RECENT EPISODES
Fri 6 NovThe Chopping Block: The Midterm Mega Tsunami, a16z Goes Frontier, the CFTC Clears Equity Perps, and the Fight Over Abliterated AI ModelsA Democratic midterm wave was reflected unusually well by prediction markets, though speakers questioned whether it signaled strong support for Democrats and saw uncertain prospects for crypto legislation. The CFTC’s position that single-stock perpetuals can trade on certain registered venues drew lawsuits from Cboe and Citadel and could benefit Hyperliquid. The discussion also examines a16z Crypto’s expansion into a16z Frontier and the dispute over whether “abliterated” AI models enable dangerous misuse or valuable defensive research.Thu 5 NovUneasy Money: What the $6B Binance Hack Revealed About Who Can Freeze Stolen FundsThe $6 billion Binance incident exposed how quickly stablecoin issuers can freeze funds—and how much harder it is for DeFi protocols to respond. The discussion traces stolen assets through Ethereum and Aave, where borrowing against freezeable stablecoins offered a route into ETH, and examines Synthetix’s decision to seize stolen SNX. It also weighs the legal stakes after THORChain processed DPRK-linked funds despite an FBI warning.Thu 5 NovWhat the 2026 Midterm Elections Mean for Crypto Regulation and the Clarity ActThe episode examines how the 2026 midterms could reshape crypto’s ties with Congress and the Clarity Act’s prospects: Justin Slaughter puts passage before the election at 5% and doubts a Democratic-controlled lame-duck Congress will act. The speakers also consider a possible Democratic market-structure bill, scrutiny of Trump family crypto ventures, and how advocates can build relationships with skeptical lawmakers before 2028.Tue 3 NovHow North Korea Stole $6.3 Billion From Binance in 20 MinutesThe episode investigates the October 29 Binance theft, framed as roughly $6.3 billion drained in 20 minutes and attributed to North Korean-linked TraderTraitor, though the entry point and mechanics remain unconfirmed. Speakers examine a possible compromised DevOps laptop, why the breach did not appear to involve leaked wallet keys, and efforts that froze about $3 billion. They also discuss laundering through DeFi and Thorchain’s rapid halt, raising questions about protocol decentralization and national-security pressure.Sat 31 OctThe Chopping Block: The Binance Hack, Circle's Fast Freeze, YC's Crypto Wishlist, and ICE Bringing Hyperliquid Perps OnshoreThe panel unpacks reports of a roughly $5 billion Binance compromise, the rapid freezing of stablecoins by Tether and Circle, and unresolved questions about the cause and risks to DeFi. A YC speaker sees crypto adoption advancing despite weak token prices, with stablecoins, tokenized stocks and AI-agent payments among the opportunities. The episode also explores ICE’s agreement with TradeXYZ to bring regulated perpetual futures to U.S. customers, pending CFTC approval, using markets deployed on Hyperliquid.Fri 30 OctBitcoin's Price May Have Bottomed. One Reason Is the AI Debasement TradeAlex Thorn argues Bitcoin may have bottomed in late June after holding above its roughly $75,000 50-week moving average, with longer-term buyers helping support the rebound to around $80,000. He also explains how the AI buildout—and potential money creation to finance or rescue it—could strengthen Bitcoin’s appeal as a hedge against monetary debasement, while noting that an equity shock could still weigh on prices.Thu 29 OctUneasy Money: Why Anthropic's IPO Governance Has Crypto Veterans WorriedAnthropic’s S-1 raises questions about an unprofitable AI company seeking public-market capital while its revenue surges and falling chip costs could improve its economics. The sharper concern is governance: its seven founders collectively control a 50% voting block and must coordinate, an opaque, untested structure that crypto veterans warn could fracture or fuel internal conflict. The episode examines whether that arrangement can safely steward a company with potentially enormous influence over AI.Tue 27 OctWhy America's New Cyber Privateers Can't Go After North KoreaThe White House’s August order lets approved contractors target criminal groups, but excludes state-backed hackers such as North Korea’s Lazarus Group; federal agencies must authorize and conduct operations against them. Chris Giancarlo and Chris Perkins propose modernizing letters of marque to let private actors take a larger role, but the speakers warn that escalation risks demand government control. They also cite North Korea’s estimated $6–8 billion in cryptocurrency theft, with proceeds supporting weapons proliferation.Sat 24 OctThe Chopping Block: Black October, Banks Blocking AI Agents, Hyperliquid's Blockchain-Not-Bitcoin Moment, and the Visa-Fireblocks RumorBlack October’s wave of critical vulnerabilities triggered service shutdowns and left the scale of exploitation uncertain, with speakers debating whether AI is