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In yesterday’s Alpha Dispatch, I lauded Marinade Finance’s impressive week, which included the beta launch of Instant Unstake and some promising governance improvements.

I may have spoken prematurely.

Less than 24 hours later, the Shiroi project published an incident report alleging that malicious validators have been exploiting Marinade’s Stake Auction Marketplace (SAM) for over a year.

According to Shiroi’s independent audit, at least 37,000 SOL in rewards — worth more than $6.5 million at the time of publication — were siphoned away from the protocol over 126 epochs,…

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