Unchained

As a new CLARITY Act draft dropped, KK, Vy, and guest Josh Riezman of GSR give their passage odds and explain the one developer protection provision that matters most. Thanks to our sponsor! Coinbase One Get 20% off the first year of your Coinbase One annual plan ⁠coinbase.com/unchained⁠ A new draft of the CLARITY Act just landed — all 300-plus pages of it — and Katherine Kirkpatrick Bos, TuongVy Le, and guest Josh Riezman of GSR didn't wait to dig in.  On this episode they break down the specific developer protection provision in the Blockchain Regulatory Certainty Act that introduces a specific intent standard for charging developers, debate passage odds, and explain why Circle releasing a token as a public company signals a real shift in how the SEC thinks about the security/token distinction.  They also unpack Chair Atkins' remarks at the SEC's AI+ Expo — a speech Vy argues shows the SEC and Congress are now in lockstep on modernizing securities regulation for on-chain infrastructure — and why, for the first time, that infrastructure includes vaults. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠, General Counsel at StarkWare. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TuongVy Le⁠⁠⁠⁠⁠⁠, General Counsel at Veda Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Josh Riezman — Chief Legal and Strategy Officer, GSR Learn more about your ad choices. Visit megaphone.fm/adchoices

Ram says the entire market is now one giant AI trade. Chris argues the boom is backed by real fundamentals. Austin asks: is AI creating value for the right companies? --- Thank you to our sponsor! Coinbase One: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained. Heads up! If you haven't yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠⁠⁠⁠⁠Apple Podcasts⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠Unchained⁠⁠⁠⁠⁠ and wherever you get your podcasts. ---- Circle just made history as the first publicly traded company to run a token presale, raising $222 million from BlackRock, Apollo, ICE, and a16z at a $3 billion valuation — and the stock went up. At the same time, Coinbase reported a $394 million loss, cut 700 jobs, and suffered a five-hour outage.  Ram, Austin, and Chris work through what's really happening: whether Circle's Arc is the institutional payment rail the industry has been waiting for or a financial engineering play, whether Coinbase's troubles are cyclical or structural, and whether the AI-driven market rally is a bubble forming or a fundamental shift that makes the dotcom comparison wrong. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell (@austincampbell) — Founder, Zero Knowledge Consulting; Adjunct Professor, NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Learn more about your ad choices. Visit megaphone.fm/adchoices

Arthur Hayes sees one force driving markets right now: governments printing money to finance AI and war. He explains why that ends with Bitcoin much higher — and what could derail it. ======================================================== Thank you to our sponsor! ⁠Coinbase One⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠coinbase.com/unchained⁠. ======================================================== Maelstrom CIO Arthur Hayes called the Tehran toll booth scenario in writing — and now it's playing out. Sovereign nations are waking up to the fact that dollar assets don't buy oil when the strait is closed.  On this episode, Hayes joins Laura Shin to explain why the structural unwinding of petrodollar recycling forces the Fed to print, why an AI deflationary bust could rival 2008 in severity before central banks step in, and why that path ends with Bitcoin substantially higher.  He also breaks down his current highest-conviction positions: Hyperliquid, Zcash, and NEAR, and explains why he's deploying into what he calls maximum disillusionment in private crypto equity. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: Arthur Hayes — CIO, Maelstrom Learn more about your ad choices. Visit megaphone.fm/adchoices

A legal battle over frozen KelpDAO hack funds is forcing DeFi to answer questions it has long avoided. Thank you to our sponsors!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Coinbase One: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained. Multichain Advisors: Get help navigating TGEs, go‑to‑market, BD and partnerships, capital markets advisory, PR, media placements, KOL activations and more at multichainadv.com. When the Arbitrum Security Council froze $71 million in funds tied to the KelpDAO  hack, it was hailed as vigilante justice. Now lawyers representing families of North Korea's victims are claiming that same money in a New York federal courtroom, as if theft transfers title.  Meanwhile, an AI agent running on Base got robbed via a prompt injection hidden in Morse code, and Coinbase cited artificial intelligence when announcing 14% layoffs.  Kain Warwick, Taylor Monahan, Luca Netz, and Kelsie Nabben, author of Decentralised Digital Security, work through what DeFi's security layer actually is, who gets to decide when to act, and whether any of it survives the arrival of autonomous agents. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠, CEO of Pudgy Penguins Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kelsie Nabben, Research Fellow at RMIT University — Author of 'Decentralized Digital Security: Code, Community, Crisis' (2025) Learn more about your ad choices. Visit megaphone.fm/adchoices

Coinbase's chief policy officer explains why the bank lobby failed to kill stablecoin rewards — and what 'workable compromise' actually means for crypto users. ======================================================== Thank you to our sponsors! Adaptive Security: Test and strengthen your company's defenses against AI deepfakes and synthetic identities at adaptivesecurity.com.  Coinbase One: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained. ======================================================== The Genius Act established that stablecoin issuers could pay rewards to users. The banks said no. For months, the American Bankers Association used the Clarity Act as a pressure point to reverse that decision — tying up a bill that was supposed to govern an entirely different corner of crypto. Now there's compromise language. Coinbase's chief policy officer, Faryar Shirzad, says it's workable. The banks say it doesn't go far enough. Meanwhile, the Clarity Act itself is racing toward a July 4th deadline, with a Senate Banking Committee markup expected the week of May 14. Ethics provisions around government officials holding crypto assets remain the hardest open question — and, as Shirzad puts it, one entirely above his pay grade. This is where the biggest crypto legislation in US history actually stands. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: Faryar Shirzad (@faryarshirzad) — Chief Policy Officer, Coinbase Learn more about your ad choices. Visit megaphone.fm/adchoices

Seven lawsuits blame OpenAI for enabling a mass shooting. Could the same legal theory come for DeFi? Thanks to our sponsor! Coinbase One Get 20% off the first year of your Coinbase One annual plan coinbase.com/unchained Seven families just sued OpenAI in federal court, arguing ChatGPT was a defective product that helped plan a mass shooting. OpenAI's own safety team flagged the risk eight months earlier and did nothing. The legal theory being tested here, that software developers can be held liable for foreseeable misuse of their tools, is the same theory that has been circling DeFi for years.  Meanwhile, April ended as the most hacked month in crypto history, with over $600 million stolen in roughly 30 exploits, most of them linked to North Korea and its weapons programs. DeFi United, a $300M relief coalition led by Aave, emerged as the industry's response.  KK, Vy, and Jessi unpack what it means when the 'code is law' defense starts to crack, why basic operational security is still not standard practice, and how close the Clarity Act actually is to crossing the finish line. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠, General Counsel at StarkWare. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TuongVy Le⁠⁠⁠⁠, General Counsel at Veda Learn more about your ad choices. Visit megaphone.fm/adchoices

From AI agents as economic actors to quantum threats and prediction market regulation, Ali Yahya of a16z lays out the investment thesis behind a16z crypto's fifth fund. ======================================================== Thank you to our sponsor! Coinbase One 20% off first year of annual plan + $50 Bitcoin bonus. Offer valid until May 31. coinbase.com/unchained ======================================================== a16z crypto just closed its fifth crypto fund at $2.2 billion — smaller than its previous fund, but the firm says that's deliberate.  General Partner Ali Yahya argues we are entering a different phase of crypto's development: one where infrastructure is ready, regulatory clarity is arriving, and the competition for real users has begun in earnest.  Two themes sit at the center of a16z's thesis — the collision of crypto and FinTech, and the emergence of AI agents as economic actors. But Yahya's most striking claim may be about blockchains themselves: that performance is no longer a moat, privacy is. And that the chains which get privacy right will accrue stronger network effects than anything the industry has built before.  What does a world of privacy-dominant blockchains do to DeFi composability, to security, to the ability to track hackers? And where does the quantum threat actually stand? Host: ⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠Ali Yahya, General Partner, a16z crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Missiles in the Strait of Hormuz. Brent jumps 5%. Bitcoin breaks through $80. The Bits + Bips crew reads the geopolitical tape — and explains why crypto is shrugging it off. --- Thank you to our sponsor! Coinbase One — coinbase.com/unchained Heads up! If you haven't yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠⁠⁠⁠Apple Podcasts⁠⁠⁠⁠, ⁠⁠⁠⁠YouTube⁠⁠⁠⁠, ⁠⁠⁠⁠Spotify⁠⁠⁠⁠, ⁠⁠⁠⁠X⁠⁠⁠⁠, ⁠⁠⁠⁠Unchained⁠⁠⁠⁠ and wherever you get your podcasts. ---- Iranian cruise missiles struck commercial vessels in the Strait of Hormuz, Brent jumped 5%, and Bitcoin broke through $80 — all in the same day. The Bits + Bips crew unpacks what the escalation means for crypto and macro positioning, why Ram stays bullish, and whether Paul Tudor Jones is right that Bitcoin is now the best inflation hedge. They also break down the Clarity Act's yield compromise — with Circle up 16% — and why Austin argues banks may have handed asset managers a structural win. Finally, a U.S. court filing targeting Arbitrum's frozen North Korean funds raises a bigger question: can you serve legal papers on code, and what does that mean for DAO governance? Austin Campbell, Ram Ahluwalia, and Chris Perkins break it all down. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell (@austincampbell) — Founder, Zero Knowledge Consulting; Adjunct Professor, NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Learn more about your ad choices. Visit megaphone.fm/adchoices

