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Liquid staking protocol Renzo experienced explosive growth in 2024, rocketing to a peak of just over 1 million ether in deposits worth about $3.3 billion.As with many protocols spinning up around EigenLayer, the surge in deposits was driven by points incentives, not only for depositing ETH directly with Renzo but including more speculative opportunities.Partnerships with other DeFi protocols encouraged holders of Renzo’s ezETH liquid staking token (LRT) to boost their points via leveraged vaults, for instance with Morpho and Gearbox.Since ezETH and ETH are typically correlated, the assets can theoretically be “looped” by depositing ezETH, borrowing ETH and restaking it to acquire more ezETH. This process is then repeated multiple times in order to maximize returns.But when ezETH experienced a sudden rush of sellers following a perceived misstep in the release of upcoming airdrop allocations earlier this week, that correlation broke down, causing liquidations.Read more: The risks of restaking are extremely overratedSome users lost millions.”our users are responsible and will manage their own risks”the users: pic.twitter.com/hOkB2iX1tCMorpho’s ezETH TVL at the time was sitting above $700 million.Gearbox co-founder Ivan GBI, on an X space about the incident, noted that anyone with over about 6x leverage got liquidated.The issue was not one of insolvency, but illiquidity. Every ezETH is backed by 1 ETH staked with a validator and restaked with EigenLayer, but unwinding those staking operations takes time, and in Renzo’s case is not yet even possible — the protocol has yet to enable withdrawals.The only way to access the underlying ETH quickly was to sell using on-chain liquidity pools. As it turns out, it doesn’t take much of a push to unbalance those pools enough to cause a panic, according to Mike Silagadze, co-founder of LRT protocol EtherFi.“Even with one in a thousand users wanting to go in and redeem their tokens, that was sufficient to cause the peg to move a little bit,” Silagadze said.“This was not some crazy wild or unusual thing it was actually perfectly predictable expected user behavior,” he said, referring to the end of Renzo’s initial points program.

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On April 9th, Filecoin ecological LSD protocol STFIL Protocol stated on the X platform that “STFIL’s core technical team is being investigated by the local Chinese police, and we understand that they have hired a lawyer to understand the current situation and provide legal assistance to the detained individuals.”STFIL Protoco also said that FIL on the STFIL platform was transferred to an unknown external address last week while the core technical team was detained. meanwhile in the last few days there has been an unusual, unplanned escalation of the protocol, funds have been transferred to other addresses and the team is actively seeking help from the community to help track down this unknown address and discuss how to safeguard the interests of stakeholders.We talk about how investors can protect their rights and interests after the arrest of the project owner, and we make a legal analysis of hacking as another common violation of investors’ rights and interests.01 Analysis of causes of accidentsAlthough it is not the first time that the project party has been arrested, but the news, or caused a great deal of concern for investors and developers. on the project party released the news, we can infer that the pool has been controlled by the police. and as further news is disclosed, we can be grateful that almost certainly there is no hacking and run away, the project party in the active handling of the case, after all, the police to handle the case is a very “centralized” thing, the necessity of the freeze of the pool, at present, there is no large-scale large amount of cash generated. investors do not have to worry too much for the time being.

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In the past two days rune stones fell back to the pre-fomo price of 0.022 BTC, nearly $1500, and stone NFT rose to 0.08 BTC at one point.Some of the group played Inscription last year, the Bitcoin wallet address was active, and some people received several, if not dozens, of Rune Stones.The rune market is on fire, and holding the stones is a real money maker with thousands, tens of thousands of dollars in gains, plus airdrops for rune stone holders.Last year, I played Inscription and reaped a few buckets of gold by participating in the new playstyle, and this year, I continued to participate in Runes and was one of the first to take advantage of it.