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    <channel>
        <title><![CDATA[Stories by Jonathan Gan on Medium]]></title>
        <description><![CDATA[Stories by Jonathan Gan on Medium]]></description>
        <link>https://medium.com/@jonngan?source=rss-8be5881248b3------2</link>
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            <title>Stories by Jonathan Gan on Medium</title>
            <link>https://medium.com/@jonngan?source=rss-8be5881248b3------2</link>
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        <lastBuildDate>Sun, 12 Apr 2026 15:04:52 GMT</lastBuildDate>
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        <webMaster><![CDATA[yourfriends@medium.com]]></webMaster>
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        <item>
            <title><![CDATA[GradTrack — Technical Presentation Document]]></title>
            <description><![CDATA[<div class="medium-feed-item"><p class="medium-feed-image"><a href="https://jonngan.medium.com/gradtrack-technical-presentation-document-f169489d04d0?source=rss-8be5881248b3------2"><img src="https://cdn-images-1.medium.com/max/1024/1*GrO1q5BPqyFlhrdJh7HiEg.png" width="1024"></a></p><p class="medium-feed-snippet">Immersive Al-powered degree planning Application that aligns academic decisions with career outcomes, cost efficiency, and instructor&#x2026;</p><p class="medium-feed-link"><a href="https://jonngan.medium.com/gradtrack-technical-presentation-document-f169489d04d0?source=rss-8be5881248b3------2">Continue reading on Medium »</a></p></div>]]></description>
            <link>https://jonngan.medium.com/gradtrack-technical-presentation-document-f169489d04d0?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/f169489d04d0</guid>
            <category><![CDATA[hackathons]]></category>
            <category><![CDATA[ai]]></category>
            <category><![CDATA[apps]]></category>
            <category><![CDATA[college]]></category>
            <category><![CDATA[building]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Sun, 09 Nov 2025 20:09:23 GMT</pubDate>
            <atom:updated>2025-11-09T21:25:19.246Z</atom:updated>
        </item>
        <item>
            <title><![CDATA[$100M Money Models: The Playbook for Printing Revenue]]></title>
            <description><![CDATA[<div class="medium-feed-item"><p class="medium-feed-image"><a href="https://jonngan.medium.com/100m-money-models-the-playbook-for-printing-revenue-f8f33a71570b?source=rss-8be5881248b3------2"><img src="https://cdn-images-1.medium.com/max/2600/0*cbOpxZB1ONvlSohb" width="3927"></a></p><p class="medium-feed-snippet">Alex Hormozi is known for distilling complex business strategies into simple, repeatable money-making frameworks. One of his most powerful&#x2026;</p><p class="medium-feed-link"><a href="https://jonngan.medium.com/100m-money-models-the-playbook-for-printing-revenue-f8f33a71570b?source=rss-8be5881248b3------2">Continue reading on Medium »</a></p></div>]]></description>
            <link>https://jonngan.medium.com/100m-money-models-the-playbook-for-printing-revenue-f8f33a71570b?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/f8f33a71570b</guid>
            <category><![CDATA[finance]]></category>
            <category><![CDATA[hormozi]]></category>
            <category><![CDATA[model]]></category>
            <category><![CDATA[money]]></category>
            <category><![CDATA[business-strategy]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Tue, 26 Aug 2025 05:57:39 GMT</pubDate>
            <atom:updated>2025-08-26T05:57:39.481Z</atom:updated>
        </item>
        <item>
            <title><![CDATA[Rust + Burn = C.U.M.]]></title>
            <description><![CDATA[<div class="medium-feed-item"><p class="medium-feed-image"><a href="https://jonngan.medium.com/rust-burn-c-u-m-d49d2a04350e?source=rss-8be5881248b3------2"><img src="https://cdn-images-1.medium.com/max/2600/0*t5PcD2mskQSWe2KE" width="6048"></a></p><p class="medium-feed-snippet">Compute-Optimized Unified Modeling</p><p class="medium-feed-link"><a href="https://jonngan.medium.com/rust-burn-c-u-m-d49d2a04350e?source=rss-8be5881248b3------2">Continue reading on Medium »</a></p></div>]]></description>
            <link>https://jonngan.medium.com/rust-burn-c-u-m-d49d2a04350e?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/d49d2a04350e</guid>
            <category><![CDATA[ai]]></category>
            <category><![CDATA[machine-learning]]></category>
            <category><![CDATA[rust]]></category>
