February Observations

Things that happened in crypto recently that I thought were interesting:

Wormhole bridge was hacked for $320 million. Jump trading eventually covered the losses but it was a scary moment for many users on Solana.

Why this was interesting for me: Highlights how complexity obfuscates and increases risk levels. In my view its a big problem in defi – if nobody can understand the risks in a system, then they have a tendency to pile up and cause big blow ups when failure occur.

0xsifu, cofounder of one of the biggest defi projects Wonderland Time was revealed to be a serial scammer

–Dao treasuries could be a central point of failure if projects are not thoughtful of who they put on the multisig wallets

FreeRossDao and FreeAssangeDao raised record sums to free Ross Ulbritcht and Julian Assange, respectively

–In my view these are analogous to dogecoin; Ross and Assange are cultural icons (memes) and can thus attract a lot of money.


I wish I understood the tech better. But from what I understand there are bridges and there are trust-less bridges. As this gets build out more lessons will be learned.