krendel 🥨

9 years in crypto. Still no token. Still here. Still poor

[krendel 🥨 @krendel_98]

https://t.co/zYFBtKyvaJ

[krendel 🥨 @krendel_98]

3/ That's a database with a great UI.

It may be run honestly: they took $39M in deposits and published every bid.

But ownership here moves as a row in their ledger, and the Terms say the opposite.

Not a scam call. Read what you're signing. Or here, what you're not signing.

[krendel 🥨 @krendel_98]

zkSNARKs just opened trading on https://t.co/o70ygvhjSU.

Floor is up 47% in under an hour. Everyone is posting the chart.

Nobody is posting the source code. The Terms say "non-custodial". The code says bids are "escrowed".

I read both 🧵

[krendel 🥨 @krendel_98]

2/ Terms: "non-custodial", "not an escrow agent", "no cookies".

Source code: you pay to the server's deposit address. Bids are "escrowed", their word. Sign-in sets a session cookie.

Listing needs no wallet signature. Transfers have no txid.

[krendel 🥨 @krendel_98]

@ctrl_covenant @Bridgerlang @LaMachina777 @laz1m0v lol fair, buzzwords are basically the industry's native token. difference here tho: these ones are checkable. "covenant" = key-path sig. "BRC-20" = OP_RETURN json. "protocol fee" = the Liquid hacker's wallet lmao. that's not BDD ser, that's a lie with a mempool link

[krendel 🥨 @krendel_98]

@juesaiquan Spent last night reverse-engineering $LEAF, suspected exactly this. The only thing "on Bitcoin L1" about it is the 330 sats every buyer sends to the Liquid attackers. Everything else is a Vercel database. Proof: https://t.co/txEz8GzFwI

[krendel 🥨 @krendel_98]

Someone turned Blockstream's 4,000 BTC hack into a marketing channel. Every $LEAF mint sends 330 sats to the hacker's address. Here's what the JS and the chain actually say 🧵

[krendel 🥨 @krendel_98]

@0xmosk My address ?

[krendel 🥨 @krendel_98]

Someone turned Blockstream's 4,000 BTC hack into a marketing channel. Every $LEAF mint sends 330 sats to the hacker's address. Here's what the JS and the chain actually say 🧵

[krendel 🥨 @krendel_98]

10/ Bottom line: no covenant, no BRC-20, no transfers, no liquidity, no sell side. A database row on a free-tier host, run by an anon, marketed on top of a $300M hack. Their own Terms: "experimental proof of concept", no refunds, no promises. A donation, not an investment.

[krendel 🥨 @krendel_98]

9/ Bonus: the site values ORDI at 7,000 per BTC (~$11 each). Market price is ~$4. Paying in ORDI gets you ~2.6x more LEAF per dollar than paying in BTC. The 50 ORDI "trades" so far figured that out.