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The bottleneck of Papertrade: There’s no protection against price manipulation or price deviations CEXs use a Fair Price / Mark Price calculated from external exchange index prices and TWAP This is done specifically so a single large player can't wick the order book for a second and liquidate users If the order book on Hyperliquid thins out at any point, an attacker could move the Bid/Ask on HL with a large order, forcing the BBO precompile to return a distorted price The attacker could artificially widen the spread on HL, open a 1000× leverage position on Papertrade at the distorted mid price, and then let the order book normalize to close the position for a massive profit at the expense of the @papertrade_xyz LP pool Worst case scenario, the team can freeze the market, locking in the last BBO price to settle existing positions

The bottleneck of Papertrade: There’s no protection against price manipulation or price deviations CEXs use a Fair Price / Mark Price calculated from external exchange index prices and TWAP This is done specifically so a single large player can't wick the order book for a second and liquidate users If the order book on Hyperliquid thins out at any point, an attacker could move the Bid/Ask on HL with a large order, forcing the BBO precompile to return a distorted price The attacker could artificially widen the spread on HL, open a 1000× leverage position on Papertrade at the distorted mid price, and then let the order book normalize to close the position for a massive profit at the expense of the @papertrade_xyz LP pool Worst case scenario, the team can freeze the market, locking in the last BBO price to settle existing positions

There have been a reports on X and Reddit of wallet-draining by Ledger users. I traced the theft addresses and identified inflows from more hundreds of victim wallets across several major blockchains, including Ethereum, TRON, and Bitcoin. Total losses $86M+ bc1qjqgwejnp8dc0x2938x9n9954hj97t82unx49dl TK6DWNpNe1w2iJRNFpU8aHdrPTATxvXT6C TBkcUMYC7CkTK99tkTnaStQVBastfrs9d9 TCGE3xp6YGRKXxDZiLfysgJW3f22KfMNsW 0x69c8f401cfc6cd40ac94691d6d7c48e3b7a47841 0x033636e45d519bebb7b5c2520ca6ce56fbdb4f7a 0x83aeac166f6832ae3500000a24510a95a052a599 bc1qqnkwurxs99xkx5t4yffqhq3u6qwy0qpjyujtm9 bc1qgqheemzla77pesl227hdtgf5ykz62d0zvld26n TSDWtuZ2pARUVz4v3PkL2hi3iXPjowAr5a

Polymarket is hiking fees! Shayne has officially lost his mind They added fees to various geopolitical events and several other market categories And as usual, Polymarket decided not to give the community a heads-up Look, there’s nothing wrong with a startup trying to monetize better and improve its business model It’s a whole different story, though, when a world-class startup backed by billions in funding can’t even post an announcement on X or Discord to let people know fees were increased This isn’t the first time, it’s not the second and it’s not the third On top of that, Shayne just lied to the community about $POLY Can someone explain to me when Polymarket is finally going to start treating its community with respect?

A Chinese trader signed up for Variational and pulled off $2B in trading volume in just a few days Nobody had ever heard of them before and then he suddenly took the #1# spot on the leaderboard According to DefiLlama, @variational_io total trading volume over the last 7 days reached $20B That means a single wallet generated roughly 10% of the entire volume They spent around $111,000 in fees So, over the past week, about $1 out of every $10 in volume on Variational came from this one trader Do you realize how bullish Chinese traders and the Chinese market are on Variational? I don't think this is a coincidence

Today I call upon the blockchain industry to calmly begin planning for "bunker mode". My personal recommendation is to set in motion a controlled mass migration of assets to fresh addresses, i.e. addresses whose pubkeys remain hidden behind a hash. Holders, starting with large and sophisticated ones, should consider moving the bulk of their funds to addresses that have never signed a transaction. And when they do sign one, they should also move remaining funds to a new address (possibly generated from the same seed phrase). Don't rush. While I believe there is cause for action a rushed migration would do more harm than good. Don't panic either. Moving assets to protected addresses is a simple, preventative step which does not require new cryptography or new wallets. IMO it is now reasonable to brace for the possibility that ECDSA breaks before qday, in the worst case in months not years. By "break" I mean fast private key recovery (e.g. in one week) on available hardware (e.g. a large GPU cluster). Recent days have been humbling for human mathematical intuition. Long-held, unquestioned hypotheses have fallen. This includes the n log(n) bound for integer multiplication and the 3SUM conjecture. In hindsight, May's unexpected disproof of the Erdős unit distance conjecture was our warning shot. Yesterday's OpenAI drop made it clear that mathematical superintelligence is upon us. They say there are weeks where decades happen. We are about to live through weeks where centuries of mathematical progress happen. Could our magic 64-byte ECDSA signatures be too good to be true? Was it just security through obscurity all this time? Elliptic curves feel especially vulnerable to superintelligence. Curves carry rich structure, with room for fancy tricks like Schoof, Frobenius, pairings. (By contrast, hashes are designed to minimise algebraic structure.) Separately, as Ewin Tang can attest, an efficient quantum algorithm sometimes foreshadows an efficient classical one. We should be open to the possibility of a classical counterpart to Shor that breaks elliptic curves and RSA at once. Also noteworthy is the striking under-representation of cryptographic breakthroughs among the 722 mathematical results OpenAI published. I've witnessed first-hand the US government censoring academic quantum cryptanalysis results. Backroom interventionism is my base case. I urge large, sophisticated actors to lead by example. Project11's "risq list" (bitcoin-risq-list.projecteleven[.]com) is a great tracker of exposed BTC pubkeys. Binance, Bitbank, Robinhood, Bitfinex, and Tether have an opportunity to harden their cold storage. Next month I'll address institutions in London in a live Q&A (forum.ethereuminstitutional[.]org/london-2026). Again, please do not rush. Wallets holding under 50 BTC enjoy partial cover from "Satoshi's shield", i.e. his 20K exposed addresses that hold 50 BTC each. Load-bearing signers like oracles and L2 security councils should consider rotating ECDSA pubkeys with every signed message and/or multi-signing with a hash-based schemes like SPHINCS. Exiting bunker mode safely will require post-AI cryptography. My inclination is to go all-in on hash-based cryptography and avoid structured mathematical assumptions entirely, whether from curves, lattices, or isogenies. A single battle-tested hash (e.g. from the SHA or BLAKE families) yields plausible post-AI security. The Ethereum roadmap on strawmap[.]org fully embraces hash-based cryptography with end-to-end formal verification as a response to the quantum threat. Those timelines must now be revisited and accelerated in light of mathematical superintelligence. I'll be pushing for maximum defensive acceleration.