Legacy MakerDAO keeper exploited for $500K in Black Thursday leftover
A legacy MakerDAO auction-keeper contract was exploited for over $500,000, with funds stemming from the 2020 Black Thursday crisis.
Arcanum Wave provides 4-hour signal setups for crypto futures, with traders deciding on entries, exits, and risk levels.
Deciding the right moments to open and close a crypto position is arguably the most difficult part of trading. While automated bots can handle both actions, plenty of traders prefer to retain ultimate control over their funds.
The Arcanum Wave system restores decision-making authority to the user. Each four-hour cycle, the algorithm spots potential trades, rates their quality, and constructs a grid. The trader then chooses whether to take the trade, the risk level, and the exit timing.
This approach is both its attraction and its danger.
Based in Dubai, Arcanum Foundation creates crypto trading software primarily for Bybit. Its initial offering, Pulse, started developing a published track record as an automated futures trading bot in 2024.
Since then, the firm has broadened its lineup to encompass the Arcanum Broker, the Wave and Pulse systems, trading instruction, and Web3 development projects.
Pros:
Cons:
Best For:
Arcanum Wave functions as a signal-assisted approach to crypto futures trading rather than a fully automated bot.
This structure cuts down on the effort needed to locate trades, but users still manage execution, position sizing, and risk.
For active traders, this split is logical. Rather than monitoring numerous charts, they get a condensed collection of organized opportunities. The four-hour cadence also sidesteps the continuous action of scalping.
Managing multiple grids and leveraged positions simultaneously becomes challenging. Isolated margin caps the maximum loss on any trade to the margin allocated to that specific trade, without tapping into the remaining account balance as collateral.
Consequently, a losing trade might liquidate faster than it would under cross-margin, where the full account balance can cushion losses. Every active grid also ties up its allocated margin, reducing free balance for additional positions. Bybit's own margin documentation highlights this risk.
Every week, Arcanum posts ecosystem numbers in its Telegram channel. For Wave, the posts show closed trade counts — 46 from August 10–16 and 56 from August 17–23 — together with a win rate close to 99% for July.
The August 17–23 update additionally states about 1% net profit relative to account size over seven days, but that figure relates to more than 150 trades closed by active signal followers, not to the 56 closes attributed to Wave in the same post.
Note: The published figure contains no starting equity, realized return, funding costs, open-position drawdown, or loss distribution.
Arcanum Ecosystem: last week's results
— Arcanum Foundation (@ArcanumFX) September 29, 2026
Arcanum Pulse: 3 positions were closed between 21.09 and 27.09.
Arcanum Wave: 141 trades were closed between 21.09 and 27.09, bringing roughly 280% total profit to the account! For the second week in a row, Wave is delivering incredible… pic.twitter.com/h2H9xfREOA
Arcanum's Trader Make Money profile, labeled Wave, pulls data from the exchange. At review time it displayed 1,446 closed positions. The visible trades were all long, with per-trade gains between 1.43% and 2.41%.
This spread illustrates how cumulative percentage sums can climb into the thousands while individual trades yield small returns. The profile conceals dollar profits and only shows closed trades, leaving open drawdown hidden. For instance, one CHZ trade stayed open for 92 days and then closed with a 1.87% gain.
That is the central difficulty in evaluating Wave. Since each trader decides the outcome, there is no unified "Wave return." Two individuals receiving the identical signal can achieve vastly different results via leverage, entry timing, grid dimensions, and exit discipline.
Arcanum informed BeInCrypto that the strength rating from 1 to 100 depends on 14 factors such as market behavior and candle volume, with other inputs remaining proprietary. The firm does not publicly disclose the historical performance of signals at various levels. Lacking that data, a high score may appear more definitive than it actually is.
Wave operates within the new Arcanum Broker environment, which leverages Bybit's exchange platform.
Joining is straightforward: users authenticate via Bybit OAuth instead of creating a separate exchange account. Funds stay on Bybit while Arcanum provides the signals, terminal, and broker layer.
Consequently, Arcanum does not directly hold trading balances, but users still assume Bybit's centralized-exchange counterparty risk.
The most obvious advantage of the broker is the fee arrangement. Arcanum confirmed to BeInCrypto that users operate at Bybit VIP 3–VIP 4 rates. For perpetuals, VIP 3 charges 0.0350% for takers and 0.0140% for makers, compared to 0.0550% and 0.0200% on Bybit's standard non-VIP tier.
Thus, Arcanum users pay lower fees on both sides than a direct retail account. Bybit publishes the complete fee schedule in its official table and notes that actual rates may vary by region.
Direct access to VIP 3 demands $500,000 in assets or $50 million in derivatives volume over 30 days. The real value lies in that access rather than the rate alone.
A taker round trip costs 0.07% of the position size before funding and slippage. Opening and closing a $100,000 position once comes to $70. If both trades execute as maker orders, the cost drops to $28, though that is an optimistic scenario rather than the norm. Expenses accumulate when a grid triggers numerous trades.
Availability is another factor. Arcanum told BeInCrypto that perpetual trading restrictions in the United States and European Union originate from Bybit, not from Wave.
Potential users should verify current eligibility before linking an account.
— BeInCrypto (@beincrypto) January 20, 2026
Arcanum initially launched Pulse, a completely automated system that trades Bybit perpetual futures using daily signals. Pulse distributes positions across many assets and handles entries without user approval for each trade.
This establishes a clear difference between the two products.
Trading style: Wave uses manual entry with manual or trailing-stop exits; Pulse is fully automated.
Signal timeframe: Wave uses four-hour candles; Pulse uses daily candles.
Time required: Wave requires multiple checks per day; Pulse needs periodic monitoring.
User control: Wave offers control over entry, leverage, grid, and exits; Pulse is mostly configuration.
Performance: Wave performance depends on each trader; Pulse has a shared strategy record.
Product cost: Both charge a 30% fee on profitable closed trades.
Main risk: Wave risks are user decisions and leverage; Pulse risks are long drawdowns and capital tied in open positions.
Best suited to: Wave is for active, experienced traders; Pulse is for users seeking passive execution.
Pulse benefits from a considerably longer operational history. Its public Trader Make Money profile connects to exchange data and asserts that trade history is immutable. At review time, the visible stats showed a profit factor of 7.66, an average trade duration of two days, and a fully long-biased record.
Those numbers still need context. The profile conceals dollar profit and only shows closed positions. One visible IOTX trade stayed open for 192 days before closing.
Arcanum has reported a 97% win rate on over 11,250 closed trades and cumulative returns above 20,500%. These numbers should not be interpreted as a 20,500% return on a single account.
Adding up the percentage results of thousands of trades does not reflect the overall portfolio performance.
Still, Pulse holds an advantage over Wave: a single strategy can be tracked over time. Wave's results are dispersed across many individual traders.
Wave offers active traders a useful compromise between manually hunting every trade and relinquishing control to a bot. Its four-hour signals, pre-built grids, and integration with Bybit can cut down on research and execution friction.
It works best for traders who are prepared to check the market multiple times daily, maintain a personal performance log, and manage leverage consistently. This added engagement can generate more opportunities and possibly greater profits than Pulse. It can also lead to larger losses if discipline slips.
Pulse stays the more practical choice for those seeking automation and comfortable with its long-only approach, performance fee, and the possibility of positions staying underwater for long periods.
Arcanum should still provide more transparent Wave signal methodology, anonymized net user results, and drawdown data that accounts for open positions.
Wave stands as a credible active-trading addition to the Arcanum ecosystem. Its advantage comes from structuring decisions rather than executing them. The trader ultimately bears responsibility for whether those decisions yield an edge.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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