changing cyber risk. Banks are restricting AI agents amid concerns about unauthorized activity and automated cash movements, while speakers see read-only access as more plausible. Hyperliquid raises the question of whether blockchain markets can thrive without Bitcoin at the center, though its perpetual-futures model may not prove broad TradFi adoption.Fri 23 OctPaperTrade Attracted $140M, Then Changed the Rules. Was It a Bait and Switch?PaperTrade drew about $140 million in USDC before launch, but later said PAPER would not be transferable “at this point,” despite transferability appearing on its roadmap. The change raised bait-and-switch concerns among users who accepted trading losses expecting to sell tokens. Its headline volume may also have reflected token farming rather than demand for leveraged trading, while HyperEVM delays and price-feed exposure created trading risks.Thu 22 OctUneasy Money: Is the Internet Breaking Because Bots Never Get Lazy?Taylor Monahan discusses two seemingly unrelated failures—a PHP remote-code-execution flaw and an Indian certificate authority’s use of private key 4—and how automation can probe weaknesses at a scale human operators do not. The episode covers the challenge of patching PHP’s vast installed base, uneven certificate revocation, and a crypto test where automated transactions tried to claim a dollar from an account with an unguessed number.Wed 21 OctHow Crypto Can Survive If AI or Quantum Computers Break Its CryptographyThe episode examines whether AI or quantum computers could break the elliptic-curve signatures used by Bitcoin, Ethereum and most blockchains, and why the AI threat remains uncertain while quantum risk is expected later. The speakers weigh hash-based and lattice-based post-quantum alternatives, their trade-offs, and the difficulty of migrating networks before exposed keys and assets are at risk. They argue for starting migration planning and building crypto agility, not panicking.Fri 16 OctLedger Wallets Were Drained of $100 Million. Is Self-Custody Still Safe?A supply-chain attack may have drained more than $100 million from Ledger wallets, though that figure is an estimate based on theft-address inflows, not a confirmed total. The reported implants captured users’ 24-word recovery phrases and sent them to attackers via mobile connectivity; how compromised devices entered circulation and how widely they spread remain unclear. The episode examines whether hardware wallets remain a strong self-custody option and why owners of compromised devices should move assets to a fresh wallet.Thu 15 OctUneasy Money: Why Ledger's Supply Chain Became a Nearly $100M TargetThe episode examines reports that genuine Ledger devices in an authorized supply chain were modified with LTE hardware, potentially exposing seed phrases, in a theft estimated at $70 million to $100 million; whether data was transmitted remains unconfirmed. The hosts distinguish this risk from losses caused by phishing and panic, and discuss spreading custody across devices while weighing added protection against recovery mistakes. They also debate AI’s possible role in finding an old XRP code bug and the $250,000 bounty.Thu 15 OctThe Chopping Block: The Ledger Hardware Implant, a Listening Device at OpenAI, Papertrade's 1000x House, and the Death of Technical MoatsThe hosts examine how a Ledger reseller allegedly sold hardware with a concealed implant that could send screen data over LTE and capture setup entropy, amid reports of about $80 million stolen. They discuss an alleged recording device at OpenAI, distinguishing reported facts from unverified claims, and Papertrade’s 1,000x synthetic perps and exposure to oracle and liquidation risks. The episode also debates whether AI erodes technical moats or shifts durable advantages toward data, distribution, security, and financial infrastructure.Wed 14 OctWhy Crypto Buybacks Are 'the Wrong Way to Allocate Capital'The episode argues that crypto startups often misallocate capital when they buy back and burn tokens instead of investing to grow their businesses. Buybacks can signal that a token matters, but may also suggest the team sees few paths to expansion; founders should explain how investment could enlarge a market. The discussion also questions fixed, precommitted buyback plans and considers acquisitions as an alternative for well-funded projects such as Hyperliquid, facing future competition in perpetuals.Fri 9 OctHow NEAR Intents Identified a Suspect and Got Its Stolen Funds BackAfter a $3.8 million exploit targeting USDT on BNB Chain, NEAR Intents traced a flaw in how its multichain system recorded deposits before assets arrived and paused contracts within about 40 minutes. Alex Shavchenko describes how investigators assembled evidence linking exploit accounts to a person or people, while stressing it did not prove who carried out the attack; the funds were eventually returned. Their movement into Monero complicated