094432 allBTC in circulation against 70.73128010 BTC of real collateral. The 39.83966422 BTC gap is nBTC issued by @nomicbtc, which has been halted since 7 September.
The full trace follows, with sources for each step.
Vulnerability
https://t.co/9JrBK9DbAj
ibc_deliver calls Coin::<Nbtc>::mint(amount) twice for a single incoming deposit. The first result is consumed by burn_coins_execute; the second is credited to the destination as spendable nBTC. It is the only one of the 18 #[call] handlers in that file with two mint calls, and it performs no signer check on the crediting account. IBC_FEE_USATS = 1_000_000, so invoking it costs one satoshi. The code is unchanged on develop HEAD.
Mint
Nomic block 33,137,470, 25 June 2026 21:49:59 UTC tx BEE54496B351A018D092779FE6C833238E1CDF965FE9761A572934F37932E028
25 send_packet events, sequences 9286–9310, 162,602,409,537,873 usat each, totalling 40.65060238 nBTC. The block contains no transfer, coin_spent, coin_received or burn events.
Signer: nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt, which has signed two transactions — a probe on 23 June at 03:01:56, then this one.
This is verifiable without a Nomic node. All 25 packets arrive on Osmosis block 64,910,685 over channel-6897, in six relayer transactions, at the same per-packet amount, from nomic1kq2rzz6fq2q7fsu75a9g7cpzjeanmk685ak9g7 to osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn.
Addresses
The same 20-byte account ID appears on four chains:
nomic1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8cgz4wt osmo1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vtzltn (15 txs, sequence 15) noble1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8vny890 (2 txs) axelar1wq76r2mhqsa9yaygghuwyq4wy6dcsgf8q788kq
Ethereum beneficiary: 0x8f36fd9ffc0a8ca373aa7a4787292536a489d2b5
Drain, via Osmosis pool 1868
Pool 1868 is the allBTC transmuter, which exchanges 1:1 with no slippage.
64,911,162 · 21:59:14 — 1.0 nBTC to 1.0 WBTC.axl 64,911,346 · 22:02:46 — 7.0 nBTC to 7.0 WBTC.axl 64,911,801 · 22:11:27 — 8.0 WBTC.axl bridged (468D435D4705105362DB6BEABFB98852156998A1973CBAA146E1737AC637EE82) 64,911,856 · 22:12:35 — 10.0 nBTC to 10.0 WBTC.axl 64,911,947 · 22:14:21 — 1.5 WBTC.axl bridged (EF6FFD3034E32DC52B04262681E10311F1EBA626BA0CE7510992963387A30794) 64,912,704 · 22:28:53 — 0.29880120 WBTC.axl to 8.09767026 ETH.axl 64,912,733 · 22:29:53 — bridged (F879A15766BED480F913E74888F572574D88F603CE2EEC97E67946C2A4A1D1D7) 64,915,592 · 23:24:58 — 1.99940004 allBTC to 112,509.46 USDC, sent by IBC to Noble 65,121,991 · 28 Jun 18:33:44 — 6.16296736 WBTC.axl bridged (70DFD62F6DC370C25EDD726CF87BCDB3F668E9049AC88B46E6C7E15C0E182904) 66,554,379 · 17 Jul 22:44:35 — 22.65060847 nBTC to 22.65060846 allBTC
The 22.65 allBTC is still in the wallet and has not moved since 17 July.
@axelarr to Ethereum
Four GMP transfers, each naming SquidRouter 0xce16F69375520ab01377ce7B88f5BA8C48F8D666 as destination with 0x8f36fd9f… encoded in the payload. Each executes as Axelar Gateway, SquidRouter, SquidMulticall, Uniswap V3 WBTC/WETH, WETH unwrap, then native ETH to the beneficiary.
0x75b42eceb283eaa88303d23bca8f9ccc6c5579cdfc1e8c757ea1e33118dd125b · blk 25,397,547 · 303.01315917 ETH 0xe051dc2bbb37b1510faecaeace9288ca5bc0deda9562bdfe164643d268e69236 · blk 25,397,562 · 57.09781972 ETH 0x3dc170230bbbaab36b0bbfb0201ba705d09448be9db973c3725a72577e54ae1a · blk 25,397,637 · 8.09751591 ETH 0x6426edf655e833c2544a5541faceadb22d8d7c9a758432b409932155b6b4148f · blk 25,417,983 · 232.39729801 ETH
The ETH arrives through internal calls rather than ERC-20 transfers, so it does not appear in a token-transfer scan of the wallet. It shows up under debug_traceTransaction.
@noble_xyz to Ethereum via Circle CCTP
Noble 53,482,030 · 14003B7245C38C55778DA07C77AC123A69711AD95D264EC2F4DDA162985C0CD3 · DepositForBurn 56,254.663934 USDC, nonce 349050 Noble 53,482,093 · D8FFF6FD4538CA34B0F40AB842E1C67AF1590DA922AF93B29B0475C7C055FF99 · DepositForBurn 56,254.623933 USDC, nonce 349052
mint_recipient on both is 0x8f36fd9f…d2b5. Minted on Ethereum at blocks 25,397,917 and 25,397,924, then swapped through 1inch Fusion for 71.14822656 ETH at block 25,397,930.