            <category><![CDATA[deep-learning]]></category>
            <category><![CDATA[burn]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Mon, 11 Aug 2025 03:26:46 GMT</pubDate>
            <atom:updated>2025-08-11T03:26:46.795Z</atom:updated>
        </item>
        <item>
            <title><![CDATA[ Building a Mobile Bitcoin Wallet with Lightning & Taproot Assets (prev Taro)]]></title>
            <description><![CDATA[<div class="medium-feed-item"><p class="medium-feed-image"><a href="https://jonngan.medium.com/building-a-mobile-bitcoin-wallet-with-lightning-taproot-assets-prev-taro-3773e330724c?source=rss-8be5881248b3------2"><img src="https://cdn-images-1.medium.com/max/2600/0*6XT8V4SDuBZiNRfL" width="6000"></a></p><p class="medium-feed-snippet">A practical guide for developers building the next generation of Bitcoin-native apps</p><p class="medium-feed-link"><a href="https://jonngan.medium.com/building-a-mobile-bitcoin-wallet-with-lightning-taproot-assets-prev-taro-3773e330724c?source=rss-8be5881248b3------2">Continue reading on Medium »</a></p></div>]]></description>
            <link>https://jonngan.medium.com/building-a-mobile-bitcoin-wallet-with-lightning-taproot-assets-prev-taro-3773e330724c?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/3773e330724c</guid>
            <category><![CDATA[react-native]]></category>
            <category><![CDATA[software-development]]></category>
            <category><![CDATA[lightning-network]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Tue, 29 Jul 2025 03:00:34 GMT</pubDate>
            <atom:updated>2025-07-29T03:08:14.612Z</atom:updated>
        </item>
        <item>
            <title><![CDATA[The Future of Media: Decentralized and Blockchain-Powered]]></title>
            <description><![CDATA[<div class="medium-feed-item"><p class="medium-feed-image"><a href="https://jonngan.medium.com/the-future-of-media-decentralized-and-blockchain-powered-9355876898d0?source=rss-8be5881248b3------2"><img src="https://cdn-images-1.medium.com/max/2600/0*8p9LMSKD-Pw9Mu1-" width="5519"></a></p><p class="medium-feed-snippet">In an era where traditional media is often controlled by powerful gatekeepers, the flow of information is tightly regulated, leading to&#x2026;</p><p class="medium-feed-link"><a href="https://jonngan.medium.com/the-future-of-media-decentralized-and-blockchain-powered-9355876898d0?source=rss-8be5881248b3------2">Continue reading on Medium »</a></p></div>]]></description>
            <link>https://jonngan.medium.com/the-future-of-media-decentralized-and-blockchain-powered-9355876898d0?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/9355876898d0</guid>
            <category><![CDATA[ordinals-nft]]></category>
            <category><![CDATA[damp]]></category>
            <category><![CDATA[bitcoin]]></category>
            <category><![CDATA[medium]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Sat, 31 Aug 2024 16:01:48 GMT</pubDate>
            <atom:updated>2025-07-29T02:18:18.293Z</atom:updated>
        </item>
        <item>
            <title><![CDATA[HOW TO MAKE A MINT: THE CRYPTOGRAPHY OF ANONYMOUS ELECTRONIC CASH]]></title>
            <description><![CDATA[<div class="medium-feed-item"><p class="medium-feed-image"><a href="https://jonngan.medium.com/how-to-make-a-mint-the-cryptography-of-anonymous-electronic-cash-380f080ce024?source=rss-8be5881248b3------2"><img src="https://cdn-images-1.medium.com/max/600/0*IM5Fz2GK7wn76B19.jpg" width="600"></a></p><p class="medium-feed-snippet">Received October 31, 1996</p><p class="medium-feed-link"><a href="https://jonngan.medium.com/how-to-make-a-mint-the-cryptography-of-anonymous-electronic-cash-380f080ce024?source=rss-8be5881248b3------2">Continue reading on Medium »</a></p></div>]]></description>
            <link>https://jonngan.medium.com/how-to-make-a-mint-the-cryptography-of-anonymous-electronic-cash-380f080ce024?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/380f080ce024</guid>
            <category><![CDATA[crypotcurrency]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Thu, 15 Aug 2024 02:42:54 GMT</pubDate>
            <atom:updated>2024-08-15T02:42:54.481Z</atom:updated>
        </item>
        <item>
            <title><![CDATA[The art of Readme]]></title>
            <link>https://jonngan.medium.com/the-art-of-readme-7027c1884a53?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/7027c1884a53</guid>
            <category><![CDATA[github-actions]]></category>
