Unchained

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Did Arbitrum Violate DRPK's Property Rights? No, Because It Wasn't Their Property Apr 24, 2026

Show notes

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?

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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

Timestamps 🚀 0:00 Introduction 🌉 10:50 How the Kelp DAO hack drained $300M from LayerZero’s DVN 🔍 14:40 Why Taylor says the RPC spoof is scarier than a key compromise 💸 17:08 How the attacker looped rsETH in Aave to amplify the damage ⚖️ 27:08 Why Odysseas thinks bridges carry systemic risk most teams ignore 🔒 42:39 Whether circuit breakers could have stopped the Aave contagion 🏛️ 1:03:09 What Arbitrum’s security council actually did to freeze DPRK funds 🌊 1:13:06 Why Kain calls this a watershed moment for DeFi governance 🎭 1:18:02 How DPRK uses property rights arguments to unfreeze stolen funds 🧠 1:20:42 What Odysseas recommends for teams building DeFi protocols today

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DEX in the City: KelpDAO vs. LayerZero: Who Is Liable When a DeFi Protocol Is Hacked? Apr 24, 2026

Show notes

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?

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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.⁠

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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

Timestamps 🎙️ 0:00 Introduction live from the Eve Wealth Summit, Phoenix 🔓 2:08 What made the Kelp DAO bridge exploit different from past hacks ⚖️ 7:04 Kelp vs. Layer Zero: who bears liability for the $300M loss 👥 11:37 How retail users coming into DeFi change the accountability calculus 🚦 16:38 Vy: Should DeFi adopt rate limits and permissioning constraints 🗳️ 21:09 Ninth Circuit grills prediction markets — what the skepticism signals 🤖 33:38 Amex launches agentic commerce with accountability crypto hasn't built

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The Chopping Block: Kelp DAO Hack Fallout, DeFi Socialized Losses & Arbitrum’s “Reverse Hack” Apr 23, 2026

Show notes

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

🔹 Kelp DAO bridge exploit: $200M minted, North Korea fingered, DeFi lending protocols left holding the bag

🔹 Why LayerZero’s single-validator bridge design was a disaster waiting to happen

🔹 The Spider-Man meme comes to DeFi: KelpDAO, LayerZero, and Aave point fingers

🔹 Aave’s socialized losses headache: who eats the bad debt, L1 vs L2 depositors

🔹 Arbitrum’s Security Council “reverse hack” to claw back stolen ETH—feature or bug?

🔹 DeFi lending protocol design flaws, cascading risks, and pooled markets explained

🔹 Remediation: rate limits, fewer LRTs, and the “surface of death” in risk management

🔹 Rollups & L2s: why “Ethereum with training wheels” isn’t always the goal

🔹 What this week means for DeFi precedent, governance, and future hacks

🔹 DeFi’s growing pains: market demands bailouts, but who should actually pay up?

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly

Guest

⭐️ Monet Supply, Head of Strategy at Spark

Disclosures

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Is Canton Permissionless? CEO Says Yes, but SuperValidators Need Approval Apr 22, 2026

Show notes

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!

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========================================================

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

Timestamps 🎤 0:00 Introduction 🏦 1:55 Why Yuval built Canton to bring capital markets on-chain 🔥 5:41 Where the Canton controversy came from, per Yuval ⛓️ 8:59 What makes a blockchain, per Alex 🔐 16:38 What super validators do and how double spend works on Canton 🗳️ 42:08 What ‘permissionless’ means in the context of Canton 💬 54:40 Why Alex calls Canton a mediated messaging system, not a blockchain 🔎 1:20:53 Yuval admits Canton has no public verifiability

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Strategy's Preferred Stock Is Now a Stablecoin. And DeFi Has a Security Problem. Apr 22, 2026

Show notes

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

Timestamps 🎤 0:00 Introduction 💰 1:49 What Apyx is and how its STRC-backed stablecoin targets 12% yield ⚖️ 6:08 The bull and bear cases for Apyx USD 🔄 10:04 How the two-token model creates yield leverage beyond holding STRC 🌍 16:51 Who the product is for and the path to US markets 📈 21:51 Bitcoin decoupling from equities and the non-consensus rally 🔥 30:15 The $290M Kelp DAO hack: mechanics and who’s to blame 🛡️ 47:07 Should DeFi stop assuming transactions are legitimate by default?

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Bits + Bips: Why Josh Lim Is Optimistic on the Dynamics He's Seeing in Bitcoin Apr 19, 2026

Show notes

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.

