Hyperliquid Saved Itself A $15 Million Loss, But Sparked Criticism

28:16

Gene Baur is the founder of Farm Sanctuary, a place of rescue, refuge, and adoption for hundreds of farm animals each year. Farm Sanctuary shelters enable visitors to connect with farm animals as emotional, intelligent individuals. Gene has also led campaigns to change laws about animal treatment and taken undercover photographs of farms, stockyards, and slaughterhouses, documenting deplorable conditions. His pictures and videos exposing factory farming cruelties have aired nationally and internationally, educating millions about the plight of modern farm animals, and his rescue work inspired an international farm sanctuary movement. Once called “the conscience of the food movement” by Time magazine, Gene walks the walk and talks the talk when it comes to food and animal rights. Jay and Gene discuss the political and cultural steps that will bring about the end of factory farming and a healthier approach to animals and food. Today's episode was produced by Tani Levitt and Mijon Zulu. To check out more episodes or to learn more about the show, you can visit our website Allaboutchangepodcast.com. If you like our show, spread the word, tell a friend or family member, or leave us a review on your favorite podcasting app. We really appreciate it. All About Change is produced by the Ruderman Family Foundation. Episode Chapters 0:00 Intro 1:05 The state of veganism 6:18 Cultural shifts around factory farming and veganism 14:58 Gene’s three paths of activism 17:44 Gene’s legislative successes 22:25 Accepting people where they are in their journeys 25:36 Thank you and goodbye For video episodes, watch on www.youtube.com/@therudermanfamilyfoundation Stay in touch: X: @JayRuderman | @RudermanFdn LinkedIn: Jay Ruderman | Ruderman Family Foundation Instagram: All About Change Podcast | Ruderman Family Foundation To learn more about the podcast, visit https://allaboutchangepodcast.com/ Looking for more insights into the world of activism? Be sure to check out Jay’s brand new book, Find Your Fight , in which Jay teaches the next generation of activists and advocates how to step up and bring about lasting change. You can find Find Your Fight wherever you buy your books, and you can learn more about it at ⁠⁠⁠⁠⁠www.jayruderman.com⁠⁠⁠⁠⁠ .…

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Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism - Ep. 807

about a year ago 43:37

MP3•Episode home

Perpetual swap DEX Hyperliquid suffered a whale attack and was on the brink of losing $15 million. It promptly responded in a way that generated a fair amount of controversy.

The founder and CEO of Ambient Finance Doug Colkitt joined the show to explain:

How perp swaps work
How a whale used the low-liquidity memecoin $JELLY to attack Hyperliquid’s vault
How Hyperliquid’s response broke DeFi taboos around decentralization, oracles, etc.
Criticisms of and justifications for the team’s decisions
What can be done to prevent similar attacks in the future

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

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Doug Colkitt, Founder and CEO of Ambient Finance

Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism - Ep. 807

Unchained

2,268 subscribers

published about a year ago

MP3•Episode home

Perpetual swap DEX Hyperliquid suffered a whale attack and was on the brink of losing $15 million. It promptly responded in a way that generated a fair amount of controversy.

The founder and CEO of Ambient Finance Doug Colkitt joined the show to explain:

How perp swaps work
How a whale used the low-liquidity memecoin $JELLY to attack Hyperliquid’s vault
How Hyperliquid’s response broke DeFi taboos around decentralization, oracles, etc.
Criticisms of and justifications for the team’s decisions
What can be done to prevent similar attacks in the future