the recovery.Fri 9 OctThe Chopping Block: Live at TOKEN2049 feat. Balaji Srinivasan & Arthur Hayes on Kazakhstan, Crypto Bunker Mode, and the L2 ShutdownsLive at TOKEN2049, Balaji Srinivasan explains why The Network State moved its headquarters to Kazakhstan, citing its crypto law, resources, and room to build. Arthur Hayes joins a debate over quantum risk, Justin Drake’s call for crypto “bunker mode,” and whether moving assets or preparing a blockchain rewind could help. The panel also examines Blast and Abstract’s shutdowns, the high costs of operating L2s, and whether failed experiments delivered lasting benefits.Thu 8 OctHow OpenAI's Math Dump Has Crypto Rethinking Its Cryptography: Uneasy MoneyOpenAI’s release of 722 math papers, some formalized in Lean, has renewed concern that AI could help break cryptographic systems—but the work did not solve elliptic curves, and the threat remains uncertain. The episode examines whether future computing advances could make crypto keys vulnerable to brute force, the risks of rushed wallet migrations, and the wider implications for HTTPS and internet traffic.Wed 7 OctTHORChain Says It Can't Block North Korean Laundering. Is That True?THORChain’s defense is that its design cannot quickly block North Korean laundering without two-thirds validator approval, which can take days; critics say pauses and other controls could still impede stolen-fund routes. The episode weighs whether intervention would meaningfully obstruct illicit flows or damage the network, and whether validators’ control of vaults makes THORChain more than neutral software, with possible regulatory implications.Mon 5 OctPaid Partnership: How Nexo Wants You To Build Wealth Using CryptoNeil Steinhart explains how Nexo’s Crypto Integration Index measures crypto’s role in long-term wealth planning, finding an average score of 4.83 across the US, UK and Argentina and fewer than 5% of respondents fully integrated. He explores why high ownership, especially in Argentina, doesn’t necessarily mean crypto is a lasting portfolio asset, and discusses how volatility, regulation and the risks of borrowing against crypto shape adoption.Fri 2 OctThe Chopping Block: Bitget's 387 Million Dollar Hack, Kalshi's Cooked Perps Volume, and Agentic Bank RunsThe panel examines Bitget’s roughly $387 million hack, suspected to involve Lazarus Group, and the debate over how crypto protocols should screen stolen funds. It also scrutinizes allegations that Kalshi’s perpetuals volume was inflated by market-maker incentives; the speakers could not verify them, and the Wall Street Journal reported a CFTC investigation. Finally, they weigh whether AI agents shifting deposits toward higher yields could erode banks’ sticky funding and accelerate bank runs.Thu 1 OctIs Hunter Biden's $LAPTOP Coin a Scam? He Says the Wallets Prove It Isn'tHunter Biden defends $LAPTOP against scam accusations, saying on-chain wallets show no project funds have gone to insiders and that 300 million founder-allocation tokens remain locked. He contrasts the token’s community allocation with Trump-branded tokens and explains how a market-maker error, he says, drove an extreme launch valuation that did not reflect real money. The discussion also covers the project’s proposed charity mechanism and Biden’s criticism of Trump’s approach to crypto.Thu 1 OctUneasy Money: The $388M Bitget Hack Started With a Security VendorThe episode examines how a vulnerability in a third-party security product enabled attackers to spoof withdrawals at Bitget, causing an estimated $388 million loss without compromising private keys. It also explores why Arbitrum did not freeze the funds before they moved off-chain, and whether AI-driven growth in code complexity is expanding the attack surface faster than security can keep up.Thu 1 OctDEX in the City: The Hosts Sign Off With Their Best Advice for Women in CryptoThe DEX in the City hosts sign off with candid advice for women in crypto, noting that conditions had not improved that year and urging the industry to make its diverse voices visible. They recommend entering through a problem you care about, learning how the technology and products work, and verifying claims against primary sources. They also discuss navigating male-dominated workplaces, finding supportive peers, and keeping perspective through crypto’s downturns.Wed 30 SeptHow Bitget Is Chasing $388 Million in Stolen Funds After a Zero-Day HackBitget CEO Gracie Chen describes how attackers exploited an undisclosed zero-day in a third-party security product to enter an internal management system and steal about $388 million across multiple chains. Blocking user withdrawals did not stop the separate backend attack, and a second wave took about $30 million during transfers to cold storage.Fri 25 SeptWhy the Crypto Market Cap Could Reach $50 Trillion This CycleRon Neuner lays out a conditional path to a $50 trillion crypto market: Bitcoin reaching $250,000 from