BowTiedIguana | DeFi research, Cybersecurity info
@BowTiedIguana
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Join 40,000 readers - best DeFi research since 2021 Team @BowTiedBull | Projects & contact 👇
Degen Island Bunker 2035
Joined January 2021
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If you've no interest / aptitude for coding, don't let that put you off crypto - many other career paths available in non-technical roles. Many of these are interesting, challenging, and of course well paid.
First learn the industry then figure out how your skillset applies 👇
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DeFi founder whose protocol controls billions of dollars now funneled to TradFi tells you he's stumbled into a sex trafficking blackmail ring in PR and Caribbean
Next day he washes up on a beach, drowned
Two weeks later a $10 billion hole appears in a firm run from the Bahamas
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READ THIS THREAD OR GO TO JAIL FOR 30 YEARS (sorry not kidding)
Tornado Cash added to US sanctions list - $437m of assets blocked.
What is OFAC, what are sanctions, and what does this mean for DeFi 👇
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Reminder on staying safe
•Separate laptop for Crypto
•Gnosis Safe for your hardware wallet
•Make a secure VPN using our guide, don't buy a VPN service
•Use a password manager for websites
•Authy not Google for 2FA
•block malware with hosts and uBlock
Links to guides below
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Did disgraced crypto founder Sam Bankman-Fried just cash out $684k to a crypto exchange in the Seychelles while under house arrest?
His release conditions are that he not spend more than $1,000 without permission from the court.
Let's examine the evidence on chain 👇
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So you messed up?
Learn how you can start over with a new identity:
• get a new cell phone
• de-Google yourself
• use a Yubikey
• obtain clean crypto
Links to guides below 🧵
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Perhaps the SEC attorneys would like notice of this. I'm a cartoon lizard so can someone else please email them?
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To summarize
the US is willing to use its highest level of economic sanctions usually reserved for foreign powers and extremely dangerous people against a privacy product in crypto
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@cryptoX41072868
@BowTiedSeaTurtl
@cz_binance
Nikolai died the weekend of October 29.
Coindesk covered the balance sheet on Wednesday November 2.
Somebody leaked it then they had to review it, write the article, reach out for comment to FTX and Alameda etc
Assume it was leaked Monday or Tuesday - timing is interesting
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So you messed up?
Learn how you can start over with a new identity:
• get a new cell phone
• de-Google yourself
• use a Yubikey
• obtain clean crypto
Links to guides below 🧵
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🚨🚨🚨
Coinbase wallet redeeming BILLIONS of Circle's USDC
🚨🚨🚨
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All of Tornado Cash is blocked (can't be used by US persons), including their
@Gitcoin
grants wallet. We scraped the wallet info from Etherscan - it is all of their addresses totaling $437m of stablecoins, ETH and WBTC.
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@BowTiedLoon
Yes, it's real. His name was Nikolai and he co-founded MakerDAO with Rune.
My background, beyond the scope of Twitter, informs me to pay attention to the *timing* of these events. But I'm not directly involved and don't wish to be
But let's shine a light
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In less than 4 hours, 570 ETH worth approximately $684,000 was transferred out of this new wallet, to various destinations.
Funds were sent to a no KYC exchange based in the Seychelles and to the Bitcoin network via the
@renprotocol
, a bridge funded by Alameda.
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@cryptoX41072868
@BowTiedSeaTurtl
@cz_binance
Nikolai died the weekend of October 29.
Coindesk covered the balance sheet on Wednesday November 2.
Somebody leaked it then they had to review it, write the article, reach out for comment to FTX and Alameda etc
Assume it was leaked Monday or Tuesday - timing is interesting
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After SBF was released, his wallet sent all its remaining crypto tokens to a new Ethereum address created an hour earlier. In 3 hours, over 100 new deposits were made to this wallet from various addresses, most having links to SBFs defunct hedge fund Alameda Research
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It is illegal for *any* US ‘person’ to engage in trade, economic transactions, or “other dealings” with any person, company, or country on the SDN List. This now includes using Tornado Cash.
A US person is any citizen, resident, or company in the US.