            <category><![CDATA[html]]></category>
            <category><![CDATA[readme]]></category>
            <category><![CDATA[template]]></category>
            <category><![CDATA[markdown]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Fri, 17 Nov 2023 14:59:14 GMT</pubDate>
            <atom:updated>2025-07-29T02:25:27.238Z</atom:updated>
            <content:encoded><![CDATA[<p>Writing software is one thing, but explaining it? Git any metaphors?</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*1_ae4l716zH0Kn-5.png" /></figure><p>Building software is fresh, but without effective sharing of it, it loses its touch. Sharing of it-in the sense that communicating it effectively well enough to be understood and hacked. Software that can not be hacked is just software that is not understood, beyond a threshold of detail that is.</p><p>Now for this article my approach is explaining by example, not by detail, as this is to be an experiment in effectively communicating the most important pieces: How to make a great readMe to tell as much useful information as possible with respective contexts.</p><p>Pre-requisites:</p><ul><li>Readme’s are Markdown files that explain how an associated repository operates</li><li>Markdown is a <strong>lightweight markup language that you can use to add formatting elements to</strong> plaintext text documents</li><li>You, the software architect, is in charge of deciding what is important to be communicated to the potential user or customer</li></ul><p><strong>Fun fact</strong>: this shit website doesn’t allow markdown so we’ll just use screenshots with links</p><p>I will explain using different repositories I have such as<br><a href="https://github.com/jongan69/ExpoRouterAuthTemplate">https://github.com/jongan69/ExpoRouterAuthTemplate</a></p><p>It is a Mobile and SWA Expo React Native application</p><ul><li>Its a website and mobile app in one</li><li>It has authentication signin/signout functionality for both web and mobile</li></ul><p>Let go over where we started</p><p>We used chat for the template for speed and then got started making changes, we are aiming to make our readme as useful as possible without overload.</p><p>We got 5 sections:</p><ul><li>Getting Started -&gt; How to setup and run</li><li>Deployment -&gt; How to deploy</li><li>Features</li><li>Contributing</li><li>License</li></ul><p>First -&gt; sharing the product</p><ul><li>Action buttons</li></ul><figure><img alt="" src="https://cdn-images-1.medium.com/max/356/1*l1TMgFx3KOnjm5Oa_ZNtHg.png" /><figcaption>A Button</figcaption></figure><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*Og3PJ7ozdr9OtMnz1eKOpg.png" /><figcaption>markdown equivalent</figcaption></figure><p>Used Vercel Github action for builds that allowed for automatic url adds on push, can also be done with GitHub pages</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/574/1*ZcCSRkva7fRyxHj2kcatvQ.png" /></figure><p>Since Markdown can render images so why not use that to the fullest?</p><p>for example: <a href="https://github.com/jongan69/jongan69/blob/main/README.md">my GitHub page</a></p><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*8DqbaiOyR3JDXd_DgqoyeQ.png" /></figure><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*5Jye75lwKdb09XJ0D7uBog.png" /></figure><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*M4BuOMIwcGpcj5CtYTE_mg.png" /></figure><p>There are many api products that take in data via a get requests and return images with the respective data</p><p>If you click the drop downs in the readme you can see what I mean</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*FK1OksDf2WUFDb8JCcd-Gw.png" /></figure><p>There are many free tools for dynamic and static badges:</p><p><a href="https://michaelcurrin.github.io/badge-generator/#/generic">badge-generator</a></p><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*-3FlPb_3bDNd2-hlNMtNng.png" /></figure><p>Jacoco-badge-generator</p><p><a href="https://github.com/cicirello/jacoco-badge-generator">GitHub - cicirello/jacoco-badge-generator: Coverage badges, and pull request coverage checks, from JaCoCo reports in GitHub Actions</a></p><figure><img alt="" src="https://cdn-images-1.medium.com/max/758/1*-X5K0J8LOzLBGd6O5gWfzw.png" /></figure><p>By writing beautiful readMe’s, you create software that users and developers can appreciate more.</p><p>bc1qncghs2skza0l2fgfg42sxm0hweejhafupczegs</p><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=7027c1884a53" width="1" height="1" alt="">]]></content:encoded>
