🚨Community alert: Thorchain was likely exploited on Bitcoin, Ethereum, BSC, Base for $10M+. Exploiter addresses bc1ql4u94klk265lnfur2ujk9p6uh52f2a8jhf6f37 0x82fc0d5150f3548027e971ec04c065f3c93154eb 0xd477b69551f49C0519F9B18c55030676138890Bd More details in🧵

#PeckShieldAlert# The @KelpDAO exploiter has finished moving all funds from #Ethereum# to #Bitcoin#, primarily routed through @THORChain - totaling $1,979 BTC. Meanwhile, the @Balancer exploiter has broken 5 months of dormancy. They’ve begun laundering funds via #Thorchain#, bridging $700K worth of $ETH into #BTC#.

#PeckShieldAlert# The @trustedvolumes exploiter has laundered $278K in stolen funds so far: they deposited 10.2 $ETH ($23.6K) to #TornadoCash# and laundered 110 $ETH ($250K) via #THORChain# to #BTC#; they also attempted to deposit 0.5 $ETH to #Railgun# but changed their mind and sent it back. TrustedVolumes was exploited for ~$6.7M on May 7th

#PeckShieldAlert# The @KelpDAO exploiter has begun laundering stolen funds (~$176M). They have started bridging small batches of funds from #Ethereum# to $BTC via @THORChain, @UmbraCash, @chainflip, and @BitTorrent.

We raised a $12.5M Series A round, led by Accel. In this next stage, VoidZero is accelerating development on both our open-source projects and Vite+, the unified JavaScript toolchain. This is only the beginning!

Defi is a central part of the value that Ethereum provides. Financial empowerment is a central part of what it means to have agency and freedom in our current world. Finance is far from the only thing that Ethereum is good for, but it is an important thing. This post discusses how the Ethereum Foundation is approaching defi. Defi today makes the world's best savings, risk management and wealth-building opportunities permissionlessly available worldwide. We need to build on that. Ethereum's early defi era was great because it dared to dream and innovate and come up with totally new paradigms (eg. AMMs). Defi tomorrow will bring back that spirit. Don't just "make a better stablecoin", dig a layer deeper, and think about the underlying problem (risk management, hedging one's future expenses), and come up with an even better solution. But also, as the EF, we are not interested in supporting "onchain finance" or even "defi" indiscriminately. We have a specific vision of what we want to see out of defi: permissionless, open-source, private, security-first global finance that maximizes people's control over their own assets, minimizes centralized chokepoints and trusted third parties, and democratizes risk management and wealth building (the two key goals of finance according to modern portfolio theory) as well as payments. We want protocols that pass the walkaway test: that keep working even if the original team suddenly disappears without warning (or even: becomes hostile / compromised without warning). Bringing this vision to reality will inevitably take a lot of work. Defi is a complex toolchain, including various onchain components, user-side offchain components (ie. wallet, local agent...), other offchain components, etc. The things that we care about include areas like: * Improving security of defi through "traditional" means, eg. audits, standards, wallet-side safeguards * Improving security of defi through "new" means, eg. AI-assisted formal verification, user-side agents as safeguards * Oracle security and decentralization (there's A LOT of skeletons in the closet here, we as an ecosystem really need to point a big eye of sauron at it for a while) * Privacy. Both privacy-preserving payments, and privacy of more complex use cases (eg. what does it mean to have a maximally privacy-preserving CDP? there are clearly benefits in reducing liquidation-sniping risk, but it requires hard tech to get there) * Open source, and improving the licensing / forkability situation in defi Ethereum is a permissionless protocol, and nothing stops people from deploying insecure protocols, protocols that enshrine ultimately unneeded centralized trust in the name of convenience, or dopamine-maximizing gambleslop. However, we *are* interested in working with anyone aligned to make permissionless, open-source, intermediary-minimizing and security and user-agency-maximizing defi ecosystem as strong as possible, so that it can be not just individuals and institutions' first choice in Ethereum, but also a globally compelling way to manage funds for anyone who needs its properties.