Destination
The beneficiary received 671.75412248 ETH and sent 671.10 ETH to the Tornado Cash router 0xd90e2f925da726b50c4ed8d0fb90ad053324f31b in 34 deposits: 439.10 ETH on 25 June between 22:56 and 23:46, and 232.00 ETH on 28 June between 18:41 and 18:46. The remaining balance is 0.5753708194 ETH. Nothing has moved since 28 June.
The wallet's only funding before the exploit was 0.03729586 ETH received on 22 June from an address-poisoning bot, followed 24 seconds later by a counterfeit token from a lookalike address. There is no exchange or mixer deposit into it.
Reconciliation
40.65060238 nBTC minted, plus 0.00000612 left over from a legitimate test purchase on 23 June, gives 40.65060850 available. Against that, 18.00000000 was converted and bridged out, and 22.65060847 was converted to allBTC and left on Osmosis, totalling 40.65060847. The difference is 3 usat, or 0.000003 satoshi.
Of the 18.0 converted: 15.66295187 went out as WBTC and returned 592.50827690 ETH; 0.29880120 became 8.09751591 ETH; 1.99940004 became 71.14822656 ETH through Noble; approximately 0.0388 was lost to slippage, relayer fees and gas.
Halt
Nomic stopped at block 34,837,131 on 7 September 15:30:21 UTC. That block contained one transaction with code=0, no validator updates and no end-block events. Consensus is at height 34,837,132, round 0, step 1, with no proposal.
Bitcoin checkpointing stopped 23 hours 39 minutes earlier, while the chain was still producing blocks. The last checkpoint is Bitcoin block 965,798, txid 105f80d33d383667cf200a81cd1c0cf2ed829ba4f696e44b7d5c89e94262d705, confirmed 6 September 15:51:27, paying 0.74599951 BTC to bc1q9e3d4nca68wzh8j3gme7z7gatnrzrpgcflsu5tgeuh6g7svqykssqzxyfe. That output is unspent and Bitcoin is now 316 blocks past it.
Fee exhaustion does not explain this. The median observed checkpoint fee is 3,598 sat and the maximum ever paid is 15,064 sat. The final reserve UTXO holds 74,599,951 sat, enough for roughly 17,400 checkpoints. Of 262 Osmosis withdrawal requests, one exceeded the reserve, and it was paid on 22 July.
I could not verify the failure mode itself. The only reachable Nomic RPC reports 0 peers, so it cannot distinguish a halted network from an isolated node. The halt is confirmed instead by the 54-hour checkpoint gap on Bitcoin and by @osmosiszone pausing the pool.
Current state
40.63744627 nBTC outstanding against a 0.78126898 BTC reserve, or 1.92% backed. Osmosis paused the allBTC pool at height 70,112,441 on 7 September 19:35:16. is_active is false and redemptions are blocked. get_corrupted_denoms is still empty.
Two notes
nomic1rk07saqmvfle50h4h9hul00g67xzrcc5ytfxjm has been circulating as the exploiter address. It has 3,100 transactions, all update_client on IBC client 07-tendermint-1. It is a relayer, not the attacker.
At 14:09:08 on 7 September, 81 minutes before the halt, an unrelated Osmosis account with an established history swapped 9.00805626 allBTC for WBTC at block 70,097,405 (D43E123EE07576B1445DE95D0747A474E6B756B17920FD4BC7F38D5076BC4092). I have no evidence about motive and am not claiming any.](https://pbs.twimg.com/media/HRuovo7aEAAIr4i.jpg)
What is this, another #WalkOfClaims so soon? Really does feel like the bulls are back eh? Hope you been living by the #stacksats motto as it's been a nice couple weeks! Can the momentum hold or do the bears have other ideas before the cycle ends? Enjoy the weekend degens ⛏️🫡
Who to follow
arl3n3.eth | Rekt Tammy 🇦🇺🧜♀️
@LensInkMouse
🇦🇺 I attempt to promote and discuss innovation in crypto with a lil bit of degen 🤏| Artist behind @ProofofSheila
Viva || Build - Automate - Optimize - Repeat
@VivaMaster11
AI obsessed. Automation addict.
If it can be built & automated, I'm on it.
DeFi maxi | Sharing everything I learn
OneBlackCat 🌳
@isfreenow
Your mind is more powerful than you can imagine.
freedomlover, neurologist, self-made millionaire with $LUNA, lost all in crash, catlover, warrior of light.
Whoa whoa is the Bull back? To early to call? Well we scratched together some #satoshi's for our Galactic Degens 🫡 It's been a real sleeper of a bear market, lets continue to #stacksats and hopefully we are on the cusp of the next bull run 🐂 Have a great #WalkOfClaims weekend miners!