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As the Ethereum blockchain is an immutable public ledger, this on-chain evidence is permanently available to law enforcement and the courts
For regular research reports subscribe to DeFi Education
or join the best course in crypto
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While everyone discusses the SBF verdict, let's not forget the unfortunate drowning death of MakerDAO's founder Nikolai Mushegian, which occurred within a day or two of the FTX balance sheet being leaked to the press
The Bahamas (FTX HQ) is a "Caribbean island"
His last tweet
CIA and Mossad and pedo elite are running some kind of sex trafficking entrapment blackmail ring out of Puerto Rico and caribbean islands. They are going to frame me with a laptop planted by my ex gf who was a spy. They will torture me to death.
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tl;dr all ETH sent from SBF's public wallet to newly created address 0x7386df2Cf7e9776bCE0708072c27d6a7135D51CB which, within hours, received transfers totaling $367k from 32 known Alameda Research wallets + $322k from other wallets; all sent to a Seychelles CEX or Ren BTC bridge
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Could you spot a fake hardware wallet anon?
"The unit was bought from a trusted seller through a popular classifieds website, and the holographic stickers on the box and the wallet itself were all present and undamaged"
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On August 8, 2022 Tornado Cash and all the Ethereum wallet addresses associated with Tornado Cash and its smart contracts were added to OFAC’s SDN List.
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@BowTiedGolem
there's a very short window of time to find the truth
our job is to bring it to the attention of people who can act in the real world
they might not risk their necks and they might not thwart it but a tiny chance worth fighting for when you see it
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OFAC = Office of Foreign Assets Control
They administer and enforce sanctions against high profile individuals including major international terrorists, drug trafficking kingpins, and the financial/political elite of certain countries deemed hostile to American interests.
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Curious about Decentralized Finance?
Read these 9 *FREE* articles by Wall Street and Tech professionals.
Like and share to help our community grow.
Start Here - The High Level Basics
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We therefore expect them to suspend redemptions of the tainted WBTC, rendering those tokens worthless.
Liquidity Providers will likely end up as bagholders for blocked WBTC (and stablecoin) assets if they do not pull liquidity from DEX *immediately*.
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"Other dealings" is quite broad.
Government guidance states it could include “technical transactions such as downloading a software patch from a sanctioned entity”.
At this point it is probably illegal for US persons to visit the Tornado website.
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Why 'MetaMask' can block Ethereum users based on IP address (country) and what you can do about it
🧵
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WBTC is issued by BitGo. Its entities are in in South Dakota and New York. They must obey OFAC sanctions or face million dollar fines and jail time for their execs.
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Fines, civil, and criminal penalties can exceed Several Million Dollars. The maximum civil penalty for a ‘non-egregious case’ is $330,947.
Jail time for violations is a maximum of 30 years.
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Speculation: Ethereum client software might be updated with an opt-in patch allowing miners/validators to ignore tainted mempool transactions to avoid breaching sanctions. Transaction censorship isn't popular but we could see this being done in house by large US miners / stakers.
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Circle's USDC can be frozen at the smart contract level.
You can see the banned address list on Dune. Tornado isn't added *yet*.
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For more on everything DeFi, subscribe to the DeFi Education substack. We share regular free content from our team who have Wall Street and Tech backgrounds. Paid subscribers ($10) can access our full database of research items.
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It seems possible that breach of OFAC sanctions would occur if a miner or validator produces (or validates) an Ethereum block which contains a transaction including one of the Ethereum addresses on the SDN list.
However, how it'll be enforced is unclear.
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if you are a US person, any interaction with Tornado Cash is probably illegal - including Gitcoin donations, working for the project, running or downloading its software, visiting its website, and depositing/withdrawing from smart contracts
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Blocking immediately imposes an across-the-board prohibition against transfers or dealings of any kind with regard to the Tornado Cash property.
For WBTC, USDC, USDT we expect the issuers to take all technical steps to prevent anyone from moving or redeeming these assets.
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OFAC ensures that Americans cannot legally do business with Cuba, Iran, Iraq, North Korea, etc without special government approval.
