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🔒 12,000+ tuned in to hear founders tackle one of Web3’s biggest threats: Security
🎙️ This is xSpaces — real builders, real talk.
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xSpaces retweeted
"Go f*** yourself"
That's what Elon told the advertisers who walked off X
On stage at the NYT DealBook Summit November 29, 2023
Every media outlet wrote the obituary that week
So how'd that work out? 👇
X's valuation:
🔸 Oct 2022: $44B (what he paid)
🔸 Late 2023: $19B (internal mark)
🔸 Sept 2024: $9.4B (Fidelity's low, down 79%)
🔸 March 2025: $33B equity, $45B with debt (xAI deal)
Six months from a 79% markdown to right back at what he paid
Then February 2026, SpaceX absorbed xAI and X at $250B
The boycott was supposed to empty the platform
🔸 Late 2023: ~541M monthly users
🔸 Today: ~570M monthly users
And the ad cartel that led the boycott?
X sued them in August 2024. GARM shut down two days later 😂
Now the part that really stings
Elon's net worth the day he said it: ~$240B
June 12, 2026: first trillionaire in history, on SpaceX IPO day
Peak: ~$1.45T
Today, even after the post-IPO selloff: ~$907B
Nearly 4x in under three years. Still worth roughly 2.5 Jeff Bezoses
The brands tried to starve him out
He became the richest man in history instead
Somebody check on the brands 😬
xSpaces retweeted
If you run more than 5 Grok Bots, they need a doctor
Mine checks every routine each weekday, only pings me on failures
It also rebuilds bloated bots into upgraded copies so I’m not burning my weekly quota in 2 days
x.ai/bot/dO9rojWVgFL5kjmWYYu…
xSpaces retweeted
Look at the state of crypto security right now:
🔸 X accounts getting hacked
🔸 Devices shipping with implants
🔸 Google promoting scam links
🔸 Wallets drained daily
🔸 Security standards are a joke
How do you look a friend in the eye and tell them to buy crypto?
I can't
xSpaces retweeted
$86M is the newest number on a six-year-old Ledger problem 😬
@SpecterAnalyst traced it
Hundreds of victim wallets across Ethereum, TRON and Bitcoin, funds pooling into addresses he's published
Before anyone runs with "Ledger got hacked," note what that report still calls unconfirmed:
the cause
the number of users
whether Ledger has a vulnerability at all
You can't tell a Ledger wallet from a MetaMask wallet on-chain
Same standard and identical addresses
So the $86M came off the chain and "Ledger" came off X and Reddit, from victims saying so
Two kinds of evidence, stapled into one headline
But the pattern underneath is real, and it's old
2020: an API flaw in Ledger's marketing database leaked 1,075,382 emails and 272,853 order records with names, phone numbers and home addresses
Then dumped free on a hacker forum that December
Then fake replacement devices started arriving at those addresses
Some owners got extortion mail and some even got threatened at home
January this year the order data leaked again through their payment processor
Ledger runs a live page tracking the phishing aimed at its own customers
Fake apps, mailed QR codes, callers posing as support
Six years, and the Secure Element has never been what broke apparently
But the customer list is what keeps leaking and that’s a bigger problem than most will admit
A hardware wallet buyer list is the best target list in crypto
Proof you own enough to buy dedicated hardware and a home address attached
They built a vault nobody can crack, then mailed out the list of who owns one 🤨
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
xSpaces retweeted
The writing has been on the wall for Abstract for years
Just another L2 with horrible UI/UX that no one asked for
If it’s unusable, then you can easily see its future
I just gave up funding an Abstract wallet
Not because I'm lazy
Because even after years in this space, I couldn't be bothered to navigate the maze of ETH versions, L2 bridges, and gas requirements
If I won't do it, your grandma never will
Let me be clear: I'm not some boomer complaining about new tech being hard
I've set up hundreds of wallets. I understand the tech. I literally do this for a living.
But the mental overhead of funding one wallet broke me.
Which ETH? WETH, stETH, rETH, cbETH, wstETH, eETH, weETH... all with different properties and gas behaviors
Some can't be sent to certain addresses. Some get lost in the void if you mess up.
Which L2 do I bridge from? Arbitrum? Optimism? Base? ZkSync? Linea?
Six different bridge experiences. Six different security models. Six ways to lose everything with one wrong click.