A prediction market trades on outcomes. An information market trades on knowledge. Fielding makes the case for the latter. --- Heads up! If you haven't yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠⁠⁠⁠Apple Podcasts⁠⁠⁠⁠, ⁠⁠⁠⁠YouTube⁠⁠⁠⁠, ⁠⁠⁠⁠Spotify⁠⁠⁠⁠, ⁠⁠⁠⁠X⁠⁠⁠⁠, ⁠⁠⁠⁠Unchained⁠⁠⁠⁠ and wherever you get your podcasts. ---- What if the biggest constraint on AI is not compute or data, but trust? Ben Fielding, CEO and co-founder of Gensys, spent years as a machine learning researcher before concluding that decentralized hardware was the only path to true scale, and that blockchain was the only technology that could make machines trust each other without human intermediaries. With the launch of Delphi, Gensys's onchain information market built on an OP stack L2, Fielding puts his theory to the test while making the case that prediction markets have been asking the wrong question all along, and that the long tail of markets no one has thought to create yet is where the real opportunity lies. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steve Ehrlich, Head of Research at SharpLink and Host of Bits + Bips: The Interview - https://x.com/Steven_Ehrlich Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Fielding, CEO & Co-Founder, Gensys @BenFielding Learn more about your ad choices. Visit megaphone.fm/adchoices

$606 million in DeFi exploits in one month. Two of the space's sharpest risk thinkers debate whether lenders are being paid anywhere close to enough. ======================================================== Thank you to our sponsors! Coinbase One 20% off first year of annual plan + $50 Bitcoin bonus. Offer valid until May 31. coinbase.com/unchained Citrea Bitcoin changed how money works. Satya changes how Bitcoin scales. citrea.xyz/unchained ======================================================== One month, $606 million in exploits. And yet DeFi lending yields for blue-chip collateral sit close to SOFR, as if nothing happened.  Tom Dunleavy, head of venture at Varys Capital, did the math and concluded that fair risk-adjusted DeFi yields should sit around 12.5%. Adrian Cachinero Vasiljevic, co-founder of Steakhouse Financial, thinks that number paints with too broad a brush, and that for the right primitives, with the right collateral, the market rate might actually be close to correct.  Host Laura Shin queries them on the TradFi equations that underpin the debate, the DeFi-specific risks that those equations miss, and on whether depositors are sleepwalking into tail risk they cannot fully see. Host: ⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠Tom Dunleavy, Head of Venture, Varys Capital — @dunleavy89 Adrian Cachinero Vasiljevic, Co-Founder, Steakhouse Financial — @adcv_ Learn more about your ad choices. Visit megaphone.fm/adchoices

Pump.fun set fire to $370 million in tokens. Luca lays out the airdrop math that says they should have done the opposite. Thank you to our sponsors!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ MultiChain Advisors is an emerging technology growth firm that has helped create $50B+ in enterprise value for 80+ clients over the past 4 years. They're the partner to help navigate markets.  Build real traction today at ⁠multichainadv.com⁠ Pump.fun had a choice with $370 million worth of its own tokens. It burned them. On this week's Uneasy Money, Luca Netz argues that was the worst option on the table. He lays out the “people's champ” math that, in his view, could have turned Pump.fun into a $5 billion-a-year business if Alon Cohen had launched the biggest airdrop crypto has ever seen—and bought the tokens back at the bottom. Kain Warwick and Taylor Monahan also dig into the 137,000 ETH community effort to plug the KelpDAO hole, why Tay thinks Aave—not Layer Zero or KelpDAO—is the key player in DeFi's latest blowup, and Luca's blunt new take on whether DeFi yield is even worth the risk right now. Plus: Meta paying creators in USDC, the ghost of Libra, and OpenAI's leaked AI-native phone. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠, CEO of Pudgy Penguins Learn more about your ad choices. Visit megaphone.fm/adchoices

Is the era of protocol bailouts upon us? The Chopping Block crew and MegaETH's Shuyao Kong debate Defi United's community-funded rescue, the KPI vesting experiment shaking up token launches, whether DeFi yields truly underprice risk, and the first major PolyMarket insider trading bust—all delivered with the usual insider banter you won't hear anywhere else. Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the squad is joined by MegaETH co-founder Shuyao Kong, fresh off their headline-making KPI-gated token launch. First, we dive into the whirlwind that is Defi United: a who's-who of Ethereum OGs and protocols pledging hundreds of millions to fill bailout holes from the massive KelpDAO hack—voluntarily. Are we witnessing a new age of protocol do-gooder vibes or just kicking the moral hazard can down the road?  Then, we tear into the “are DeFi yields way too low” debate, prodded by Tom Dunleavy's viral thread—should degens really be earning more for taking protocol risk, or are the markets just as weird as they seem? Shuyao gives us an under-the-hood look at MegaETH's radical KPI vesting mechanics, why they made the token vesting play risky pre-TGE, and whether dynamic tokenomics could be the industry's way forward (with plenty of banter about airdrop farming and governance theater along the way).  Finally, we spin through the saga of PolyMarket's big DOJ insider trading bust: is “insider info” a feature or a bug in prediction markets? All that, history lessons, cynicism, and more—let's get into it. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

One side wins the OpenAI-Microsoft divorce, Ram calls a 19% earnings growth year 'bananas,' and Chris wants the US to hack back against DeFi exploiters. Here is the full rundown. --- Heads up! If you haven't yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠⁠⁠Apple Podcasts⁠⁠⁠, ⁠⁠⁠YouTube⁠⁠⁠, ⁠⁠⁠Spotify⁠⁠⁠, ⁠⁠⁠X⁠⁠⁠, ⁠⁠⁠Unchained⁠⁠⁠ and wherever you get your podcasts. ---- Chris Perkins and Ram Ahluwalia cover a lot of ground this week: Iran appears to be seeking a deal to end the Strait of Hormuz blockade as US economic pressure mounts, and the US government just worked with Tether to seize over $300 million in Iranian-linked stablecoins.  Bottoms-up S&P earnings estimates are running at 19% year-over-year growth, tech earnings are about to hit, and both hosts think the setup for markets is unusually constructive.  They also break down the new Microsoft-OpenAI agreement, the arrest of a special operations soldier for betting on the Maduro raid on Polymarket, and what the Kelp DAO hack means for DeFi's path to institutional adoption. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Learn more about your ad choices. Visit megaphone.fm/adchoices

Microsoft restructured its agreement with OpenAI, and Ram Ahluwalia has a clear verdict: Microsoft won.  In this segment from Bits + Bips, Ram explains the three things Microsoft secured from the new deal, walks through the contract-breach context that shifted the negotiating leverage, and argues that Microsoft now holds a free call option on all of OpenAI's future model development, at no additional cost. Chris Perkins (@perkinscr97) — Co-Founder & Managing Partner, 250 Digital Asset Management Ram Ahluwalia (@ramahluwalia) — CEO, Lumida Wealth This clip is from a longer conversation on markets, tech earnings, DeFi security, and prediction markets. Full episode here: https://youtube.com/live/GE_847Xrj9E  We go live every Monday at 4:30pm ET — subscribe to catch it live. If you haven't yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.

People think of Aave and Morpho as competitors. But Morpho only lost $1 million when North Korea drained $300M from a DeFi protocol. The architecture explains why. ======================================================== Thank you to our sponsors! Coinbase One 20% off first year of annual plan + $50 Bitcoin bonus. Offer valid until May 31. coinbase.com/unchained Citrea Bitcoin changed how money works. Satya changes how Bitcoin scales. citrea.xyz/unchained Ether.fi 15% cash back on food and ride apps, 3% on everything else. ether.fi/unchained ======================================================== After North Korea's Lazarus Group drained nearly $300 million from Kelp DAO's bridge, the contagion spread fast, leaving close to $200 million in bad debt on Aave. Morpho, one of the largest lending protocols in DeFi, ended up with about $1 million in exposure.  Paul Frambot, co-founder and CEO of Morpho, explains why the protocol's modular, isolated architecture produced a different outcome, and what it reveals about how DeFi lending is supposed to work.  He also addresses the ongoing debate over whether DeFi lenders are fairly compensated for risk, the institutional reaction to the hack and what it means for the sector's timeline, the moral complexity of Arbitrum's decision to freeze stolen funds, and why formal verification may be DeFi's last line of defense in an age of increasingly powerful AI. Host: ⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠Paul Frambot, Co-founder and CEO of Morpho Labs Learn more about your ad choices. Visit megaphone.fm/adchoices

