Is This DeFi's First Pre-Release Hack?

Plus bitcoin's 7X hashrate increase

Happy Tuesday, Blockfolians

The Lede

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.

south park and its gone - Steve Tobak

Sam from FTX did a nice job summing up the whole thing.

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


Community Commentary

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  

$52M

That’s the size of Bitpanda’s Series A, the largest in Europe in 2020, led by Peter Thiel’s Valar Ventures


Final Thought

🤯