A hacker can get a full refund in 48 hours—yet the project team can still put on this “refund show”
They hacked $3.8 million on-chain, and within 48 hours they got every cent back—this is worth pondering more than today’s red K-line. NEAR’s Intents ecosystem was siphoned off $3.8 million by hackers this week. The project team issued a final 48-hour ultimatum: by the deadline, all the money would be fully received. My explanation: you can’t erase on-chain footprints; the exchange withdrawal exits are welded shut account by account. The stolen money can’t be laundered, and it can’t be spent either—so the thief can only accept the loss. Boosting the security budget toward places where the money can be traced is the main thread of this round, more important than the refund itself.
There are two other supporting signals about “money put to work.” One is a company called Evernorth. After shareholder voting approved a treasury fund of more than $1 billion, it directly bought XRP—473 million tokens were recorded on its balance sheet, and the process for listing on the Nasdaq is underway. Another listed company swapped its entire reserves into XRP—something that nobody would have dared to imagine last year. On the other side, Blast, a top-size $2 billion ETH L2 project, announced a shutdown. The reason: costs exceeded revenue, and its assets have shrunk 98% from their peak. L2 land-grabbing is over. Capital now only wants to stand in two places: the most reliable base layer, and the one most willing to tell a compelling story.
One-sentence conclusion: treasury funds buying coins shows that money is no longer betting on a broad bullish rise; it’s switching to specific assets. Those caught in the middle—neither solidly fundamental nor good at storytelling—will likely look pretty bad this year.
Before we pack up, the answer to watch: once Evernorth has bought those 473 million XRP, will the available tokens become thinner and thinner? And after the $3.8 million lands, which chain will the next hacker target? Don’t trust anyone’s mouth-fodder—let the blockchain give the answers.
🐶 Let’s take a look at Old Ma’s little dog ✨🚀
They hacked $3.8 million on-chain, and within 48 hours they got every cent back—this is worth pondering more than today’s red K-line. NEAR’s Intents ecosystem was siphoned off $3.8 million by hackers this week. The project team issued a final 48-hour ultimatum: by the deadline, all the money would be fully received. My explanation: you can’t erase on-chain footprints; the exchange withdrawal exits are welded shut account by account. The stolen money can’t be laundered, and it can’t be spent either—so the thief can only accept the loss. Boosting the security budget toward places where the money can be traced is the main thread of this round, more important than the refund itself.
There are two other supporting signals about “money put to work.” One is a company called Evernorth. After shareholder voting approved a treasury fund of more than $1 billion, it directly bought XRP—473 million tokens were recorded on its balance sheet, and the process for listing on the Nasdaq is underway. Another listed company swapped its entire reserves into XRP—something that nobody would have dared to imagine last year. On the other side, Blast, a top-size $2 billion ETH L2 project, announced a shutdown. The reason: costs exceeded revenue, and its assets have shrunk 98% from their peak. L2 land-grabbing is over. Capital now only wants to stand in two places: the most reliable base layer, and the one most willing to tell a compelling story.
One-sentence conclusion: treasury funds buying coins shows that money is no longer betting on a broad bullish rise; it’s switching to specific assets. Those caught in the middle—neither solidly fundamental nor good at storytelling—will likely look pretty bad this year.
Before we pack up, the answer to watch: once Evernorth has bought those 473 million XRP, will the available tokens become thinner and thinner? And after the $3.8 million lands, which chain will the next hacker target? Don’t trust anyone’s mouth-fodder—let the blockchain give the answers.
🐶 Let’s take a look at Old Ma’s little dog ✨🚀