Latest Articles
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Payments Layer, Attack Surface: The Gnosis Pay Exploit
A structural post-mortem of the Gnosis Pay incident — how card rails create novel attack surfaces and what full user reimbursement signals about issuer risk.
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The Permissionless Perimeter: The Squid Module Exploit
A technical post-mortem of the $3.2M SquidRouterModule exploit and what it reveals about ambiguous ownership in modular DeFi architectures.
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HIP-3 and the Architecture of Hyperliquid's Perp Dominance
A protocol-design analysis of HIP-3, the vault-backed liquidity primitive behind Hyperliquid's record perp market share, and the structural risks it concentrates.
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No Recovery, No Capital: Radiant's Collapse
Radiant Capital's wind-down closes a 14-month chapter that began with a $50M cross-chain exploit. A structural post-mortem of what broke and why.