So yesterday I found out that I lost thirty thousand dollars in the last CREAM Finance hack. Funds lost include ten grand in funds from my regular wallet, and twenty grand that I had staked via my IRA. I had posted the collateral there in order to arbitrage an interest play on VSP. I had already returned half of the lended tokens though, so I am only holding a small amount of VSP tokens compared to the total lost. Additionally, I had a leveraged Perp.Fi position open in CREAM for another grand. It was completely liquidated.
This is my biggest loss in crypto, and the first time I’ve been rekt because of a hack.
This hack actually occurred prior to Halloween. I apparently misread the initial details, as I did not realize that all pools were affected and that my funds had been lost at the time. The UI was still showing that I had collateral, so I naively assumed that I was safu. Alas, no.
Emotionally, I’m ok. I understand the risks of this space, and it’s precisely why I split funds up in my reFIREment account. Using it as collateral was something I didn’t quite think through though.
The lost funds aren’t really a big deal. The ten thou will be a tax write off, and the twenty in my IRA is less than four percent of the funds. I think if anything it’s made me slightly more anxious about my other funds. I have one tranche of funds left, about nineteen grand in a deprecated Yearn Vault. It will cost me $1200 in ETH to remove these funds, at which point I’ll send them to BlockFi to pay off mortgage and living expenses.
I’ll probably do a post-mortem on the reFIREment fund. It served its purpose, but financially was a wash. I took five months off from work, recharged from burnout, spent more time with my family, and was able to focus on building, ultimately landing me a dream job. I’m still not going to say who CompanyA is until I have a signed job offer in my hands though.
I think I’m most nervous about something going wrong with the job and I don’t want to jinx it. And I did just lose one third of my remaining living expenses, which is why I want to make sure I get the funds moved out of Yearn as soon as gas dies down. It could be three or five weeks before I start seeing a paycheck again, and I can’t risk those last funds on chain.
So today I’ve got to write an update for SAIAdao. Younger is home again today. She was sniffling and coughing this morning when she woke up, and Missus and I decided to keep her home again today. D’s grandfather passed away, so they’re leaving today and will be away for two weeks. So I’ll have to be Younger’s playmate today. I’m not sure how that’s going to work out, maybe I’ll get a couple of hours done today. I really want to dig in to some more development work, we’ll see how my day goes.