OFAC’s maintains a List of Specially Designated Nationals and Blocked Persons (SDN List). You can search this list here .
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all assets in Tornado as of August 8th are tainted. Tether, Circle, and BitGo will refuse to redeem these tokens. It is likely that the tokens will be withdrawn from TC anyway and dumped into liquidity pools. Liquidity Providers will be left holding the bag
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Tether's USDT can also be blacklisted on the Ethereum smart contract level. You can see the banned address list on Dune.
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3 tranches of 200k USDT were also sent from the SBF linked wallet to the FixedFloat exchange (
@FixedFloat
you might want to take a look)
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It may be a risk for any US based fund invested in Ethereum proof of stake as voting for blocks containing the illegal transactions could be an illegal activity. We expect either technical countermeasures (voluntary censorship) or moving business outside US jurisdiction.
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"Letting users''
I don't need your permission to use crypto (maths + the Internet), and neither does any other person.
What next?
"Google considering letting users read about (some) history?"
*GOOGLE CONSIDERING LETTING USERS STORE CRYPTO IN DIGITAL CARDS
$GOOGL
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0x7386 sent $629k to 0x64e9B9cD74A46f71e7631CB033afA6E7849a8683
which received a further $1M from 11 wallets labelled as Alameda Research
5 separate transactions of <51 ETH were used to move funds to newly created wallets then onwards to a Seychelles based exchange
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Brian "Bald" Armstrong being given free reign to go full degen to grow the exchange was part of our thesis when we faded $COIN shorts last year
Now, Coinbase has published instructions for retail to buy our $ZYN bags
Follow the link, this is not a drill
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What does this mean for Ethereum miners and stakers who are US persons? There's no legal precedent we're aware of and we're not lawyers but it doesn't look good.
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Did
@SBF_FTX
just gamble his parents house by violating his release conditions?
Did disgraced crypto founder Sam Bankman-Fried just cash out $684k to a crypto exchange in the Seychelles while under house arrest?
His release conditions are that he not spend more than $1,000 without permission from the court.
Let's examine the evidence on chain 👇
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SBF was pictured glad-handing many powerful people
It would be very embarrassing for them if he were revealed to be a drug-abusing embezzler, a con man
Therefore the corporate media will rehabilitate SBF, and throw shade on
@cz_binance
to pander to a sinophobic political agenda
NYTimes piece on SBF is bizarre
It describes a series of scams / fraud in the fraudsters words (intended to whitewash the incident), w/ almost no interjection or explanation
Should explain VC investments w/ loaned $ and paying off loans w/ customer funds are crimes w/ victims
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US persons running Ethereum mining or staking operations are possibly at legal risk - these businesses may self-censor transactions or move offshore
DeFi protocols beyond DEX which interact with Tornado’d funds may be at legal risk, as may be their (US based) staff
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Please share this thread widely so others can start to figure out the repercussions for their personal and business situation.
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2035: "So how did you become successful?"
14 years ago I answered a job advert from a Cartoon Bull...
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CEX will be expected to use their Chainanalysis software to block and report all customer transactions which are in breach of sanctions. This means anyone who withdraws from Tornado Cash and tries to withdraw via a US-linked CEX.
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@zachxbt
@marenaltman
@zachxbt
if Maren did nothing wrong, why does she block when my only interaction with her - ever - has been to point out (politely) that she's listed as being paid $15k / month in the Celsius bankruptcy filings?
Question for Plato
IYKYK
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We will keep DeFi Education subscribers up to date with further analysis as new information emerges.
Monitor issuers / custodians / exchanges for official announcements.
Finally, if you are a US person with funds in Tornado: don't break the law, the money isn't worth it.
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Tech tip of the day
When you store your seed phrase, also store:
•wallet software
•version number
•BIP number
When you come back to your cold storage in 2035 software might be using different defaults to generate your address.
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Who believes that inflation is either transitory or in the single digits?
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When SBF agreed to take over control of the Sushiswap exchange from anonymous founder Chef Nomi in August 2020, he asked for ownership to be transferred to his Ethereum address
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"Celsius accidentally claimed 291,528 Badger tokens, rendering the company ineligible to claim the remaining unvested tokens at a future date."