        </item>
        <item>
            <title><![CDATA[How Ryan Reynolds’s sold Mint Mobile for $1.3B]]></title>
            <link>https://jonngan.medium.com/how-ryan-reynoldss-sold-mint-mobile-for-1-3b-d99f5751babb?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/d99f5751babb</guid>
            <category><![CDATA[business]]></category>
            <category><![CDATA[advertising]]></category>
            <category><![CDATA[growing-business-online]]></category>
            <category><![CDATA[startup]]></category>
            <category><![CDATA[finance]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Thu, 08 Jun 2023 04:17:09 GMT</pubDate>
            <atom:updated>2023-06-08T04:17:09.704Z</atom:updated>
            <content:encoded><![CDATA[<p>Welcome to the era of instant impact: ‘Fastvertising’ is revolutionizing the ad game. Explore how brands are turning internet trends into powerful ad campaigns overnight, and why you can’t afford to blink in this high-speed advertising landscape.</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*_X9NE_l0lOqMEBirAGtYDw@2x.jpeg" /><figcaption>Photo by Samim Xani on Unsplash</figcaption></figure><p>The latest trend in advertising is called “Fastvertising”, and it involves creating ads that are both creative and disruptive. This new trend is being championed by actor Ryan Reynolds, who is using it with his recently acquired brand Aviation Gin and his new start-up Mint Mobile. Fastvertising involves creating a compelling message and connecting with consumers on an emotional level.</p><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*iaZC0r4ApOp8cSMI-sRSCQ@2x.jpeg" /><figcaption>Photo by Mailchimp on Unsplash</figcaption></figure><p>In addition to Reynolds, a number of notable figures, including Jon McGinley, have discussed the potential of Fastvertising. McGinley states that limitations are a wonderful creative tool, and that launching campaigns quickly can help scale-up companies improve their marketing, increase sales, and grow revenue.</p><p>Peloton’s response to a Sex and the City ad gone wrong was another great example of Fastvertising. Peloton deployed the services of Ryan Reynolds to create a buzz and salvage their PR. Similarly, Alexis Ohanian praised Louis Vuitton’s launch of their first NFT+Physical Trunk as a great example of Fastvertising.</p><p>Alex Garcia has outlined six key takeaways from Ryan Reynolds’ successful Fastvertising campaigns: having a creative strategy, a great story, connecting on an emotional level, using humor, painting the picture, and using a call to action.</p><p>Fastvertising is a concept related to the use of advertising to quickly create a viral moment, especially among younger and more tech-savvy audiences. It was popularized by Ryan Reynolds, who has used it to successfully market a number of products, including Mint Mobile, Aviation Gin, and Peloton.</p><ul><li>Fastvertising is used to create “ad-hacking” experiences where a brand is able to quickly jump on an idea or trend and produce an ad that resonates with people and goes viral.</li><li>This concept has been used by companies such as LinkedIn, Limitations, LOOPX.ETH, and Jim Huffman, who has used it to build subscription products and growth marketing tactics for startups.</li><li>Examples of fastvertising include Peloton’s response to Sex and the City and Ryan Reynolds’ sale of Mint Mobile at a discounted rate in exchange for a tweet.</li></ul><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=d99f5751babb" width="1" height="1" alt="">]]></content:encoded>
        </item>
        <item>
            <title><![CDATA[Bitcoin Cold Wallets]]></title>
            <link>https://jonngan.medium.com/bitcoin-cold-wallets-7afa9c1fe9ed?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/7afa9c1fe9ed</guid>
            <category><![CDATA[cold-wallet]]></category>
            <category><![CDATA[cryptocurrency]]></category>
            <category><![CDATA[bitcoin]]></category>
            <category><![CDATA[bitcoin-paper-wallet]]></category>
            <category><![CDATA[banks]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Sun, 19 Mar 2023 18:37:55 GMT</pubDate>
            <atom:updated>2023-03-19T18:37:55.681Z</atom:updated>
