Thomas (@Neotamandua) header
Thomas (@Neotamandua) profile picture

Head of Product @DuskFoundation | Software Engineer & Consultant working in Finance #Crypto #Web3 #RWA #FinTech #RegTech #Tokenization #Trading

Europe
Joined April 2024
Photo by Thomas (@Neotamandua)Photo by Thomas (@Neotamandua)
When someone says "tokenize it" and "RWAs" it can be very broad. Tokenization isn't a single process, it's a design choice. The term tokenization is new and blurry. There is no standard definition or process. Let's break it down to what that actually means 🧵
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AI is making it cheaper and faster to discover and exploit security vulnerabilities at scale. Statements made for years that "all data out there can and will eventually be leaked" are becoming more realistic by the day. The introduction of KYC, among other state-imposed data collection requirements, could prove to be one of the most consequential developments in regulation and digitization. These developments are a disaster in the making, and their scope continues to expand. They may well turn out to be some of the biggest policy mistakes of our time. You can change passwords, but you can't change your face, fingerprints, or other biometric data. And once your identity information, transaction- or shopping-history has been leaked, you can't undo that exposure. We are rapidly approaching a world where assuming sensitive data will eventually leak is, at least for the foreseeable future, the only reasonable security model. It also shows why encryption and other cryptographic tools (including ZKPs) should be taken seriously by everyone, whether for securing chats, cloud backups, proving claims about data without revealing the underlying information, or anything else where these technologies can be applied.
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Today's PHP disclosure is by the way a good example of why we at Dusk have invested so much time in making continuous AI-assisted audits and reviews part of how we build. PHP patched two critical bugs, CVE-2026-109618 and CVE-2026-109619. Both let an attacker run code on a web server without logging in. One sits in how PHP cleans up after running out of memory. The other is state that survives from one request to the next after its memory has been freed. The oldest affected code goes back to PHP 5.4 in 2012. Calif and Wiz found them independently using AI. Calif did it with no special setup and only models anyone can access. PHP runs a huge part of the web and a lot of people have looked at its code over the years, yet these bugs sat there for over a decade. Getting the fixes right took the PHP team weeks. This won't be the last case like it. The same tools are available to attackers, and a lot of older code has never been looked at this deeply, as the speed at which AI can inspect, test and validate invariants is impossible for a human to match. It also matches what we see in our own stack. Most of what turns up is in code written before we had these tools, so that's where we've put the majority of our focus, going back through all of our older code. The fixes go out in our public repos, like the Phoenix release below. The tools only get you so far. Finding bugs is a numbers game in the end, and with enough compute you'll find something in almost any codebase. The hard part is understanding what you found and which invariants matter in the first place. Without that you end up with fixes that don't hold up. A bad fix is dangerous because it gives people a false sense of safety. Judging what's a real issue and fixing it properly still takes people who know what they're doing, especially when dealing with cryptography. That costs a lot of time, testing and compute upfront. Our bet is that it pays off in the long run though. CVEs for reference: github.com/php/php-src/secur… github.com/php/php-src/secur…
This Phoenix release comes out of a re-review of our whole cryptography stack, which we started months ago. With how much easier AI has made exploit hunting since, and the incidents we've all been seeing, I'm glad we did. A lot of effort, testing and compute went into it. We also rechecked the implementation against the protocol's formal proofs. It doesn't guarantee we're bug free, but we should be a lot safer than before.
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Thomas retweeted
france is the leading country on the planet for crypto kidnappings and wrench attacks largely because their tax authority leaked the personal data of everyone now they want to increase by 50,000x the amount of data they collect and hence leak zero
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Replying to @karpathy
Another big filter is motivation. AI dramatically lowers the effort required to build and accomplish certain things, but it doesn't necessarily create the desire to do so. Getting the most out of it still requires time, willingness and effort to actively engage with AI. Many people understandably don't want to spend their limited time on what essentially feels like more work.
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Replying to @0xJohannes_ @Ledger
"Schützen sie ihre Kryptos & NFTs" lmao
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Replying to @0xMuchScience
Totally agree. AA is much more than just a UX unlock as it also enables these mechanisms. And imo even the first limitation can be mitigated. You could predefine a rotation policy that requires a signature from a different, already chosen scheme, or even dual signatures from both schemes. Then you're not solely relying on the scheme you're trying to replace.
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Replying to @drakefjustin
I didn't like reading that. Valid cautious perspective, lets hope for the best.