Value of Property Lost: $51,698,367.00
(page 14,521 of Doc 973)
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@kris
@Dmitriysz
@cryptocom
@kucoincom
Worst take I've seen today. Rumors of insolvency can't be "obviously false" because you don't produce the information needed to verify assets > liabilities at all times.
Someone in your industry just asked for a >$6b bailout so your $1b revenues means nothing
Want to solve it?
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there is a small risk of DEX pools for these tainted assets being blacklisted in their entirety out of an abundance of caution by the issuers (Circle, Tether, BitGo)
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Developers: Get Off Github
Self host your version control where possible
@ardriveapp
and
@IPFS
could be used to host snapshots of git repositories
We need a web3 native solution which works with git, https, and ssh
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Anyone who needs to cash out USD from Binance under $100k 👇
Withdraw BTC to self custody
Get on
@bisq_network
Sell peer to peer, settle by USD bank transfer
Anyone who has been following the Lizard will appreciate the security features of Bisq, the OG physically settled DEX
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Non-US divisions of exchanges are separate legal entities, but could be seen as de facto ‘foreign branches’ of the US entity. Exchanges are strongly incentivized to ensure that their foreign-registered group companies also comply fully with OFAC sanctions.
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The quoted tweet is factual.
IF enough of you care, and you bring it to the attention of the few crypto leaders who have principles, and we start poking around in the real world
There's a very small chance the evil which rules you with fraud and violence will blunder
Boost
👇
DeFi founder whose protocol controls billions of dollars now funneled to TradFi tells you he's stumbled into a sex trafficking blackmail ring in PR and Caribbean
Next day he washes up on a beach, drowned
Two weeks later a $10 billion hole appears in a firm run from the Bahamas
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Want to keep up with all the crypto news without needing to spend endless hours on Twitter?
Tree made a great free websocket news service, but not everyone knows how to read from websockets.
So I made you a frontend skinnned like Refinitiv Eikon
Enjoy
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Crypto hardware wallets like Ledger and Tezor are great security for *most* people.
But. They are terrible for travelers, even a security risk!
Being found with a wallet marks you as a crypto holder who could be robbed or kidnapped for your digital assets.
What should you do?
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You know which blockchain isn't down?
Ethereum.
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Many of our readers have asked what we think about when deciding how much to allocate to each DeFi opportunity.
This *free* post gives you our thought process.
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Many bad deals in crypto rely on you being unable to reason from first principles.
Fundamentals of computer science, maths, and economics are understandable if you finished high school.
@Tetranode
's interview gives out what you need to know plus some great education links.
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the bottom is likely months away
many shitcoins to go down another 90%
some funds to be forced out by redemptions / risk management / angry calls from clients
build your cash flow anon, then buy when there's blood in the streets
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This is the content Twitter and your governments don't want you to read
How to set up a VPN *properly*
(not an off the shelf commercial honeypot which is backdoored by law enforcement, spooks, and crooks)
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VPN
Most people foul up either by:
• using a commercial VPN which is probably unsafe/honeypot; or
• accidentally linking their anon ID by not using best practice
How to deploy a secure VPN designed by a top crypto auditor and pay with BTC:
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Chef Nomi transferred ownership to SBF's address
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Delisted. The End.
(as I've said at $30, $15, $0.42, $0.04 - it can keep going down another 90% don't buy it! If this saved you money please say thanks in the comments so I know I'm not wasting my time here)
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Uneducated people assume crypto is dangerous
Few understand how easily thieves can steal your life savings from a bank
This could happen to YOU, learn how to protect yourself
👇
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People want to know how to keep their crypto safe
Lots of free cookie-cutter security threads repeating each other and not diving into the nuance
If you want to know more 🧵
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Question for plato....
was the UST peg intentionally 'recovered' to 90 cents to get a huge mass of retail trying to buy $1 for $0.50, $0.40, $0.30 all the way down today so institutional holders of UST could exit?
where are the emails about this?
and why the rush to delist?