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

BitKey: Use code UNCHAINED for 20% off
FalconX
Mantle

Guest

Doug Colkitt, Founder and CEO of Ambient Finance

All episodes

Unchained

1
Crypto Firms, Fintechs and Banks Hope to Dominate Stablecoins. Who Will Win? - Ep. 888 50:48

15 hours ago50:48

50:48

Stablecoin-focused blockchains are popping up everywhere. Stripe, Circle, and more are betting they can dominate payments. But are these chains even needed? And will Ethereum ever be ready for real-world assets? Austin Campbell, NYU professor and founder of Zero Knowledge Consulting, joins Unchained to cut through the hype. From why “the market eventually eats you” to how consumers, not companies, could be the real winners, Campbell unpacks the competitive landscape and warns that the ultimate champion might be someone who isn’t even on the field today. Thank you to our sponsors! Walrus Xapo Bank Guest: Austin Campbell , NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Links: Unchained: Circle to Launch Layer 1 Blockchain ‘Arc’ Stripe Is Building Its Own Layer 1 Blockchain: Report Fortune: Top crypto VC Matt Huang to lead Stripe blockchain Tempo as CEO, stay at Paradigm Timestamps: 🎬 0:00 Intro 💸 4:23 Whether the world really needs stablecoin-specific blockchains 🧪 9:45 How Stripe’s Tempo chain could gain an edge in the payments game 🌐 12:25 Why Circle’s Arc might struggle to stand out 🏆 15:19 Who could emerge as the winner of the stablecoin payments race 🗺️ 20:35 What the broader stablecoin chain landscape looks like right now 🏦 23:36 Whether crypto companies have a real shot at disrupting traditional finance 🙋‍ 27:51 Who could end up being the biggest winners 🧱 31:52 Why Ethereum may not be ready for the RWA moment 🔮 34:52 Who’s best positioned to capitalize on the next wave of blockchain-based payments Learn more about your ad choices. Visit megaphone.fm/adchoices…

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The Chopping Block: Corpo Chains, Monero’s AI Vampire Attack, and DAT Mania - Ep. 887 51:39

1 day ago51:39

51:39

Altcoin season meets corporate blockchains as Circle and Stripe launch their own L1s, Monero suffers the biggest 51% attack in history (powered by an AI named “Garth”), and the crew debates whether the DAT boom is heading toward equilibrium or mania. 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. In this episode, the crew dives into the surprising altcoin rally and asks whether ETH still counts as an alt. The big news: Circle unveils Arc, Stripe leaks Tempo — and crypto Twitter is not impressed. We explore why major fintechs are launching their own chains instead of using Ethereum L2s, and whether stablecoin-centric blockchains are the future or just profit grabs. Then: the wildest headline of the week — Monero gets hit with a 51% attack by Qubic, a project training an AI called “Garth,” in what might be the largest attack of its kind. We break down the game theory, the proof-of-work vs. proof-of-stake debate, and what this foreshadows for Bitcoin’s security decades from now. Also: Trump’s executive order opens the door for crypto in 401(k) plans, we speculate about a future GPU debt market crisis, and dissect the state of play in Digital Asset Treasuries (DATs) — including whether yield advantages over staking ETFs mean we’re only halfway to mania. Show highlights 🔹 ETH vs. Alts – Is Ethereum still an altcoin, or has it graduated to “major” status? 🔹 Circle’s Arc & Stripe’s Tempo – Why are fintech giants launching their own L1s instead of using Ethereum L2s? 🔹 Crypto Twitter Backlash – The ethos clash between “public goods” culture and corporate profit motives. 🔹 Monero’s 51% Attack – Qubic’s AI Garth mines enough hash power to take over Monero as a “proof of concept.” 🔹 Game Theory & Chain Security – Why PoW is fun (and dangerous) to reason about, and how PoS differs. 🔹 Bitcoin’s Future Risk – How tail emissions (or lack thereof) could leave BTC open to similar attacks. 🔹 401(k) Goes Crypto – Trump’s executive order allows digital assets in retirement accounts. 🔹 GPU Debt Crisis Fanfic – Tarun’s prediction for a future financial meltdown. 🔹 DATs Debate – Are Digital Asset Treasuries sustainable, or primed for a spectacular unwind? 🔹 Yield Edge over ETFs – Why DATs may outperform staking ETFs in capturing on-chain yield. ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Tom Schmidt , General Partner at Dragonfly Democratizing Access To Alternative Assets For 401(K) Investors https://www.whitehouse.gov/presidential-actions/2025/08/democratizing-access-to-alternative-assets-for-401k-investors/ Timestamps 00:00 Intro 01:01 Crypto Market Sentiments 02:29 Circle’s Arc & Stripe's Tempo 07:34 Corporate Chains vs. L2 Solutions 17:57 Monero's 51% Attack by Qubic 27:11 Real-World & Protocol Incentives 29:33 Monero's Tail Emission & Bitcoin's Future 34:39 Trump’s Executive Order: Crypto in 401(k)s 37:15 Next Financial Crisis? GPU Debt Crisis 41:15 DAT Mania Potential & mNAV Compression Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Bits + Bips: Why ETH Is Soaring and How Long The Rally Can Continue - Ep. 886 1:15:33