Luke Leasure and Shaunda Devens of Blockworks Research explain how three compounding failures, Kelp's one-of-one bridge signer, Layer Zero's permissive default settings, and Aave's failure to flag it as a collateral risk, set up the conditions for the exploit.  Shaunda Devens then breaks down the monolithic pool design that concentrated risk, showing how 98% of rsETH collateral was backing a single leverage looping strategy.  This clip is from a longer conversation on the Kelp rsETH hack and its implications for DeFi. Full episode here: https://youtube.com/live/hJ9X_btsvD0 We go live every Thursday at 12:00 PM ET — subscribe to catch it live. Learn more about your ad choices. Visit megaphone.fm/adchoices

KelpDAO's hackers left telltale signs pointing to one culprit, North Korea. Then, in a surprise move, the Arbitrum Security Council decided to fight back. ======================================================== Thank you to our sponsors! As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained.   Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges.  Get started at http://nexo.com/unchained ======================================================== In this episode about the hack on KelpDAO that had a broad impact across all of DeFi, Miguel Morel of Arkham, explains what digital fingerprints made it clear North Korea was the likely hacker, plus how it is that Arkham's users are using the platform to figure out how to get their bad debt out of Aave and when. Then Griff Green, a member of the Arbitrum Security Council, explains some of the reasoning that went into the decision to freeze $71 million of the funds stolen by DPRK, how the surprise move worked technically, and why blockchains are immutable only by social consensus — and how even Bitcoin could be changed by social consensus. Host: ⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠, Host / Unchained Guests: Miguel Morel, CEO of Arkham Intelligence Griff Green, Arbitrum Security Council Member, Leader of the DAO Security Fund, Co-founder of Giveth Learn more about your ad choices. Visit megaphone.fm/adchoices

The $300M KelpDAO exploit became a watershed moment for DeFi, and the Arbitrum Security Council voted froze $70M worth of stolen funds. Is this a slippery slope or learning from history? Thank you to our sponsors!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ MultiChain Advisors is an emerging technology growth firm that has helped create $50B+ in enterprise value for 80+ clients over the past 4 years. They're the partner to help navigate markets.  Build real traction today at multichainadv.com The largest DeFi hack of 2026 starts with an RPC node. Not a smart contract bug. Not a stolen key. A spoofed node and a forged transaction. And North Korea drained $300 million from Kelp DAO through LayerZero's bridge in a single block. Then the attacker went to Aave, borrowed against assets that didn't exist, and created a bad debt crisis that locked Kain out of his own position. That was Friday. By Sunday, North Korea had started laundering. By Tuesday, Arbitrum's security council had done something no L2 has ever done: frozen $70 million of funds had stolen by upgrading a bridge contract mid-hack. Kain Warwick, Taylor Monahan, and Luca Netz, with guest Odysseas Lamtzidis, take apart every layer: the DVN architecture flaw, the Aave contagion, the circuit breaker debate, and why the ‘code is law' era may have just quietly ended. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz, CEO of Pudgy Penguins Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Odysseas Lamtzidis, Founder & CEO of Phylax Learn more about your ad choices. Visit megaphone.fm/adchoices

A $300M bridge exploit is forcing the question DeFi has been avoiding: when users lose money, who is actually responsible — the protocol, the infrastructure provider, or both? Thanks to our sponsors! *⁠ As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  ⁠Citrea mainnet is live. Put your BTC to work at ⁠⁠citrea.xyz/unchained.⁠  *⁠ Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/unchained A $300 million bridge exploit at Kelp DAO has put DeFi's most uncomfortable question back on the table: when users lose money, who is actually responsible?  Katherine, Jessi, and Vy dig into the Kelp and Layer Zero finger-pointing and ask whether the industry's core values — permissionlessness, open composability — have become its greatest vulnerability.  Then: the Ninth Circuit heard oral arguments on prediction markets last week, and the panel's pointed questions signal the case is headed to the Supreme Court sooner than most expect.  Finally: American Express just solved three of agentic commerce's hardest problems — identity, mandate, and accountability — with a product that's live today. The crypto industry, which should be leading this race, is watching from the sidelines. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠, General Counsel at StarkWare. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TuongVy Le⁠⁠⁠, General Counsel at Veda Learn more about your ad choices. Visit megaphone.fm/adchoices

The Chopping Block crew and guest Monet Supply break down the $200M Kelp DAO bridge exploit, finger-pointing between LayerZero, Kelp DAO, and Aave, the wild “reverse hack” Arbitrum bailout, and what it all means for DeFi lending protocol risk, L2 trust, and the future of socialized losses in crypto. Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by Monet Supply, DeFi governance OG and current Spark brain, for a front-row seat to crypto's hack-of-the-week: the $200M “Kelp DAO—LayerZero—Aave” debacle. If you thought DeFi risk was just about liquidations, buckle up. The team untangles the hack mechanics, the musical chairs of collateral across bridges and lending markets, and—most importantly—the prime time blame game: is it LayerZero's fault for running a single-signer bridge, or did Kelp DAO or Aave drop the ball? We dive deep into the “socialized losses” mess facing Aave depositors (especially on L2s), unpack Arbitrum's extraordinary move to confiscate coins back from North Korea (yes, really), and debate whether rollups can—or should—aspire to Ethereum's censorship resistance. Finally, the squad discusses concrete remediation: rate limits, portfolio triage on risky collaterals, and the meta-game of DeFi crisis response. If you want the blunt, unfiltered, and occasionally spicy take on DeFi's latest chaos, let's get into it. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

Digital Asset's CEO faces pointed questions about Canton's core claims and admits something surprising about the network's architecture. ======================================================== As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained.   Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. ======================================================== Canton is the chain behind JPMorgan's deposit token, DTCC, Broadridge's $400 billion repo book, HSBC, Visa, and a growing roster of the biggest names in global finance. It describes itself as a public permissionless blockchain. But is it?  Yuval Rooz, co-founder and CEO of Digital Asset, faces off against Alex Gluchowski, co-founder and CEO of Matter Labs, and Dragonfly managing partner Haseeb Qureshi in a live debate.  The charges range from foundational: Canton cannot enforce financial rules without a trusted third party, its validators are permissioned in everything but name, and there is no universally shared ledger. Rooz fires back on all of it and, at one point, concedes something that may surprise you.  If the label matters as much as the technology, this episode will force you to decide what blockchain actually means, and whether that answer has consequences for the institutions staking their infrastructure on it. Host: ⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Yuval Rooz: Co-Founder & CEO, Digital Asset Haseeb Qureshi: Managing Partner, Dragonfly Alex Gluchowski: Co-Founder & CEO, Matter Labs Learn more about your ad choices. Visit megaphone.fm/adchoices

The $290 million Kelp DAO hack, attributed to North Korea's Lazarus Group, has DeFi TVL down $13 billion in 48 hours. Do DeFi's foundational assumptions need to change? --- Heads up! If you haven't yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. ---- DeFi TVL fell from $99.5 to $86.3 billion in 48 hours after the $290 million Kelp DAO exploit — the latest nine-figure attack attributed to North Korea's Lazarus Group, this time via a compromised Layer Zero bridge.  Meanwhile, a new class of yield-bearing instrument is staking a claim on capital fleeing private credit: Apyx's APY USD, backed by Strategy's STRC preferred stock, launched on Kraken this week with a 12% yield target and $180 million in supply after just seven weeks. Is STRC-backed yield a legitimate financial primitive, or a Bitcoin derivative with extra steps?  And as DeFi absorbs yet another devastating security failure, is the industry's core assumption — that incoming transactions should be treated as legitimate — finally due for an overhaul? Austin Campbell, Ram Ahluwalia, and Chris Perkins dig in with Parker White of Apyx and Michael Bentley of Euler. Hosts: ⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Hosts: ⁠⁠⁠⁠⁠⁠Parker White — @TheOtherParker_ — Founding Contributor, Apyx. ⁠⁠⁠⁠⁠⁠Michael Bentley — @euler_mab — Former CEO, Euler Labs Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin's spot-led rally looks healthy on the surface. But derivatives say conviction is thin. Josh Lim from FalconX on what the market structure is actually telling you right now. --- Thank you to our sponsors! MultiChain Advisors is an emerging technology growth firm that has helped create $50B+ in enterprise value for 80+ clients over the past 4 years. They're the partner to help navigate markets.  Build real traction today at multichainadv.com As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained.  --- Bitcoin is trading near $75,000, but the market structure around it tells a more complicated story. Implied volatility has collapsed to sub-50, funding rates are negative, and the options market is dominated by sellers, not buyers. Meanwhile, Bitcoin miners are liquidating holdings to fund the transition to high-performance compute, generating a persistent offer just as breakeven retail holders look for an exit.  FalconX Global Co-Head of Markets Josh Lim joins Steve Ehrlich to map exactly what is keeping Bitcoin range-bound, where the rotation into ETH and alts is actually coming from, and what signals in derivatives and on-chain data would indicate the market is ready to move.  They also get into whether the Clarity Act changes the long-term structure of the altcoin market, how Hyperliquid is being used for institutional RWA arbitrage, and what the quantum threat means not for cryptography, but for trading Bitcoin. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Josh Lim — Global Co-Head of Markets, FalconX. Repeat guest; previously covered market structure and institutional crypto flows on Bits + Bips. Learn more about your ad choices. Visit megaphone.fm/adchoices