And here's the thing ETH maxis will say:
"Just use a chain abstraction layer"
"Account abstraction solves this"
"The UX is improving"
Yeah? Then why did I still give up?
These are band-aids on a broken foundation. Abstraction layers built on top of fragmentation.
You're adding MORE complexity to hide the original complexity
Some will say this is just early internet problems. Email was hard in 1995. TCP/IP was confusing.
Fair point.
But email didn't require risking your life savings to learn. One wrong click didn't drain your bank account.
The stakes are different. The tolerance for friction is lower.
And yeah, other L1s with native assets haven't won either. MultiversX, Algorand, Sui... simple token models but no mass adoption.
So maybe simplicity alone isn't enough
But complexity definitely isn't the answer
Here's what actually bothers me:
We've normalized this dysfunction
We call fragmentation "specialization"
We call complexity "innovation"
We call confusion "decentralization"
Meanwhile every new L2 raises another $100M to add another bridge, another token standard, another layer of abstraction
VCs print money. Devs stay busy. Users stay confused.
And we wonder why adoption stalls
I'm not saying Web3 is doomed. I'm not even saying ETH can't fix this.
But we need to stop pretending this is fine
Stop defending the complexity as a feature
Stop dismissing user frustration as ignorance
Stop building new layers before fixing the foundation
Web3 won't die from lack of innovation
It'll die from pretending 47 steps to fund a wallet is acceptable because "we're early"
We're not early anymore. We're stuck.
xSpaces retweeted
Ripple spent $750M buying back its own equity while XRP holders watched their bags drop 42%
Same company
Same year
Opposite priorities
Here's what actually went down:
March 11, @Ripple launches a $750M tender offer but not for XRP
For private equity shares
Citadel Securities and Fortress affiliates throw in another $500M
Internal valuation jumps from $40B to $50B
If you hold Ripple stock you just got a 25% markup and a liquidity exit
Now flip to the other side
XRP sits at $1.52
Down 42% since the buyback launched
Still 58% off ATH even after last week's 11% bump
And Ripple keeps dumping up to 1B XRP monthly out of escrow
So every single month spot ETFs and retail absorb a billion fresh tokens while the company holding that escrow drops three quarters of a billion dollars on a completely different asset
Best part is watching the XRP Army try to rationalize it 🤦♂️
Buybacks are always for equity
Ripple never promised token holders a cut of private equity
Fine
Then stop selling the two as connected when it suits you
For years the pitch was Ripple winning equals XRP winning
Banks adopt the rails, token goes up, everyone profits
Turns out that was never the case and ain’t happening
But $XRP is going to 10k, right? 🫠
xSpaces retweeted
They made $3M in fees on the Bybit hack
Nobody complained
Now $387M just got stolen from Bitget and suddenly THORChain can't help because decentralization
@bitgetglobal CEO Gracy Chen formally asked THORChain to blacklist the addresses moving stolen funds from her exchange
Her exact words:
"Decentralization is a design principle, not a shield for facilitating known stolen funds. The industry is watching."
@THORChain responded this morning:
"A network halt is an emergency security mechanism… A halt is not a selective freeze of specific funds or an individual swap."
Translation?
There's no button for that
Except we've watched this before
When the Bybit hacker pushed $1.4B through THORChain in 2025, the protocol recorded $2.91B in trading volume off those flows
According to crypto dot news that's roughly $3M in fee income
Nobody called it an emergency 🤨
The "we're just Bitcoin with swaps" defense has a massive hole too
GoPlus Security pointed out Friday that THORChain runs threshold-signature vaults controlled by validators
Users don't hold their own keys but validators do
Bitcoin miners can't touch your coins because they never custody them
THORChain validators already have access
Now here's the steelman, because it's legitimate:
Michael Perklin, security exec backing THORChain, argues node operators only get a binary on/off switch
So there is no per-transaction blocking
That's genuinely the same limitation Bitcoin miners and ETH validators face
That’s definitely fair
But THORChain HAS thrown that switch before
A full month of network halt in May 2026 after a $10.7M exploit hit the protocol itself
So the mechanism exists AND it has been used
Just never for someone else's money…
So the reality is that when THORChain bleeds, it's worth a month of downtime
When $387M from North Korean hackers runs through the pipes, it's a principle worth defending
Same switch just different owner
The fees clear either way
xSpaces retweeted
Largest NFT heist in history
And your “security pros” will just tell you to revoke approvals 🤦♂️
Some of these so-called security pros got drained themselves too
Let them lose everything and then maybe people will wake up
No idea whats going on here but I just watched this wallet drain 3832 NFTs from 100s of different wallets
May be a good idea to revoke all NFT permissions if you have any valuables in your wallet
Seems to be funded from a wallet possibly linked to @0xQuit so maybe a whitehat?