3 days ago1:15:33

1:15:33

Ethereum’s rally has captivated the market, but is it really about the GENIUS Act and stablecoins, or just raw flows? In this episode of Bits + Bips, Alex Kruger, Ram Ahluwalia, Steven Ehrlich, and special guest Sid Powell of Maple Finance, dive deep into what’s driving ETH, the macro forces shaping crypto’s next leg up, and whether traders are completely wrong about the Fed’s next moves. From the potential flood of TradFi capital onto the blockchain, to the battle for stablecoin dominance, to whether Solana is about to get a major boost, the conversation dissects the signals in today’s market. Hosts: Alex Kruger , Founder of Asgard Ram Ahluwalia , CFA, CEO and Founder of Lumida Steven Ehrlich , Executive Editor at Unchained Guest: Sid Powell , CEO & Co-Founder of Maple Finance Links: Unchained: Custodia Patent for Bank Stablecoin Challenges Big Banks Entering the Field CBS News: CPI rose in July by 2.7% on an annual basis. Here's what that means. CNBC: Circle shares rise as second-quarter revenue jumps 53% on strong stablecoin growth Fed board contenders Miran, Bullard say Trump's tariffs are not causing inflation CoinDesk. ETH Transaction Volume C Much as $20 limbs on Price Rally, Cheaper DeFi Costs Tom Lee's BitMine Immersion Aims to Raise asB for More ETH Buys Cointelegraph: SharpLink Gaming shares dip after $400M deal to boost Ether holdings Bloomberg: Godfather of the Mar-a-Lago Accord Goes to the Fed Timestamps: 🎬 0:00 Intro 🚀 2:52 Why ETH has been rallying so aggressively 💪 10:14 Why Alex says the ETH rally will continue 📉 12:53 How BitMine and SBET ended up with such wildly different mNAVs 🧾 14:07 How treasury companies are planning to deploy their crypto onchain 🏛️ 18:45 What TradFi institutions are looking for in Maple and other onchain finance apps 📊 28:07 What Alex is watching to signal the next breakout in crypto prices ⛏️ 32:57 Who really makes money during this new gold rush? 🔥 42:15 Why SOL could be on the verge of a big announcement 🧠 44:58 What Ethereum’s core purpose is in this new market cycle 🌍 47:34 How macro indicators are sending mixed signals 🤖 54:31 What the NVDA and AMD revenue shares with the U.S. government mean for the future of capitalism could mean for the broader market 🏆 58:13 Who stands to win big in crypto if the Fed cuts rates 💵 1:03:26 What Circle’s earnings reveal about its business model right now 🛡️ 1:04:33 Whether Custodia Bank’s patent could block big banks from launching stablecoins 📉 1:11:35 Why markets might be totally mispricing the Fed’s next moves Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Which Types of Crypto Assets Make for Good Treasury Companies? - Ep. 885 1:04:07

3 days ago1:04:07

1:04:07

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter In this episode of Unchained, Guy Young, founder of Ethena Labs, and Rob Hadick, general partner at Dragonfly, unpack the emerging wave of Digital Asset Treasuries (DATs) and why altcoins may be the next to follow Bitcoin and Ethereum onto public markets. They explain why StablecoinX, a new infrastructure company within the Ethena ecosystem, is merging with a SPAC to go public on Nasdaq under the ticker “USDE,” anchoring its treasury with Ethena’s ENA token. With $360 million in backing from investors like Dragonfly, Ribbit, Galaxy, and Polychain, the deal is testing whether public equity markets are ready for altcoin-native treasuries. Guy and Rob also discuss why some crypto wrapper stocks are trading at massive premiums, how capital gets misallocated in crypto, and whether ETH staking rewards represent real yield or just inflation. They debate whether this trend is creating lasting infrastructure or just new packaging for old narratives. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Re Guests: Guy Young , founder of Ethena Labs Rob Hadick , General Partner at Dragonfly Timestamps: 🎬 0:00 Intro 🧠 3:29 Why Ethena worked with a team launching an ENA corporate treasury company 💰 10:38 Ways to structure public crypto treasury vehicles 🕵️‍♂️ 16:53 Whether treasury vehicles are just a flashy wrapper for vaporware 📉 22:28 Why Guy says there’s way more VC capital than good ideas in crypto right now 📈 31:20 How some DATs are trading at eye-popping premiums 🤔 37:15 Why Dragonfly backed TLGY but skipped other Bitcoin, ETH, or SOL plays 🏗️ 40:24 How the structure of these public vehicles shapes their value 🔄 47:39 What makes convertible debt different from SPACs or PIPEs 🧾 49:20 How investors should think about these new crypto treasury companies 📊 55:43 How Wall Street is being pitched on Ethena and USDE 💥 59:16 Whether this trend is legit or just another bubble waiting to pop Learn more about your ad choices. Visit megaphone.fm/adchoices…

