Jay Berg

multisig is not security its a false sense of security, when each signer assumes someone else is on top of it it all comes down the most competent signer - the numbers don't matter.

BINANCE HACK: the full story > oct 28: a wallet gets funded through tornado cash > oct 29, 16:00 UTC: it deploys a malicious contract > 20:20: binance hot wallet 14 signs a permission pointing to it > 20:24: one tx sweeps wallet 14: 167K ETH + 1.6B USDT > 24 seconds later, wallet 16 sends 28K ETH to the same address > 20:42: 780M USDC leaves wallet 34 > 20:45: BTC drops $2,500 in one candle, $627M in longs wiped > 21:11: tether starts freezing, 1.567B USDT locked > 21:13: circle freezes 823M USDC > 21:15: @cz_binance: "it does look like a hack" > 21:29: @binance: "user funds are completely safe" > another $200M USDT drained since, still ongoing $5.6B left binance across ethereum, bitcoin, tron and L2s. $2.37B frozen. the ETH is still moving THIS IS THE BIGGEST HACK IN CRYPTO HISTORY 😱 can binance recover from it?

Bitcoin just forked. eCash (ECX) is live. A decade of sidechain research. A decade of “not on L1.” Today, Drivechains activate. Yesterday, building on Bitcoin meant lobbying for a soft fork. Today, you can just build. Seven sidechains launch on day one. If one fails, L1 doesn’t notice. If you self-custodied $BTC at the fork, you just received $ECX. Split your coins before you move your BTC.