⚠️ Cosmostation Wallet Service Discontinuation
@IBCwallet has announced the discontinuation of its wallet services, with the service discontinuation schedule beginning September 1, 2026.⌛️
Following the discontinuation, Cosmostation Wallet will only support the following functions:
🟢 Exporting recovery phrases
🟢 Exporting private keys
All other wallet features and services will be gradually discontinued and will no longer be available.
This service discontinuation applies to:
📌 Cosmostation Wallet for iOS
📌 Cosmostation Wallet for Android
📌 Cosmostation Wallet Chrome Extension
Users are strongly encouraged to securely export and back up their recovery phrases and private keys before the relevant services are discontinued.
BitFrost (int3face) is winding down its bridge on Osmosis.
The withdrawal period ends August 10, 2026. If you hold any BitFrost assets, bridge them back to their native chains before then.
This includes variants held directly, such as XRP.int3, DOGE.int3, BTC.int3, SOL.int3 and single-asset alloys that solely contain a BitFrost variant, such as ZEC, BCH, LTC, PENGU and TRUMP.
Any liquid alloys that previously held BitFrost assets such as XRP, DOGE, BTC, SOL and TON are not impacted, as the underlying variants have already been removed.
Coinbase will end support for USDC deposits and withdrawals on the Noble network on August 17, 2026. USDC remains fully available to you on all other supported networks.
What does this mean for you? Read more in the thread ⬇️
We saved up enough scratch & our resident degen trader earned us some rewards. So #WalkOfClaims is on this week! Enjoy that sweet bitcoin:native and keep up the #stacksats motto 🪙⛏️🫡
An update on the Osmosis Pay card.
@Cypher_HQ_, the provider behind the Osmosis Pay card, is being acquired by @NiumGlobal and is winding down the card platform.
If you hold funds on your card, here's what you need to know. ↓
If you're degening anywhere. Please consider using GMC referral codes! That way your trading fee's turn into rewards for yourself, the backing and the treasury!
@liquidbots - Grid Bot built on @HyperliquidX - https://t.co/NpKBalMUSG
@Aster_DEX - Perps & Spot trading - https://t.co/b3kyCoxIqd
We've #stacksats from the miners the past few weeks and thanks to some referral rewards from degen traders, #WalkOfClaims has some bitcoin:native to our galactic miners 🫡 As the rewards have gotten low and referral rewards are not guaranteed we may be forced to a longer stretch between rewards drops. Hopefully we can kick this from a bear mode into a bull soon enough. Keep grinding 💪
First #WalkOfClaims in 2+ years that bitcoin:native rewards were only enough to cover hosting fee's. It's disappointing, the market is in freefall mode. We just hope everyone is staying well🫂 ...If you been around long enough you know this isn't first time crypto sentiment has been in the complete gutters. Continue to #stacksats, the market will turn around ⛏️🫡
Hey miners! Happy #WalkOfclaims day! We added up last weeks missing post to this one & are all caught up. Don't forget when the bitcoin:native is down its a great time to #stacksats ⛏️🫡
https://t.co/LbDJkHMhaV (formerly https://t.co/sfjMdbDos5) now maps the native cross-chain DeFi stack built on THORChain powered by Rujira. Explore live pools, swap pairs, markets, projects, teams, denoms and frontends across THORChain.
join the Podcast tomorrow
@Galactic_Mining
Cosmos Labs has turned Cosmos into a ghost town. They came in with the expressed intent of “killing the old Cosmos” but failed to present anything remotely interesting to replace it.
There’s so much exciting stuff happening in the world right now. Privacy, Sovereign AI, End of Pax Americana.
The time for cypherpunk crypto is now.
But instead ATOM has pivoted to enterprise sales.
A billion dollar market cap for what is now effectively a consulting dev shop. And that too, one that hasn’t even been able to land any deals of note.
Buried on page 230 of the CLARITY Act is arguably the biggest win for the digital asset industry in the entire 309-page bill.
Section 604: The Blockchain Regulatory Certainty Act.
If you build open-source blockchain software and don't have unilateral control over users' funds, you are not a money transmitter. Not under FinCEN rules. Not under federal criminal law. Not under state registration requirements.
Writing code ≠ money transmission.
Building self-custody tools ≠ money transmission.
Running node infrastructure ≠ money transmission.
For years, developers have operated under the threat that publishing code could expose them to money transmission charges. Section 604 eliminates that ambiguity entirely. It establishes a clear, codified legal protection for the people who actually build the open-source infrastructure this industry runs on.
Senate Banking markup is Thursday. Read the bill.
https://t.co/2y544wX7Z4
Migration Information:
https://t.co/jq7XaNatRD
Hey miners! It's Friday so you know what that means...#WalkOfClaims is here ⛏️ It's our day to #stacksats $BTC sitting just around 80k again, bulls trying to smack those bears down. Are we ready for another run or another retest?
🚨 IMPORTANT: This is the final week to move any NFTs on Terra to Osmosis and retain your backing. After that NFTs will still be migratable and can be staked for WOC but can't be redeemed for $BTC don't lose out!
Have a great weekend degens 🫡
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