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The Chopping Block: The New Ethereum Era: High-Stakes Trial, Wall Street Deals, and ETHZilla - Ep. 884 1:03:39

7 days ago1:03:39

1:03:39

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. With special guests: Avichal Garg, Managing Partner at Electric Capital, and Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation. This week we get into one of the most pivotal moments in Ethereum’s history — from the Tornado Cash verdict and its chilling implications for developers, to Wall Street’s growing embrace of ETH through the launch of ETHZilla. The crew unpacks how this trial could redefine developer liability, why Ethereum’s narrative is shifting toward institutional adoption, and what the next decade could look like for the world’s most versatile blockchain. Whether you’re here for the legal drama, the market moves, or the inside scoop from Ethereum’s top builders and investors, this episode delivers the sharp analysis, big-picture context, and unfiltered hot takes you’ve come to expect from The Chopping Block. Show highlights 🔹 Tornado Cash Verdict Breakdown – Haseeb explains the mixed outcome: a conviction on one count, hung jury on the most serious charges, and what it means for Roman Storm’s future. 🔹 Developer Liability in the Spotlight – Why the case sends a chilling signal to open-source and privacy protocol builders across the U.S. 🔹 Inside the Appeal Strategy – How contradictions between DOJ arguments and FinCEN guidance could shape Roman’s path forward. 🔹 Avichal’s Optimistic Take – Why he believes the American legal and political system will ultimately land on the right side of crypto innovation. 🔹 Historical Parallels – Comparing today’s battles over smart contracts and AI to the legal fights over corporations and cryptography in centuries past. 🔹 ETHZilla Unveiled – Avichal introduces Electric Capital’s new Ethereum treasury vehicle, how it’s designed to work, and its potential impact on DeFi. 🔹 Wall Street Meets Ethereum – The crew explores how institutional capital could become a massive “supply sink” for ETH. 🔹 Potential Shakeouts Ahead – Why some public ETH vehicles may face activist investor pressure, M&A, or liquidation if they stay subscale. 🔹 Ethereum Foundation’s Vibe Shift – Tomasz shares how the EF is engaging more openly with the community, leaning into finance, and guiding ecosystem coordination. 🔹 Ethereum’s Resurgence – From legal fights to market dominance, why ETH feels unstoppable heading into its next decade. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly Guests ⭐️ Avichal Garg , Managing Partner at Electric Capital ⭐️ Tomasz K. Stańczak , Co-Executive Director at the Ethereum Foundation ⁠ Disclosures ⁠ Links Beyond Stablecoins: The Case for Ethereum by Maria Shen and Sanjay Shah (Electric Capital) https://electriccapital.substack.com/p/beyond-stablecoins-the-case-for-ethereum Timestamps 00:00 Intro 01:36 Tornado Cash Trial Verdict 06:16 Legal and Industry Reactions 09:25 Future of Crypto Legislation 21:13 Smart Contracts & AI Legislation 27:58 Introduction to ETHZilla 31:47 Community-Oriented Ethereum Initiatives 32:38 Wall Street Money in DeFi 35:08 Activist Investors & Market Dynamics 39:25 TradFi vs. DeFi 44:12 Ethereum Foundation's Cultural Shift 54:13 The Role of Ethereum Foundation Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Can the New Solana Phone Go Mainstream? And What the Roman Storm Verdict Means - Ep. 883 1:29:01

8 days ago1:29:01

1:29:01

Solana Mobile’s Emmett Hollyer joins to talk about the Seeker phone, and former prosecutor Sam Enzer breaks down the partial Roman Storm conviction. This week’s episode features two big stories. 📱 First, Solana Mobile has begun shipping the Seeker, its second-generation crypto smartphone. Emmett Hollyer, GM of Solana Mobile, joins to explain: What’s new in the Seeker and how it compares to the Saga Why he says it’s the most secure phone for crypto How Seed Vault, Seeker ID, and the SKR token could reshape crypto identity, incentives, and adoption ⚖️ Then, we unpack the Roman Storm verdict. The Tornado Cash co-founder was found guilty on just one of three charges. Former prosecutor Sam Enzer explains: Why the outcome is seen as a partial win for crypto Why Storm has strong grounds to fight the verdict What this means for developers building privacy tools and open-source software And whether the remaining conviction might be overturned Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Walrus Xapo Bank Focal by FalconX Guests: Emmett Hollyer , General Manager of Solana Mobile Sam Enzer , partner at Cahill Gordon & Reindel Links: Solana Begins Shipping Seeker Phone Tornado Cash Co-founder Roman Storm Found Guilty on One Count Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Bits + Bips: Why Investors Are Looking at the Jobs Data All Wrong - Ep. 882 1:27:19