Quantum computing risk, USDC vs. Tether drama after the Drift hack, and World Liberty Financial's governance circus take center stage as Haseeb, Tom, Tarun, and special guest Joshua Lim dissect market signals, institutional FUD, Trumpcoin shenanigans, and ask: is crypto VC dead or just getting started? Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the crew is joined by special guest Joshua Lim, Head of Derivatives at FalconX (and self-described Quantum FUD Whisperer). Ever wondered what happens when a quantum computer finally threatens public key cryptography? We break down the real and imagined risks of “Q Day,” what markets are actually pricing in, and why watching for Satoshi's coins moving is still the ultimate market panic trigger. Next up, the hosts tackle the messiest storyline in stablecoins: the massive Drift hack, North Korea's role, and the blame game between USDC and Tether. Is Circle's “wait for the court order” approach defensible, or are PR wins up for grabs for whoever moves fastest? We would never forget the crypto car crash that is World Liberty Financial: from drama-filled governance votes that magically extend lockups, to Justin Sun's redemption arc versus Trumpcoin, to whale-scale DeFi leverage that could nuke a protocol. It's a masterclass in governance theater and permissioned shenanigans. Finally, we level with all the “crypto venture is dead” crowd — who's still building, where the real capital is now, and why bear markets always demand an extra shot of conviction. From quantum nightmares to meme coin melodrama, let's get into it. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

Debanked 12 times. Walked through an airport in handcuffs. Every charge eventually gone. Nader Al-Naji on the defense strategy that convinced both agencies to back off. ======================================================== Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges.  Get started at http://nexo.com/unchained ======================================================== In July 2024, Nader Al-Naji was preparing to board a flight to Turkey when the FBI arrested him in front of with his wife and son and walked him in handcuffs through the airport.  The DOJ and SEC had jointly charged the DESO and BitClout founder with defrauding investors of $3 million and running an unregistered securities offering. Twenty months later, both cases are gone: the DOJ dismissed in March 2025, the SEC dismissed with prejudice — meaning it can't be refiled — in March 2026.  Nader tells Laura what actually happened, from the FBI raid on his Beverly Hills home and the clerical error that sent him to federal prison for a weekend, to the legal strategy that convinced both agencies to back off. He also revisits the BitClout celebrity era, the long call with Do Kwon before Terra launched, and the debanking tactic he calls ‘subpoena sniping.' Host: ⁠⁠⁠Laura Shin⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Nader Al-Naji (@nadertheory), Founder of DESO and BitClout Learn more about your ad choices. Visit megaphone.fm/adchoices

A Bitcoin developer just proposed freezing wallets that don't upgrade for quantum resistance. Including Satoshi's. Thank you to our sponsors!⁠⁠⁠⁠⁠⁠⁠⁠⁠ Nexo Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges.  Get started at http://nexo.com/unchained Multichain Advisors MultiChain Advisors is an emerging technology growth firm that has helped create $50B+ in enterprise value for 80+ clients over the past 4 years. They're the partner to help navigate markets.  Build real traction today at multichainadv.com Citrea  Bitcoin's application layer, Citrea, launched its mainnet, expanding Bitcoin's utility to privacy, lending, BTC yields, and more. Citrea enables: cBTC: The first trust-minimized Bitcoin on a fully programmable platform. ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the Citrea Ecosystem. A Bitcoin developer just proposed the unthinkable: freeze every wallet that does not upgrade for quantum resistance, including Satoshi's.  Kain Warwick and Taylor Monahan are here to reckon with BIP-361, the quantum threat to early Bitcoin addresses, and what it means that this proposal exists at all. They also work through who actually wrote Bitcoin — Hal Finney, Adam Back, and Dave Kleiman — and a trail that runs through the Epstein files.  Plus: Justin Sun's frozen World Liberty Financial tokens expose why token holders have no legal rights, EtherFi's exit from Scroll turns into a live platform risk case study, and Circle's decision not to freeze known stolen USDC raises the question of what stablecoin issuers owe to the ecosystem. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert Learn more about your ad choices. Visit megaphone.fm/adchoices

Can a private company be trusted to decide which 40 firms get access to the world's most dangerous AI model? And separately — is the SEC's new Reg Crypto finally the framework the industry has been waiting for since 2020? Thanks to our sponsors! *⁠ As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained.  *⁠ Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. The week StarkWare's chief product officer published a paper proposing a quantum-resistant mechanism for Bitcoin that doesn't require changing Bitcoin's code. The crew discuss the the threat quantum computers pose to bitcoin, which raises philosophical questions about what it means to “own” bitcoin. “Not your keys, not your coins” has long been the catchphrase — so what happens if a quantum computer wrests your keys away fro you? Plus they discuss the fact that Anthropic decided not to release its most powerful model to the public at the same time its technology is being removed from the government. What does it mean when a private company has greater capability than the U.S. government?   Also, the SEC's Division of Trading and Markets quietly released major guidance clarifying when DeFi front ends need to register as broker-dealers — and Chair Atkins announced what could become the first actual crypto rulemaking in the agency's history.  Katherine, Jessi, and TuongVy work through what each of these developments means for builders, lawyers, and founders navigating crypto right now — and why the question of who gets to make these calls is the same whether you're talking about AI or regulation. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠, General Counsel at StarkWare. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TuongVy Le⁠⁠, General Counsel at Veda Learn more about your ad choices. Visit megaphone.fm/adchoices

The US Naval blockade is live, markets are holding, and Ram thinks the bottom is in. Austin and Chris are not so sure. --- Thank you to our sponsors: Citrea  As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained.   Etherfi Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. Nexo Nexo is a premier digital wealth platform offering: ● crypto yield up to 15% (based on stated annual interest rates) ● crypto-backed credit lines from 1.9% ● a wide range of digital assets.  Join today and get 30-day access to exclusive rates. Join Nexo. ---- The day the US Naval blockade of the Strait of Hormuz went live, peace talks had just collapsed in Islamabad and markets were holding. Ram, Austin, and Chris work through the tactical logic behind CENTCOM's move, why regional powers are standing down, and how long Iran can sustain the economic pressure.  Then: Anthropic previewed a model called Mythos, cybersecurity stocks fell, and the question of whether AI security risk is real or manufactured now has real money behind it.  Meanwhile, World Liberty Financial borrowed $75 million against its own governance token on a platform co-founded by its own advisor, Justin Sun is accusing the team of treating investors as a personal ATM, and the stablecoin bill clock is ticking.  Which sectors are most dislocated? What would it take to bring the next wave of investors into crypto? And is this actually a market bottom? Hosts: ⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Learn more about your ad choices. Visit megaphone.fm/adchoices

The basis trade paid 15–30% near risk-free for years. Options couldn't compete. Then 10/10 happened. ======================================================== As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD. You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security. Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained.   Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. ======================================================== For years, the basis trade and token-launch points farming crowded out options as a yield tool in crypto — not because options were inferior, but because the alternatives were simply too easy and too lucrative.  That changed on 10/10. With the basis trade effectively dead and altcoin valuations cratered, a window has opened for onchain options to compete for capital in a way they never could before.  Nick Forster, CEO of Derive (formerly Lyra), has been building toward this moment for five years. He joins LTR, venture investor at Cosmos, who has tracked the full graveyard of failed options DEXes — Opyn, HEGIC, Ribbon, Dopex, Strike — and still believes this time is different. The question isn't whether crypto options will scale. It's whether the infrastructure is finally ready. Host: ⁠⁠Laura Shin⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Nick Forster, CEO and Founder, Derive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LTR, Venture Investor, Kosmos Learn more about your ad choices. Visit megaphone.fm/adchoices

