| Defi | | iTrade | iwrite | I tweet what I think
Joined January 2025
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BINANCE HACKER JUST TURNED $5 MILLION INTO $71. 💀
Let me explain what just happened because this is a perfect lesson in how DeFi works.
A wallet linked to the Binance hacker sold 908,793 $PROM tokens, reportedly worth around $5 million, on Uniswap and received Just 0.0316 ETH, worth approximately $71.
- Lets look out at how it happened. -
Think of Uniswap as a marketplace where people trade directly through liquidity pools instead of a traditional order book.
For a trade to happen, there must be enough money on the other side of the pool to buy what you're selling.
Now imagine walking into a market with $5 million worth of goods, only to discover that the buyer has just $71 to offer in return in an envelope, and without checking the content of the envelope first, you give the buyer the goods just to discover $71 in the envelope, that's essentially what happened.
The hacker dumped nearly a million PROM tokens into an almost empty liquidity pool with barely any ETH available to buy those tokens, the trade returned practically nothing.
The lesson here is that a token's market value doesn't mean you can sell your entire bag at that particular price.
This is where understanding the concept of liquidity comes in.
Now, here's the interesting part, Can Binance or Uniswap recover the missing $5 million? Definitely not that easy.
Uniswap is a decentralised exchange, and once a transaction is confirmed on the blockchain, there's no customer support button that can simply reverse it. Binance also cannot independently reverse a transaction on a more Decentralised Ethereum either.
The approximately $71 in ETH went to the hacker's wallet, while the PROM tokens went into the pool. The transaction is permanently recorded on-chain.
The tokens aren't necessarily sitting in a special recovery vault. They're held by the smart contract governing the liquidity pool, where they can affect the pool's balances and price.
For regular traders, here is the beauty and the brutal reality of DeFi. You can control your assets, but you also bear the consequences of your transactions if you do not understand the basics of liquidity.
Next time you see the paper value of a token, endeavour to check liquidity before dumping those tokens into a Decentralised swap pool
In case you are wondering why you got cooked on Elysium
Imagine the number of launchpad on just one chain ( an L2 ).
Here is the list
- @AscendLaunch (launchpad)
- @MontraXYZ (launchpad)
- @Boxa_Elysium (launchpad)
- @TheKleos_ (launchpad)
- @ElysiumPump (launchpad)
- @AnemosPad (launchpad)
- @perpmefun (launchpad)
- @eleosfun (launchpad)
- @oxleydotfun (launchpad)
- @Neuriio (launchpad)
- @CorePad_hl (launchpad)
- @Bunnypadfun (launchpad)
- @citadeldotxyz (launchpad)
- @kilnpad (launchpad)
- @elixirpad (launchpad)
- @Elysianpad (launchpad)
- @LaunchCraft_xyz (launchpad)
- @TheNectarfun (launchpad)
- @RebateLaunch (launchpad)
- @Stockium (launchpad)
- @StonksPadsh (launchpad)
- @ElyStocks_fun (launchpad)
- @akadotfun (launchpad)
- @VoltaFamily (launchpad)
- @HyperLogicFun (launchpad)
- @99901dotfun (launchpad)
- @AltL2fun (launchpad)
- @apogeeID (launchpad)
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Wait what ????
Omo anything for the money now ... Damn
#Gamdom100kRound2
Meet: The Gamdom Toddlers
A group of retarded toddlers who know no other way to make it big than from live gambling!
Our first challenge was to flip our $30 to $1k playing Crash on @gamdom
Almost blew our capital…But we fought back when we were kicked down!
SPOILER: We achieved our goooaaalll
How about we Livestream while gambling? 👀
Betting on gamdom was such a great experience guys - use code STEVE
@stevewilldoit @SirGamby @kingadukes @Romeo_Onchain
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Dear baba God
as I'm working hard to make legitimate money, I reject every form of illness and health challenge.
May I live in good health, enjoy the fruits of my labour and spend the money I work so hard for. Let me enjoy this life for 100 years peacefully , until the day death close my eyes 🙏❤️
Dear baba God
as I'm working hard to make legitimate money, I reject every form of illness and health challenge.
May I live in good health, enjoy the fruits of my labour and spend the money I work so hard for. Let me enjoy this life for 100 years peacefully , until the day death close my eyes 🙏❤️
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How to know we are in peak bear market,
" Founders want to steal your $100k
" They want to steal your $50k
" Founders want to steal your $10k
" They want to steal your $100
" They also want to steal your $2 😭😭
Stay safe out there
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One piece of advice for would be traders
If you are starting forex or crypto trading new, YOU NEED A JOB
If not for anything, but to stay covered ( buy props) and cover up for the numerous blows ahead.
This way, you have something to always run to as a back up.
Ty
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The hype was crazy and creators were putting there best content out
Everyone was racing to get a gtd spot for @FungoLabs
Seems the hype wasn't enough to drive the project as sales number didn't tally with the hype.
Now they are issuing a refund. The honesty is good tho.
Thanks for playing
An update on the Fungo Genesis auction:
We are issuing a total of $84,150 in refunds.
Today, we did not reach the level of participation we were aiming for, and rather than reduce the supply, we have decided not to complete the auction.
This is not an easy message to write. For months, we have put everything into building the infrastructure needed to make encrypted NFTs possible on Ethereum. But the level of participation we saw today was not enough for us to move forward with the sale as planned.
Throughout development, the Zama team provided technical support and helped us build the best system we could deliver today. This does not mean Zama stands behind or endorses our project. FungoLabs is an independent project building in the Zama ecosystem, and all decisions are our own.
The numbers we shared throughout this journey were real. More than 3,000 projects applied to our launchpad, over 12,000 people joined our X campaign, and we received more than 30,000 whitelist applications. We will share a separate breakdown of these numbers soon.
We also want to be transparent about one thing: projects like this cannot run on excitement alone. Infrastructure, servers, onchain activity, and the work of the team all come with real costs. Without enough support, carrying that load is simply not sustainable.
Any payments made by whitelist minters, along with the full amount of every bid, will be refunded. Refunds will be sent directly from the project treasury to your wallets. You do not need to take any action.
Thank you to everyone who gave us their time, believed in what we were building, and supported us throughout this journey. We are sorry we could not meet your expectations.
This is not the end.
We will keep building on Zama.
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I just checked this tweet cs now
Omo gay and homo plenty for this country guyyyy .
Like this people are plenty
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