Author: Deep Tide TechFlow
Published on: April 13
Encryption / Web3
Polkadot third-party cross-chain bridge Hyperbridge attacked; hackers mint 1 billion DOT out of thin air, ultimately stealing only $250,000
Attackers minted 1 billion fake DOT on Ethereum by forging cross-chain state proofs (valued at $1.1 billion at the time), executing a single transaction into the liquidity pool to withdraw 240,000 ETH, but because the DOT on the bridge was fake, the price dropped to zero upon sell-off, resulting in a real take of about $250,000. THORChain founder commented: "When will the industry realize that third-party packaged assets are a vulnerability, not an exception?"
Hot topic: Community discussing the trust issue with cross-chain bridges, which has been a concern for three years and still results in such incidents.
> Sharp comment: Minting 1 billion dollars worth of tokens but cashing out only 250,000, this is probably the most tragic "billionaire" in crypto history. The trust model for packaged assets is like a castle in the air; no matter how large the numbers, they are still fake.
Justin Sun publicly criticizes the Trump family WLFI project; claims smart contracts embedding backdoors are a "personal ATM scam"
After investing $75 million and becoming the largest investor, Justin Sun discovered a blacklisted backdoor function hidden in the smart contract, allowing the project to unilaterally freeze any token holder's assets, and in 2025 his WLFI wallet was blacklisted. He accused the project governance votes of having preset outcomes and key information being withheld from voters; WLFI responded saying they will file a lawsuit.
Hot topic: Reddit discussions suggest this illustrates that the principles of DeFi appear worthless in the face of politics.
BlackRock launches Bitcoin yield ETF BITA using covered call strategy
This converts BTC into revenue-generating assets, marking an important advancement in the productization of crypto assets by traditional financial institutions. Arkham released a research report analyzing its operational mechanisms and impact on the crypto market.
AI / Large Models
Perplexity CEO claims being fired by AI is part of a "glorious future" because "most people don't like working anyway"
This statement sparked 715 votes and 315 comments on Reddit, almost all criticizing it. Perplexity is an AI search engine that directly impacts Google's ad revenue and content creator traffic; the CEO chose to defend AI replacing humans with "you guys don't like working anyway."
Hot topic: Highly upvoted comments say "Silicon Valley elites tell you unemployment is glorious because they won’t be unemployed," and "the glorious future he speaks of is the future of Perplexity shareholders."
> Sharp comment: Last year, 2,400 mental health professionals at Kaiser Permanente went on strike out of fear of being replaced by AI, and now the CEO of an AI company tells them that being unemployed is glorious. Those treating anxiety strike out of anxiety, while those running AI companies say unemployment is glorious.
Microsoft executive suggests AI agents need to buy software usage licenses like employees
Reddit tech section saw 2,535 votes on discussions, with the general community response being "new seating charge trap for SaaS companies." If AI agents can truly accomplish a person's workload, and software companies charge based on traditional seat licenses, a company deploying 100 agents for customer service, data analysis, and code reviews may incur higher costs than hiring people.
Hot topic: The community discusses that this touches upon the fundamental problem of future subscription models in the SaaS industry — a Salesforce seat charging thousands of dollars annually is because there is a salesperson behind it; how much should be charged for an agent operating 24/7?
OpenAI founder Altman's residence attacked for the second time within 48 hours; police arrest two suspects
Early Sunday morning, a suspect in the passenger seat fired shots at the residence, just two days after a Molotov cocktail attack. Safety issues have become a new concern for AI leaders.
Chinese AI agent company Juyue Star removes offshore structure to pave the way for Hong Kong IPO
This marks a shift by Chinese AI companies to choose the local capital market over a U.S. listing, driven by regulatory considerations (to avoid political risks associated with U.S. listings) and valuation considerations (the Hong Kong market's recognition of AI companies).
Muddy Waters founder Block: AI may trigger a market upheaval larger than in 2008
This year's sharp sell-off in the software industry and other sectors seen as "losers of the AI era" is a sign of the "impending AI disruption," which will reignite short-selling behavior, creating opportunities for investors who have seen poor returns shorting U.S. stocks for years.
Technology Companies
Huawei launches first wide foldable phone Pura X Max to compete with Apple and Samsung
Hot discussions on Zhihu with 1.93 million views and 273 comments; The Verge reports Huawei has surpassed Apple and Samsung in the foldable screen space. Institutions estimate Apple will achieve nearly 20% market share in the foldable phone market this year.
Apple Maps removes most towns and villages in Lebanon, suspected to be geopolitically related
Reddit discussion with 535 votes highlights discussions on tech companies' stances in geopolitical conflicts.
Musk's XChat opens reservations in mainland AppStore
Hot discussions on Zhihu with 1.55 million views and 84 comments; community discusses whether it will impact WeChat. Wall Street Jiewen claims "Musk's version of WeChat" is really coming.
Chips / Hardware
New Rowhammer attack fully controls machines running Nvidia GPUs
This attack exploits vulnerabilities in GPU memory management, posing a threat to companies relying on GPUs for AI training and inference. Many domestic AI companies use Nvidia GPUs, but this security vulnerability has not yet received attention.
> Sharp comment: Nvidia GPUs are the heart of AI training; now that heart has been found to have backdoors. AI companies spend large amounts of money purchasing GPUs, only to find they may be completely controlled by hackers.
U.S. Stocks
r/wallstreetbets discusses "Black Monday"; U.S. stock futures are down across the board
S&P, NASDAQ, and Russell futures all fell, with 2,382 votes in discussion. The U.S. Central Command updates that it will not impede ships traveling to and from non-Iranian ports through the Strait of Hormuz, easing some market panic regarding a full blockade.
Hot topic: The community discusses whether this reflects a broad de-risking or another pullback, and if software stocks, after a significant drop, are worth buying.
New Products / New Trends
Iran enforces nationwide internet shutdown for over 1000 hours, becoming the second longest in history; possession of Starlink terminals could lead to the death penalty
The state uses military-grade jamming to counter Starlink services, with Reddit discussions receiving 2,717 votes and 257 comments, focusing on the repression of information freedom by authoritarian governments.
Today's Underlying Message
Today's events may seem unrelated, but they all tell the same story: the fragility of centralized control. The attack on the Polkadot bridge exposes the third-party trust model as a house of cards; Justin Sun's accusation of WLFI smart contracts hiding backdoors proves that the principles of DeFi crumble in the face of politics; Microsoft's proposal for AI agents to purchase software licenses reflects SaaS giants attempting to control the AI era using traditional business models; the discovery of Rowhammer vulnerabilities in Nvidia GPUs indicates centralization risks in AI infrastructure. Moreover, the internet shutdown in Iran for 1000 hours and Apple Maps removing Lebanese towns is a more blatant display of centralized power. Technology promises decentralization, but its actual operation relies on centralized infrastructure — when these infrastructures are attacked, manipulated, or politicized, the fragility of the entire system is laid bare.
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