Building AI solutions for AML Compliance | Creative director https://xitter.gq/t.co/RqUwmUCViz | Prev Head, BD & Partnership @satingio |
Earth
Joined February 2018
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The Shane retweeted
Our investigators are observing never-seen-before laundering patterns with the stolen funds from the Binance exploit. Thousands of transactions in a short period suggest that the attackers are using automation to obscure the trail of funds. Rather than simply moving funds onward, they repeatedly circulate them among addresses, often sending funds back to addresses involved earlier in the sequence.
Read more: chainalysis.com/blog/binance…
Within 37 minutes of the main ETH sweep, Tether, Circle, Ripple, WLF, and Arbitrum’s Security Council all froze assets.
The attacker still managed to convert millions of stable coins into ETH via UniswapX and Aave collateral. They now hold more ETH than they originally stole.
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.
Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete.
As an immediate precaution, Binance has:
- temporarily suspended deposits and withdrawals while security checks are completed;
- revoked the affected address authorisation;
- engaged law enforcement and blockchain intelligence partners to trace and recover funds.
Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.
Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions.
binance.com/en/support/annou…
Nobody is saying it but I detest Foundation’s creator onboarding method.
In a cycle where everyone was crazy about NFTs and a competitor like Opensea was in play, creator access was limited to invite-only for 4 years+.
You don't get a large share of the market moving like that. 8 months later, you are shutting down. Ridiculous.
This is a shitty take btw. Influencer products are built on a single premise; that they are popular and by default a ton of people should be interested.
This is a heavy misconception and we continue to witness a massive trend of failing products owned by these influencers. Building a product goes beyond virality. Zero understanding of how user behavior works, user perception, distribution, and many more. This is not an influencer-fan relationship.
It's giving “Hey, I just cloned LinkedIn’s entire platform using AI”. Great! Now, ship it.
Threadguy explains why influencers will start launching their own platforms to keep all the value for themselves
“Instead of Clavicular taking $40,000,000 from Stake to gamble on the platform, he should just make his own platform and it would win”
“Instead of Clav taking $40,000,000 from HIMS to promote peptides and all of these pills, Clav should just make his own HIMS competitor, his own distribution platform. It would absolutely crush”
“That commoditization of gambling platforms is gonna happen across every vertical. It’s sort of happened in physical products. We’ve seen Skims and PRIME do it”
“But I think very soon, it’s gonna be the era where these deals are gonna start getting so ridiculous from every platform to sign influencers when they realize the only thing they have is influencers”
“The biggest threat to HIMS is Clav making his own. The biggest threat to Gymshark is Togi making his own. As the deals get more and more ridiculous, you’re just gonna see more of these influencers brands just crush”
“When Neon does an interview and is confused why gambling platforms are paying so much… they’re paying so much because a Neon gambling platform would make more money than he makes on a Stake deal”
I asked Muse Spark to build me a Shopify clone website. It did so in about 2 minutes. Light and Dark mode work, a little mix-up with the nav bar functionality, but this is fair. Overall, better than the Llama series.
The ME token is a strong touch, tying Dicey to the Magic Eden ecosystem. It operates on $1 min deposit and withdrawal, so everyone can play. The Max withdrawal $100k and payouts are instant.
Fun Fact: The only delay in payouts is how fast you move your fingers.
