The DeFi thunder is still rumbling, but it hasn't exploded on everyone's heads.
After the article was published last night, some fans found Orange Seat asking if their wallets could be saved.
But the reality is harsher—today, no one is collecting anymore, and the liquidity in the pool is 0.
Today, Lao Ma signed a contract, which is for Euler, with an amount close to 1 million.
The person leading this matter is a young brother I met a few years ago, who has been pushing asset recovery services to us, so we created a preliminary screening group for business—meaning if there is business, it will be posted in this group, we will screen it, continue with what can be done, and discard what cannot be done without concern.
So if you have a business source for asset recovery, Orange Seat can also create such a preliminary screening group for you, providing backend support to help you filter precise businesses.
Last Saturday afternoon, he asked if there was a chance with euler.
At first, I refused because this situation is worse than the mevusdt that Orange Seat dealt with last night; basically, there's no possibility of redemption, and it’s currently facing litigation, making the situation quite complex.
After a simple communication with Old Ma, he also agreed to the recovery conditions, and then our legal team came in to sign the contract.
Up to this point, I still didn't realize anything particularly unusual.
Until after signing the contract, he started wildly posting emojis in the group and tagging me repeatedly.
This really left me dumbfounded. Does this mean the situation is stable now, and we can take off?
I was confused; the phone rang again asking if I needed the private key or something. At that moment, I was a bit foggy and didn’t react for a long time.
Until he said a sentence - I XXXX worked for nothing.
At this moment, I finally realized and quickly interrupted him: wait, are you saying this wallet is yours?
He sighed and said helplessly, yes, my own wallet.
So working with me on asset recovery, the biggest gain is that the process of helping myself recover became smoother.
I asked again, doesn't that mean you worked for nothing for a few months?
He said, how could it be just a few months? A whole year went to waste.
I said, do you only make 1 million a year? In my impression, he is quite capable.
He said you know me, the route isn't that wild, the profit is so low, just making a bit of safe money is fine, I was originally thinking of keeping it on OK for safety, who knew I would encounter this situation.
In my impression, he is considered a relatively outstanding young man, ambitious and self-disciplined. Some time ago, it seemed he bought a Jaguar - when I saw him in Chengdu a few years ago, he was still driving a Harvard Dog.
Really, there's no need to empathize with the middle class returning to poverty; for us in the crypto circle, it's much easier to fall back into poverty.
Actually, after the euler incident, I asked the okx side, and their reply was that the only way is to deploy through scripts to see if we can recover some of the funds.
After all, the prompt from the okx wallet regarding this situation is:
This situation is actually quite infuriating because it is a typical display of the banality of evil.
Orange Seat briefly explains the logic here:
First, the agreement that had issues is called euler, a decentralized lending platform named after the great mathematician Euler.
On this platform, some lend and some borrow, so different main persons have listed different token pools for everyone to choose from, enriching the platform’s categories and strengthening its depth.
And as the infrastructure, the okx wallet has included these platforms, allowing users to see these financial products put on the shelves.
Here, the meaning of the agreement can be understood as the vegetable market.
In the vegetable market, someone rented a stall and listed their own agricultural products for sale.
The buyers are the users, the sellers are the businesses, and the management of the vegetable market is the platform.
And this vegetable market was spread and promoted by the short video platform okx.
As a result, a large number of users were influenced by short videos and came to buy vegetables in this market.
Now the vegetables sold by vendors have problems, there’s a mix of good and bad, and users have suffered losses, currently causing a very bad impact.
Users go to the sellers for rights protection. The sellers say, I know my products have issues, but I’m already bankrupt, I can’t compensate.
So users go to the vegetable market and say, someone is selling fake vegetables here, causing me a loss of 1 million, your vegetable market is poorly regulated, you have to compensate.
The vegetable market says, 99% of the stalls here have no issues, just this one family causing trouble, and you come to find me for compensation? I'm just a stall seller; the vegetables weren't sold to you by me; who sold it to you, go find them.
Users were dissatisfied and went to short video platforms, saying all you short video bloggers are to blame for the ridiculous sales. If I hadn't seen you bragging on short videos, why would I come here to buy groceries?
The short video platform is also wronged, saying it doesn’t matter whether I promote or not, this vegetable market is here. And I promote this vegetable market without directly taking you to that store to buy vegetables; who cheated you, you should go to them for rights protection, what good is it to find me?
Users' minds exploded, feeling a thousand curses racing through their heads, thinking if I could redeem normally, would I need to argue with you here?
So you see, from euler's perspective, there’s no problem. From OKX's perspective, there’s also no problem.
From the result, all the problems are with the main person in charge.
But would there be such serious consequences if we only relied on the person in charge?
It can only be said that the retail investors have a hard life, whether it’s the mevusdt on the list written yesterday or the k3 capital on euler written today, they all belong to parts having problems, but the overall platform operation is fine.
So the platform won't take responsibility, the wallet won't take responsibility, only the retail investors are responsible for themselves.
Orange Seat also participated in the financial management of this project, but happened to pull out relatively early. Otherwise, my little 100,000 USD would also be lost.
Looking back now, I still feel a headache; I can’t just do asset recovery myself and then help myself recover.
Today is Double Eleven and also a time of many troubles.
As an ordinary person, who would have thought that stablecoin financial management could also blow up?
Recently, there have been quite a few incidents in defi, with frequent safety accidents, and Orange Seat sends everyone a guide to asset safety.
(2025.11.13 article)
