great summary of the #ThorChain collapse debacle. these guys are always promising "decentralization" right until the moment a centralized authority has to step in and genocide the users' bank accounts so as to make sure the insiders stay rich.

> "Tonight, somewhere on-chain, $200M worth of user funds sit frozen while THORChain's team tries to innovate their way out of their own innovation. Ninety days might buy them time to restructure, but no amount of governance theater can erase the fundamental truth - they built a leverage trap with no escape hatch."

> "Their 'community-driven' solution reads like a negotiation with no real choice - frozen funds transformed into tokenized claims and promises of future repayment. THORChain's original promise of trustless finance ends with a forced trust exercise."

https://rekt.news/thorchains-iceage/

a major crypto bridge run and/or partially owned by some of the core #bitcoin dev team that helps people move their crypto assets between chains just blew up. hundreds of millions of dollars in liabilities it can't meet.

just another day in crypto...

(actually this is kind of a bad day, even for crypto)

https://x.com/1984_is_today/status/1882616341926162653

[update] the chain swapping still works, but they had bolted on some kind of crypto bank lending protocol and that is what is toast, along with all their users' money. they are "guaranteeing" that users will get their money back "eventually" (bros always do this)