Later today, we are officially ending all remaining support for the Iron Fish network. A few days ago, we observed abnormal activity involving wIRON and the ChainPort bridge. After working with ChainPort and reviewing their logs, we discovered that the cause was an inflation bug in the Iron Fish blockchain itself. We traced the bug to a commit from early 2019 in the Merkle tree implementation. The developer at the time implemented a standard Merkle tree. However, because of nuances in how a note’s nullifier is calculated (the mechanism that lets a normal user spend their funds), the attacker was able to spend the same note more than once. The attacker then compounded the exploit, aggregated their notes, and exited through the ChainPort bridge. This code path was within the scope of both our external and internal audits, but the bug wasn’t caught during review. For closure, we’ve committed the patch for the exploit, with a detailed postmortem included in the PR, before shutting down and archiving the ironfish repo. The meta-analysis here is that software that can’t be upgraded immediately (most of crypto), is in an extremely precarious position. The ability to find and exploit vulnerabilities in technically complex code is becoming commoditized. Safety guardrails on US frontier models make it difficult for companies to use them to patch security vulnerabilities, while abliterated open-source models are approaching frontier capabilities. We wish everyone all the best, and we hope crypto finds a path through this. Thank you all.

"Your funds are safe"

Over $5.8B in assets has been stolen from Binance. More than $2.435B in stablecoins has been frozen. The hacker is currently dumping assets like $PEPE, $LINK, $UNI, and $ENA on-chain. Watch out for selling pressure.

BREAKING: Binance has been hacked with wallets across the Ethereum, Bitcoin, and TRON networks seeing outflows of -$5.7 billion. The hack includes $1.45 billion worth of Bitcoin and $875 million worth of ETH. If confirmed, this would mark the biggest hack in crypto history. We expect more information shortly.

Our teams are aware of reports of a potential security issue and are actively investigating. Our security teams are reviewing all relevant information with urgency, and we will provide updates through official Binance channels as soon as we have verified information. Users should remain cautious of scams and should not trust unofficial links, messages, or requests for account information.

User funds are safe! It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m). I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.

JUST IN: Circle freezes $823 million $USDC linked to suspected Binance hack.

CAN'T HACK MY POKEMON CARDS❗️❗️❗️

[🌲] TETHER FREEZES $971M USDT IN LIKELY BINANCE HACK, WITH NO UPDATE FROM BINANCE STILL