🧵 1/4 The Proxy Exploit knocked us down—but not out.

We’re launching the Kinto Phoenix Facility on @WildcatFi to raise a credit line to re-ignite liquidity, repay victims, and finish our comeback 👇 2/4 What’s at stake

• ⛩️ Only Stage-1 @arbitrum rollup with built-in KYC/AML
• 10,000+ Kinto users affected via the Proxy Smuggle Hack
• $1.55 M drained on Arbitrum, yet our L2 and wallets stayed secure

Full post-mortem ➜ ⛩️-post-mortem-k-proxy-hack-our-path-forward-c2c3809882c6medium.com/mamori-finance/

🧵 1/10 $K Hack Recap & Recovery Plan

The last 72 h were brutal. A sophisticated proxy exploit let an attacker mint unlimited $K on Arbitrum, drain our Uniswap pool + Morpho vault, and nuked the price with millions of fake tokens.

Here’s the recap & path forward 🧵

https://twitter.com/1658108114611101696/status/1944396044885766355

2/10 What happened

• Hidden “hacker-proxy” inside the ERC-1967 proxy 🚩
• Attacker flipped the pointer, seized owner() + minted at will
• Drained $1.55 M liquidity & USDC in minutes
• Price collapsed >95 % 💥

https://x.com/ramonrecuero/status/1943426114468352006

1/ After 12 harrowing hours, now that we have more info, wanted to provide a full recap of what happened and what's our plan to recover from here.

Hacker was able to mint unlimited K tokens on Arb and take 1.55M in ETH & USDC from Uniswap and Morpho (+ damages on the K price) 🧵 2/ Earlier, a critical backdoor was discovered in thousands of contracts that use ERC1967Proxy (a common standard from OZ).

A hacker was able to install a hacker proxy in between and remain undetected due to a bug in Block explorers (Etherscan, Arbiscan...)

More info here 👇

https://twitter.com/deeberiroz/status/1943041785476894996

1/14 🪢 Introducing Musubi -- Chainless Swaps

Swap assets across Ethereum with your fingerprint without leaving your Kinto-insured wallet.

It unties the fragmented liquidity and unites Ethereum once again. 2/14 If you are building an L2 and replicating the same pools already available with worse liquidity, you are subtracting value from consumers and liquidity deployers to pump your bags.

We do not need another ETH-USDC pool.

1/ Babylon Finance is Shutting Down

Despite our efforts, we haven’t been able to revert the negative momentum caused by the Rari hack. 🐻 Market hasn't helped.

medium.com/babylon-financ…

🧵 TLDR below 2/ 💣 How the Rari hack affected us

- 6 gardens invested in Rari and lost 3.4M in the hack.
- TVL decreased from $30 to $4M.
- Fuse was abandoned. Our $10M lending market is gone.
- BABL decreased from $20 to $6.
- Team also lost months of runway.

medium.com/babylon-financ…

1/ @0xAmplify just submitted a proposal to create an $APE garden for the @apecoin community.

Best Staking Proposal

🔥 Earn yield on $APE
⛽️ Deposit $APE gas-free
🛡️ Minimize taxable transactions
🌱 Earn $BABL
🦍 Stake your #NFT for extra rewards

Tentative Launch: Mid May 🧵 2/ #BAYC has bootstrapped the top #NFT community in crypto. @yugalabs and @BoredApeYC represent the best example of what is possible when you get talented people together.

However it lacks a viable staking mechanic with real utility. See:

https://twitter.com/cobie/status/1517086096173469697?s=20&t=LAurAqkXfkF-UJcl6NGFqw

1/12 ⛲ The Fountain of ETH is the #1 place to deposit your $ETH.

Grow your ETH gas-free 🤯

Current APY: 40%*
Target APY: 15%*

🧵 on why other alternatives don't come even close 2/ Making mainnet great again

First of all, you can deposit WETH on mainnet gasfree 🤯

You only need to approve WETH and then sign.

At @BabylonFinance, we have worked really hard to make this happen:

medium.com/babylon-financ…

1/🫀The heart of Babylon 🫀

@BabylonFinance is releasing a staking mechanic for all BABL holders.

🤯 10 + 1 token mechanics.

Follow along to see how deep the 🐇 hole goes... 2/ 🫀The Heart of Babylon is a garden that will receive BABL as deposits and will give depositors hBABL.

The heart will receive capital from protocol fees and BABL from stakers.

Estimated APR: ~200% + potential BABL upside

BABL Circulating supply: ~55K
BABL Market Cap: ~2.5M

1/11) Introducing Babylon.finance.

We are building a new #DeFi asset management protocol.

Ccommunity owned and community managed funds.

DeFi meets Wall Street Bets.

It's time to decentralize and democratize investment

medium.com/babylon-financ…

TLDR 👇 2/11)

The investment landscape has changed forever.

We are finally at zero interest rates. End of the road.

Traditional asset classes like bonds or equities don't have risk/adjusted positive outlooks anymore.

Inflation looms 💸💸

What can we do about it?