xSpaces retweeted
$100M just moved out of Bitget's cold wallet and everyone's screaming hack
Except nobody bothered to check what Bitget launched this morning
Users started reporting blocked withdrawals and on-chain watchers clocked nine figures leaving a Bitget cold wallet
Then CT does what it does best…
BeInCrypto broke it but notice they never used the word hacked
Their exact wording was that something unusual appears to be happening
Now the part nobody's checking
Bitget went live on Sygnum Protect today
Off-exchange custody where institutional clients hold collateral in a Swiss regulated bank instead of on Bitget's balance sheet
Migrating client collateral off your books into a third-party custodian
That's a nine-figure cold wallet transfer and on a block explorer it looks identical to theft
That doesn't clear them though
The withdrawal complaints are real and Bitget hasn't explained them
But the two things that would confirm a hack are both missing
No security firm has traced funds to an unlabeled wallet and no proof-of-reserves gap has been published
Exchange runs start with a screenshot and a guess
Wait for the tracing 🤨
xSpaces retweeted
Read this
Ask questions if you have them
Don’t blindly trust someone who has an agenda
xSpaces retweeted
This is why crypto isn’t ready for mass adoption…
So that recruiter who emailed you about your dream job?
They could be a North Korean hacker
And 7,000 people just learned this the hard way
Japan's NPA, the FBI, and German intelligence all dropped the same warning today
The operation they're hunting goes by WaterPlum
Here's the playbook they ran for seven months:
1️⃣ Pose as a tech recruiter for real company and real role
2️⃣ Set up an interview and they are friendly and professional so you’d take the call
3️⃣ Send a "technical assessment" and ask you to run it at home
4️⃣ You run it and malware lands and credentials gone
The damage:
30,000+ devices infected
7,000 crypto accounts drained
$10.7M stolen
100+ countries
Honestly the $10.7M is boring though because we see that every single day
The reach is what should worry everyone
30,000 machines across 100 countries and every single entry point was someone wanting a job
We audit contracts for weeks
We argue about decentralization
Meanwhile the real attack surface is a dev unzipping a file from a recruiter who seemed nice
Moral of the story?
Crypto is never going mainstream if we don’t tighten security measures across all surfaces
The threat of losing everything didn’t exist until we started making money digital
xSpaces retweeted
Supernova just went LIVE
4 shards running
600ms blocks
~200ms finality
The performance is actually insane
Find me one chain that outperforms @MultiversX right now. I'll wait.
xSpaces retweeted
Three stickers this summer were minted exactly once.
• Holofoil Color Shift Zoo-F-O Friends.
• Holofoil Color Shift Flea "Lucky!" from @Claynosaurz Pioneer Edition.
• Neon Toggle Double Trouble from @quirkiesnft Chapter I.
All 1-of-1s and none of them are listed. 👀
xSpaces retweeted
One satoshi just minted 40.65 Bitcoin out of thin air on @nomicbtc
Worst part is the exploit ran for 74 days before anyone noticed 🤯
And your bridge balance might be next
Here's what actually happened:
Nomic's ibc_deliver handler called mint twice on a single deposit
First mint got burned like it should have so all good
Second got credited to the destination account as spendable nBTC
Problem is nothing checked who was being credited…
40.65060238 nBTC
25 IBC packets
one block
total fee: 1 satoshi
Now look at the date on that block
The mint landed June 25th at 21:49:59 UTC, Nomic block 33,137,470.
@osmosis froze the pool September 7th
74 days of counterfeit Bitcoin sitting inside Alloyed BTC!
Fake nBTC in and real backing out
We’ve seen this movie before 😏
Then Axelar and SquidRouter, Noble and CCTP, out to Ethereum, into roughly 671 ETH, straight into Tornado Cash
Where that leaves everyone else:
110.57 allBTC in circulation
Around 70.73 BTC actually behind it
63.97% backed
Depositors will probably be made whole which is good
But it took an independent researcher publishing a block height before anyone started counting
Every one of those 74 days, somebody deposited real Bitcoin into a pool that was already short
This is the future of finance 🙄