~9 Year Bitcoin Coded Crypto Degen BD Lead at @mineLabs_ Bringing Bitcoin assets to the masses. Running for global supreme leader. https://xitter.gq/t.co/TW5VxusUZF
Joined December 2024
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An olive branch to the anti-spam camp, an educational read for anyone interested in seeing what has actually been built, and hopefully a step toward retiring “spam” as a catch-all for anything you don’t like.
That’s what I hope people take from this labour of love. 🫶
Jeff - Mine Labs 🌎☮️ retweeted
Never forget, never loose sight, of why permissionless finance is so important for humanity. @THORChain has done 130bn of trading volume and YOU agree with 98% of that volume.
So keep your head on straight and don’t let the loudest mouths do your thinking for you.
Jeff - Mine Labs 🌎☮️ retweeted
Hey crypto bros and sisters,
next time an autocrat or tech fascist or just "a strong men" (you’re particularly fond of these) promises to make you rich, please use the last 2 brain cells you have left before handing him your loyalty and calling it freedom.
For a crowd that preaches decentralisation, you’re embarrassingly eager to put your future in the hands of whichever sickfuck narcissist promises to pump your bags.
The rest of us would appreciate being spared another 2+ years of this shitshow.
I hope you learned something, although I suspect the next promise of a 100x will be enough to make you forget who screwed you the last time.
Thanks,
from someone who believes in self-determination,
self-custody,
no middlemen,
...and same technology, access and verifiability for everyone (warning: dangerously socialist ideas).
Now sell $SPX, $TSLA, $META, $PLTR, $ORCL, $WLFI, $TRUMP, $MELANIA, $USD1 and the rest of this fucking shitshow, and put your money into things that actually deliver on their promises.
Jeff - Mine Labs 🌎☮️ retweeted
It's easy to mock the halt, but building truly trustless cross-chain infrastructure across native BTC, ETH, and SOL is one of crypto's most unforgiving engineering challenges.
Every external chain's 1-block reorg or fee spike can become an attack vector against the vault. Nation-state flows add pressure on node operators that goes beyond code and economics into physical reality.
This creates tension between censorship resistance and protocol survival, which aren't always easy to reconcile.
3-node emergency halts may jar against the "unstoppable" ethos, but preventing reorg exploits and preserving pool solvency keep the system alive.
THORChain takes on risks most DeFi projects avoid by starting centralized or permissioned. Despite clumsy pauses, it's one of the few attempting permissionless cross-chain settlement without wrapped assets or a centralized sequencer.
That's why the industry needs it to get through this.
Rooting for the devs and node operators to patch it, weather the regulatory storm, and bring the network back online intact.
Hope the fix ships, nodes stay solvent, and the network returns stronger. Without working native cross-chain DEXes, crypto risks becoming a walled garden of CEXs.
Still expecting the XMR integration at the EoY. 🫡
THORChain is the world's first cross chain decentralized exchange. It's been operating for over 5 years now.
Before, the only scalable way to trade between Bitcoin and Ethereum was going through a centralized exchange.
Atomic swaps were available, however they can't scale. Bridges and wrapped tokens were used, but they introduced counterparty risk. There wasn't a proper DEX to swap Bitcoin in a self custody wallet for Ethereum in a self custody wallet.
Vitalik Buterin highlighted this problem back in March 2020, expressing his frustration that there wasn't an easy way to move between Bitcoin and Ethereum without relying on centralized exchanges.
THORChain was built to solve this problem.
THORChain was designed like Bitcoin and Ethereum, to be permissionless, censorship-resistant, and public. All transactions on THORChain are transparent, there is no obfuscation. When Monero starts trading, XMR swaps will have all the same public data as BTC and ETH swaps.
It remains the closest example of a decentralized BTC-to-ETH exchange described by Vitalik.
We believe THORChain is one of the most decentralized blockchains in crypto.
According to a Raynalytics dashboard, the network has 111 active nodes operated by 56 unique node operators. 20 operators control just over two-thirds of the active nodes.
There is no single developer or entity in control of THORChain.
Core developers can make recommendations and write code to update the protocol, but nodes ultimately decide whether to adopt those changes. Protocol upgrades depend on sufficient support from the validator set, meaning developers cannot unilaterally impose changes on the network.
