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Sky, previously known as MakerDAO, DeFi's governance grandfather, just became a battleground between reform and resistance.

Some call it a protocol coup, others a defensive necessity.

Either way, a midnight vote doubled borrowing limits, critics found themselves silenced, and power concentrated faster than you can say "decentralization."

The official story? Protecting against shadowy governance attacks.

Maybe a power grab, maybe protocol defense - depends which side of the ban hammer you're standing on.

Collateral requirements dropped from 200% to 125%, lending limits doubled overnight, and the usual month-long governance theatre condensed into a few dark hours.

These weren't just number changes - they were a fundamental redrawing of risk boundaries, justified by an allegedly imminent threat.

As supporters tell it, only these extreme measures could counter a sophisticated governance assault.

Lower collateral means higher leverage, higher leverage means bigger liquidation cascades, and bigger cascades mean more opportunities for someone to break the protocol.

Some call it protection. Others see a protocol eating itself alive.

Between banned critics and backroom deals, MakerDAO's emergency measures look suspiciously like the centralized control they were meant to prevent.

When guardians of decentralization start acting like dictators, who guards the guardians?

Read more »                      

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DAOs and DeFi protocols love to flex their multi-sig wallets as proof of security and decentralization. But when you peel back the layers, what you’ll often find isn’t a fortress of trustless governance—it’s three insiders with the keys to a billion-dollar treasury, and you just hope they don’t disappear. 

Multi-sig wallets are supposed to prevent a single point of failure. The logic is simple: rather than trusting one person with a protocol’s funds, multiple signers must approve transactions. Sounds safe, right? Until you realize that most projects only require a majority of a handful of people to execute transfers. If three out of five signers agree, the entire treasury can be drained. That’s not security—that’s a ticking time bomb. 

It gets worse. Some projects set up dummy signers—wallets that belong to the same entity but look separate. Others distribute control among insiders who act like they’re independent, but behind the scenes, they’re all in on the same game. And in the worst cases, signers just go missing—lost keys, inactive members, or “unexpected departures” that leave control in the hands of one or two people. 

Then there’s the rage quit rug, where the multi-sig holders don’t even pretend to be ethical. One day, everything looks fine—the protocol is growing, the treasury is stacked, and governance is “decentralized.” The next? A final transaction, all funds drained, and the signers vanish faster than the roadmap updates. 

Want to spot a fake multi-sig setup before it wrecks you? Check the signers. If a project claims decentralization but has three out of five wallets holding all the power, it’s a centralized honeypot in disguise. Track on-chain transactions—if signers are inactive for months or only show up to approve massive withdrawals, that’s a red flag. And if a DAO refuses to disclose its signer structure? Run. 

The harsh truth? A multi-sig is only as good as the people holding the keys. If you’re betting on their honesty instead of actual decentralized control, you’re not securing funds—you’re just trusting people you’ve never met.                



 Memes and Videos          
Hunting the $477,000,000 FTX Hacker
What started as a violent home invasion unraveled into one of the biggest crypto heists in history. The Choa Boys' robbery led investigators down a rabbit hole of SIM swaps, online fraud, and a $477 million FTX breach orchestrated by Robert Powell. In the end, the crew crumbled, their secrets laid bare, proving that in cybercrime, every heist comes with an expiration date.                             
 Source: Thinker                           
Source: @kronicle89

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