10 days ago1:27:19

1:27:19

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter Last week’s macroeconomic data came with a twist: a massive job downward revision from the Bureau of Labor Statistics. But is it a recession signal, or just statistical noise? In this episode of Bits + Bips, Ben Werkman, chief investment officer at Swan Bitcoin, joins hosts Ram Ahluwalia, Noelle Acheson, and Steve Ehrlich to examine why markets shrugged off the data, and what it means for crypto. The panel also discusses: Whether markets are mispricing macro risk How Strategy’s latest capital raise may reflect rising treasury company risk The future of tokenized equity and how Coinbase could unlock private market value New regulatory signals suggesting the U.S. may allow banks to hold crypto The rise of “super apps” blending payments, trading, and custody Thank you to our sponsor! Mantle Hosts: Ram Ahluwalia , CFA, CEO and Founder of Lumida Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Steve Ehrlich , Executive Editor at Unchained Guest: Ben Werkman , Chief Investment Officer at Swan Bitcoin Links: Macro BLS Drama CNN: Trump says the Bureau of Labor Statistics orchestrated a ‘scam.’ Here’s how the jobs report really works NYT: Big Downward Jobs Revisions Could Be a Warning Sign for the Economy CNBC: 'The revisions are hard evidence': White House struggles to justify firing of BLS chief over weak jobs numbers Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets PCE Reuters: US inflation warms up in June as tariffs boost some goods prices Tariffs NYT : Trump’s Tariffs Are Making Money. That May Make Them Hard to Quit. FT: Donald Trump to raise tariffs on India over Russian oil purchases CNBC: EU will delay planned U.S. tariffs for six months to allow for trade talks Crypto earnings season Coverage of $COIN and $MSRT on Bits + Bips: Strategy Had a Massive Quarter: Impressive Numbers, But Are They Sustainable? Coinbase Missed Earnings, But the Bull Case Is Still Intact, Analyst Says Unchained articles: Coinbase Veered From Its Neutral Stance With Base. Could That Bet Go Wrong? How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever Coinbase Expands Into Tokenized Stocks and Prediction Markets How Robinhood's New Crypto Strategy Could Help Its TradFi Ambitions Timestamps: 🎬 0:00 Intro 📉 4:25 Why Noelle thinks we’re looking at the job numbers all wrong 🍔 16:23 Whether the BLS revision is actually a nothing burger 🧊 19:33 How investors are managing to shrug off all the macro noise 🏢 32:37 What surprised Ben about corporate bitcoin adoption and how earnings are shifting the narrative 💰 37:57 Why Strategy is raising capital at sky-high premiums 📊 44:40 How Robinhood and Coinbase stack up by the numbers 📜 51:11 What new signals reveal about the U.S. rewriting financial rules 📱 57:43 How “super apps” are changing the game for crypto and TradFi 📈 1:05:18 Where the panel sees markets heading next 🏛️ 1:13:17 What it might take for governments to start holding crypto Learn more about your ad choices. Visit megaphone.fm/adchoices…

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Jim Bianco on Why 0% Interest Rates and Money Printing Are Gone for Good - Ep. 881 1:06:26

10 days ago1:06:26

1:06:26

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter Has the Fed entered a new era? In this episode of Unchained, macro strategist Jim Bianco of Bianco Research lays out why the current economic cycle is fundamentally different from what came before. He explains the implications of sticky inflation, why 0% interest rates and money printing may be relics of the past, and how the COVID-era economy created lasting structural shifts. Bianco also gives his candid take on how retail investors have changed markets, why the payments system is still stuck in the 1950s, and how stablecoins and tokenized assets could fix that—if regulators allow it. He breaks down the threats facing major players like Coinbase and Robinhood, and shares a bold theory on what really happened during the GameStop short squeeze. Bianco also assesses what could happen if the Fed is politicized — and whether Chair Powell is likely to be replaced. Thank you to our sponsors! Bitwise Ledn Mantle Guest: Jim Bianco , President and Macro Strategist at Bianco Research, L.L.C. Timestamps: 🎬 0:00 Intro 📉 3:36 Why Jim called the latest economic revisions “extraordinary” 🔥11:56 Whether we’ve entered a post-COVID “new normal” of sticky inflation 👔 18:14 Could Trump really fire Powell — and what would that mean for the Fed? 📉 23:36 What happens to markets if Trump pushes through aggressive rate cuts 🛍️ 29:45 How retail investors flipped the power dynamic on Wall Street 💳 26:04 Why Jim says outdated payment rails are holding back stablecoins 🧩 46:17 Jim’s bold theory on how the GameStop halt was really about saving Schwab 🚫 50:12 Why he’s skeptical of the SEC’s “Project Crypto” ⚔️ 57:17 Why Coinbase and Robinhood are bracing for a new wave of challengers ⚠️ 59:28 What could happen to crypto treasury companies in a bear market 🏛️1:01:43 What’s still broken in tokenized stocks — and how to fix it Learn more about your ad choices. Visit megaphone.fm/adchoices…