The decentralization and product market fit of THORChain make it a core piece of DeFi.
Take the test 👇
It’s time for purity tests in crypto.
If you’re rooting for the FBI over a censorship-resistant protocol, you don’t belong in crypto.
If you lost hundreds of millions in customer funds and blamed the protocol that couldn’t censor them, you don’t belong in crypto.
If you have a large podcast and platformed failed exchange CEOs attacking censorship resistance without one voice from the other side, you don’t belong in crypto.
If you built a freeze button into your protocol and applauded yourself for using it, you don’t belong in crypto.
If you cheered along while protocols used their freeze buttons, you don’t belong in crypto either.
If you laughed at the slippery slope argument, you don’t belong in crypto. Because now look: the FBI is here.
If you think Satoshi built all this so the anointed could say no, you don’t belong in crypto.
Nobody can say no. That’s the whole invention. Defend it or go back to banking.
Jeff - Mine Labs 🌎☮️ retweeted
THORChain is the world's first cross chain decentralized exchange. It's been operating for over 5 years now.
Before, the only scalable way to trade between Bitcoin and Ethereum was going through a centralized exchange.
Atomic swaps were available, however they can't scale. Bridges and wrapped tokens were used, but they introduced counterparty risk. There wasn't a proper DEX to swap Bitcoin in a self custody wallet for Ethereum in a self custody wallet.
Vitalik Buterin highlighted this problem back in March 2020, expressing his frustration that there wasn't an easy way to move between Bitcoin and Ethereum without relying on centralized exchanges.
THORChain was built to solve this problem.
THORChain was designed like Bitcoin and Ethereum, to be permissionless, censorship-resistant, and public. All transactions on THORChain are transparent, there is no obfuscation. When Monero starts trading, XMR swaps will have all the same public data as BTC and ETH swaps.
It remains the closest example of a decentralized BTC-to-ETH exchange described by Vitalik.
We believe THORChain is one of the most decentralized blockchains in crypto.
According to a Raynalytics dashboard, the network has 111 active nodes operated by 56 unique node operators. 20 operators control just over two-thirds of the active nodes.
There is no single developer or entity in control of THORChain.
Core developers can make recommendations and write code to update the protocol, but nodes ultimately decide whether to adopt those changes. Protocol upgrades depend on sufficient support from the validator set, meaning developers cannot unilaterally impose changes on the network.
The decentralization and product market fit of THORChain make it a core piece of DeFi.
Jeff - Mine Labs 🌎☮️ retweeted
Earlier today the largest crypto exchange in Brazil @MercadoBitcoin was hacked and 299,921,791 wrapped $DOG tokens on Solana worth ~$245,935 were stolen
The hacker then swapped the wrapped $DOG tokens for USDC on Solana in 30 separate transactions over the course of 43 minutes
This extreme selling pressure caused the price of wrapped $DOG on Solana to drop from $0.00082 to $0.00039
The price of wrapped $DOG on Solana has since stabilized as traders took advantage of the arbitrage opportunity and brought the price back up to $0.00075
$DOG's price on native Bitcoin and on CEXs was relatively unaffected
The third-party $DOG bridge to Solana operated by @minelabs_ remains fully operational and was not impacted by this incident
Mercado Bitcoin has announced that they will absorb the losses from this hack and that "there was no harm to customers"
My interpretation of their statement is that they will soon be repurchasing 299,921,791 wrapped $DOG tokens on Solana in order to restore their reserves to their previous levels
The $DOG Army was uniquely impacted by this incident compared to other memecoin communities given the $DOG Army's large presence in Brazil
I want all Brazilian $DOG soldiers to know that we stand together with you and hope that Mercado Bitcoin makes a full recovery from this incident
This is also an important moment to remind everyone about the importance of securing their $DOG
@krakenfx is the most regulated exchange with the strongest track record that currently lists $DOG
@xverse combined with @Ledger remains the most recommended self-custody solution among $DOG soldiers
While I believe everyone should decide which custody solution is best for them I strongly encourage all $DOG holders to take this opportunity to reassess how they secure their tokens and ensure their holdings are properly protected as the crypto industry faces an increasingly sophisticated landscape of security threats driven by advances in AI
Jeff - Mine Labs 🌎☮️ retweeted
Turns out the most secure cold storage was never having money in the first place.
