A hacker stole $223M from Sui yesterday.

Then something unprecedented happened.

Sui validators literally banned him from the network and froze his funds mid-escape.

This changes everything we thought we knew about "decentralized" blockchains.

Here's the wild story 🧵
2/ The hack was brutal.

Dude drained Cetus liquidity pools like he owned the place.

$223M gone in hours. SUI memecoins nuked 75%. USDC depegged to zero on-chain.

Every swap failed. Holders couldn't even cut losses.

Absolute carnage.

A trader just pulled off the most galaxy brain DeFi play of 2024, forcing Hyperliquid to choose between a $12M loss or revealing their centralized controls.

The outcome? Pure chaos.

Here's how this 200 IQ move went down 🧵 2/ The 4D chess setup:

• Spot long + $6M perp short on JellyJelly ($JELLY)
• Target: A tiny $20M mcap token
• Strategy: Force liquidate own short position
• Goal: Make Hyperliquid inherit a toxic position

Pure. Evil. Genius.

🚨 BREAKING: @base just announced Flashblocks - making it the fastest EVM chain in crypto.

But this is bigger than Base. This will change everything about how we think about blockchain speed.

Here's why Flashblocks are a game-changer 🧵 1/ First, let's address the elephant in the room:

Base is about to process transactions in 200ms. That's 10x faster than current speeds.

For context: That's faster than Solana (400ms) 🤯

The Bybit hack is officially the largest crypto heist in HISTORY.

$1.46B+ stolen and still counting. That's 16% of ALL previous crypto hacks COMBINED.

Here's what happened, what we know, and why this could change everything 🧵👇 2/ It started when @ZachXBT reported "suspicious outflows" from Bybit totaling $1.46B+.

Soon after, we saw mETH & stETH being swapped for ETH on DEXs.

Then the attacker got sophisticated - splitting 10K ETH to 39 different addresses, then another 10K ETH to 9 more addresses.

Ethereum L2s are about to hit a brick wall.

55% of all blob space is already consumed by just 2 chains.

And at current growth rates, we're only months away from everything breaking.

Here's what's happening 🧵 @growthepie_eth 2/ First, let's understand what's breaking:

Blobs = special storage for L2s
Current limit = 3 blobs per block
Reality = dozens of L2s fighting for these 3 spots

It's like having a highway with only 3 lanes for 50 growing cities.

Sony's L2 just showed us something wild about OP Stack censorship resistance:

Their attempt to block "unapproved" tokens spectacularly backfired in less than 24 hours after launch.

Here's exactly what went down 🧵 @binji_x 2/ The drama started yesterday:

Sony launched their L2 and immediately started censoring early tokens at the RPC level.

Their policy? If they don't like your contract, you get a "forbidden" response. No questions asked.

1/ The Pudgy Penguins $PENGU launch on Solana isn't about "ETH's UX problem"

It's about a deeper rot in ETH's culture.

And as someone building an L2, let me tell you why this matters...🧵 2/ ETH ecosystem destroyed itself from within:

• EF devs become "advisors"
• EF itself dumps tokens on CEX, ignoring DeFi
• Vitalik calls DeFi "ouroboros"
• Then everyone wonders why retail left

Then wonders why builders leave 🤔

Value accrual in L2s is fascinating right now

HyperLiquid approaching Arbitrum's market cap reveals a crucial insight about the future of L2s and where protocols should build

Let me explain why general purpose L2s might be a trap 🧵 (1/15)

First, let's look at the numbers:

Arbitrum market cap: $4.72B
HyperLiquid market cap: $4.47B

But here's where it gets interesting...

GMX revenue (30d): $10.8M
HyperLiquid revenue (30d): $7.0M