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👉 What Happened on Crypto Twitter at the End of February

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👉 What Happened on Crypto Twitter at the End of February

⚔️Epic DeFi Arbitrage Season, 👾IOTA out, and more!

Crypto Twitter TLDR
Mar 4, 2020
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👉 What Happened on Crypto Twitter at the End of February

cryptotwittertldr.substack.com

Hey everyone, it’s Colin again! Welcome back to Crypto Twitter TLDR, a newsletter that brings you the juiciest tweets from Crypto Twitter twice a month.

Here’s what happened on Crypto Twitter at the end of February.

Want more Twitter TLDR? Check out 🔷 Tech Twitter TLDR 🔷


⚔️🛡️DeFi systems get battle-tested by savvy arbitrageurs

Arbitrage was the talk of Crypto Twitter in February, as carefully executed flash loans and trades across DeFi protocols like bZx’s Fulcrum resulted in huge trading profits for market manipulators.  While there was initially panic that this may have been the result of a hack, many ecosystem members came to see the events as both a critical learning experience for the nascent DeFi ecosystem as well as a demonstration of the current state of interoperable protocol capabilities.

Twitter avatar for @ljxie
Linda Xie @ljxie
The bZx attack was wild! Seriously never a dull day in crypto bzx.network/blog/postmorte… Best detailed analysis here medium.com/@peckshield/bz…
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5:38 AM ∙ Feb 18, 2020
143Likes32Retweets
Twitter avatar for @bneiluj
Julien Bouteloup | ETHCC Paris @bneiluj
~353k net profit using 'Sophisticated' arb on Fulcrum @bzxHQ 1.he took $2.7M Flash loan.@dydxprotocol 10kETH 2.put 5.5k ETH @compoundfinance, borrowed 112 WBTC 3.short WBTC on bzx #sETHwBTC5x 4.dumped 112 wBTC on #KyberUniswap to trigger short(oasis?) 5.Paid back loan 6.profit
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Twitter avatar for @bzxHQ
bZx @bzxHQ
1/ Due to the complexity of the transaction, providing a comprehensive accounting of the losses will require additional time. This was not a simple Uniswap attack, and we do not use Uniswap as an oracle.
7:05 PM ∙ Feb 15, 2020
620Likes215Retweets
Twitter avatar for @hosseeb
Haseeb Qureshi @hosseeb
So bZx just got flash attacked *again*, just after they announced the postmortem on the previous one. Unlike that attack, this one was pure oracle manipulation—didn't even require a logic bug. Details are still hazy, but there are three interesting takeaways for me (THREAD)
Twitter avatar for @bzxHQ
bZx @bzxHQ
We have released our official report detailing the nature of the attack, our response, and how we will move forward. We hope this will shed some much needed light on the incident. https://t.co/JNLoTqX8RA
6:42 AM ∙ Feb 18, 2020
253Likes65Retweets
Twitter avatar for @Rewkang
Andrew Kang @Rewkang
The bZx attacker used a combination of features from: - @TornadoCash - @compoundfinance - @UniswapExchange - @KyberNetwork - @dydxprotocol - @synthetix_io - @bzxHQ Shitty situation for bZx, but also impressive demonstration of composability and understanding of DeFi
7:34 PM ∙ Feb 18, 2020
185Likes18Retweets
Twitter avatar for @JordanLzG
Jordan LG 👻 @JordanLzG
Behind the scenes of a @MakerDAO collateral swap using @AaveAave Flash Loans, @UniswapExchange and @chainlink oracles 📸 @daveytea @RyanSAdams @econoar @nanexcool @EthereumMemes $LEND $LINK $ETH #Woahx
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1:29 PM ∙ Feb 20, 2020
169Likes35Retweets
Twitter avatar for @0x_Lucas
Lucas @0x_Lucas
Unpopular opinion A $350k arbitrage exploitation is just the beginning for #DeFi We’re going to see much worse in the coming years
10:49 PM ∙ Feb 16, 2020
123Likes9Retweets
Twitter avatar for @hosseeb
Haseeb Qureshi @hosseeb
It's still early. There are going to be lots of attacks, things will blow up, way worse than what happened to bZx. Failure is a necessary step in learning. But at least all of this learning is happening out in the open, with other builders able to benefit from it. FIN
6:42 AM ∙ Feb 18, 2020
45Likes3Retweets
Twitter avatar for @RyanSAdams
Ryan Sean Adams - rsa.eth @RyanSAdams
Nexus Mutual is paying out $87k of claims to those who purchased insurance on bZx! It works! Proof that we have insurance for smart-contracts DeFi is growing up 🔥🔥🔥
5:05 PM ∙ Feb 19, 2020
182Likes28Retweets
Twitter avatar for @ricburton
$RIC 🐚 @ricburton
There is not a regulator in the world that would have approved the creation of #FlashLoans That is what makes Ethereum so interesting
3:42 AM ∙ Feb 19, 2020
140Likes9Retweets