Jeff - Mine Labs 🌎☮️ retweeted
Some of you may have noticed Runes swap liquidity is limited right now. This is due to a security incident on one of the available swap providers that we aggregate.
No Xverse vaults or user funds are affected. We're monitoring this and will update as liquidity is restored.
Jeff - Mine Labs 🌎☮️ retweeted
1/ On 25 Oct, DotSwap V1, our original 2024 swap platform, was attacked. The attacker used V1's legacy server-side signing path to drain roughly 8.5 BTC (~$685k) from V1 liquidity pools and V1 accounts over about four hours.
Jeff - Mine Labs 🌎☮️ retweeted
The artist of the Bitcoin Wizard holds the key that earned 50 BTC mining in January 2009, when Bitcoin was 16 days old.
In 2023 it signed: “I am mavensbot, creator of the Bitcoin Wizard.” @mavensbot
@bitcoinwizardry and $MIM lore, on chain: mimwizards.com/proofs
Jeff - Mine Labs 🌎☮️ retweeted
zachxbt just proved monero's thesis again:
he tracked $20M of stolen funds moving through hyperliquid, traced the swap operator's 3,000 deposits to kucoin, and the moment it converted into native xmr, the trail completely vanished.
- influencers: "govs found ways to deanonymize xmr!"
- reality: 87% of inflows into freedomxmr were ransomware and exploit loot trying desperately to buy native monero to kill the trail.
govs and zachxbt didn't trace monero; they traced an off-the-shelf swap bot on a transparent evm. chainalysis doesn't crack ringct; they just wait at the transparent counter hoping the operator deposits to kucoin without a vpn.
you can delist xmr from every regulated cex on earth, yet you can't delist pure cryptographic utility, meanwhile xmr is up 69%.
market always knows what real privacy is.
NEWS: ZachXBT uncovered Monero laundering pipeline on Hyperliquid Core known as FreedomXMR, which has taken in $20M+ in inflows since August.
The funds trace back to ransomware, malware, social engineering, and exploits including DCENT Wallet, Fetch, and Gamdom.
Since August, $XMR is up 69% while $BTC is up 30%.
Jeff - Mine Labs 🌎☮️ retweeted
Every change to THORChain follows the same path.
It starts with an ADR. Anyone can write one and bring it to the THORChain Discord: a new chain, a fee change, a new feature. Protocol-owned liquidity began as a proposal from a community member.
The proposal gets debated in the open. Developers, node operators and users ask questions, push back and rework the details.
Then the nodes vote. A change passes when 2/3 of active nodes approve it. Today that's 74 of 111 nodes, run by ~56 independent operators. Each node gets one vote.
Bitcoin started on that idea: open to anyone, decided by the network. THORChain keeps building on it.
Jeff - Mine Labs 🌎☮️ retweeted
lukes fake bitcoin scam sitting at a 20b marketcap aka $1k usd per fake bitcoin lmao
only because its too risky to split your real bitcoins and still not a single cex supporting this dogshit that would make people want to dump it to sub $1 yet
but rest assured, sub $1 is coming. if you are buying this shit here you have brain damage.
Jeff - Mine Labs 🌎☮️ retweeted
Hey @laurashin, @tayvano_;
- Will you be insisting that @1inch return the profits that was gained?
- Would you drop them as your show sponsor if they declined to do so?
Anyway...
Here's a panel lecturing THORChain about “neutrality,” decentralization and processing stolen funds.
Look at the top-right corner of the broadcast:
“Powered by @1inch"
You genuinely cannot make this up.
Jeff - Mine Labs 🌎☮️ retweeted
🚨 I'M GOING TO DEFEND @THORChain.
After watching the Bitget discourse, reading the forensic reports, and looking at what actually happened on-chain, the selective outrage is getting ridiculous.
You want to talk about “neutral infrastructure?”
Fine. Let's play fair. 🧵
Jeff - Mine Labs 🌎☮️ retweeted
@laurashin your shows got sponsored by @1inch . So literally you are benefiting from 1Inch incomes which part of it from the @bitget stolen fund too.
