Publications

All Research

In-depth security reports, protocol analysis, transparency audits, and exploit breakdowns — from the YAM syndicate.

CoWSwap aggregator comparison showing 99.28% price impact on $50M USDT to aEthAAVE swap

Analysis

$50M USDT→AAVE Swap — Bad Routing

0x98b...7ac8 just lost $50m in an attempt to buy AAVE using USDT through CoWSwap.

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Exploit

Silo Finance — soUSDC Vault Exploit on Arbitrum

Earlier today, ~392k USDC from SiloFinance's managed soUSDC vault on Arbitrum was forcibly allocated into the wstUSR/USDC market, leaving bad debt.

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Ethena backing assets dashboard showing DeFi Lending, Institutional Lending, and Liquid Stables breakdown

Transparency

Ethena Updates Transparency Page — $2.8B of $4.4B Visible Onchain

Ethena (@ethena) has updated its transparency page, providing exact visibility into where assets are deployed and making all onchain wallets public.

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Ethena Estimated Self-Lending table showing $1.33B total across Aave, Morpho, Kamino and Juplend markets

Analysis

Ethena Self-Lending: $1.33B out of $4.4B

By our calculations, $1.33B out of $4.4B of USDe's backing is lending against itself.

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DeBank transaction history showing Fluid claims and MetaMask swaps from the exploiter wallet

Security

Fluid Lost 125k FLUID & 51.9k GHO — Key Compromise

Fluid lost 125k FLUID and 51.9k GHO due to a key compromise. A wallet was able to claim rewards from multiple Fluid Merkle distributors using empty-proof Merkle claims, then swap funds and route ETH into Tornado Cash.

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