Why ETH outperformed Bitcoin this past week, what's really behind the prediction market activity during the Iran situation, and what comes next for institutional crypto adoption. --- Thank you to our sponsors! Ether.fi — 15% cash back on food and rideshare apps, 3% on everything else, borrow at 4% or less Citrea — Trust minimized BTC, native stablecoin CT-USD, Bitcoin capital markets --- A tenuous Iran ceasefire sent oil prices tumbling this past week, and crypto responded before any other asset class. Bitcoin climbed to around $72K, Ethereum outperformed with 6.7 to 7% gains in 48 hours, and billions poured back into ETFs after months of withdrawals.  But amid the rally, uncomfortable questions are surfacing: who profited from suspicious prediction market bets placed just before the ceasefire announcement? Are Middle Eastern governments and corporations now using Bitcoin as actual settlement infrastructure? And if the Clarity Act passes without allowing yield-bearing stablecoins, has the banking lobby won?  Kavita Gupta, founder and general partner at Delta Blockchain Fund, sits down with Steven Ehrlich to work through a week of whipsawing markets, fragile geopolitics, and structural shifts that could define where crypto goes from here. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kavita Gupta, Founder & General Partner at Delta Blockchain Fund Links: Ceasefire, Markets & Institutional Flows: Crypto Markets Rebound After Iran-Israel Ceasefire Deal (Unchained) Bitcoin ETFs Record $5 Billion in Daily Volume as Inflows Top $870 Million (Unchained) Crypto Adoption in MENA 2025: Crisis, Adaptation, and Growth (Chainalysis) Prediction Markets & Insider Trading: DEX in the City: Why Prediction Market 'Insider Trading' Isn't Illegal — Yet (Unchained) DEX in the City: How Prediction Markets Pose a National Security Risk (Unchained) Trading Volumes on Prediction Markets Will Drop After the November Election. Will New Market Entrants Still Attract Users? (Unchained) DOJ and CFTC Drop Investigations Into Polymarket: Report (Unchained) Clarity Act & Stablecoin Regulation: Bessent Presses Senate on Clarity Act, Labels Resistant Crypto Leaders 'Nihilists' (Unchained) Circle Stock Plunges 20% as Clarity Act Draft Threatens Stablecoin Yield (Unchained) Treasury Secretary Bessent Presses Congress to Pass CLARITY Act (The Hill) Bessent Ramps Up Pressure on Congress to Pass CLARITY Act (CoinTelegraph) Learn more about your ad choices. Visit megaphone.fm/adchoices

James Seyffart didn't expect Morgan Stanley to do this. Now he's watching to see if BlackRock blinks. Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges.  Get started at http://nexo.com/unchained Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer.  Bitcoin's application layer, Citrea, launched its mainnet, expanding Bitcoin's utility to privacy, lending, BTC yields, and more. Citrea enables: cBTC: The first trust-minimized Bitcoin on a fully programmable platform. ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the Citrea Ecosystem. ======================================================== When Morgan Stanley launched MSBT this week, it didn't just become the first major US bank to issue its own spot Bitcoin ETF — it became the cheapest one on the market, undercutting BlackRock's iBIT by 11 basis points. For a firm not known for fee competition, that surprised even close ETF watchers.  James Seyffart, senior analyst at Bloomberg Intelligence, has spent years tracking how wirehouses have slowly warmed to Bitcoin products. He joins Laura Shin to discuss what MSBT's launch says about where institutional crypto adoption is heading, whether Morgan Stanley's 16,000 advisors and $7 trillion in assets could meaningfully shift flows, and why Seyffart now sees inaction on crypto as the active choice, not the safe one, for portfolio managers.  Plus: Strategy's $14.5 billion loss, Saylor keeps buying, and why MSTR's S&P 500 question is now entirely a Bitcoin price story. Host: ⁠Laura Shin⁠, Host / Unchained Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠James Seyffart, Senior Analyst, Bloomberg Intelligence Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin's Satoshi drama heats up again as a major journalistic “reveal” drops, just as the crypto industry gets rocked by a quantum computing breakthrough that pulls up security timelines—and AI-powered exploits are suddenly real. We break down Satoshi theories, Blockstream PR whispers, the new quantum risk landscape, Ethereum vs. Bitcoin migration pain, and why your favorite protocols might not be ready for North Korea or superintelligent bug finders. Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week we're joined by Justin Drake, Ethereum Foundation researcher and the internet's favorite quantum attack alarm bell ringer. Things get spicy immediately: the eternal guessing game “Who is Satoshi?” gets a new round of attention as John Carreyrou (yeah, Theranos guy) drops a supposed expose pointing his finger at none other than Blockstream's Adam Back.  The crew debates whether this Satoshi story is tired PR, inside baseball, or a genuine existential turning point for Bitcoin culture. Then things escalate: Justin walks us through Google and Atomic's quantum computing breakthrough—a real, validated step forward that potentially pulls the “Q-day” clock up to as soon as 2029. The implications? Bitcoin and Ethereum's security models are suddenly under the gun, and community denial is in full effect. Who's better poised to survive a quantum apocalypse… and is coin burning on the menu for Satoshi's stash? Later, we break down the Drift hack—North Korea's latest state-level heist, featuring IRL social engineering that sounds like Mr. Robot meets Oceans Eleven. Finally, it's an AI arms race: Anthropic's Mythos model is reportedly the most dangerous security researcher ever coded, and it's already quietly hardening corporate fortresses.  Panic? Prepare? Both? One thing's for sure—there are no do-overs on the blockchain, so let's get into it. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

Anthropic's new model is too dangerous to release publicly. It's already found 20 zero-days. Kain, Taylor, and Austin want to know when it finds the first one in a smart contract. Thank you to our sponsors!⁠⁠⁠⁠⁠⁠⁠ MultiChain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for more than 80 clients, like Pyth, Moonpay Commerce, and Wormhole.  They're the partner you want when you're navigating markets and trying to break out from the noise. They help navigate TGEs, go‑to‑market, BD and partnerships, capital markets advisory, PR, media placements, KOL activations and more, driving execution from launch to scale. Visit multichainadv.com. Bitcoin's application layer, Citrea, launched its mainnet, expanding Bitcoin's utility to privacy, lending, BTC yields, and more. Citrea enables: cBTC: The first trust-minimized Bitcoin on a fully programmable platform. ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the Citrea Ecosystem. Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. Anthropic's Mythos model is so capable that the company restricted access to 12 partners and a $100 million compute budget rather than releasing it publicly. It has already identified 20 zero-day vulnerabilities in decades-old software.  Now the question over DeFi: if Mythos turns its attention to smart contracts, what survives? The Balancer V2 hack rattled assumptions about immutability as a security guarantee.  Kain Warwick, Taylor Monahan, and Austin Griffith of the Ethereum Foundation work through what autonomous AI hacking means for protocols built to be unhackable, why skill files are the sleeper development in the agent stack, how a degen farming bot locked funds in an Aerodrome gauge through a single wrong NFT transfer, and what Anthropic's 89% uptime tells you about the infrastructure running the most powerful AI on earth. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert Guest: Austin Griffith, Ethereum Foundation Learn more about your ad choices. Visit megaphone.fm/adchoices

Will SEC guidance stick around if the administration changes? Commissioner Peirce and Sumeera Younis of the Crypto Task Force answer. Thanks to our sponsors! * Citrea — Bitcoin changed how money works. Citrea changes how Bitcoin scales. Trust-minimized BTC on a fully programmable platform with native stablecoin CTUSD. Get started at citrea.xyz/unchained * Ether.fi — 15% cash back on groceries, restaurants, and rideshares. 3% on everything else. Borrow against holdings at 4% or less. Earn up to 8% APY. Go to ether.fi/unchained. * Multichain Advisors — Emerging technology growth firm with $50B+ in enterprise value created for 80+ clients. TGEs, go-to-market, BD, capital markets advisory, and more. Visit multichainadv.com. The SEC's Crypto Task Force has spent over a year rebuilding a relationship the industry feared was broken for good. Commissioner Hester Peirce and task force Chief of Operations Sumeera Younis explain how the SEC prioritizes crypto policy questions, why tokenization leads the agenda, and what happens to this guidance when the administration changes.  They tackle the gap between large players shaping policy and small builders who want clear instructions, reveal how the SEC and CFTC coordinate to prevent jurisdictional conflicts, and argue that smart contracts and AI could reinvent securities disclosure. Hosts: ⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos, General Counsel at StarkWare. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital ⁠⁠⁠⁠⁠⁠⁠⁠TuongVy Le⁠, General Counsel at Veda Guests: ⁠⁠⁠⁠ Commissioner Hester Peirce, U.S. Securities and Exchange Commission Sumeera Younis, Chief of Operations, SEC Crypto Task Force Learn more about your ad choices. Visit megaphone.fm/adchoices

The Drift hack wasn't a one-off exploit. It was a patient operation spanning months, with nation-state actors working the conference circuit. Then Circle let the hackers take the money. Bitcoin's application layer, Citrea, launched its mainnet, expanding Bitcoin's utility to privacy, lending, BTC yields, and more. Citrea enables: cBTC: The first trust-minimized Bitcoin on a fully programmable platform. ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the Citrea Ecosystem. http://citrea.xyz/unchained =============================================================================== Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else. Your bank is charging you to use your own money. Laura switched and loves her card! Go to http://ether.fi/unchained to claim your offer. =============================================================================== The Drift hack looked like a typical smart contract exploit until the postmortem revealed something far more elaborate: a six-month DPRK intelligence operation involving in-person social engineering at crypto conferences, fully constructed professional identities, and a $1 million deposit to build trust. Then, after $232 million in USDC was stolen, Circle declined to freeze the funds while attackers bridged them across chains for six hours during business hours. Michael Lewellen from Turnkey and Amanda Wick from VerifyVASP tackle what the Drift compromise teaches about operational security in crypto, why Circle's decision raises hard questions about stablecoin issuer responsibility, and whether the legal framework is forcing companies to choose between compliance and doing what's right. Host: Laura Shin, Host / Unchained Guests: ⁠⁠⁠⁠Amanda Wick, Head of Americas at VerifyVASP ⁠⁠⁠⁠Michael Lewellen, Head of Solutions Engineering at Turnkey Learn more about your ad choices. Visit megaphone.fm/adchoices

