Full-time degen gambler | Ex-Software Engineer | Vibecoding enjoyer | Hyperliquid maxi | prev. @ourbit_official
Joined September 2016
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cobe.hl retweeted
Nvidia fell ~3.4% on Entropy from $187.50 to $181.20 as Axios reported that CEO Jensen Huang admitted in an email to staff that he had been unfaithful to his wife. Nvidia’s board opened an independent investigation into reports that foreign intelligence had targeted him.
I called it way back in May when they first released the doc. Tbf we all knew it's gonna happen so can't really call this as an attack. I'm just surprised that they didn't fix it before launch
Anyways, I think @papertrade_xyz won't be ded this quick as long as the team fix this asap. Just look at Hyperliquid, we're still fine after jellyjelly. Plus I believe @izebel_eth isn't gonna fumble this.
xitter.gq/codeboc_eth/status/205…
papertrade got exploited for $1.28M by 0x2025137a136bea7446deba681cbfc7cf1970840e within just 8 hours of being live.
here is the on-chain breakdown of how a clever attacker with more than $13M all time PnL and $14B volume on hyperliquid exploited @papertrade_xyz
how it works: papertrade prices every trade off hyperliquid's ETH price at that exact second. so if you can move hyperliquid's price for a few seconds, papertrade pays you for it.
that's exactly what 0x2025.. did, manipulating hyperliquid's price to move their papertrade positions into profit.
22:01 opens $200M of longs on papertrade
22:01 buys 6,055 ETH on hyperliquid, price goes up $3
22:03 closes the longs → +$168k
22:03 flips to $160M of shorts
22:03 sells 5,260 ETH on hyperliquid, price drops $3
22:04 closes the shorts → +$97k
22:04 flips long again
the exploiter repeats this pattern over and over: long on papertrade, pump the price on hyperliquid, close the longs and open shorts on papertrade, dump the ETH back on hyperliquid, close the shorts.
they won 97% of their trades
296 wins out of 305 trades
typical hold: 98 seconds
total pnl: $1.73M
then it went wrong:
23:13 opens 30 shorts on papertrade, $297M at 2507.35
23:13 sells ~6,600 ETH on hyperliquid, price drops to 2504.4
same move as before. but this time the close never goes through. the short is stuck
02:31 ETH hits 2509.95. all 30 shorts liquidated, -$450k
leaving them with $1.28m of profit.
my guess is the team blocked 0x2025's closes to stop the attack. this is a temporary fix, the underlying oracle of papertrade is still identical, and vulnerable to the exact same manipulation which anyone could re-create from a fresh wallet.
it seems papertrade needs to upgrade their oracle system from using the BBO to possibly using hyperliquid's official oracle system which is less subject to manipulation as it uses a combination of exchange's price feeds.
papertrade address: exchange.papertrade.xyz/port…
hyperliquid address: hyperdash.com/address/0x2025…
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cobe.hl retweeted
Everyone should be able to access high-quality financial assets, wherever they live.
That's what tokenization unlocks: taking the best of US capital markets and making them available on a global scale.
The industry is still small compared with global finance, but the advantages are becoming harder to ignore. Traditional market infrastructure was built around fixed hours, closed networks and layers of intermediaries. It was never designed for 24/7 execution, programmable assets, composability or self-custody.
The needs of investors have moved faster than the rails underneath them. We're working to change that.
What gives me confidence is seeing how many different people are now pushing this industry forward. Founders are building new products, LPs are bringing liquidity, traders are finding new uses, and infrastructure teams are making the whole thing work.
It's a privilege to be in the trenches with all of you.
We are still early, and there is a huge amount left to build. It will also take time and effort for the old guard to get onboard. This is worth fighting for.
what you gonna do with the coin now? Is it going to be a utility token or the official memecoin for minirouter.sh?
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