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Replying to @CoinDesk
Who would have thought that requiring a 60% bank deposit was a bad idea for Stablecoins?
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Berlin zahlt nicht. Die Ransomware-Gruppe Rhysida fordert 30 Bitcoin vom Land - oder droht mit der Veröffentlichung von 5,8 Terabyte gestohlener Daten. Viele Schlagzeilen rücken Bitcoin in den Vordergrund. Das ist der falsche Fokus. Das eigentliche Problem: Wie konnten 46.500 Verträge, 80.000 Ordnungswidrigkeitsverfahren und Login-Daten überhaupt abfliessen? Bitcoin ist das Zahlungsmittel der Täter - nicht die Ursache des Angriffs. Und genau hier wird DAC8 zum Problem. Ab 2027 melden Krypto-Dienstleister Namen, Adressen, Steuer-IDs und detaillierte Transaktionsdaten an das Bundeszentralamt für Steuern - die dann grenzüberschreitend ausgetauscht werden. Für Kriminelle wäre das eine fertige Zielliste: Identität, Wohnort, Krypto-Aktivität - alles an einem Ort. Berlin zeigt, dass staatliche Systeme keine sicheren Datentresore sind. Je mehr sensible Daten gesammelt werden, desto grösser wird der Schaden wenn es jemanden trifft. Das Berliner Problem ist kein Bitcoin-Problem. Es ist ein Datenschutz-Problem. Quelle: Blocktrainer, 30.08.2026
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Replying to @grahamfergs
It gets even worse once tokenization providers introduce fees, causing tokens on the same underlying to trade at different prices due to tracking differences. Fragmentation at this stage is understandable, but native issuance is clearly the end goal.
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Replying to @wilderko
Right time for crypto to become a full parallel financial system: payments, cards, RWAs & on-chain exchanges. The more governments turn banking into a permissioned privilege, the stronger the case for permissionless becomes. Financial censorship creates its own escape hatch.
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Thomas retweeted
When the dust settles, we'll have to talk about the fact that not a single vulnerability was found by a US frontier model. Instead, we're spending $10k a day on open weights models like Kimi K3 and Qwen 3.8 to find vulnerabilities in Bitcoin infrastructure. It's a disaster.
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Replying to @ihteshamali
Very interesting! In my opinion, mapping reachable entry points is a crucial starting point for security analysis with any tool, whether AI-based or not, to identify the attack surface for analysis rather than proceeding blindly
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Replying to @vxunderground
"its not x—its y" has to be the worst writing pattern out there these days
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Indeed great work by the @osec_io team and a commendable effort from their side to support and discuss standardization efforts around PLONK and other zero knowledge systems. ZKP and surrounding cryptography needs more standardization and shared efforts.
Fantastic work by the @osec_io team, and a big thank you for their collaboration on this. This was a critical finding, disclosed responsibly and handled with real professionalism from day one. We validated it, fixed it quickly, gave OtterSec the opportunity to review the fix from their side and shipped the release as soon as we could. Give the article a read. It is very in-depth, thorough and a good example of why serious security work AND practices matter when building financial infrastructure. Their finding also accelerated the security work we were doing on the Dusk protocol, which led to Aegis and the upcoming Boreas hard fork.
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Thomas retweeted
Institutions want rails they can trust. Users want products they actually enjoy using. @DuskFoundation and the SHIFT team sits together to discuss about what it takes to fix that. 📅 April 28, 3 PM UTC. Set your reminder: teapawt.net/i/spaces/1DGleEolykMJL…
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Being careful with sensitive data stops working when it is required for compliance, stored by someone else longer than necessary, and one corrupt employee or lazy security practice away from being sold, abused, or leaked
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The RWA Megaspace on Friday will be an interesting day full of RWA Content. Excited to be there representing @DuskFoundation and share the stage with folks from @pendle_fi, @RWA_xyz & @hamilton_labs! Thanks again for the invite @HouseofChimera
Tokenization is expanding fast, but where are the real opportunities today? Join us April 24, 3 PM UTC with: 🔹 @Neotamandua from @DuskFoundation 🔸 @_whalebird from @pendle_fi 🔹 @deankd_ from @RWA_xyz 🔸 @kasstawi from @hamilton_labs Don’t miss it 👇 teapawt.net/i/spaces/1DxLdverXrRxm
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Replying to @BluntCap
Guten Morgen
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