web3 is going just great

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@web3isgreat

tracking only some of the many disasters happening in crypto, defi, NFTs, and other blockchain-based projects since 2021 • created by @molly0xfff

@web3isgreat@indieweb.social web3isgoinggreat.com Joined January 2022

1 Following 116K Followers 3.7K Posts

Latest posts 5

web3 is going just great @web3isgreat Apr 2

Drift exploited for $280 million

April 1, 2026

The Solana-based Drift defi perpetual futures exchange was exploited for $280 million. The project alerted the community on social media, writing: "Drift Protocol is experiencing an active attack. ... This is not an April Fools joke." The project later described the exploit as "a novel attack involving durable nonces, resulting in a rapid takeover of Drift's Security Council administrative powers." Once the attacker had access to admin capabilities, they quickly eliminated risk management limits on the protocol and drained huge quantities of tokens, which they swapped to USDC and then ETH.

Some have criticized USDC's issuer, Circle, for not freezing the stolen funds during the six hours they were held in USDC. Unlike ETH, USDC is controlled by a centralized company that can, and regularly does, freeze assets determined to have been stolen or connected to illicit activity. The theft is among the largest in defi history.

web3 is going just great @web3isgreat Mar 26

Moonwell faces $1 million governance attack

March 24, 2026

$Moonwell faces $1 million governance attack The Moonwell lending protocol is facing a governance attack on its deprecated Moonriver instance, that could drain $1 million from the project. Because Moonwell's MFAM governance token trades at fractions of a cent, an attacker was able to accumulate around 40 million tokens, submit a malicious proposal, and achieve quorum. Moonwell governance token holders are now scrambling to vote down the proposal before the voting ends on March 27. While the vote is currently not slated to pass, with 68% of votes opposing, some are concerned that the attacker could have more governance tokens held in reserve. If deployed at the last minute, the vote could still pass. Some have advocated for the Moonwell team to use its "Break Glass Guardian", which would allow them to prevent the attack from succeeding regardless of the vote outcome.$

This is only the most recent of Moonwell's troubles after the protocol suffered a $1.78 million loss in February due to an oracle misconfiguration and a $3.7 million loss in November 2025.

web3 is going just great @web3isgreat Mar 26

BlockFills goes bankrupt

March 15, 2026

BlockFills goes bankrupt
Approximately a month after halting deposits and withdrawals, citing liquidity issues and "recent market and financial conditions", the American crypto lender BlockFills has filed for bankruptcy. Filings in Delaware bankruptcy court reveal the company has between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. The list of creditors include customers like 007 Capital and Artha Investment Partners, and the firm has a $4.75 million loan outstanding to fellow crypto lender Nexo. Also on the list of creditors are the Chicago Blackhawks, with whom BlockFills signed a sponsorship deal in 2022.
BlockFills was backed by investors including Susquehanna and CME Ventures.

web3 is going just great @web3isgreat Mar 26

Balancer Labs shuts down after $110 million hack

March 24, 2026

Balancer Labs shuts down after $110 million hack
After a November 2025 exploit in which $110 million was drained from the Balancer defi protocol, the company behind the project has announced it will shut down. Besides the massive loss, the hack also caused users to flee the protocol, and Balancer's total value locked quickly plummeted from around $775 million to around $300 million. It has continued to decline since, now hovering around $150 million.
Balancer co-founder Fernando Martinelli has said he strongly considered shutting down the protocol entirely, but ultimately decided to continue the project as it generates a relatively small amount of revenue. Instead, the project will move to being operated by a DAO and operating company, which Martinelli hopes will allow them to dodge "real and ongoing legal exposure" and "the liability of past security incidents".

Although another Balancer co-founder has optimistically presented this as "the start of a better chapter" for Balancer, it remains to be seen whether a skeleton crew will be able to revive the project.

web3 is going just great @web3isgreat Mar 22

USR stablecoin depegs in $24 million exploit

March 22, 2026

USR stablecoin depegs in $24 million exploit
The Resolv USD stablecoin, also known as USR, lost its intended dollar peg and dropped to around $0.14 after an exploiter was able to mint and sell tens of millions of unbacked tokens. USR is an asset-backed stablecoin that uses cryptoassets like bitcoin, ETH, and other stablecoins as collateral.
An exploiter took advantage of a flaw in USR's minting code to create tens of millions of USR tokens without depositing any assets to back them. The attacker then sold the unbacked USR, crashing the stablecoin's price to as low as $0.14. The attacker has profited at least 11,400 ETH (~$24 million), though they are still selling.
Some defi protocols paused USR-exposed strategies to avoid downstream impacts. Resolv issued a statement that the token's collateral pool was unaffected, though this is likely little comfort for those who purchased the unbacked USR.