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The industry has been allowed onto the road with almost no mandatory braking mechanism. April 2026 made that brutally clear: $635 million lost 28 separate incidents 30 days That's not “volatility.” That's not “just the cost of innovation.” That's not “users should have known better.” That's a system-wide failure to build, require, and enforce basic safety controls before real people are exposed to real losses. The reported April incidents included: Apr 1 — Drift — $285M Apr 3

More on the “can we” vs. “should we” interdict topic. This time focused on the recent laundering of about $80 million from the KelpDAO hack through THORChain, who claims neutrality as true DeFi. Neutrality is not the absence of a headquarters. Neutrality is the absence of meaningful discretion. And that is exactly where THORChain’s public defense starts to fall apart. After the $1.5 billion Bybit theft, the FBI did not treat DeFi infrastructure as powerless bystanders. It sai

Aave did not break. Aave's risk perimeter did. That distinction matters more than most of the takes I've seen in the last 24 hours. I spent years on Wall Street before moving into digital assets. In that time I watched a lot of smart people make the same mistake: they priced the normal-market version of an asset and forgot to price the tail. The instrument changes. The mistake doesn't. Which brings me to Aave. Today. April 2026. A lot of people are saying "Aave broke" but pre