19/ TLDR; perps will become the listing engine for RWAs, outpace tokenizers, and usher in the golden age of the 'perpification of everything' disagree with me in any comments below :)

We've been quieter than usual over the past few days, and have been spending that time getting trading back up, continuing the ongoing investigation, and building a detailed recovery plan for LPs. I know the lack of updates has been difficult, especially for LPs waiting for clarity. We do not want to publish a partial plan, and have been focused on finalizing the details. The technical review and migration were led by our engineering and infrastructure teams, who have worked relentlessly since July 15. This effort enabled trading to resume on a completely new stack last Thursday, which I’m incredibly grateful for. This post mortem is just one step. The next big update people are looking for is what recovery and the path forward will look like, and that is where my focus remains. We are thankful for the patience and support of all of our partners and users. More to come.

An update on where things stand: What happened On July 15, Ostium’s LP (liquidity provider) vault was exploited for 23,752,746 USDC. Based on our ongoing investigation, the attacker compromised off-chain infrastructure related to the system that feeds prices into the protocol. The attacker then submitted illegitimate price reports that were manipulated to appear as valid, opening and instantly closing a series of large positions to extract an artificial profit from the vault. By design, trader collateral sits in a separate, isolated contract and is not affected, with all positions remaining open. Our response We are working with Mandiant, zeroShadow, Collisionless, and SEAL 911, alongside law enforcement, and coordinating with exchanges, bridges, and stablecoin issuers. Within 60 minutes of the first exploit transaction, we coordinated to pause trading and freeze all trading contracts. Currently, all of our engineering efforts are focused on isolating and hardening the infrastructure needed to enable a secure re-launch. What is next Impacted liquidity providers and the safe resumption of trading remain our top priority, and we are working around the clock towards the path forward. As a reminder, we will give at least 24 hours notice before trading contracts are unfrozen. Upon re-open, trader positions will be marked to the price at re-open, independent of interim price movements. Please trust only official channels. We will never DM you first or ask for your keys, seed phrase, or funds. If you have any leads, information, or resources to help with the investigation, reach us at: TIPS@ostium.io.

Status Update: The forensic investigation remains ongoing. We are working closely with law enforcement and leading cybersecurity experts. Our team of experts continues to trace funds and actively coordinate with exchanges, bridges, and stablecoin issuers. The trading contracts were and remain frozen to contain the incident. Public communications will be shared with a minimum of 24 hours notice prior to any unfreezing of smart contracts. At present, positions remain open. When trading resumes, traders will again be able to manage or close them. We will share updates as we are able to responsibly over the coming days, including a technical post-mortem and outline of the path forward towards protocol restoration. Please trust only official channels. We are not circulating recovery forms and will never ask for your keys, seed phrase, or funds. The support we have received over the past 36 hours has been extraordinary. To the partners, friends, security experts, and industry peers who have helped us in this: thank you. More to come.

A Security Update: Trading remains paused following the security incident. User positions remain open and unmodifiable, and trader margin remains unmoved in frozen trading smart contracts. The team will continue to provide updates as they become available regarding a timeline both to the resumption of smart contract activity and the recovery of funds. Over the past 14 hours, the team has been in continuous coordination with relevant authorities, SEAL 911, and multiple security researchers. Several teams are working full-time to track the movement of funds and support the investigation. We are thankful for the support of countless individuals who have assisted throughout. We remain focused on resolving this incident around the clock and will share further status updates as soon as we are able.

This morning, between 14:18–14:23 UTC, Ostium experienced a security issue leading to a loss of funds from the public OLP vault. Our team identified the issue within minutes and immediately began taking steps to contain it, including coordinating to pause trading contracts within the hour. We are working closely with relevant law enforcement authorities, SEAL 911, and third-party cybersecurity experts. No founder ever wants to deliver an update like this. We recognize the responsibility that comes with building infrastructure that people choose to use and trust. We take that responsibility seriously, and our focus is on resolution and responding with transparency and accuracy. To the stablecoin issuers, bridges, protocols, and security partners who have moved quickly to assist us: thank you for your continued support. We will continue to provide updates as they arise.

The Pura Vida takeover of NYC is complete. Complete Miami domination

I know we’ve made progress towards AGI because GPT’s memes are now genuinely funny. It infers the subtle subtext in my comedic direction with great accuracy. Humor is the window into the soul

Lady, why do you need to bring your pitbull on the New York City subway?

just witnessed a barista yeet hot espresso into my plastic cup and let it marinate there for a full minute before adding in water and ice for my americano. so pumped to consume my daily dose of microplastics 😋

just crossed $300m in RWA open interest on @Ostium - #2 in the category there's a very beautiful $75m notional US100 long position open right now, currently up ~half a million in the last half a day as one of our whales put it, "ostium is where I go when I want size fast"

Calling for an Immediate and Total Shutdown of running clubs, which are an affront to normal sidewalk users, whose paths are continually disrupted by hordes of heaving, barreling runners, who ram into passersby and generally are a Disruption To The Peace. Thank you

Land of the free and home of the brave. So thankful to be American!

Mom is currently in the family group chat debating whether to use Sonnet 5 or Opus 4.8

Apple Pay and Google Pay now live. Fund instantly. 150+ countries. Trade in seconds.

llms are excellent sheep

starting a petition to rename the midwest to mideast

Just finished a hiring round for our growth team. A ton of dms and resumes flooded in from this post I know there’s a lot of people looking for their next career chapter. I was reflecting on what I signals I use to filter applications and invite to first round interviews: Bucket A: Specialist in a specific channel that is hands on (e.g. performance marketing, lifecycle marketing) - Firstly requires a clear view of OKRs and how to achieve them to know what roles to build around - Some knowledge in how time intensive each speciality is and if it requires dedicated talent doing it full time, or a generalist type (this is changing with AI) - Should be visible in a candidates resume with quantifiable results - As a candidate, you should also reflect knowledge of the skill with the exact tool stacks you’ve used in your cv Bucket B: Generalist with domain expertise - For example, a marketing lead or growth marketer who wore multiple hats but worked at a competitor, breakout app, or company in similar category - Requires awareness of and identifying breakout companies, competitors, similar cos in your category (some carry more weight) - Ideally comes with some edge based on that exact vertical (existing relationships, knowledge in best converting channels, angles, geos etc) - When applying as a candidate, highlight companies you’ve worked at that are most similar to the job with call outs on how you helped them grow Other signals I look for: - Ability to position themselves concisely in cold dms - How metrics and responsibilities are framed in cv - Existing owned distribution: do they have any social channels or media they’ve built up themselves - Proactivity and grit signaled by any entrepreneurial experience - AI-native (usually more deeply sourced in interview) Reference checks are also important in key hiring decisions, if you’re an applicant, expect this to happen This means dream hires are someone who has a combination of both buckets and some of the bonus signals too. They have channel or tactic specialties they’ve built up over the years, have executed them in a company in a similar vertical that has proven breakout growth, and come with existing distribution and relationships