Timestamps 🌍 00:03:27 How the Iran war repositioned macro funds into Bitcoin 📊 00:09:40 A possible sell wall at $75-76K? Breakeven holders and miners switching to high-performance compute 📉 00:15:59 Why Bitcoin vol is sub-50 and what the options market is signaling 🔄 00:22:08 ETH outperforming Bitcoin: where the rotation is going 💧 00:26:52 Solana refocusing on stablecoin transport after the Drift hack ⚙️ 00:30:15 Hyperliquid perps, RWA arbitrage, and what 'alt season' looks like now ⚛️ 00:37:26 Quantum risk in Bitcoin: governance failure, trading signals to watch

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The Chopping Block: Quantum FUD, Circle vs. Tether & WLFI Drama Apr 19, 2026

Show notes

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

🔹“Q Day” decoded: What quantum risk really means for Bitcoin and the markets

🔹 How institutional allocators cite quantum FUD — but are they just making excuses?

🔹 Why “watching for Satoshi’s coins moving” would nuke market confidence

🔹 Drift hack dissected: USDC vs. Tether, North Korea fingerprints, and Circle’s PR headache

🔹 Is Circle’s don’t-freeze-without-court-order policy defensible or just bad optics?

🔹 World Liberty Financial’s (Trumpcoin) greatest hits: forced lockups, governance theater, and Justin Sun’s crusade

🔹 Tether’s “PR coup” and the stablecoin migration on Solana

🔹 Are most crypto VCs washed? Debating the right-sizing of venture capital in the bear

🔹 Hot takes on “revenue meta,” mature infrastructure, and why there’s less room for dreamers

🔹 Who’s actually still building in crypto — and why cycles always come back

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly

Guest

⭐️ Joshua Lim, Head of Markets at FalconX

Links:

Joshua Lim’s Q-Day Thread: ⁠https://x.com/joshua_j_lim/status/2044602429002367330?s=20⁠

Disclosures

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How the DOJ and SEC Cases Against BitClout's Nader Al-Naji Collapsed Apr 18, 2026

Show notes

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

Timestamps 🚀 0:00 Introduction 🌱 2:21 Starting Basis and returning $140M from Druckenmiller and Andreessen 💬 9:58 What Nader told Do Kwon before Terra launched 🎬 13:38 How BitClout got Elon, Thiel, and Kim Kardashian claiming coins ✈️ 21:24 The FBI raid, the Turkey trip, and the airport arrest ⚖️ 36:23 Why Nader hired the firm that won’t hire ex-prosecutors 🏦 52:42 How ‘subpoena sniping’ cuts off defendants’ legal funding 🪄 1:11:11 The SEC’s out-of-context quote and what DESO is now

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Uneasy Money: BIP-361 Wants to Freeze Satoshi's Coins. What Happens If It Passes? Apr 18, 2026

Show notes

A Bitcoin developer just proposed freezing wallets that don't upgrade for quantum resistance. Including Satoshi's.

Thank you to our sponsors!⁠⁠⁠⁠⁠⁠⁠⁠⁠

Nexo

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

Timestamps 🎙️ 00:00:00 Introduction ⚛️ 00:00:27 What BIP-361 proposes — and why it's wild even for Bitcoin 📜 00:04:00 Bitcoin history: code-as-code to ossified religion 🔒 00:19:17 How BIP-361 would freeze early wallets and Satoshi's coins 🔑 00:31:05 Satoshi as forcing function: the God candle theory 👻 00:41:57 Who actually wrote Bitcoin? Hal Finney, Adam Back, Kleiman 💰 00:51:22 World Liberty Financial vs Justin Sun: zero token rights 📉 01:06:55 EtherFi leaves Scroll, DNS hijacks, X cashtags: platform risk

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Anthropic's Mythos Is More Powerful Than the U.S. Government's AI. Does That Make Sense? Apr 17, 2026

Show notes

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

Timestamps 🚀 0:00 Introduction 🔬 0:55 Whether quantum computing can actually break Bitcoin 🛡️ 4:15 How StarkWare’s new paper proposes making Bitcoin quantum-resistant 🤖 16:59 Why Anthropic’s Mythos model is a ‘benevolent dictator’ problem ⚖️ 20:09 Whether private AI companies should make national security calls 📋 29:19 What the SEC’s new front-end guidance means for DeFi builders 🗻 35:35 What ‘Reg Crypto’ would actually change for token launches 🔒 45:09 How SEAL911 is building shared security standards for DeFi

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