            <content:encoded><![CDATA[<h4>Because Banks are obsolete</h4><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*BsMLTg37QcCzViGB" /><figcaption>Photo by <a href="https://unsplash.com/@moneyphotos?utm_source=medium&amp;utm_medium=referral">regularguy.eth</a> on <a href="https://unsplash.com?utm_source=medium&amp;utm_medium=referral">Unsplash</a></figcaption></figure><p>In recent years, cryptocurrency has gained popularity as a digital form of currency that allows for fast and secure transactions without the need for a central authority. Bitcoin, in particular, has become one of the most well-known cryptocurrencies on the market, and many people are interested in investing in it. However, with this investment comes the responsibility of securing your bitcoin from potential theft or hacking attempts. One way to do this is by creating an offline cold wallet. In this blog post, we’ll discuss what an offline cold wallet is, why you might want to create one, and provide step-by-step instructions for three different methods of creating an offline cold wallet.</p><p>What is an offline cold wallet?</p><p>An offline cold wallet is a physical device that stores your bitcoin private keys, which are necessary to access and manage your bitcoin. It is called “cold” because it is not connected to the internet, which reduces the risk of theft or hacking attempts. This type of wallet is also called a “hardware wallet,” as it typically comes in the form of a small electronic device, like a USB stick or a small computer.</p><p>Why create an offline cold wallet?</p><p>Creating an offline cold wallet is an essential step in securing your bitcoin. If your bitcoin is stored on an exchange or online wallet, it is at risk of being stolen by hackers. By creating an offline cold wallet, you are taking your bitcoin offline, where it is less vulnerable to cyber attacks. This type of wallet is also useful if you have a large amount of bitcoin that you want to keep safe for a long time.</p><p>How to create an offline cold wallet?</p><p>Method 1: Using a hardware wallet</p><p>Hardware wallets are the most popular way to create an offline cold wallet. These small electronic devices are specifically designed to store cryptocurrency private keys securely. Here are the steps to creating an offline cold wallet using a hardware wallet:</p><p>Step 1: Purchase a hardware wallet</p><p>There are several popular hardware wallet options on the market, including Trezor, Ledger Nano S, and KeepKey. Choose the one that fits your needs and budget and purchase it from a reputable vendor.</p><p>Step 2: Set up the hardware wallet</p><p>Follow the manufacturer’s instructions to set up the hardware wallet. This typically involves connecting the device to your computer and creating a PIN code and recovery seed phrase.</p><p>Step 3: Store the recovery seed phrase</p><p>The recovery seed phrase is a series of words that you will need to recover your bitcoin in case your hardware wallet is lost or damaged. Write down the recovery seed phrase and store it in a safe place, like a fireproof safe or safety deposit box.</p><p>Step 4: Transfer bitcoin to the hardware wallet</p><p>Connect the hardware wallet to your computer and follow the manufacturer’s instructions to transfer your bitcoin to the wallet. Once your bitcoin is transferred, disconnect the hardware wallet from your computer and store it in a safe place.</p><p>Method 2: Using a paper wallet</p><p>A paper wallet is a physical piece of paper that contains your bitcoin private keys. Here are the steps to creating an offline cold wallet using a paper wallet:</p><p>Step 1: Generate a paper wallet</p><p>There are several websites that allow you to generate a paper wallet for free, like BitAddress.org or WalletGenerator.net. Follow the instructions on the website to generate your paper wallet.</p><p>Step 2: Print the paper wallet</p><p>Print out your paper wallet and make sure to print multiple copies. You can also write down the private key on a piece of paper.</p><p>Step 3: Store the paper wallet</p><p>Store your paper wallet in a safe place, like a fireproof safe or safety deposit box.</p><p>Step 4: Transfer bitcoin to the paper wallet</p><p>Follow the instructions on the website to transfer your bitcoin to the paper wallet. Once your bitcoin is transferred, store the paper wallet in a safe place.</p><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=7afa9c1fe9ed" width="1" height="1" alt="">]]></content:encoded>
        </item>
        <item>
            <title><![CDATA[Euler Finance hacked for over $195M in a flash loan attack]]></title>
            <link>https://jonngan.medium.com/euler-finance-hacked-for-over-195m-in-a-flash-loan-attack-2e821f481151?source=rss-8be5881248b3------2</link>
