chief deploying officer | solana
Joined November 2022
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nights like this remind me why i build instead of trade
the last week was rough from the dev side, on solana and on robinhood. volume dried up on both pumpfun and pons, nothing held, and most of the buyers on my charts were bots
so i stopped launching and went back to the code. finishing my own terminal, built around how this market actually trades now. everything u need for launches and even more
i think it stays quiet until the midterms on nov 3. once that uncertainty is gone money comes back to risk
and when it does ill be launching again, rested and with better tools than before
spent the last 24h on the binance hack so u didnt have to
how the drain actually worked
why solana wasnt hacked
what got frozen
who ate the pepe dump
the eth and trx arbs
cz vs elon
who made money: ~$118m went to arb bots, block builders, lps and dexs in one night. bots took the big spreads, retail got the tails
where it ends: ~$3b of stables frozen, binance says users are covered and this years revenue pays for the hole without selling anything. the hack was real, the panic was bigger than it
all in my posts. at your service 🫡
i think the binance hack was the cleanest look at who actually wins when something breaks onchain
bots took the big spreads. 1,219 wallets made $44.9m on weth and 78 bots took most of it
retail got the tails. 86 wallets split $750-900k on a 2-6% $PEPE spread. on $SENT 14 wallets tried, 9 made $8k combined and the rest lost money
speed beat direction all night
the gap between the two sides wasnt skill, it was infrastructure
bots paid $1,000-4,000 in gas per tx and sent builders 10,251 eth in tips to be first in the block. they bought in one pool and sold in another inside a single tx, zero exposure
retail was doing it by hand. withdraw from a cex, wait, sell on a dex, send it back, hope the spread is still there. by the time a manual trade landed the big gaps were already closed
$SENT shows it best. two wallets took 95% of the profit, and the 5 that lost paid $100-1,300 each just to show up late
the one exception was $OGN. dex price dropped ~95%, 183 arbs went in and 162 came out green, ~$951k total. the spread was so wide even slow money got paid
the premium came from the hacker himself. he was swapping usdt into trx to get out before tether could freeze it
the main sunswap pool peaked 18% above market and averaged ~11% for most of the night. arbs bought trx in one pool and sold it in another inside a single tx
others did it the slow way, withdrawing trx from exchanges and dumping it on dexs at the inflated price
the night before the hack bots tipped block builders 4.6 eth. during the hack they tipped 10,251 eth
gas on a single tx hit $1-1.5k, the most expensive one was $4k. eth on uniswap traded 38% above market at the peak
for a few hours the most valuable thing on ethereum was the first spot in the block
i think the real story of the binance hack is how much the market made trading against the hacker in one night
arbitrage ~$60m
block builders ~$30m
lps ~$20m
dexs ~$5m
gas ~$3m
none of it came from guessing direction. it came from being faster than everyone else
i think the trenches will feel this one
56m+ in refunds lands back in solana wallets right before tge. sale tokens are 100% unlocked at claim, and 1win has a real user base outside of crypto plus buybacks from company revenue
i wouldn't be surprised to see coins paired with 1w or launched around it in the first days. a new ticker with a real brand and a crowd that just got their usdc back is exactly what memes feed on
[11/12] how we traced the binance hack
we tracked wallets labeled in binance’s proof of reserves, followed large transfers to new addresses across nine chains, compared freeze times with fund movements and recorded balances at 06:43 utc on october 30
dollar values were calculated using prices at the time of each transfer. full transaction histories are available through bitquery’s ethereum, bitcoin, tron, solana and xrp ledger datasets
[12/12] the addresses behind the binance hack
binance 14, the hot wallet that ran the attacker’s code: explorer.bitquery.io/ethereu…
second binance hot wallet drained at 20:24: explorer.bitquery.io/ethereu…
binance wallet the usdc came from: explorer.bitquery.io/ethereu…
the attacker’s caller wallet: explorer.bitquery.io/ethereu…
the code binance 14 was made to run: explorer.bitquery.io/ethereu…
the setup transaction containing 50 approvals, submitted at 20:20:59: explorer.bitquery.io/ethereu…