Curriculum·Freshman·F107
Exchanges, On-Ramps, and Off-Ramps
FTX, November 2022. Per the SEC's complaint, FTX paused all customer withdrawals on 8 November, and on 11 November it and about 100 affiliated entities filed for Chapter 11 bankruptcy.
Lesson 1 opens on
The Curve Finance front-end hijack, August 2022
fi and pointed the domain at a cloned copy of the site hosted on their own infrastructure. The clone looked correct and prompted visitors to approve a malicious contract. Roughly $575,000 was drained from users who approved, with proceeds routed through centralized exchanges and a mixer.
The lessons
- F107-01CEX vs DEXCompare the two venue types on custody, identity, listing control, reversibility and failure modeabout 23 min · opens on The Curve Finance front-end hijack, August 2022
- F107-02Order types as an execution skillExplain what a market order actually instructs, and why the price you see is not a price you are promisedabout 31 min · opens on The Binance.US flash crash, 21 October 2021
- F107-03Account hardeningConfigure the four controls that matter on an exchange account, in order of valueabout 23 min · opens on The Binance breach, May 2019
- F107-04Counterparty riskState the three things you are exposed to at a venue, and which of them a settings page can affectabout 30 min · opens on Mt. Gox, 2014 to the present
- F107-05The true cost of a tradeEnumerate the seven cost components of a round trip, and identify which are disclosed and which are notabout 40 min · opens on Robinhood and payment for order flow, SEC order December 2020
Labs
F107-L
Compute the all-in cost of buying, moving to self-custody, moving back and selling, from a supplied fee schedule, in both directions, as a percentage and as the break-even move. Learners routinely find 3 to 8 percent; doing it for real with $20 is enrichment the site does not grade.