Crypto Voices on Twitter/X: Jack Dorsey Suspended, Hayden Adams Talks DeFi

Meanwhile, Uniswap CEO Hayden Adams discussed scams in crypto, and Michael Nadeau offered advice on how to avoid risks in DeFi.

Follow along for our spotlight on 3 popular discussions on X today.

1. Crypto Community Reacts to Jack Dorsey’s X Account Lock

Ironically, Twitter co-founder Jack Dorsey had his account suspended for around 11 hours. After being locked out, Dorsey shared a screenshot from X on his account on Primal, a decentralized social network built on the Nostr protocol.

This raised mixed and conflicting opinions. Some users claim karma caught up with the former X CEO, while others are questioning X's policies.

In any case, the news raises concerns about centralized control over social media. Nostr Chief Strategy Officer Alex Gladstein reflected on the situation, stating that Nostr fixes this issue.

Decentralized social networks like Primal offer an alternative to centralized platforms and have the promise to prevent account lockouts.

The reason for Dorsey’s temporary suspension and which rules he violated remains unclear. Possible theories include technical glitches or Elon Musk’s leadership decisions.

Dorsey stepped down as Twitter CEO in 2021, shifting his focus to Block, a Bitcoin payment solutions app based on the Lightning Network.

2. Uniswap User Lost $221,000 in Sandwich Attack? Hayden Adams Weighs In 

Recently, a stablecoin transaction gained attention after reports surfaced that a Uniswap v3 user fell victim to an MEV bot, losing $220,764 while swapping USDC stablecoins for USDT.

The DeFi Report founder, Michael Nadeau, shared the transaction details on X, explaining that a trading bot front-ran the transaction by swapping all the USDC liquidity out.

Based on his analysis, the attacker tipped the Ethereum block builder $200,000 from the $220,764 swap, profiting $8,000 themselves. As a result, the trader ended up with only around $5,270 worth of USDT, losing most of the original amount.

On Uniswap’s responsibility, Nadeau wrote: “We can't live in a world where a user executes a simple swap of $221k in a liquid stablecoin pool and gets rugged.

However, Uniswap CEO Hayden Adams argues that Uniswap wasn’t responsible for the incident. In his reply to Nadeau, Adams stated that there’s nothing wrong with DeFi, but the trader might have used a different UI or a poorly implemented bot.

Hayden mentioned the importance of setting a slippage tolerance to avoid losses. Niko, a Uniswap community member, pointed out that the trade was done through the old swap router and that the Uniswap interface does suggest slippage settings.

For regular DeFi users, this serves as a reminder to be mindful of the platform version they use and to always execute trades with reduced slippage tolerance.

3. Tyler Says This Crypto Cycle Has Fewer ‘Normies'

Bitcoin analyst and trader Tyler Durden pointed out that at the moment, there are fewer normies or average people in crypto, given the losses the market experienced in 2021.

Durden's observation highlights how market sentiment has shifted, with fewer casual investors participating in the current cycle compared to previous ones. 

With a Fear & Greed index of 21, based on CoinMarketCap, investors are cautious about crypto. The market is down, with Bitcoin trading at around $83,300 and the total crypto market cap standing at around $2.6 trillion.