Bitwise published the final prospectus for a spot NEAR ETF. Ticker NRR on NYSE Arca, dated September 24. Custody is Coinbase Custody. The trust stakes its NEAR and keeps about 67% of the rewards. That part is standard for staking ETFs now, Bitwise runs the same structure on Solana. The effect is still real - inflows do not only buy NEAR on the market, they also move it into staking and out of liquid supply. When Bitwise wrote the filing NEAR was around the 27th largest asset by market cap with $272M of average daily volume. From now you can hold it in an ordinary brokerage account.

Thorchain has been hacked six times in five years, and not once the same way. Each one through a different layer of the architecture. 2021 - Smart contract bug in the ETH Router. Attackers tricked Bifrost into reading manipulated msg.value events. ~$15.5M across three exploits. 2022 - Validator software bug. Non-deterministic behavior across nodes triggered a 20-hour outage. 2023 - TSS keygen vulnerability. Devs admitted a malicious validator could have drained vaults during a prior key generation. Network halted preemptively. 2025 (Jan) - Economic design failure. THORFi's lending model required RUNE to keep outperforming BTC/ETH. It didn't. $200M trapped. 2025 (Sep) - Social engineering. DPRK ran a Telegram deepfake on co-founder JP, extracted his MetaMask keys from iCloud Keychain. $1.35M lost. 2026 - TSS cryptography flaw. A malicious validator exploited the GG20 implementation, leaked key material across signing sessions, reconstructed the vault key. $10.7M drained. Plus: ~$605M of Bybit/Lazarus stolen funds laundered through in 2025. Validators voted to block, reversed under "code is law" pressure. Six distinct vectors: smart contract code, validator software, TSS keygen, economic design, social engineering, TSS cryptography. ~$227M directly lost or trapped. The architecture keeps finding new ways to fail.

Thorchain didn't lose $10.7M to a smart contract bug or a stolen key. The bug was in the cryptography itself - and Thorchain probably isn't the only chain running on it. A single attacker bonded RUNE and joined the validator set days before the incident, looking like any legitimate operator. From inside, they exploited what investigators currently believe was a flaw in GG20, the threshold signature library Thorchain uses to co-sign transactions. Each signing session leaked a fragment of private key material to the attacker's node. After enough sessions, they had collected enough leaked data to mathematically reconstruct the vault's full private key. Then they signed unauthorized outbound transactions as the vault. The smart contracts behaved correctly. No validator infrastructure was breached. Funds left through normal channels because the signatures were mathematically valid - just produced by an attacker who had silently rebuilt the key. Here's why this matters beyond Thorchain. GG20 was published in 2020 (Gennaro-Goldfeder). The Alpha-Rays attack (Verichains, 2023) and TSSHOCK at BlackHat 2023 documented practical weaknesses in tss-lib and related implementations. Some teams patched. Many didn't bother. Based on shared library lineage, protocols that should audit their TSS right now include Mayachain (direct THORChain fork), Sygma cross-chain bridge, Keep Network's tBTC v1, and any service still running on bnb-chain/tss-lib or ZenGo-X/multi-party-ecdsa. Major custody and MPC services that already migrated to newer threshold schemes (CGGMP21, DKLs): Fireblocks, Coinbase Custody, Taurus, Silence Laboratories. The industry has been quietly moving away from GG20 for two years. Thorchain just gave everyone still on it a reason to move faster.

nobody accidentally swaps $50M into a pool with $36K of liquidity lol. fresh wallet, $50.4M from Binance, zero slippage protection, routed through the jankiest Sushiswap path possible. and then an MEV bot just happens to flash borrow $29M from Morpho in the same block and pocket $9.9M? cmon. 0xngmi called this exact play a year ago - construct a deliberately terrible swap, let a friendly bot extract the value, dirty money comes out the other side as "legit MEV profit." $154K per AAVE isn't a fat finger. it's a laundering fee