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MASTR · 2024–2026

Research & analysis

Archived publication in the author’s original wording. Claims, figures and opinions belong to the date shown; inclusion does not establish them as independently verified facts.

229 · Selected publications · 1/10

Arc and the institutions behind an onchain financial network — original source image
Networks & infrastructure

Arc and the institutions behind an onchain financial network

Circle. BlackRock. DTCC. Visa. Mastercard. ICE. Standard Chartered. Galaxy. MoneyGram. SBI. Sumitomo. BNY. HSBC. State Street. Société Générale. Commerzbank. Add Aave, Morpho, Uniswap, the major exchanges, Chainlink, Ledger, Alchemy and the…

Research & analysis3 min
The KOL deal behind a copy-trading leaderboard — original source image
KOLs & promotion

The KOL deal behind a copy-trading leaderboard

Humanity Protocol’s promotional documents went as far as instructing trader KOLs to buy publicly after launch to demonstrate commitment.

Research & analysis2 min
LAPTOP: allocation wallets, claims and sale receipts — original source image
Onchain investigations

LAPTOP: allocation wallets, claims and sale receipts

I traced pre-launch base:0xebe772bb43bd3166c4dfc968f1483472ac756b07 allocation into a sales wallet that generated 2,340,683.504496 USDC after visible USDC deductions.

Research & analysis3 min
Binance 10/10: the records liquidated users would need — original source image
Exchanges & custody

Binance 10/10: the records liquidated users would need

The complete second-by-second mark-price history and collateral valuations? - The index inputs, weights and fallback decisions? - The clipping thresholds and records of when they were applied? - The price bands actually enforced during the…

Research & analysis2 min
Password-reset emails: what they do and do not reveal — original source image
Phishing, exploits & privacy

Password-reset emails: what they do and do not reveal

What’s happening is simple: someone, (in this case most likely bots), triggers a password reset request through X’s public reset form. For that, the public username is enough. X then sends the reset email itself to the address linked to the…

Research & analysis3 min
Cronos after Tectonic: what a chain rollback means — original source image
Networks & infrastructure

Cronos after Tectonic: what a chain rollback means

I can document only a small number of clear cases where developers or validators deliberately rolled a network back, restarted it from an earlier state or otherwise discarded previously accepted history.

Research & analysis2 min
Crypto security incidents recorded in August 2026 — original source image
History & timelines

Crypto security incidents recorded in August 2026

Aug 31, Balancer V1: Approximately $234K. A rounding flaw allowed 1 satoshi of WBTC input to mint 4,408.8 BPT after reserves were driven towards dust.

Research & analysis6 min
Exchanges & custody

KCEX: the promotion request and MASTR’s response

I could find no KCEX entry in the Seychelles FSA’s public VASP register, no independently verifiable Proof of Reserves, and no transparent public disclosure of the people ultimately controlling the exchange.

Research & analysis1 min
Networks & infrastructure

Bitcoin: attention and incentives · 21 Aug 2026

1. Coldcard released new firmware after more than $114 million was stolen from Bitcoin wallets through a catastrophic seed generation flaw.

Research & analysis2 min
Binance, Russian authorities and the use of KYC records — original source image
Exchanges & custody

Binance, Russian authorities and the use of KYC records

According to law enforcement files, Binance supplied Russia’s Investigative Committee with the personal dossier and transaction records used to prosecute Yuri Belenkiy over barely $700 sent to Ukrainian causes.

Research & analysis6 min
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