A nation state hacked a startup and won. The hosts debate who's liable, what's fixable, and what isn't. --- Thank you to our sponsors: Bitcoin's application layer, Citrea, launched its mainnet, expanding Bitcoin's utility to privacy, lending, BTC yields, and more. Citrea enables: cBTC: The first trust-minimized Bitcoin on a fully programmable platform. ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the Citrea Ecosystem. Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card!Go to ether.fi/unchained to claim your offer. ---- North Korea just pulled off the largest DeFi hack of 2026, draining $285 million from Drift protocol in 12 minutes through a six-month social engineering campaign that included face-to-face meetings at industry conferences. Circle had a six-hour window to freeze $232 million in USDC moving through its own bridge and didn't act.  Meanwhile, Iran's IRGC is reportedly collecting crypto tolls at the Strait of Hormuz in USDT via Tron, and the token market is cracking under the weight of 750,000 issuances since 2020 with the median token down 80% from peak.  Ram, Austin, and Chris confront the liability question for stablecoin issuers, whether DeFi's security model can survive nation-state attackers, why Chris is calling for licensed "neoprivateers" to recover stolen funds, and what Franklin Templeton's acquisition of 250 Digital signals about where institutional capital is headed. Hosts: ⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠, Co-Host, President of CoinFund Learn more about your ad choices. Visit megaphone.fm/adchoices

Charles Schwab's chief crypto strategist breaks down why traditional finance valuation frameworks, not narratives, are finally taking hold in digital assets. --- Multichain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for 80+ clients. Services include TGE support, go-to-market strategy, BD, partnerships, capital markets advisory, PR, media placements, and KOL activations. Visit ⁠⁠⁠https://www.multichainadv.com/⁠⁠⁠ --- Charles Schwab recently hired Jim Ferraioli to build a dedicated crypto research team, a signal that institutions are moving beyond narrative-driven investing and are taking this asset class seriously.  In this episode, Steven Ehrlich sits down with Jim to explore how traditional finance valuation frameworks apply to crypto. They discuss Bitcoin's role as a hedge against monetary debasement (not a safe haven), Jim's cost-of-production model for valuing Bitcoin, and why Ethereum's dominance in tokenization matters far more than short-term price action.  Most compellingly, Jim argues that today's Bitcoin prices sit at historical support levels used by the most efficient miners, and that Ethereum's position as the tokenization standard is nearly unshakeable. If you've been waiting for crypto analysis grounded in fundamentals rather than hype, this is the conversation to hear. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jim Ferraioli⁠⁠, Director of Digital Currencies Research and Strategy at Charles Schwab Links: Charles Schwab & Institutional Crypto Research ⁠⁠Jim Ferraioli | Charles Schwab⁠⁠ CoinDesk:  ⁠⁠Liquidity Lifts Bitcoin, but 'Halving Cycle' Fears Could Limit Rally, Says Schwab⁠⁠ Nasdaq:  ⁠⁠Top 4 Reasons More Americans Are Investing in Crypto, According to Schwab⁠⁠ Ethereum Tokenization & Real-World Assets Coindesk:  ⁠⁠The Tokenization Boom: Why Ethereum Remains the Rails for RWA Tokenization⁠⁠ Quantum Computing Risk CoinDesk:  ⁠⁠Bitcoin Isn't Under Quantum Threat Yet, but Upgrading Could Take 5-10 Years⁠⁠ ⁠⁠How Bitcoin, Ethereum, and Solana Are Preparing for the Quantum Threat Learn more about your ad choices. Visit megaphone.fm/adchoices

The Drift Protocol is down $285 million and Circle has the power to freeze the funds — but won't. Kain, Taylor, and Luca explain why. Thank you to our sponsors! ⁠⁠⁠⁠⁠⁠⁠Fuse: The Energy Network ⁠⁠⁠⁠⁠⁠ – Shift your energy use and earn rewards. ⁠⁠⁠⁠⁠⁠⁠MultiChain Advisors -⁠⁠⁠⁠⁠⁠⁠ The Growth & Capital Markets Partner You Need The Drift Protocol hack was still unfolding when Kain, Taylor, and Luca went live. Within hours of a suspected admin key compromise, over $285 million had been drained across Solana, with Circle sitting on the ability to freeze the stolen USDC — and choosing not to.  Taylor Monahan, who was already in an active incident response room, walked through exactly how DPRK malware operates silently on devices for months before striking, why standard antivirus software won't catch it, and what the Axios supply chain attack revealed about the vulnerability of open source infrastructure.  Then the conversation shifted to the Claude Code source leak — what it actually reveals about how the most sophisticated agentic coding harness in the world was built, and why Kain thinks a new Anthropic model may be days away. Hosts: ⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠⁠, CEO of Pudgy Penguins Links Unchained: Drift Protocol Coverage — Search unchainedcrypto.com for current coverage Related: SEAL 911 — Volunteer crypto incident response group Drift Protocol Axios npm package — Supply chain attack vector discussed CrowdStrike EDR — Recommended endpoint detection tool Claude Code — Subject of source leak discussion Learn more about your ad choices. Visit megaphone.fm/adchoices

The Chopping Block crew and Wintermute's Evgeny Gaevoy debate whether Canton is truly permissionless, if Ethereum Foundation should double down on cypherpunk ideals or embrace institutions, and how AI-driven attacks are forcing everyone in crypto and open source to rethink security models. Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week we've got Evgeny Gaevoy, Founder of Wintermute, known for sharp takes and sharper trades. First up, the group unpacks the Twitter war over enterprise chain Canton—does it deserve to be called “permissionless”, or is it just TradFi with extra steps? Cue the Solana–Ethereum truce, and a rare moment where every old-school degenerate finds a common enemy. Evgeny makes a strong case for why, despite years of jokes at the Ethereum Foundation's expense, he thinks they're finally ahead of the curve by doubling down on cypherpunk roots—even if it makes ETH a little more Linux and a little less Nasdaq. But does decentralization matter if stablecoins and institutions now control the fork-choice? Haseeb and Evgeny spar over whether Ethereum's “world computer” vision means inviting in the corporate crowd or keeping the punk sanctuary alive. The mood shifts as the hosts dig into crypto's unfolding security meltdown: AI-written hacks, NPM supply chain fiascos, and what that means for the future of open source in crypto. Plus, a fresh new hack (RIP Drift), and predictions on how defensive tech (or lack thereof) will shape the next cycle. Barstool banter, spicy takes, and zero investment advice as always—let's get into it. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

When do oil prices force a ceasefire? Why is crypto holding firm while equities crack? And does Canton or Ethereum win the institutional race? --- Thank you to our sponsor: ⁠⁠⁠Nexo⁠⁠⁠ — the premier digital wealth platform. Receive interest on your digital assets, borrow against them without selling, and trade a wide range of cryptocurrencies all in one place. Now available in the US with 30 days of exclusive privileges for new clients. Get started at ⁠⁠⁠nexo.com/unchained⁠⁠⁠. ---- Bond market tightening has become the invisible hand constraining every policy decision, from Iran talks to stimulus spending.  With Brent crude at $107 and the 10-year yield climbing, asset prices face a cascade of headwinds: inflationary supply shocks, tightening financial conditions, and no clear off-ramp for a conflict that the IRGC shows no appetite to negotiate.  Yet within crypto, a sharper debate is emerging: does institutional adoption demand Canton's permissioned structure, or can Ethereum survive with real-world assets on a permissionless layer?  Austin, Ram, and Chris dig into the structural fault lines that the macro backdrop is now exposing, and why market-timing in a conflict where you don't know who the endgame negotiator is may be the wrong frame entirely. Hosts: ⁠⁠⁠Austin Campbell⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠Ram Ahluwalia⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠Chris Perkins⁠⁠⁠, Co-Host, President of CoinFund Learn more about your ad choices. Visit megaphone.fm/adchoices

