reply on: 58.2 Bitcoin vanished in under two hours on August 12th as Odin.fun \ stacker news ~bitcoin

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51 sats \ 3 replies \ @SimpleStacker 25 Aug \ on: 58.2 Bitcoin vanished in under two hours on August 12th as Odin.fun bitcoin

Hackers pumped worthless SATOSHI tokens through Odin's AMM, artificially inflated prices, then drained real Bitcoin while the founder's PhD-level engineering watched helplessly from the sidelines.

Interesting. I once had the opportunity to go to an academic conference on computational economics, and there were some crypto sessions. One of them had multiple presentations about these AMM algos, and I remember thinking at the time that this is really risky: publishing your buy/sell algorithm is basically asking to get manipulated.

64 sats \ 1 reply \ @SimpleStacker 25 Aug

Although, it looks like his PhD was not in something technical. I didn't even know you could get a PhD in "Instructional Technology".... what kind of phd is that?

PhD in Educational/Instructional Technology from BYU, Co-Founder & CEO of Toniq Labs, Co-Founder & CEO of Bioniq Bitcoin Ordinals marketplace.

Legitimate technical background spanning blockchain development since 2021, with actual products shipped and functioning ecosystems built.

Yet somehow this accomplished developer consistently deploys code that gets exploited by attacks so basic that anonymous DeFi experts mock them publicly.

"Anyone having some knowledge on DEX pools would know this," s0xToolman from Bubblemaps told Decrypt about the August hack. "There's no excuse for the team to not know this could happen." Textbook AMM vulnerabilities that first-year smart contract students learn to avoid.