Unbacked and Unguarded: The StablR Multisig Exploit
A forensic post-mortem of the StablR EURR/USDR depeg, the multisig misconfiguration behind 13.5M in unbacked mints, and what it reveals about stablecoin custody.
Tokenizing the Stock Market: Rails and Endgame
A structural look at how equities are being put on-chain — the settlement rails, custodian models, and why tokenized stocks behave differently from tokenized debt.
DeFi 3 days ago
The Everclear Collapse: A Post-Mortem
Everclear processed roughly $500M monthly in cross-chain volume before winding down. We examine why intent-based clearing failed to become a business.
Single Point of Failure: The LayerZero-Kelp Exploit
A post-mortem of the $292M Kelp exploit, the single-verifier configuration behind it, and what "default security" means for omnichain messaging.
From $625M Hack to OP Stack: Ronin's Four-Year Arc
Tracing Ronin's path from the Lazarus Group's validator key compromise to an OP Stack L2 migration, and whether the new design addresses the original failure modes.
Recents
View all Unbacked and Unguarded: The StablR Multisig Exploit
A forensic post-mortem of the StablR EURR/USDR depeg, the multisig misconfiguration behind 13.5M in unbacked mints, and what it reveals about stablecoin custody.
Tokenizing the Stock Market: Rails and Endgame
A structural look at how equities are being put on-chain — the settlement rails, custodian models, and why tokenized stocks behave differently from tokenized debt.
DeFi 17 min read
The Everclear Collapse: A Post-Mortem
Everclear processed roughly $500M monthly in cross-chain volume before winding down. We examine why intent-based clearing failed to become a business.
Single Point of Failure: The LayerZero-Kelp Exploit
A post-mortem of the $292M Kelp exploit, the single-verifier configuration behind it, and what "default security" means for omnichain messaging.
From $625M Hack to OP Stack: Ronin's Four-Year Arc
Tracing Ronin's path from the Lazarus Group's validator key compromise to an OP Stack L2 migration, and whether the new design addresses the original failure modes.
LayerZero's Single-Verifier Failure and the Kelp DAO Exploit
A post-mortem of the Kelp DAO cross-chain exploit, what LayerZero's single-verifier configuration revealed, and what a defensible DVN architecture should look like.
DeFi 15 min read