Charles Schwab's chief crypto strategist breaks down why traditional finance valuation frameworks, not narratives, are finally taking hold in digital assets. --- Multichain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for 80+ clients. Services include TGE support, go-to-market strategy, BD, partnerships, capital markets advisory, PR, media placements, and KOL activations. Visit ⁠https://www.multichainadv.com/⁠ --- Charles Schwab recently hired Jim Ferraioli to build a dedicated crypto research team, a signal that institutions are moving beyond narrative-driven investing and are taking this asset class seriously.  In this episode, Steven Ehrlich sits down with Jim to explore how traditional finance valuation frameworks apply to crypto. They discuss Bitcoin's role as a hedge against monetary debasement (not a safe haven), Jim's cost-of-production model for valuing Bitcoin, and why Ethereum's dominance in tokenization matters far more than short-term price action.  Most compellingly, Jim argues that today's Bitcoin prices sit at historical support levels used by the most efficient miners, and that Ethereum's position as the tokenization standard is nearly unshakeable. If you've been waiting for crypto analysis grounded in fundamentals rather than hype, this is the conversation to hear. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Jim Ferraioli, Director of Digital Currencies Research and Strategy at Charles Schwab Links: Charles Schwab & Institutional Crypto Research Jim Ferraioli | Charles Schwab CoinDesk:  Liquidity Lifts Bitcoin, but 'Halving Cycle' Fears Could Limit Rally, Says Schwab Nasdaq:  Top 4 Reasons More Americans Are Investing in Crypto, According to Schwab Ethereum Tokenization & Real-World Assets Coindesk:  The Tokenization Boom: Why Ethereum Remains the Rails for RWA Tokenization Quantum Computing Risk CoinDesk:  Bitcoin Isn't Under Quantum Threat Yet, but Upgrading Could Take 5-10 Years How Bitcoin, Ethereum, and Solana Are Preparing for the Quantum Threat Learn more about your ad choices. Visit megaphone.fm/adchoices

Chaos Labs' Omer Goldberg unpacks the $285 million Drift Protocol exploit. Did the perp DEX fail to implement best practices? Sponsored by ⁠Nexo⁠: A crypto lending and borrowing platform that lets users earn interest on digital assets and access credit against their holdings. Now available in the US with exclusive privileges for new clients. Get started today:⁠ http://nexo.com/unchained⁠ Solana's biggest perp DEX Drift Protocol was exploited for $285 million on April Fool's Day in a compromise observers have described as “methodical” and “chilling.” Chaos Labs founder Omer Goldberg unpacks how the exploit, which is among the 10 largest in DeFi history, went down, including how hackers leveraged a Solana feature to lie in wait without triggering alarms and how the attack bore some resemblance to the Mango DAO and Resolv exploits. He also weighs in on criticism against Circle for its slow response and whether the exploit has the markings of a North Korean state sponsored attack. In Omer's telling, the loss could have been avoided.  Listen to find out more! Guest: ⁠Omer Goldberg, Founder and CEO of Chaos Labs Previous appearances on Unchained: How the Resolv Hack Was a Web2 Exploit, Not a Crypto One - Uneasy Money Links Unchained: Drift Protocol Suffers $285 Million Exploit After Admin Key Compromise and Oracle Manipulation Uneasy Money: How the Resolv Hack Shows an Audit Doesn't Mean ‘Secure' The Mango Markets Attacker on Whether His ‘Trade' Was Ethical or Not North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them? Learn more about your ad choices. Visit megaphone.fm/adchoices

Former FTX General Counsel Ryne Miller joins the DEX in the City crew to unpack the CFTC's crypto moves. Does the agency have the staffing to achieve its “aggressive” agenda? Thanks to our sponsor, Nexo, the premier digital wealth platform. Receive interest on your digital assets. Borrow against them without selling. Trade a variety of cryptocurrencies. All in one platform. Now available in the U.S. Get started today at nexo.com/unchained. The Commodity Futures Trading Commission under Chair Mike Selig has unveiled an expansive agenda across artificial intelligence, crypto and prediction markets.  Former CFTC staffer and FTX General Counsel Ryne Miller joins DEX in the City hosts Vy Le and Jessi Brooks to unpack the agenda and answer whether the regulator has the resources to fulfill it. According to Miller, the agenda could see the agency return to a schedule similar to the Dodd-Frank era under then-Chair Gary Gensler.  Beyond the CFTC's regulatory moves, Miller also weighs in on the growing bans on the use of prediction markets by certain officials. Find out why he says it is a trend that is likely to continue. Plus, should Canton be segregated from other blockchains? Hosts: ⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital ⁠⁠⁠⁠⁠TuongVy Le, General Counsel at Veda Guest: ⁠Ryne Miller, Partner at Morrison Foerster & Former FTX General Counsel Links: Unchained: CFTC Clears Path for Phantom to Bridge Crypto Wallets and Derivatives CFTC Moves to Rein In Prediction Markets as Industry Booms SEC and CFTC Move Toward Unified Crypto Rules Crypto Startup Bet on Its Own Fundraise on Polymarket, Then Apologized How Prediction Markets Make Espionage So Much Easier — and Risk National Security Visa Approves Its First Blockchain Governance Proposal, Joining Canton Network as Super Validator Learn more about your ad choices. Visit megaphone.fm/adchoices

Google just set a deadline. Quantum computers could break Bitcoin's encryption by 2029. Are blockchains ready? Sponsored by ⁠Nexo⁠ Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges.  Get started at http://nexo.com/unchained Google and Oratomic published quantum computing research on the same day, and together they redraw the timeline for when blockchains need to be post-quantum secure. Google's paper, co-authored by Ethereum Foundation researcher Justin Drake and Stanford cryptographer Dan Boneh, estimates 2029 for breaking the elliptic curve cryptography that protects Bitcoin and Ethereum. Oratomic's findings are sharper: utility-scale quantum computers may need only 10,000 qubits, not the millions previously assumed, and the company already has 6,000 in the lab. With 6.7 million BTC in vulnerable addresses and a newly identified 9-minute attack window on unspent Bitcoin transactions, the question is no longer whether blockchains need to migrate. It's whether they can do it fast enough. Guests: ⁠Alex Pruden, Co-Founder & CEO, Project Eleven ⁠Dolev Bluvstein, CEO of Oratomic Links: Unchained: Q-Day Is Imminent. Can Bitcoin Survive the Quantum Threat? Solana Deploys Post-Quantum Signatures on Testnet Is Nic Carter Exaggerating Bitcoin's Quantum Risk? Yes, Says One Core Dev Research Papers: Google: Securing Elliptic Curve Cryptocurrencies Against Quantum Vulnerabilities Oratomic: Shor's Algorithm with as Few as 10,000 Reconfigurable Atomic Qubits (arXiv) Caltech: Useful Quantum Computers Could Be Built with as Few as 10,000 Qubits Companies & Tools: Project Eleven Project Eleven: Yellow Pages Oratomic BIP 360: Pay-to-Merkle-Root (P2MR) Standards & Infrastructure: NIST Post-Quantum Cryptography Standards Cloudflare: State of the Post-Quantum Internet Google Quantum AI: Willow & Error Correction Algorand: Quantum-Resistant Falcon Signatures Learn more about your ad choices. Visit megaphone.fm/adchoices

Oil above $100, Qatar's LNG infrastructure in ruins, and a 150-year-old grid buckling under AI-era demand: Sean Murray breaks down why energy has an L1 problem and how Fuse is building the crypto-native fix. --- Multichain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for 80+ clients. Services include TGE support, go-to-market strategy, BD, partnerships, capital markets advisory, PR, media placements, and KOL activations. Visit https://www.multichainadv.com/ --- A $5 billion UK energy company built by Revolut alumni is about to launch a new token, and they already have an SEC no-action letter to back it up.  But the real story starts with the grid itself. European gas prices are running 50-70% above normal. Multi-billion dollar LNG facilities damaged in recent attacks could take years to repair. And a power grid designed 150 years ago is buckling under AI data centers, EVs, and renewables it was never built to handle.  Sean Murray, Fuse Energy's crypto lead, joins Steven Ehrlich to lay out why an estimated $70 billion in clean energy has been wasted because the grid can't move it, why that congestion problem mirrors crypto's own L1 scalability crisis, and how coordinating millions of smart home devices through a token-incentivized network could fix it. Host: ⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich, Head of Research, SharpLink Guest: ⁠⁠⁠⁠Sean Murray, Head of Special Projects & Crypto Lead, Fuse Energy — Previously part of the Revolut early team; now leading Fuse's crypto strategy and DePIN network launch for a vertically integrated energy company doing ~$500 million in annual revenue across the UK and Europe. Learn more about your ad choices. Visit megaphone.fm/adchoices

Will AI agents use cards or stablecoins? Here's how two crypto VCs see the agentic future shaping up. Sponsored by Nexo: A crypto lending and borrowing platform that lets users earn interest on digital assets and access credit against their holdings. Now available in the US with exclusive privileges for new clients. Get started today: http://nexo.com/unchained What happens when merchants are code instead of storefronts? Noah Levine and Robbie Petersen debate whether stablecoins or cards win in an agentic economy, and more importantly, where the profit pools end up. One sees headless merchants driving a new payment stack; the other warns that front ends never fully disappear. Both agree on this: traditional fraud detection will likely fail against AI behavior patterns, and the rails question masks a deeper problem of regulatory and social inertia. The outcome hinges on whether permissionless infrastructure can outcompete existing payment incumbents, and whether agentic commerce actually scales beyond niche use cases. Guest: Noah Levine, Partner at a16z Robbie Petersen, Junior Partner at Dragonfly Learn more about your ad choices. Visit megaphone.fm/adchoices

