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DEGEN - INSIGHTS
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DEGEN - INSIGHTS
Drift Protocol Hack: $285 Million Vanishes in Minutes – A Painful Lesson in Multisig Security Hacker attack methods • The attacker used social engineering to trick members into signing multisigs into pre-signing several transactions (March 23). • They saved this signature and activated it en masse on April 1st, gaining administrative control of the protocol. • After gaining admin privileges, the hacker immediately created a worthless Token on the drift exchange. • Disable the withdrawal security mechanism. • Manipulating the value of collateral assets to withdraw large amounts of real money (mainly JLP, stablecoins, SOL...). ➡️The entire process took only about 12 minutes, with Drift's coffers dropping from over $300 million to approximately $41 million. Main cause: • Drift uses a multisig (Multisignature) system with a low threshold (2/5) and no timelock. Consequence: • The DRIFT Token has dropped by over 40%. • The TVL of the protocol has decreased significantly. • Drift has temporarily suspended deposits/withdrawals, cooperating with security companies to investigate and attempt to track down the stolen funds (some of which have been converted into ETH). • More than 11 protocols are affected. • Hackers laundered money via backpacks, so this project also came under fire. In addition, according to our research: The co-founder of Drift Labs was once honored by Forbes in 2025 (Whoever Forbes honors in the future will face major scandals, be accused of fraud, defrauding investors, or even go to jail).
DRIFT
4.03%
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DEGEN - INSIGHTS
04-01
BrownFi is about to release a major update, and I think it will have a significant impact on Berachain's DeFi . BrownFi's V3 focuses on a single point: asymmetrical liquidation . Typically, with Symmetric liquidity, we can imagine that the amount of Buy will balance with Sell, but when we come to Asymmetric liquidity (BrownFi V3), we no longer maintain this balance. Especially in the current and upcoming bear market, liquidity accurately reflects market trends: many people want to sell, few want to buy. By placing liquidity on the buying side, you will earn more fees. This is especially beneficial in trading, because with BrownFi V3: - Liquidation will be better managed. - Reduce impermanent loss for LP - Some changes in the behavior of Liquidity Providers (no more passive farming) Overall, BrownFi's assessment of V3 aligns with Berachain's future direction, if not being a crucial Shard of the puzzle.
BERA
0.11%
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DEGEN - INSIGHTS
03-28
Is crypto being "diluted" to the point of no return? Currently, there are 72 million crypto Token in circulation. When I first entered the market in 2021, the number was only around 300,000 Token. 2022: 3.4 million 2023: 8.4 million 2024: 13 million 2025: 29 million That means in just one year, the number of Token has more than doubled, from an already extremely "unreasonable" Capital . Looking at the trends, much of this growth comes from the creator economy on Solana/Base - where almost anyone can create Token in just a few seconds. Obviously, the majority of these are very small Capital Token that many people will never touch. But it still reflects something about the current state of the crypto market. Additionally, there are a lot of VC Token constantly being released, giving the impression that the supply is "unlimited." The interesting question is: what will the market look like after this downturn ends? Will we still be buying/ Token Sale in the same way we are now? Greed won't disappear, but it feels like the current structure can't last forever. It's not certain. Let's just stay and XEM how things unfold. Source: Route2Fi - Upside
CRTR
2.11%
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DEGEN - INSIGHTS
03-27
WILL THE WHITE HOUSE ANNOUNCE SOME IMPORTANT NEWS TOMORROW??? • This morning, the White House's official X account posted a 7-second black-and-white video with a strange sound. Immediately, the "mysterious video" posted by the White House on X became widely known. • When the audio of this video is played back, the phrase "Exciting announcement tomorrow" is heard. To date, this video has garnered over 3.3 million XEM and received approximately 19,000 likes and 5,000 retweets. • This event is seen as an extension of the unconventional and highly "meme -ized" social media strategy that the Trump administration has been pursuing recently. Through viral dissemination, they bypassed traditional news channels and directly captured public attention. Similar instances of "pre-encrypted announcements" have occurred before, but this method was only used for extremely important news. Currently, US-Iran relations are very tense (Iran has also closed the Strait of Hormuz), and market sentiment is highly sensitive. It's also highly likely the announcement will relate to the Middle East conflict. Therefore, Longing/ Short traders should be extremely cautious tomorrow. The White House has yet to provide any official explanation regarding the meaning of this video or the content of the upcoming announcement. 👉x.com/WhiteHouse/status/203735...
TA
2.38%
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