            <guid isPermaLink="false">https://medium.com/p/2e821f481151</guid>
            <category><![CDATA[eth]]></category>
            <category><![CDATA[euler-labs]]></category>
            <category><![CDATA[bsc]]></category>
            <category><![CDATA[hacks]]></category>
            <category><![CDATA[euler-finance]]></category>
            <dc:creator><![CDATA[Jonathan Gan]]></dc:creator>
            <pubDate>Tue, 14 Mar 2023 17:27:19 GMT</pubDate>
            <atom:updated>2023-03-14T17:27:19.800Z</atom:updated>
            <content:encoded><![CDATA[<h4>According to on-chain data, the attacker stole nearly $196 million, making this attack the largest hack of 2023.</h4><figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*d0ELydon7moISm5t" /><figcaption>Photo by <a href="https://unsplash.com/@arifriyanto?utm_source=medium&amp;utm_medium=referral">Arif Riyanto</a> on <a href="https://unsplash.com?utm_source=medium&amp;utm_medium=referral">Unsplash</a></figcaption></figure><figure><img alt="" src="https://cdn-images-1.medium.com/max/556/1*cGRDdCzua8DLhz8maQtbrg.png" /><figcaption>The ongoing attack has already become the largest hack of 2023. The breakdown of stolen funds above</figcaption></figure><p>Euler Finance, an Ethereum-based noncustodial lending protocol, suffered a flash loan attack on March 13th, resulting in the theft of millions of Dai, USD Coin, staked Ether, and wrapped Bitcoin. According to on-chain data, the attacker stole nearly $196 million, making this attack the largest hack of 2023.</p><p>The attacker used a multichain bridge to transfer funds from the BNB Smart Chain (BSC) to Ethereum and launched the attack. The stolen funds are currently sitting in the hacker’s addresses.</p><p>Euler Finance acknowledged the exploit and is working with security professionals and law enforcement to resolve the issue.</p><p>Blockchain security firm Slowmist conducted a detailed analysis of the attack, indicating that the attacker used flash loans to deposit funds and then leveraged them twice to trigger liquidation. The exploiter donated the funds to the reserved address and conducted a self-liquidation to collect any remaining assets.</p><p>Two factors contributed to the success of the exploit:</p><ul><li>Firstly, the funds were donated to the reserved address without being subjected to a liquidity check, triggering soft liquidation.</li><li>Secondly, the soft liquidation logic was triggered by high leverage, enabling the liquidator to obtain most of the collateral funds from the liquidated user’s account by transferring only a portion of the liabilities to themselves.</li></ul><p>Solutions developer Gustavo Gonzalez of blockchain security firm OpenZeppelin explained that there appears to be a bug in one of the Euler smart contracts, where it doesn’t check for the health factor when executing the donateToReservers() function.</p><p><strong>It all happened in one transaction (one per pool) using flashloans from AAVE. </strong>He explained:</p><blockquote><em>“There appears to be a bug in one of the Euler smart contracts, where it doesn’t check for the health factor when executing the donateToReservers() function. Because of that, the attacker was able to liquidate himself from the protocol, repay the flashloan and make a huge profit.”</em></blockquote><p>Euler Finance became popular for offering liquid staking derivatives (LSDs) services. Currently, LSDs make up to 20% of the total value locked in decentralized finance protocols. Euler Finance raised $32 million in a funding round last year that saw participation from FTX, Coinbase, Jump, Jane Street, and Uniswap.</p><p>This attack highlights the importance of conducting regular security audits and implementing robust security measures to prevent such attacks. It also underscores the need for caution when participating in the decentralized finance (DeFi) space, as these types of attacks are not uncommon. Users should do their due diligence before using any DeFi protocol and consider the risks involved.</p><p>The stolen funds are currently sitting in the following hacker addresses:</p><ul><li>0xebc29199c817dc47ba12e3f86102564d640cbf99 (Contract) — 8,877,507.34 DAI</li><li>0xb2698c2d99ad2c302a95a8db26b08d17a77cedd4–8,080.97 ETH</li><li>0xb66cd966670d962c227b3eaba30a872dbfb995db — 88,752.69 ETH &amp; 34,186,225.91 DAI</li></ul><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=2e821f481151" width="1" height="1" alt="">]]></content:encoded>
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