$ETH is in trouble again! This time, it’s not your usual contract vulnerability, but a premeditated "sting operation."

Last night, the DeFi community was rocked—USPD stablecoin protocol suffered a devastating attack. But what’s bizarre is that the hacker wasn’t acting on impulse; they’d planted the seeds back when the project was first deployed. After gaining admin privileges ahead of everyone else, they quietly launched a "twin version" and laid low for months. Then, in the early hours yesterday, they struck suddenly: minted 98 million USPD out of thin air and made off with 232 stETH—executed flawlessly from start to finish.

Why is this especially nasty?

First, there’s the collapse of trust. In the past, when people encountered attacks, at least you could comfort yourself with "the code audit wasn’t thorough." But this time, it’s different—the privileges were hijacked right from the start. It’s like before you even get your house keys made, the thief already has a spare. Labels like "audit passed" and "security certified" instantly become a joke.

Next, stablecoin narratives take a hit. Even though USPD isn’t that big, what the market fears most is a "domino effect." One protocol blows up, and the whole sector suffers—users start doubting: could the other stablecoins in my hands also be ticking time bombs?

The team did react quickly, contacting major exchanges to freeze the assets and even trying to negotiate with the hacker. But honestly, what’s done is done—the losses are set in stone.

A few heartfelt words for everyone:

Don’t be fooled by the sugar-coated promises of new projects. Protocols that shout "revolutionary innovation" right after launch are much riskier than you think. Whether the team is reliable and governance is transparent—these soft factors are even more critical than the code itself.

An audit report ≠ a get-out-of-jail-free card. Even the most reputable institutions can only check for known risks. When it comes to projects with "inborn" issues like this, not even the gods can help.

Always remember position management. For any DeFi play, only put in money you can afford to lose entirely without affecting your life. Going all in? That’s gambling your livelihood.

There’s no absolute safe zone in DeFi. The prerequisite for survival is to respect risk. Staying alive comes first, making money comes second.