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The Chopping Block: Tornado Cash on Trial, Crypto Privacy in Crisis, and Robert’s LQR House Takeover - Ep. 880 56:19

13 days ago56:19

56:19

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. In this episode, things get personal as Haseeb and Tom break their silence on the DOJ’s shocking threat to criminally charge Dragonfly over its early investment in Tornado Cash. With Roman Storm’s trial nearing its conclusion, the crew unpacks the unprecedented legal risks facing developers, investors, and privacy protocols and what it means for the future of crypto in the U.S. As Ethereum celebrates its 10th anniversary, a storm brews in court: Samourai Wallet founders plead guilty, the DOJ backpedals on Dragonfly, and Roman Storm faces decades behind bars for writing code. Robert recounts his short-lived microcap M&A adventure (aka the Liquor Store Fiasco), and the gang reacts to a dramatic regulatory about-face from the SEC’s new crypto-friendly regime. Is financial privacy now a crime? Will U.S. law catch up with crypto code? And what happens when TradFi tries to CT a public company? This episode hits hard — and nothing is off limits. Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Dragonfly Named in Court – Haseeb and Tom break their silence after the DOJ threatens criminal charges over Dragonfly’s Tornado Cash investment. 🔹 Roman Storm on Trial – The Tornado Cash co-founder faces up to 45 years as the government tests the limits of crypto developer liability. 🔹 DOJ Walks It Back – After a media firestorm, prosecutors publicly reverse course and say Dragonfly is not a target. 🔹 Samourai Wallet Pleads Guilty – Another privacy project folds under pressure — and possibly to bolster the Tornado Cash case. 🔹 Privacy Protocols Under Siege – The crew asks: Is building immutable software now a criminal act in the U.S.? 🔹 Tarun Breaks Down Autonomous Code – Why the government’s case against smart contracts reveals a deep misunderstanding of how DeFi works. 🔹 Robert’s Liquor Store Saga – CT’s favorite meme investor explains how he tried to take over a public company… and got mega-diluted. 🔹 SEC’s Project Crypto Leaks – Paul Atkins lays out a sweeping vision for crypto-friendly regulation and software protections. 🔹 Crypto’s Legal Future Hangs in the Balance – From subpoenas to policy pivots, this episode explores what’s next for developers, investors, and privacy itself. Hosts: ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Tom Schmidt , General Partner at Dragonfly ⁠ Disclosures ⁠ Links: American Leadership in the Digital Finance Revolution, by Paul S. Atkins, SEC Chairman https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125 Timestamps 00:00 Intro 01:58 Background on Tornado Cash 03:50 Legal Challenges & Sanctions 06:36 DOJ's Actions & Dragonfly's Response 11:25 Implications for Privacy & Crypto 27:06 Samourai Case & Broader Implications 33:37 Robert's Liquor Store Saga 37:17 LQR House Challenges & Legal Issues 46:05 Lessons Learned from the LQR House 50:01 SEC's New Crypto Policy Learn more about your ad choices. Visit megaphone.fm/adchoices…

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In Q2 Earnings, MSTR Surges, and Coinbase Stumbles. But What's Next? - Ep. 879 52:09

14 days ago52:09

52:09

Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting. It’s earnings season in crypto—and the stories couldn’t be more different. Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin’s price and new fair value accounting rules. But can the company keep this up? Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks. In this double interview, Unchained’s Steven Ehrlich sits down with: Lance Vitanza from TD Cowen to break down Strategy’s accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks Owen Lau from Oppenheimer to unpack Coinbase’s earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle FalconX Guests: Lance Vitanza , Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen Owen Lau , Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co Learn more about your ad choices. Visit megaphone.fm/adchoices…

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10 Years In, Here's Why Aave's Founder Isn’t Done Betting on Ethereum - Ep. 878 1:15:56

