Conversation

SBF
@SBF_FTX
1) Alright so here's what I gather happened with EMN:
@AndreCronjeTech
was working on a new protocol. It was still in the testing phase, not ready to be released, in case e.g. it had bugs. He hadn't yet vetted it. It did, in fact, have an exploit
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SBF
@SBF_FTX
You either die a hero, or you live long enough to become the villain. Or you Twitter gets hacked, idk, one of those two.
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SBF
@SBF_FTX
2) People were digging around Andre's code, found what he was working on, and started to talk about it. To be clear Andre hadn't promoted it and wasn't intending it to be used yet--it (obviously) wasn't finished with testing! But people found it anyway.
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SBF
@SBF_FTX
3) The people who found it started talking about it and spreading it (probably not maliciously -- probably just excited). Everyone wants to get in on the next big Andre project, so people started FOMOing into it when they got wind of it. So a bunch of people started buying.
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SBF
@SBF_FTX
4) But, remember, it wasn't tested, and had an exploit (involving flash loans). So someone exploited it, taking all the funds ($16m I think?). The hacker then sent half to Andre (as an "I'm sorry" note?) and kept half for themselves. Andre wakes up and is like 'WTF happened'.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
6) This could be wrong, I'm writing this on the fly, don't put 100% confidence in it. also NOT INVESTMENT ADVICE
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SBF
@SBF_FTX
7) seems like they're going to try to pay back what they can, at least returning the $8mm that they were sent
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xoxo66
@gijoey2378
Replying to
@SBF_FTX
and
@SBF_Alameda
Incorrect. Yearn and coingecko worked together to list EMN right before the hack—this is public knowledge. The EMN launch was planned today, not later. Don’t buy Andre’s spin
Poor-eminent💡
@preem1nent
Replying to
@SBF_FTX
and
@SBF_Alameda
Regardless - testing in prod means it is in prod. Expecting people in this space to not ape in irresponsibly is irresponsible in itself, especially in the cycle of +15,000% in a day on the newest projects. People gambled - people lost. Play stupid games win stupid prizes.
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