👾👾IOTA remains down

Internet-of-Things focused token project IOTA has been shut down since early February. @ercwl had an informative-yet-devastating thread about the state of affairs for the IOTA project and went into detail on all the mess pertaining to the Founders’ attempt to claim ICO funds, the client hack, and what’s likely to happen to token holders going forward.

Twitter avatar for @ercwl
Eric Wall IS RIGHT @ercwl
So everyone knows that IOTA has been turned off for >12 days now, but do you also know that: - the main client (Trinity) was actually a Trojan because of a compromised third-party dependency? - all private keys that used this client are potentially stolen?
12:47 PM ∙ Feb 26, 2020
592Likes197Retweets
Twitter avatar for @ercwl
Eric Wall IS RIGHT @ercwl
8 500 000 000 000 iotas (~$2 million) were successfully stolen before the IOTA Foundation could pull the plug on the Coordinator. They have no idea how many private key seeds have been stolen yet; there's a big chance more theft is waiting when it reboots.
blog.iota.orgTrinity Attack Incident Part 2: Trinity Seed Migration PlanSummary: Trinity is a software wallet for the IOTA digital asset that has been developed for desktop and mobile operating systems. Managed…
1:04 PM ∙ Feb 26, 2020
104Likes14Retweets
Twitter avatar for @ercwl
Eric Wall IS RIGHT @ercwl
This whole clusterfuck seems to have been overlooked because people are still processing the fact that IOTA shut down for >12 days, and that the founders are publicly fighting over tens of millions of dollars of the unclaimed funds they stole from the ICO:
Twitter avatar for @c___f___b
Come-from-Beyond @c___f___b
I notify the #IOTA community that I no longer work with David Sønstebø and am contacting my lawyers to get my 25 Ti from him. He refuses to transfer the iotas to make me act for his own benefit and against mine.
1:32 PM ∙ Feb 26, 2020
73Likes7Retweets
Twitter avatar for @ercwl
Eric Wall IS RIGHT @ercwl
All I can say is that IOTA has now successfully become tangled up in so many outrageous messes simultaneously that it is apparently no longer possible for the public to follow along with each different part of this multiplexed train wreck. Each disaster distracts from the other.
1:39 PM ∙ Feb 26, 2020
127Likes8Retweets

🤔🆒Other Developments / Quick Updates

Shocking $3M+ BCH miner sweep that went fairly under-the-radar:

Twitter avatar for @lopp
Jameson Lopp @lopp
An unknown miner has swept up nearly 9,000 BCH that were mistakenly sent to SegWit addresses (which are only redeemable on Bitcoin.) Over $3M as of today. H/T @khannib @Coinometrics coinmetrics.substack.com/p/coin-metrics…
Image
1:15 PM ∙ Feb 25, 2020
180Likes36Retweets

Heated monetary policy discussion between BTC and ETH supporters:

Twitter avatar for @mflaxman
Michael Flaxman @mflaxman
I had a conversation with a well-known ETH supporter today and was shocked that he didn’t know the difference between a currency’s current issuance rate and the credibility of its future monetary policy. /1
5:05 AM ∙ Feb 18, 2020
371Likes47Retweets
Twitter avatar for @antiprosynth
antiprosynthesis.eth @antiprosynth
This may surprise some people, but $ETH's monetary policy is in fact more credible than $BTC's monetary policy. Find out why in this excellent thread:
Twitter avatar for @0xstark
Josh Stark @0xstark
@mflaxman 0. In short, both bitcoin and ethereum’s monetary policy is “minimum necessary issuance” - it’s just that Bitcoin hasn’t admitted that yet
12:57 AM ∙ Feb 19, 2020
177Likes30Retweets

CZ & Binance launch Binance Cloud, a whitelabel exchange solution:

Twitter avatar for @cz_binance
CZ Binance 🔶🔶🔶 @cz_binance
Do you want to run a crypto exchange? Let us take care of the boring stuff (tech, product, liquidity) for you.
Twitter avatar for @binance
Binance @binance
#Binance Announces B2B2C Cloud Solution for Launching Digital Asset Trading Platforms An exchange-specific cloud solution, Binance Cloud provides partners & customers with a means to easily set up a digital asset trading platform in their local markets. https://t.co/ThQyrwePlh
7:09 PM ∙ Feb 17, 2020
1,360Likes277Retweets

👏👏👏Random / Funny / Interesting Stuff

Ending this one as we always do with an assortment of random tweets from around CT.  Hit me with feedback on this week’s letter (@goltra) and see you next time!

Twitter avatar for @JohnLilic
John Lilic @JohnLilic
This accurately represents how 95% of 'remote work' is done in the crypto space
Twitter avatar for @CarlZha
Carl Zha @CarlZha
Online classes in China due to #coronavirus lockdown means you can just relax https://t.co/dzeXsmYiTY
12:24 PM ∙ Feb 15, 2020
21Likes3Retweets
Twitter avatar for @TusharJain_
Tushar Jain @TusharJain_
If you think the crypto markets are efficient enough to price in the Bitcoin halvening, you probably think tokens like XRP and IOTA are fairly priced too 😂
3:25 AM ∙ Feb 17, 2020
90Likes2Retweets
Twitter avatar for @MichaelIppo
Michael Ippolito @MichaelIppo
Bitcoin is the dominant asset in crypto - no one disputes that 🚀 But if you aren’t at least ROOTING for the other experiments (DeFi, Eth, etc...) then what’s the point of even being here? What future are you hoping for?
12:21 AM ∙ Feb 19, 2020
352Likes42Retweets
Twitter avatar for @MPtherealMVP
María Paula, not Maria @MPtherealMVP
1/ Stop hacking DeFi for a minute please (whether ethical or not) - free audience research! With @83TB & co we had a really fun 4 hours researching audience and personas for the web3 ecosystem yday and I made them into memes for more #MemeDrivenDevelopment. Let’s share them!
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7:45 PM ∙ Feb 20, 2020
155Likes20Retweets
Twitter avatar for @ercwl
Eric Wall IS RIGHT @ercwl
The best thing a coin can wish for is an aggressive takeover attempt by developers/miners/corporates, and then to resist that takeover by running software/shorting futures. Grassroots governance is the most powerful thing you can demonstrate. Here's to hoping for a messy ProgPoW.
6:46 PM ∙ Feb 23, 2020
76Likes7Retweets
Twitter avatar for @LinaSeiche
Lina Seiche @LinaSeiche
#Bitcoin maximalists only want to pump their coin, he said and went on to try and pump his coin
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12:21 AM ∙ Feb 28, 2020
139Likes18Retweets
Twitter avatar for @sassal0x
Anthony Sassano | sassal.eth @sassal0x
Name one other crypto community that has better memes than #Chainlink. I'll wait.
Image
11:14 AM ∙ Feb 29, 2020
345Likes32Retweets

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👉 What Happened on Crypto Twitter at the End of February

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