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Informed crypto news 🕵️ Tips — https://t.co/Yzgq2br2ps 📰 News aggregator @ProtosLive — https://t.co/cAwm2gFKTA
Joined September 2020
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Garden hacker begins laundering $11M loot through Tornado Cash
protos.com
A total of over $6M worth of ETH and BNB has been deposited into Tornado Cash from the Garden hacker's Ethereum and BNB Chain addresses.
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The Context: 💭 Barbara Fried misrepresents SBF's crimes Barbara Fried has apparently stepped in to defend her son, Sam Bankman-Fried, and has continued the family history of deceit. Latest from @BennettTomlin Subscribe and read 👉 https://t.co/nlIFQmkHtr
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Mastermind behind $300M crypto pyramid scheme arrested in Spain
protos.com
Álvaro Romillo Castillo reportedly confessed to funding a Spanish right-wing MEP and now faces court over his alleged crypto pyramid scheme.
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Strategy’s preferred shares spell out an unfortunate acronym: FCKD
protos.com
Several people have cheered on the FCKD joke, encouraging Saylor to issue a preferred stock with the ticker symbol STRU.
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TL;DR
🥶 DEFI'S "RISK CURATOR" RECKONING Stream Finance's $93M implosion & 88% $xUSD depeg have torched the high-yield DeFi space. The "risk curator" model is now under intense scrutiny for promoting a reckless pursuit of yield that saw curators pocket fees but shoulder no risk… 🧵
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TL;DR
STRATEGY’S $689M PROBLEM @saylor’s promise to never sell $BTC comes with a price tag: $689 million in annual costs - and rising. This servicing cost is increasing as Strategy’s leverage grows, creating a high-stakes gamble that relies on endless investor optimism & dilution 🧵
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Who really controls Lava’s bitcoin collateral?
protos.com
Lava claimed to be a BTC-focused lender with competitive interest rates, but it's facing a flurry of social media backlash.
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The meltdown is a brutal lesson. It vindicates conservative, battle-tested protocols like Yearn and Aave that prioritize due diligence over flashy, unsustainable yields. The only real winners are those who understand that in DeFi, genuine risk management is everything ⤵️
Stream Finance meltdown: winners and losers in DeFi ‘risk curator’ reckoning
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But not everyone got burned. While many curators were exposed, some, like @SteakhouseFi and @ClearstarLabs, avoided the $xUSD scam. Most impressively, @k3_capital, managing Neutrl Labs' funds, not only dodged the bullet but actually made a $250K profit during the chaos.
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The model was a moral hazard from the start. Curators earned fees on withdrawals, incentivizing them to take on extreme risk with other people's money. As one critic put it, it was like "selling your brand to gamblers for free."
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The contagion is widespread. @MEVCapital, @Re7Labs, and @SiloFinance are nursing heavy losses. @TelosConsilium is the worst hit, with a staggering $124M exposure. These curators are now paying the price for their high-stakes, leveraged bets.
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🥶 DEFI'S "RISK CURATOR" RECKONING Stream Finance's $93M implosion & 88% $xUSD depeg have torched the high-yield DeFi space. The "risk curator" model is now under intense scrutiny for promoting a reckless pursuit of yield that saw curators pocket fees but shoulder no risk… 🧵
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Justin Sun’s Poloniex and HTX withdraw huge amounts from AAVE
protos.com
Justin Sun-owned HTX and Poloniex have both used exchange wallets to withdraw hundreds of millions from AAVE.
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Stream Finance meltdown: winners and losers in DeFi ‘risk curator’ reckoning
protos.com
The recent depeg of Stream Finance's xUSD has led to concerns over the health of an interwoven ecosystem of similar high-yield vaults.
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China is sentencing pig butchering scammers to death
protos.com
China has sentenced nearly 20 people, including members of prominent mafia families, to death over pig butchering scams in recent months.
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Richard Heart allegedly funnels $500M in ETH through Tornado Cash
protos.com
It's alleged that wallets benefiting from the launch of Heart's HEX, Pulsechain, and/or PulseX are mixing over $500M dollars worth of ETH.
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With costs set to spiral into the billions, the pressure is on Saylor to keep the mNAV premium alive. If investor sentiment sours and the premium collapses, the entire house of cards could come crashing down. How long can this high-wire act last? ⤵️
Strategy needs to pay $689M a year to not sell bitcoin
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Investors are paying a premium for $MSTR stock despite having no legal claim to the underlying bitcoin. The company’s own lawyers have disclosed that MSTR stock ownership “does not confer any ownership interest in the $BTC the company holds.”
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This creates a perpetual motion machine of equity sales. To avoid selling $BTC, Strategy continuously attracts new capital to pay old holders. This spinning plate is entirely dependent on a high mNAV, the premium investors pay for $MSTR over its actual BTC holdings.
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