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Showing results for tags 'jump capital'.
Yesterday, the Wormhole bridge one of Solana's biggest bridges lost $320m in a hack. Within hours, a trading desk Jump Capital agreed to replenish the entire amount so that the liquidations calamity is avoided. The loss of the peg due to the hack could have sent the network into cascading liquidations arising out of leveraged positions. In stepped a VC to save the day. The fact that VCs are ready to cover these kind of losses shows that the entire Solana "ecosystem" is just one big sham propped up by these same VCs. They dont want their baby to die just yet. Apparently Jump Capital owns a significant stake in Wormhole and is ready to sink such a huge amount to cover losses. In Solana, the top 1.34% of addresses owns 99% of the circulating supply. Most of the supply was sold to early VCs and insiders at a massive discount to retail. Insiders and bad actors like Chamath have publicly joked about using Solana as a vehicle to play their pumps and dumps out, leaving retail to hold the bags when the sham unfolds. VCs dont just sink in $300m to save the day, unless they have already taken out 50x that amount - that is what Solana has enabled them to do already. So a buncha SOL Shills be like hurr durr even ehtirium had hacks and was saved by fork. Well the DAO hack was solved by cryptography solutions (forking), not by VCs stepping into save the day. If you think both are the same, you clearly understand NOTHING about crypto whatsoever. The DAO hack and the hard fork took over a month to assess, propose solutions and resolve. It wasnt an overnight fix, like what solana is known for. When Solana goes down - over night fix. When bridge hacked? - overnight fix. How long will Solana depend on overnight fixes to bail the network out? Edit: The mental gymnastics of SOlshills is just incredible. They have clearly consumed all the kool aid in the world to be supportive of this kind of institution manipulation. Yes, other projects also have VCs, and Eth projects have also been hacked. Yet none of the ETH projects have been bailed out in this manner by VCs and institutions. I have been extremely critical of ETH too. There is virtually a hack a day on Eth due to poor code or implementation or bugs, but none of the ETH project hacks have been "replenished" by institutions. If an ETH projects gets hacked and people lose money, well you are shit out of luck. As evidenced by hundreds of hacks and scams before. The first major Solana hack, and less than 24 hours later the institutions propping up solana claim they are bailing everyone out. If this is not the least bit suspicious to you, then you are just being slow boiled alive. Solana itself is a long term pump and dump that is devoid of any decentralisation and fundamentals except a bunch of whales propping it up. The tokenomics of every single Solana "ecosystem" project is puke worthy - from Serum to Raydium, Bonfida, Saber etc all have massive supply in the hands of a few, an incredibly high FDV and a low float and funny unlock mechanisms - perfect conditions for institutions to keep dumping on hapless retail investors like the ones supporting Solana in the comments here who dont understand anything about crypto or finance. - https://www.reddit.com/user/Set1Less/