So, while pressuring @THORChain for not censoring stolen funds transactions, will you also come clean by returning the sponsorship fund from 1Inch?
Care to lead by example, and not applying double standard here?
@tayvano_ what's your opinion on this?
Thanks to @SirRawcha to unpack this! 🫡🫡
Jeff - Mine Labs 🌎☮️ retweeted
In 1967 Britain had more electric vehicles on its roads than every other country on earth put together, and they were all delivering milk.
There were tens of thousands of them. The milk float: open sided, battery under the floor, top speed of about 15 miles an hour, and a whine you could pick out in your sleep. It was charged overnight at the depot and was back there by lunchtime.
It carried glass bottles. Each one was collected from your step the next morning, washed and refilled. A bottle went round like that 20 or 30 times before it broke. The foil cap went for scrap. There was no other packaging.
The milk had come from farms within a few miles, through a local dairy, and was on the step before 7.
So here is what the country had. A zero-emission delivery fleet. Reusable containers with a return rate any modern scheme would kill for. No plastic. A supply chain you could cycle the length of. A man who noticed if an old lady's bottles were piling up, and knocked.
It was dismantled in about 15 years, because a supermarket could sell milk a few pence cheaper in a plastic jug as a way of getting you through the door.
Every piece of that system is now the subject of a government target for 2040.
It was running in 1967, silently, in the dark, and nobody thought it was worth a mention.
Jeff - Mine Labs 🌎☮️ retweeted
Look at this framing: "THORChain declined her request."
So dishonest.
The Bitget hack has turned into an insightful look at bad actors and their spokespeople in crypto. You think we have a hacker problem? The born-again bankers are a much bigger threat to this industry than the thieves are.
Start with Gracy Chen. Instead of taking ownership of losing $388M of her customers' money through her own security failure, she blames THORChain for refusing to do the impossible: freeze specific transactions.
So take the claim seriously. "Declined" how, exactly? Who received the request? At an exchange like hers, that person has a name, a title, and an email address. On THORChain that person does not exist.
Per THORChain's own explorer there are 95 active nodes, anonymous, bonded, churned out every three days, and none of them holds a freeze button.
As security researcher Michael Perklin put it, node operators have "no active choice to sign, only an active choice to turn off the machine." Same as Bitcoin miners.
The thing Gracy says was declined was never on the menu.
Now the media. Laura Shin ran "THORChain declined her request" as settled framing and "does permissionless mean neutral" as a real question.
Permissionless means there is no one to ask. Neutrality is a policy. Permissionlessness is physics.
A journalist's job is to catch that distinction, not launder "the mechanism does not exist" into "they chose not to help," which happens to be the exact story an exchange with a hole in its protection fund needs told.
So here's the fix, Laura: book the other side. Have THORChain contributors on and ask them to point to the freeze button. That episode would be worth timestamping.
How a Third-Party Zero-Day Let Hackers Drain $388 Million From Bitget
"Permissionless doesn't mean neutral." 🛡️
@GracyBitget told me that's the stance she wants from DeFi, after @near_intents helped freeze stolen @bitget funds and @THORChain declined her request.
🎧
Timestamps:
🚨 01:50 How attackers used a third-party zero-day to fake withdrawal commands
❄️ 07:15 Why Bitget switched wallets back on mid-attack to sweep funds to cold storage
💧 14:30 1inch Aqua: See how LPs back multiple positions with the same token balance at unchainedcrypto.com/go/1inch…
⛓️ 15:37 Why the hackers were able to transact even after withdrawals were paused
🧊 19:04 How Tether, Circle, and NEAR Intents froze funds, and why recovery is harder
🕵️ 24:05 ZachXBT's shift on the Bitget hack and his earlier pump-and-dump claims
🛡️ 30:01 NEAR Intents vs. THORChain: does permissionless mean neutral?
💰 41:55 Why Bitget built its protection fund in 2022 and how it covered the loss
🎭 48:17 How scammers posed as an investment team to target Gracy after the hack
📈 01:01:32 A net ETH inflow after withdrawals reopened, and whether the IPO is still on