Most of the money became a Monero token. In 39 new Hyperliquid accounts, the thief swapped $2.16M into XMR1, a token that tracks Monero. On the morning of 19 October, none of it had been sold or withdrawn.

One set of recovery words opens your wallets on every chain your device supports. A thief with your words can empty them all at once. In one burst, the thief emptied XRP, Ethereum, Solana and Stellar wallets within 90 seconds. We count six chains hit that night.

One thief took $2.65M from 84 wallets in one night, after fake alerts from NGRAVE's own app. The alert said your portfolio had been synced on a new phone in Moscow. The page behind it asked for your recovery words. We followed the money. Here is where most of it went.

One market did grow: lending. On Morpho, USDC borrowed against Circle’s tokenized bitcoin went from $0 to $190M in a month. 97% of the supplied USDC is now lent out.

Arc’s trading looked healthy. In week four, DEX volume averaged $64M per day. Now remove the bots, the wallet farms, and one wallet that trades with itself. Real volume: $3.6M per day. That is about 6% of the headline.

Circle’s Arc blockchain launched one month ago. Day one: 406,006 active wallets. Week four: 24,678 per day. That is a 94% drop. We followed every block to see where everyone went. 🧵

Median daily gap between each tokenized stock traded in various chains, between September 13 and October 13.

Different Nvidia tokenized stock issuers and their volume, traders, and average trade size over the last 30 days. Robinhood has volume, but Solana has actual traders.

We're proud to be a data partner of Ardence, TRM Labs' new AI investigation platform. Learn more: trmlink.info/3Wb8iL3

Devs sell fast. On 65% of new Pump.fun coins, the dev's first sale came within a minute of launch. On 90%, it came within a day.