everyone "bridging to @Arc mainnet" this week: you didn't bridge to anything.
you handed real USDC to one anonymous person and got back an IOU they can print out of thin air. i read all three contracts this morning. let me show you what's actually happening to your money.
the pitch flooding your timeline: deposit USDC on Base, receive eUSD on Arc mainnet, "your USDC stays locked, bridge back anytime." clean. safe-sounding. it isn't true, and i can prove every word of that in one function call.
the vault on Base, the bridge on Arc, the eUSD token, all three are unverified. no source published. one single wallet owns all three. and that wallet has a function literally named sweep(). i tested who can call it: everyone is rejected except the owner. when the owner calls it, the entire USDC reserve, about $490,000 right now, moves to any address they choose, in one transaction. "locked" is a word on a website. it is not a property of the code.
the eUSD in your wallet is backed by nothing you can verify. Arc mainnet isn't open and there's no real bridge from Base yet, so nothing onchain checks that a deposit even happened before eUSD gets minted. a keeper wallet prints it on trust, and it trades against real USDC in a uniswap v3 pool on Arc. that pool is the door the money leaves through.
YOU CAN'T BRIDGE OUT
want out? their own bridge contract returns exchangeOpen = false and isSolvent = false at this very moment. you can put money in. the "bridge back anytime" path is shut, and the owner holds a freezeBridge() switch.
and here's the part that should end the conversation. they take a 10% fee on this, raisable to 25% whenever they feel like it, and that money is not sitting in a treasury. it's being bridged straight out of the system. that fee wallet has already pushed over $200,000 of USDC out through a cross-chain relay this week, including a single $142,000 transfer this morning. the fees are leaving as fast as they come in.
none of these people have a name. the wallet that owns everything was funded by a sibling wallet with a matching vanity address, spun up hours before launch, with no identity attached to any of it.
no audit. no verified code. no multisig. no timelock. no team a single person can name, and their fees already being relayed off to other chains. the only thing between half a million dollars and one keypair is one anonymous stranger deciding not to sign.
this is not Arc. Arc mainnet is not open and there is no official bridge open yet. do not put USDC into this. if you already did, your eUSD is worth exactly what one anonymous wallet decides, for exactly as long as they decide it.
don't trust me, verify it. vault 0x01a29660520C693615A62382603a4cAC7ffD4A15 on Base, owner 0xacBadF5a2c7917759867534eF9772D6C9CE6e501. read it yourself before it reads your wallet
STAY SAFE 🙏
you handed real USDC to one anonymous person and got back an IOU they can print out of thin air. i read all three contracts this morning. let me show you what's actually happening to your money.
the pitch flooding your timeline: deposit USDC on Base, receive eUSD on Arc mainnet, "your USDC stays locked, bridge back anytime." clean. safe-sounding. it isn't true, and i can prove every word of that in one function call.
the vault on Base, the bridge on Arc, the eUSD token, all three are unverified. no source published. one single wallet owns all three. and that wallet has a function literally named sweep(). i tested who can call it: everyone is rejected except the owner. when the owner calls it, the entire USDC reserve, about $490,000 right now, moves to any address they choose, in one transaction. "locked" is a word on a website. it is not a property of the code.
the eUSD in your wallet is backed by nothing you can verify. Arc mainnet isn't open and there's no real bridge from Base yet, so nothing onchain checks that a deposit even happened before eUSD gets minted. a keeper wallet prints it on trust, and it trades against real USDC in a uniswap v3 pool on Arc. that pool is the door the money leaves through.
YOU CAN'T BRIDGE OUT
want out? their own bridge contract returns exchangeOpen = false and isSolvent = false at this very moment. you can put money in. the "bridge back anytime" path is shut, and the owner holds a freezeBridge() switch.
and here's the part that should end the conversation. they take a 10% fee on this, raisable to 25% whenever they feel like it, and that money is not sitting in a treasury. it's being bridged straight out of the system. that fee wallet has already pushed over $200,000 of USDC out through a cross-chain relay this week, including a single $142,000 transfer this morning. the fees are leaving as fast as they come in.
none of these people have a name. the wallet that owns everything was funded by a sibling wallet with a matching vanity address, spun up hours before launch, with no identity attached to any of it.
no audit. no verified code. no multisig. no timelock. no team a single person can name, and their fees already being relayed off to other chains. the only thing between half a million dollars and one keypair is one anonymous stranger deciding not to sign.
this is not Arc. Arc mainnet is not open and there is no official bridge open yet. do not put USDC into this. if you already did, your eUSD is worth exactly what one anonymous wallet decides, for exactly as long as they decide it.
don't trust me, verify it. vault 0x01a29660520C693615A62382603a4cAC7ffD4A15 on Base, owner 0xacBadF5a2c7917759867534eF9772D6C9CE6e501. read it yourself before it reads your wallet
STAY SAFE 🙏
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