/biz/ - Business & Finance

when did you realize it wasn't jump or mev mafia suppressing it but sirgay himself?

One of the (defi markets) attacks that I've recently started to witness and see start happening is what I'm calling "the wolf in sheep's clothing attack".

So basically you have a few people who are making oracles now, and they're saying "I'm a nice reliable oracle, you can trust me", but really they are wholly owned by a trading firm or a hedge fund, a private trader themselves.

>(hi Jump/Pyth and acolytes like Wintermute, Jane Street, etc. and of course SBF was behind it, look up his leaked balance sheet; see also Jump's wormhole and how they bailed out a $320M bridge hack)

And they're saying "I'm a nice reliable oracle, please let me completely control your market, I'm nothing like the FTX Alameda scam, nothing like that here, I'm such a nice guy".

But then it turns out that the nice guy is a psychopath who only wants to steal money from the protocol.

This is actually how commodity traders do this in larger markets. They've done it in various commodity trading settings and various forex settings and they continue to do it today. And there's many many cases of it (front-running).

A recent examples are where traders, hedge funds, market makers... gathered around places like the Chicago mercantile exchange and basically manipulate commodity and forex prices, which actually affect all of us. Because commodity and forex prices determine what the goods we consume cost and what we pay for those goods. So the problem is essentially a market manipulation problem. That's really often a data manipulation problem because markets are driven by data.

What's important is that users understand the attacks and make sure that the protocols that they're using are actually conflict of interest free. Because the more money you put into a protocol that some psychopath hedge fund market maker trader can steal from, the harder that protocol might fail, which will be bad for all of us. Plus the more money you would lose, which, I don't know, it's your money.

>(hi SNX)

One of the (defi markets) attacks that I've recently started to witness and see start happening is what I'm calling "the wolf in sheep's clothing attack".

So basically you have a few people who are making oracles now, and they're saying "I'm a nice reliable oracle, you can trust me", but really they are wholly owned by a trading firm or a hedge fund, a private trader themselves.

>(hi Jump/Pyth and acolytes like Wintermute, Jane Street, etc. and of course SBF was behind it, look up his leaked balance sheet; see also Jump's wormhole and how they bailed out a $320M bridge hack)

And they're saying "I'm a nice reliable oracle, please let me completely control your market, I'm nothing like the FTX Alameda scam, nothing like that here, I'm such a nice guy".

But then it turns out that the nice guy is a psychopath who only wants to steal money from the protocol.

This is actually how commodity traders do this in larger markets. They've done it in various commodity trading settings and various forex settings and they continue to do it today. And there's many many cases of it (front-running).

A recent examples are where traders, hedge funds, market makers... gathered around places like the Chicago mercantile exchange and basically manipulate commodity and forex prices, which actually affect all of us. Because commodity and forex prices determine what the goods we consume cost and what we pay for those goods. So the problem is essentially a market manipulation problem. That's really often a data manipulation problem because markets are driven by data.

What's important is that users understand the attacks and make sure that the protocols that they're using are actually conflict of interest free. Because the more money you put into a protocol that some psychopath hedge fund market maker trader can steal from, the harder that protocol might fail, which will be bad for all of us. Plus the more money you would lose, which, I don't know, it's your money.

>(hi SNX)

One of the (defi markets) attacks that I've recently started to witness and see start happening is what I'm calling "the wolf in sheep's clothing attack".

So basically you have a few people who are making oracles now, and they're saying "I'm a nice reliable oracle, you can trust me", but really they are wholly owned by a trading firm or a hedge fund, a private trader themselves.

>(hi Jump/Pyth and acolytes like Wintermute, Jane Street, etc. and of course SBF was behind it, look up his leaked balance sheet; see also Jump's wormhole and how they bailed out a $320M bridge hack)

And they're saying "I'm a nice reliable oracle, please let me completely control your market, I'm nothing like the FTX Alameda scam, nothing like that here, I'm such a nice guy".

But then it turns out that the nice guy is a psychopath who only wants to steal money from the protocol.

This is actually how commodity traders do this in larger markets. They've done it in various commodity trading settings and various forex settings and they continue to do it today. And there's many many cases of it (front-running).

A recent examples are where traders, hedge funds, market makers... gathered around places like the Chicago mercantile exchange and basically manipulate commodity and forex prices, which actually affect all of us. Because commodity and forex prices determine what the goods we consume cost and what we pay for those goods. So the problem is essentially a market manipulation problem. That's really often a data manipulation problem because markets are driven by data.

What's important is that users understand the attacks and make sure that the protocols that they're using are actually conflict of interest free. Because the more money you put into a protocol that some psychopath hedge fund market maker trader can steal from, the harder that protocol might fail, which will be bad for all of us. Plus the more money you would lose, which, I don't know, it's your money.

>(hi SNX)