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Back in
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Ethereum. Is getting an ETF. A Blackrock ETF. Approved in May 2024.
Look at the SEC filings. And the Greyscale appeal. And the CME futures open interest. Institutions are buying.
Now share the news. And buy some ETH.
Get it trending
#EthereumETF
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Remember when the Lizard said not to use Google Authenticator?
Turns out when Cloud Sync is enabled, it stores the seeds for your 2FA codes unencrypted, which means if your Google account is compromised they can break into all your 2FA accounts.
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@GiganticRebirth
I'd be astonished if your followers lost money.
You were absolutely crystal clear. I didn't think there was any possibility of misunderstanding.
And you made it intelligible to people who don't have either highly developed market intuition or private edges.
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How To Pay Off Your House As An Internet Cartoon
(they told me to use catchy aspirational titles set in Initial Caps)
A true story from a cartoon lizard (with some tips on how you, too, can earn WiFi Money) 👇
The story starts with some good luck: landing a job at
@BowtiedBull
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Listen in to the call here:
Very good question from ETHan on the
@MoneyGram
conference call today.
Why did they purchase a
@TheHashmasks
clown to represent their corporate identity?
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Want to leverage up without risking being liquidated?
Options trading is coming to DeFi.
But. There might be smarter plays you can make.
Learn more in the latest edition of DeFi Education.
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Wallet security
The time has come for large individual hodler's to be using the same tech that DAOs use to protect their treasury. A Gnosis Safe multisig
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Everyone please share your favourite links on learning computer science, maths, or economics from first principles. Includes history.
Looking to discover some good resources to recommend which are either exceptionally well explained or written by experts.
Jungle project?
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Calming the panic, back in ETH from 2712
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Crypto is unavoidably political
"A centralized exchange is always and everywhere at the permission of The State. They will slide, slowly or quickly, toward the semblance of a bank." -
@ErikVoorhees
#BanksAreZeros
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There's not a single informed person on Crypto Twitter who thinks the
@nytimes
piece on SBF was balanced journalism.
It reads like a whitewash.
Even prominent crypto industry leaders are speaking out against it.
Let that sink in.
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You told us you were bored with lazy animal token forks.
We listened.
$ZYN bros flipping those played out dog clones.
Top 10 memes. $53 billion market cap.
9/10 a played-out animal token.
Now a new sector emerges: consumer product memes.
The next billion dollar token isn't an animal.
Can it take 2% of total meme market share?
𝕎𝕙𝕒𝕥 𝕀𝕗?
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One year ago I followed a cartoon Bull and landed a job as a cartoon lizard
Equal Opportunity, Life Changing Results
Best part was working with
@BowTiedBrain
@BowTiedDuck
@BowTiedNightOwl
Thanks for everything
@BowTiedBull
See you all in 2035!
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It's happening...the young guys breaking into crypto, ecom, Jungle and adjacent stuff are hitting up the lizard to get their computer security foundation right.
Nice to see the level of planning, ambition, attention to detail, & work ethic. Now get why
@BowTiedBull
stick around
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Exploit of the day
What's happening here?
Clue: the exploiter deliberately paid $157k gas fee
👇
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CONGRATULATIONS TO
@BOWTIEDMARLIN
on wining today's
@bullgirlfriends
raffle
The floor is > $30k US Trash Token
Equal Opportunity Unequal Results
@BowTiedBull
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Mexico won't be sending troops to Ukraine or the Middle East any time soon, your tax rate up to ~$250k US will be 1.5% if foreign-sourced (not a typo), good weather year around, and if you live in a rich area and mind your business you'll likely have zero problems with crime.
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𝓣𝓱𝓮 𝓐𝓬𝓪𝓭𝓮𝓶𝔂 ʙʏ ᴅᴇꜰɪ ᴇᴅᴜᴄᴀᴛɪᴏɴ is now LIVE!
Anyone who wants a well paid remote job in crypto should take this course!
If you’re ready to buy right now, here’s the link (DeFi Ed subs see stack for discount)
If not, continue reading:
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