DeFi Watch

Demand for Transparency from DeFi Education Fund

Yesterday, we noticed that 500k of the 1m UNI received by the DeFi Education Fund was sold for USDC without explanation. DeFi Education Fund is dumping 500k $UNI all at once for $10.2M in USDC. Why in the hell do they need $10.2M all at once? Why not

a16z

A request for transparency from a16z

Today, the following letter was sent to a16z, arguably the most prolific and powerful venture capital firm in DeFi. a16z has major token holdings and voting rights in critical DeFi projects including Uniswap, Compound and Maker. Follow Chris Blec on Twitter for updates. Here is the text of the letter:

uniswap

Inquiry into Uniswap's "DeFi Defense Fund" Proposal

Today, the following letter was sent to the Co-Presidents of Harvard Law School's Blockchain and Fintech Initiative, the proposers of the controversial "DeFi Defense Fund" proposal (also known as the "DeFi Eduation Fund"). Follow Chris Blec on Twitter for updates on their response. Here is the text of the letter:

defi watch

Check out my interview on Nic Carter's podcast

Last week, I had a great chat about DeFi Watch with Nic Carter for his podcast "On The Brink". We discussed my background in DeFi and crypto, how DeFi Watch came to be, and several trust-related issues with DeFi including admin keys, multisigs, tokenized governance and more. We also went

sushiswap

SushiSwap was dishonest about its timelock

SushiSwap has given us a reason to question the credibility of its Ops multisig signers. We should not ignore it. NOTE: Some will say that sharing this type of info is annoying, inflammatory or unnecessary. I disagree. I am providing this info to give you information that may help you

alpha homora

Alpha Homora v2 has a single-signer admin key

I recently discovered that Alpha Homora v2 (currently around $700m TVL) is fully upgradable by an EOA (externally owned account) admin key. An EOA is essentially a normal single-signer, non-contract Ethereum account with no ability to use multisig or timelock protections. The admin key is referred to in the protocol

aave

Aave on Polygon has an admin key

I recently discovered that Aave's Polygon Market is governed by an undocumented multisig admin key. I requested information about this multisig from the Aave team. The following reply was received: I followed up immediately with these questions: Who are the signers?Are the signers Aave team members?What countries are

polygon

Second letter to Polygon about multisig

Today, a followup letter was sent by DeFi Watch to Jaynti Kanani of Polygon. If a response is received, we will publish it right away. Follow Chris Blec on Twitter for updates. May 27, 2021 Jaynti Kanani CEO & Co-Founder Polygon, formerly Matic Dear Mr. Kanani: Members of your team

polygon

Inquiry into Polygon multisig

Today, the following letter was sent by DeFi Watch to Jaynti Kanani of Polygon. Once a response is received, we will publish it right away. Follow Chris Blec on Twitter for updates. Dear Mr. Kanani: There is now a great level of concern amongst the DeFi community over the security