Ashley ✜ mrsThreshold.eth

bad jokes. frequently lost. ALWAYS LOUD. here for the freedom tech. BTC since 2017. @TheTNetwork Committee⚡️lil pudgy 20561

[Ashley ✜ mrsThreshold.eth @mrsThreshold]

Today we crossed a new Threshold:
25,000 BTC have successfully been minted as @tBTC_project, to be used in Bitcoin Finance, in a total of over 12,000 mint requests!

That is $2.8B of BTC capital that regular, everyday people (and institutions alike) have been able to utilize in DeFi in a trust-minimized way.

Those 12,000+ mint requests interacted directly with the native BTC blockchain — contributing to miner fee revenue and helping sustain ongoing onchain activity.

6,000 requests have been processed by @TheTNetwork to redeem 19,000 tBTC for native BTC. Permissionlessly.

The system is working.
This is the future of finance.
Less middlemen, more self-sovereignty.

[Michael Egorov @newmichwill]

New @yieldbasis markets already make fees. But they will start being distributed as soon as this new vote will pass

https://t.co/e9223GI5NW

[Nansen 🧭 @nansen_ai]

A Top 100 TBTC holder just moved $2.8M out of Coinbase-custodied BTC.

Not into cash. Into trust-minimized BTC - then straight into DeFi.

35 CBBTC → 35 TBTC across 3 txns on Ethereum.

Routed via ParaSwap, deployed across Aave, Spark, and Yield Basis.

[Tay 💖 @tayvano_]

DPRK does not miss their 2 hour lunches.

One of the funniest moments was seeing logs of them asking ChatGPT what Americans do for lunch, why so short?

Shook them to their fucking core.

Like of all the propaganda they’ve ever heard, nothing comes close to the fact we don’t take long lunches with naps lmfaoooooo 💀

Image 1: from the article
Image 2: mine of the same boys, onchain

[Michael Egorov @newmichwill]

Ahhhh this is how all projects should be analyzed: identifying ways how money can be lost. From all the dependencies. Excellent stuff!

[Tay 💖 @tayvano_]

Thorchain cofounder says they are launching XMR and it’s going to be great and everyone’s going to make fuckloads on from fees because bad actors are going to funnel stolen money to XMR and back via Thorchain.

Someone please get these fucking retards a lawyer.

[Quit @0xQuit]

@tayvano_ Incredible things were said.

[DefiLlama.com @DefiLlama]

When you hold a token, you're exposed to every market that touches it. Until now, there was no way to quickly understand what that actually looks like.

Introducing token pages on DefiLlama.

Understand how tokens are being used in DeFi:
- Risks across lending markets
- Usage by protocol
- Liquidation levels
- Yields & borrow rates

Enter a token in our search bar to find its page.

[DefiLlama.com @DefiLlama]

A look at our new token page for WBTC.

How much debt can be issued against WBTC as collateral?
Which risk assessments have been made about WBTC historically?
Where is WBTC used in DeFi?
What are the onchain liquidation levels for WBTC?

Now available for thousands of tokens.
https://t.co/6mWK7m8TX2

[pray.eth @pray_eth]

@justinsuntron More sophistry. This is why crypto creates more noise than signal, too many charlatans. Also, if you use Tron, don't complain when your money is eventually frozen or stolen. Same for wBTC...

[Michael Egorov @newmichwill]

So let me start. DeFi is the future of the World Financial System. That's my belief, and this is why we are here.

This amount of absolutely preventable hacks we see in DeFi (with root causes attributable to CENTRALIZED points of failure) is enormous recently. This damages out industry, and I build for this industry. So I cannot remain silent.

Imagine an average grandma (mass adoption is here?) putting her life savings on Aave. And then BOOM, she cannot withdraw her funds on Monday. Aave (the biggest DeFi protocol btw) said it's operating as intended - just rsETH got exploited. rsETH said that all code is safu - just LayerZero bridge got hacked. LayerZero (the biggest bridge securing quarter of a trillion $) said that everything operating as intended. Yet, she cannot withdraw here funds. WTF? Are we industry of clowns?

