Happy Tuesday, Blockfolians
This is a wild one.
What happens when DeFi’s most in-demand developer teases a project; the DeFi degens discover the unaudited, unreleased contracts; said degens pump $16m into it; and a hacker exploits an undiscovered vulnerability to train all of that?
The first pre-release DeFi hack, that’s what.
Sam from FTX did a nice job summing up the whole thing.
SBF @SBF_AlamedaYou either die a hero, or you live long enough to become the villain. Or you Twitter gets hacked, idk, one of those two.
Some explored whether more could have been done to avoid the hype cycle that led to this.
Either way, one of the wilder (and fastest) episodes in the summer (and now fall) of DeFi.
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Highly Relevant Reading
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Excuse me, 7x?
There is a HELL of a lot of debate about this one…
A Really Big Number We Should Be Paying Attention To
That’s the size of Bitpanda’s Series A, the largest in Europe in 2020, led by Peter Thiel’s Valar Ventures