15 days ago1:15:56

1:15:56

Ethereum just turned 10, and Stani Kulechov, founder of Aave, one of the earliest and most influential lending protocols in DeFi, is more bullish on the OG layer 1 blockchain than ever. In this wide-ranging interview, he reflects on Ethereum’s resilience, explains why Aave is still laser-focused on it despite the rise of competitors like Solana, and gives us a preview of Aave V4 and its institutional play, Horizon. If you want to understand where DeFi is going, you’ll want to hear what Stani has to say . Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Focal by FalconX Xapo Bank Guest: Stani Kulechov , founder and CEO of Aave and ETHLend Links: Recent episode of Unchained with EF’s co-ED Tomasz: As Ethereum Turns 10, Where Is the Foundation Focused Next? Unchained: Aave Labs Unveils V4 Upgrade Proposal, Introducing a Unified Liquidity Layer and 'Fuzzy' Rates DefiLlama: Aave stats Reuters: JPMorgan considers offering loans backed by clients' cryptocurrency holdings Timestamps: 🎬 0:00 Intro 🎉 4:58 What Ethereum’s 10-year milestone means to Stani 🏗️ 9:09 How Aave became the top lending protocol on Ethereum 🧐 13:02 Why Stani has been critical of the Ethereum Foundation 🏦 17:16 How TradFi institutions could quietly run on Aave infrastructure 💸 25:08 What Stani thinks about the complaints over Ethereum revenues and fees 🌉 30:27 Why Aave hasn’t launched on Solana 💼 35:32 How Ethereum treasury companies are putting Aave to work 🔧 41:15 What Aave V4 is bringing to the protocol and why it matters 🌍 48:18 How Horizon could bridge DeFi and real-world assets 🤝 50:43 Why DeFi might thrive even as TradFi and fintech move onchain 🗳️ 57:57 Whether DAO governance is fundamentally flawed Learn more about your ad choices. Visit megaphone.fm/adchoices…

Unchained

1
As Ethereum Turns 10, Where Is the Foundation Focused Next? - Ep. 877 1:20:23

16 days ago1:20:23

1:20:23

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter Ethereum turned 10 on Wednesday, capping off a decade of trials and travails — but also triumphs. After years of being the heart of crypto’s onchain economy, Ethereum stalled last year, losing mindshare and market share to Bitcoin and Solana. During that time, some long-time supporters publicly aired frustrations with the Ethereum Foundation. Now, there’s a palpable shift in energy. In this episode, Tomasz Stanczak, the co-executive director of the Ethereum Foundation, reflects on the 10-year anniversary and talks about what’s ahead. From internal strategy overhauls to his plans to tackle Ethereum’s UX and developer experience, Tomasz shares how the Foundation is trying to re-center Ethereum — and why he’s betting on it for the next decade. He also lays out what he calls a “secondary roadmap,” including bold ambitions like building Ethereum into a platform for AI, machines, and even a new kind of open-source society. Thank you to our sponsors! Ledn Mantle Guest: Tomasz K. Stańczak , Co-Executive Director at the Ethereum Foundation and Founder of Nethermind Links: Unchained: Ethereum Turns 10 Years Old Tomasz’s tweet about the roadmap Timestamps: 🎬 0:00 Intro 🎉 7:46 How Tomasz is reflecting on Ethereum’s 10th birthday and its recent struggles 🧠 10:41 What Ethereum means to Tomasz and how he explains it to the normies 🏗️ 17:28 Why the Ethereum Foundation plays a different kind of role in crypto development 👔 22:59 How Tomasz ended up as co-executive director of the EF 🗣️ 27:25 What he learned from hundreds of conversations about how Ethereum could improve 🎯 29:47 Why the Foundation is now focused on three core goals 💼 36:34 How and why the EF is also embracing business development 🪙 42:40 Why Tomasz wants people minting directly on Ethereum Layer 1 📣 46:14 How the Foundation’s communication strategy has changed and why it matters 📉 52:48 Why the EF isn’t focused on ETH’s price—at least not directly 🧾 57:50 Whether the Foundation is worried about Ether’s shifting asset narrative 🔗 1:03:34 How the EF is working to fix interoperability issues within Ethereum 🏦 1:05:59 Why the Foundation sold ETH to SBET and how its treasury strategy is evolving 🏛️ 1:14:09 How Ethereum became the chain of choice for institutions Learn more about your ad choices. Visit megaphone.fm/adchoices…