But here's the thing. All issues like this should be prevented BEFORE they happen, not AFTER. Number of single points of failure should be reduced, not increased. When these points of failure are unavoidable - trust should be split. If there's a reliance on infrastructure - we should share best practices how to configure it. Not to mention that code should be very well checked - everyone gets that already.

We should probably come together and develop safety standards for DeFi. How to build safely, and how to verify safety. Probably everyone should bring their best practices, and the projects, auditors and risk assessment groups should know them. Maybe we need @ethereumfndn and @SolanaFndn bringing all the ecosystem projects to participate and come up with principles, rules and recommendations of safe building. And, perhaps, we can even learn something about protecting the few remaining centralized points of failure from traditional finance who have many more of those.

DeFi will win

[Mippo 🟪 @MikeIppolito_]

oh you're in DeFi? name every multisig

[Security Alliance @_SEAL_Org]

Although the situation is still developing, we wanted to share some initial takeaways from the LayerZero DVN security incident

https://t.co/WjGtC81e8g

[Isaac Patka @isaacpatka]

Sometimes it’s multisigs, sometimes it’s lack of timelocks, sometimes RPCs, sometimes npm libraries. But always starts with just knowing where your risks are. Surprisingly many protocols do not.

[curb @CryptoCurb]

🚨🚨🚨 REMOVE ALL YOUR FUNDS INTEGRATED WITH LAYERZERO IMMEDIATELY!!!

LayerZero placed blame on KelpDAO saying they were irresponsible for running 1/1 DVN.

@Dune analyzed all LayerZero integrations.

Out of the 2,665 LayerZero integrations, 47% are running 1/1 DVN LayerZero integrations.

I am being 100% serious here—

REMOVE ALL YOUR FUNDS INTEGRATED WITH LAYERZERO IMMEDIATELY!!! 🚨🚨🚨

[Ashley ✜ mrsThreshold.eth @mrsThreshold]

@P3b7_ Great summary! Hoping you can help me get a response from the Wrapped Bitcoin team….

Would love to hear why they are running a 1/1 DVN for a $9B asset… and when they plan to fix it. @mikebelshe @justinsuntron @WrappedBTC @BitGo @BiTGlobalTrust

[Ashley ✜ mrsThreshold.eth @mrsThreshold]

@materkel @CryptoCurb @Dune alarming af to see WBTC running a 1/1 DVN

[Ashley ✜ mrsThreshold.eth @mrsThreshold]

Of course WBTC is relying on a 1-of-1 DVN

[Dune @Dune]

Following the KelpDAO hack, we built an open analysis of DVN security configurations across every active OApp on LayerZero over the last 90 days.

Of ~2,665 unique OApp contracts: 47% run a 1-of-1 DVN security floor, 45% run 2-of-2, and ~5% run 3-of-3 or higher.

As we know, KelpDAO's rsETH sat in the first bucket.

Open query, public methodology, feedback welcome:
https://t.co/7sQCMN1uCS

[Ashley ✜ mrsThreshold.eth @mrsThreshold]

@yoerichofficial @BitGo @BiTGlobalTrust @WrappedBTC Which chain is your WBTC stuck on? I’ll see if I can help you find an exit path.

[Pybast @Pybast]

Sorry to announce more bad news.

I would advise to stop interacting with ANY DeFi dApp for the coming days as there is an ongoing incident on Vercel related to stolen Github and NPM keys.

We still don't know enough but if the claims are true, frontends could get compromised from Github or from supply chain attacks. These are the attack vectors used to hack bybit or compromise Ledger’s Connect Kit.

Stay safe!

[Joe @0x_Osprey]

Don't be surprised when a LayerZero multisig
exploit ends up funding some more DPRK tests 🫡

612 days ago