Newsletter #393 - We Are Monitoring The Situation

Hey Shitcoiners,

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Do you smell the potential reversal? The timeline does. Unfortunately positive price action or not, the shenanigans continue. The Kelp DAO situation is still developing and we had a special episode of Wage Cucking With Jmo to stay updated. Tune in to learn how it went down, why DeFi is in a tricky spot and what can be done to fix it.

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The exploit was extremely sophisticated. LayerZero launched a post-mortem and for those of you who need it in simpler terms, Eli5DeFi has you covered.

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The situation is entering a dangerous stage.

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Guys.

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With many unable to escape Aave, new solutions were launched. DeFi keeps innovating. Would you swap and accept the haircut?

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The blame game is real. You did it! No, it’s your fault. But you are responsible!

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RIP Dave.

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We have some good news though. Fortunately, ApeCoin was unaffected. Rejoice!

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Did you know that the Arbitrum Security Council wields so much power? We didn’t. Allegedly these L2s are not decentralized at all. His Excellency does not miss.

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You can be as decentralized as you like, but Tether has the power.

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Anyway, back to the exploit. He said it.

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As the dust began to settle, an rsETH relief effort was beginning to form, co-ordinated by Aave.

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30,000 ETH is potentially on it’s way from Mantle.

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LayerZero are yet to confirm how much they are throwing in the pot.

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If you are intrigued about what happened to those hacked funds, they have been moved to Bitcoin. And as expected, they were moved via Thorchain.

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In other Thorchain news, their team have been catching heat from Zach. Uh oh!

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The more he talks, the worse it gets.

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Meanwhile, Pasternak is in a spot of bother but not for his onchain activity.

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Big if true.

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It’s too early to say if Pasternak will be joining SBF behind bars. Maybe he’ll start posting on X again when he has more free time! Sam wanted to remind us all that the money he invested (that wasn’t his) would have been worth multiples if we’d just let him stay in the game.

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Speaking of ethical behaviour, is this legal?

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This is unconfirmed but if it’s real, the scammers are going to extraordinary heights to part users from their crypto.

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To something a little less dark next. We have had years of subpar “who is Satoshi” documentaries but finally, we might have a good one. The Block did a great write-up following their pre-screening.

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But did they get it right? Questions still remain.

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Fran Finney, the wife of the late Hal Finney shared a glowing endorsement.

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Finally, a reminder to catch Cobie’s latest public appearance.

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See you next week.

Team Shitcoin.com