Kiwi News: handpicked crypto news for builders

Who pays for crypto hacks? Everyone forgets hacks are an invisible tax on transacting and storing value in crypto. Like shoplifting, the cost gets priced in and users pay for it. Every hack makes crypto less competitive as a network. Since 2018, crypto has lost an average of 24 bps of market cap per year to hacks. The US banking system loses 1.7 bps of deposits to fraud. That’s a 14x gap

it's kind of painful to see the devcon keynote after almost 10yrs building ethereum's OSS stack, is this what is left? where is the accountability? how are you going to inspire the next wave of strong devs? not the B players and the rent seekers? in the age of AGI? come on

If you want to help protect the decentralization of Hypersnap and tell the corporate censor captor polity who took over farcaster to fuck off, we have an open call for validators to join in the fork kickoff: https://github.com/farcasterorg/hypersna… Do your part. Protect the protocol.

It's wild that we've had to protest to protect the protocol twice in the same year First at FarCon, and now during @VitalikButerin's keynote

Has Ethereum lost its soul? Day 2 at @EFDevcon Mumbai. 🇮🇳 It pains me to say it, but the mood feels a bit disenchanted. You can see it in the half-empty rooms and in the hallway conversations. I've been to every Devcon since Cancún 2017. Back then, the narrative was about inclusion and empowering the weak. For those of us coming from emerging countries, it was a tool to circumvent bad institutions (and maybe build better ones bringing the rule of law where it was lacking.)! Many of us Argentines got into Ethereum because stablecoins were the way around capital controls. It wasn't an ideology. It was a survival tool. For people from advanced economies, it was a way to escape government and big tech surveillance. Then the narrative started drifting. DeFi yields, NFTs, memecoins... Each cycle brought more money and less talk about the common person. There are still talks on those original topics, but more and more the stage seems to reflect the worldview of Silicon Valley elites: transhumanism, longevity, life beyond biology. The contrast couldn't be sharper. Inside, conversations about transcending the human condition, governing societies through futarchy and handing DAO governance decisions over to AI. Outside, the chaos of Mumbai's streets, where millions hustle to survive and deal with very human problems every day. My impression from day 2 is that Ethereum is at a crossroads: solving the problems of nerds and Silicon Valley, or addressing the every day problems of real people. The real test isn't whether Ethereum scales, but for what and for whom. If it ends up as a playground for a tiny niche of insiders talking to each other, we can expect emptier conferences every year. Sorry for the pessimistic take. 🥲 Hoping day 3 finds me in better spirits!

THE BLOCK: ZachXBT says he suspects that a large Western European financial institution was exploited for more than $133 million from CEX accounts, and that the incident is currently being covered up. He notes the lack of proper disclosure has allowed the laundering of over $30 million in stolen funds that EU authorities could have frozen.