Chaos Labs' Omer Goldberg joins the crew to dig into the Resolv Labs exploit. Why was the USR minting function controlled by a single key? And how did audits miss it? Thank you to our sponsors! ⁠⁠⁠⁠⁠⁠Fuse: The Energy Network ⁠⁠⁠⁠⁠ – Shift your energy use and earn rewards. ⁠⁠⁠⁠⁠⁠MultiChain Advisors -⁠⁠⁠⁠⁠⁠ The Growth & Capital Markets Partner You Need ⁠⁠⁠⁠⁠⁠Crypto Tax Girl $25 million extracted and millions more in bad debt across lending protocols. Chaos Labs founder Omer Goldberg joins Uneasy Money hosts Kain Warwick, Luca Netz and Taylor Monahan to unpack the Resolv exploit. They dive into how the exploit reveals DeFi's basic OpSec and risk judgement failings. Omer highlights the various ways it could have been prevented as Tay says protocol audits have become “security theater.” Kain questions Morpho's curator model after its pools were hit hard as the contagion spread. He also highlights markers that suggest the exploit may have been executed in panic. Beyond the Resolv exploit, the crew highlights that Aave v4 has made it out of governance, discussing the motivations behind the upgrade and whether the hub and spoke model will impact listing standards. Hosts: ⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠, CEO of Pudgy Penguins Guest: Omer Goldberg, Founder and CEO of Chaos Labs Links: Unchained: Aave V4 Clears First Governance Vote with 100% Support After Months of Internal Conflict Stani Kulechov on Why Aave Labs Is Putting Itself at the Mercy of the DAO How Aave Labs and the DAO Should Split Ownership of the Brand – Uneasy Money Learn more about your ad choices. Visit megaphone.fm/adchoices

Trump pulled off a five-day ceasefire nobody expected. Ram calls it the greatest TACO of his career. --- Thank you to our sponsor: Nexo — the premier digital wealth platform. Receive interest on your digital assets, borrow against them without selling, and trade a wide range of cryptocurrencies all in one place. Now available in the US with 30 days of exclusive privileges for new clients. Get started at nexo.com/unchained. ---- Trump announced a five-day pause on strikes against Iranian energy infrastructure just hours before his own 48-hour ultimatum expired. Oil crashed below $90. Bitcoin surged from $68,200 to above $71,000. Ram called it the greatest TACO of Trump's career and said the Trump put is officially here. Meanwhile the Fed held rates steady but the dot plot revealed a historically wide internal split: seven members want zero cuts in 2026 while five want 50 basis points or more. Powell warned inflation isn't coming down as hoped with projections now at 2.7% for headline.  And in tech, Elon Musk unveiled a $25 billion chip fab that Ram says is pure fiction while Bezos raised $100 billion to buy manufacturing companies and transform them with AI. Hosts: ⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠, CFA, CEO and Founder of Lumida ⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠Christopher Perkins⁠⁠⁠⁠⁠⁠, Managing Partner and President of CoinFund Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin dropped under $69K even as the SEC and CFTC create more clarity for crypto, and agentic commerce looks like it will reshape the sector. --- Thank you to our sponsor, MultiChain Advisors --- Bitcoin dropped under $69K after the Fed, ECB, and Bank of England all held rates steady this week, while Australia hiked. Kaiko's Laurens Fraussen joins to explain what's actually happening beneath the surface, from collapsing liquidity to a quiet geographic shift in who's buying. He also makes the case that agentic commerce could reshape how crypto payments work entirely and we break down why the market mostly shrugged at the latest crypto guidance from the SEC and CFTC. Host: ⁠⁠⁠⁠⁠Steven Ehrlich⁠, Host of Bits + Bips: The Interview Guest: ⁠Laurens Fraussen, Research Analyst at Kaiko Links: Bitcoin, Markets, and the Iran Conflict Bitcoin Holding at $70,000 as Iran War Stokes Inflation Concerns — Bloomberg These 3 Charts Show Bitcoin's War-Linked Selloff Keeps Shrinking as Iran Conflict Worsens — CoinDesk What Bitcoin's Falling Hash Rate Might Mean for Prices — CoinDesk What's Next for Bitcoin Price Amid Iran War and Oil Prices Surge — DL News Central bank rate decisions Fed Interest Rate Decision March 2026: Holds Rates Steady — CNBC Fed Meeting Recap: Powell Says Inflation Isn't Coming Down as Much as ‘Hoped' — CNBC Bank Rate Maintained at 3.75%, March 2026 — Bank of England ECB, BOE, Swiss National Bank, Riksbank Interest Rate Decisions — CNBC ECB Holds Rates, Predicts 2.6% Inflation for 2026 — Central Banking SEC/CFTC Interpretive Guidance SEC Clarifies the Application of Federal Securities Laws to Crypto Assets — SEC.gov Joint Interpretation From the SEC and CFTC on Certain Types of Crypto Assets — Free Writings & Perspectives SEC Names Bitcoin, Ether, Solana and 13 More Crypto Assets Digital Commodities — FinTech Weekly Agentic Commerce and Payments Stripe-Led Payments Blockchain Tempo Goes Live With AI Agent Protocol — CoinDesk Stripe and Paradigm's Tempo Mainnet Goes Live for Machine Payments — Crypto.news Coinbase-Backed AI Payments Protocol Wants to Fix Micropayments but Demand Is Just Not There Yet — CoinDesk Google Agentic Payments Protocol + x402: Agents Can Now Actually Pay Each Other — Coinbase Google Debuts ‘Universal' Protocol for Agentic Commerce — PYMNTS Coinbase and Cloudflare Will Launch the x402 Foundation — Coinbase World Launches AgentKit With Coinbase-Backed x402 to Verify Human Identity Behind AI Agents — CoinDesk Learn more about your ad choices. Visit megaphone.fm/adchoices

Adeniyi Abiodun, co-founder and CPO of Mysten Labs,  walks through how Hashi works and how it differs from the competition. Can it succeed where others have failed? Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges.  Get started at ⁠nexo.com/unchained⁠ Mysten Labs has announced Hashi, a protocol designed to unlock several financial applications for native Bitcoin in a trust minimized way. Mysten Labs co-founder Adeniyi Abiodun walks through how Hashi works and how it differs from wrapped Bitcoin tokens and L2s. He says the protocol is built with institutions in mind, highlighting for one that it does not trigger a tax event like alternatives and also comes with low-premium on-chain Bitcoin denominated insurance. Listen to find out how Hashi manages these and more. Will Mysten Labs succeed in unlocking Bitcoin's long-desired $1.4 trillion liquidity? Guests: ⁠⁠⁠⁠Adeniyi Abiodun, Co-Founder and CPO of Mysten Labs Links Unchained: Sui Blockchain Restored After Six-Hour Outage Sui-Based Typus Finance Loses $3.4 Million in Hack Coinbase's cbBTC Crosses $1 Billion Market Cap, Deploys on Solana New Bitcoin Liquid Staking Protocols Aim to Replicate Lido's Success Kraken Launches Wrapped Bitcoin Token kBTC Top Wrapped Bitcoin (WBTC) Alternatives You Should Know About Learn more about your ad choices. Visit megaphone.fm/adchoices

The crew unpacks the significance of the Trade[XYZ] S&P 500 license, why Vanity Fair's recent crypto piece is so controversial and whether the EF is returning to “communism.” Thank you to our sponsors! ⁠⁠⁠⁠⁠Fuse: The Energy Network ⁠⁠⁠⁠ – Shift your energy use and earn rewards. ⁠⁠⁠⁠⁠MultiChain Advisors -⁠⁠⁠⁠⁠ The Growth & Capital Markets Partner You Need Trade[XYZ] has obtained a license from the S&P Dow Jones Indices to offer S&P 500 perps on Hyperliquid. A crypto trader lost $50 million in a single Aave swap. A Vanity Fair crypto shoot and article is sparking backlash. And the Ethereum Foundation has unveiled a “new” mandate. Uneasy Money hosts Kain Warwick, Luca Netz and Taylor Monahan dig into what the S&P license means for crypto with Kain saying it is not priced in yet. They also debate whether DeFi frontends should block high slippage swaps after the recent Aave swap gone wrong. Plus, did Vanity Fair intend to mock crypto? Luca shares how he dodged the bullet. Tay explains why OpenSea founder Devin Finzer and his wife got the most heat. Kain lets slip how he found himself on the New York Times for buying Trump's memecoin. And why Kain does not think the Ethereum Foundation's new mandate matters in the long-run. Hosts: ⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠, CEO of Pudgy Penguins Links: Unchained: S&P 500 Gets First Officially Licensed Onchain Perpetual, Landing on Hyperliquid Dueling Post-Mortems Reveal How a $50 Million DeFi Swap Went From Bad to Catastrophic Ethereum Foundation Codifies Its Own Obsolescence in New Mandate Learn more about your ad choices. Visit megaphone.fm/adchoices