Unchained

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Bits + Bips: ETH Makes a Comeback While Crypto’s Animal Spirits Revive - Ep. 876 1:24:23

17 days ago1:24:23

1:24:23

What’s fueling crypto’s market surge? This week on Bits + Bips, Ethereum’s rally has reignited market energy, triggering fresh questions about the return of alt season, and whether Bitcoin’s dominance will continue to fall. With special guests Katalin Tischhauser from Sygnum Bank and Wintermute’s Jake Ostrovskis, we dive deep into how corporate treasuries, tokenized assets, and shifting ETF flows are reshaping crypto’s microstructure. Plus, we dissect the macro impact of rising tariffs, the Fed’s delicate dance with Trump, and whether tokenization could breathe new life into the US dollar. Check out the sponsors who make this show possible! Bitwise Mantle Hosts: Steve Ehrlich , Executive Editor at Unchained Ram Ahluwalia , CFA, CEO and Founder of Lumida Guests: Katalin Tischhauser , Head of Research at Sygnum Bank Jake Ostrovskis , Head of Sales Trading (OTC) at Wintermute Links Markets: Unchained: Spot Ether ETFs Extend 16-Day Inflow Streak With $453 Million DATs: Cointelegraph: Tron Inc. seeks $1B to grow TRX holdings as stock rallies CoinDesk: Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation CEA Industries Inc. Press Release: CEA Industries and 10X Capital, with the support of YZi Labs, announce $500 Million Private Placement to Establish Largest Publicly-Listed $BNB Treasury Company in the World The Block: Specialty finance company Mill City announces $450 million offering to establish corporate Sui treasury Barron's: MicroStrategy to Offer Preferred Stock With a Twist That Could Yield 10% Trump and Powell Fortune: Jerome Powell had a surprise visit from Trump. He's poised to leave interest rates unchanged anyway CNBC: Trump spars with Powell over renovation costs during Fed visit, but backs off firing threats Timestamps: 🎬0:00 Intro 🔥 6:03 Why ETH’s comeback is reigniting crypto markets 🧠 11:23 Why Ram says “animal spirits are back” 💸 15:06 When tariffs could finally start pushing prices higher 📉 18:06 Whether BTC dominance is fading—and if alt season is finally here 🏭 22:27 How tariffs are already hurting some businesses ⚖️ 27:49 Whether Strategy’s new preferred share class adds risky complexity 🏚️ 32:32 Why many new treasury-backed projects might not survive 📊 38:29 Whether these digital asset treasuries (DATs) are trading at unsustainable premiums 🔮 51:28 What the real endgame is for all these DATs ⚔️ 59:00 How the Powell-Trump tension could shake up markets 🔗 1:12:44 Why tokenization is gaining momentum across finance 📈 1:18:55 Whether stablecoins could revive global demand for the US dollar Learn more about your ad choices. Visit megaphone.fm/adchoices…

Unchained

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The Price of PUMP Is at Its Lowest Since the ICO. Will It Recover? - Ep. 875 1:11:57

22 days ago1:11:57

1:11:57

Pump raised $600 million in 12 minutes. Then the token crashed… and sentiment with it. In this episode, Delphi’s Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market. We also get into whether the “everything app” strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity markets. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Focal by FalconX Guests: Simon Smockey , Researcher at Delphi Digital Yan Liberman , Co-Founder of Delphi Digital and Managing Partner of Delphi Ventures Jason Pagoulatos , Head of Markets at Delphi Previous coverage on the ICO: Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media? Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO TG Podcast: Alon: Raising $1B, $PUMP Token, Airdrop, and More Timestamps: 🎬 0:00 Intro 💥 2:53 How Pump’s months-long hype set the stage, and why it may have backfired 🔓 11:07 Whether the lack of investor lockups hurt confidence in the token 😬 17:13 Why Jason found Alon’s post-ICO interview with Threadguy underwhelming 📉 22:52 Why Yan still sees strong risk-reward in PUMP despite the crash 🔥 24:29 What Pumpfun can do now to reignite interest and rebuild momentum 💸 34:19 Whether buybacks or business reinvestment is the better path forward 📱 36:37 How realistic the “everything app” vision is, and whether M&As can save it 🌍 47:16 What strategies could finally bring normies onchain 🧵 53:22 Whether the PUMP launch proves that decentralization is dead Learn more about your ad choices. Visit megaphone.fm/adchoices…

Unchained

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The Chopping Block: The Clarity Act, Stablecoins, and a $120K Bitcoin Boom - Ep. 874 1:07:30

22 days ago1:07:30