the cycle bottom and altcoins rising fivefold. He argues tokenization and social trading are bringing practical use to crypto, while AI agents could add substantial on-chain activity through payments and trading. He also sees a possible shift in U.S. Treasury policy as supportive of markets.Thu 24 SeptWhy Kalshi's Timeline Fight Put Its ETH Perp Volume Under a Microscope: Uneasy MoneyKalshi’s crypto hires drew it into a timeline dispute after Benny and ICO Beast clashed over analysis alleging wash trading and fake volume. Kalshi’s ETH perpetual reportedly had about $3 million in open interest and $500 million in 24-hour volume, a striking ratio that speakers said was not proof of wash trading because traders can turn over positions repeatedly. They discussed volume-based rebates and argued that customer fills and liquidity matter more than headline volume.Wed 23 SeptBits + Bips: Is Bitcoin Finally Being Priced on Fundamentals?Bitcoin’s first weekly close above its 50-week moving average in roughly 45 weeks is challenging the bear-market case, but speakers disagree on whether the rally reflects short covering or sustained spot demand. They also see a possible shift toward valuing crypto on fundamentals as regulatory clarity improves, while the Clarity Act’s uncertain path leaves markets vulnerable to rapid repricing.Wed 23 SeptHow Zcash and NEAR Are Driving This Crypto Bull RunIn this episode, the hosts explore how Zcash and NEAR are driving the current crypto bull run, with Zcash experiencing a 32% increase and NEAR surging 69%. They discuss Zcash's unique privacy features, including zero-knowledge proofs, and its integration with NEAR's multi-party computation for enhanced decentralized finance applications. The episode also highlights upcoming upgrades to Zcash that aim to improve security and scalability, while addressing the growing demand for privacy in blockchain transactions.Fri 18 SeptCrypto's Clarity Act Collapses. Two Days Later, the SEC Introduces Its Innovation ExemptionThe collapse of the Clarity Act has left the crypto community reeling, with political dynamics playing a pivotal role in its failure. Following this setback, the SEC has introduced an innovation exemption for tokenized securities, raising questions about the necessity of comprehensive legislation for crypto regulation. This five-year exemption, however, is limited to one-to-one stock tokens and excludes synthetic derivatives, highlighting ongoing concerns about regulatory stability and the future of the crypto market amid a challenging political landscape.Thu 17 SeptUneasy Money: What Crypto's Gensler Years Say About the AI Slowdown DebateThis episode delves into the implications of Gary Gensler's tenure on crypto regulation, highlighting the SEC and CFTC's struggles with clarity and the impact of recent political dynamics on the market. It also addresses the ongoing debate over AI development, with calls for a slowdown due to safety concerns, while major companies continue to innovate rapidly. The discussion touches on the evolving landscape of crypto, including stablecoin adoption and the challenges faced by AI companies amid regulatory scrutiny.Thu 17 SeptThe Chopping Block: CLARITY Dies on the Senate Floor, Hunter Biden's LAPTOP Rug, & the AI Pause PactIn this episode, the Senate's failure to pass the Clarity bill marks a significant setback for crypto regulation, shifting focus to agency rulemaking amid ongoing political maneuvering. Meanwhile, Hunter Biden's launch of the Laptop Token has seen a dramatic 99.85% drop in value, raising questions about its purpose and effectiveness. The discussion also delves into the call for a pause in AI development, highlighting concerns over risks associated with rapid advancements and the competitive landscape between the U.S. and China.Wed 16 SeptBits + Bips: Would AI Rules Box Out Everyone but the Frontier Labs?This episode delves into the implications of AI regulation, questioning whether new rules will favor large companies over smaller competitors. The discussion highlights the rising demand for computational resources and the potential liability challenges posed by existing hacking laws for AI firms. Additionally, the competitive landscape is examined, with predictions about the dominance of frontier labs like Anthropic and OpenAI, and the future of open-source models in the evolving AI market.Tue 15 SeptGuy Young on Why Ethena Launched a Neobank on Top of Its StablecoinIn this episode, Guy Young explains Ethena's innovative decision to launch a Neobank utilizing its stablecoin, aiming to attract over a million users from outside the crypto realm. He discusses the unique advantages of Ethena's self-custodial model, which offers higher savings yields and a user-friendly app design. Young also highlights the company's strategic rollout across 15 countries and the potential for significant market growth, while addressing challenges in user education and compliance in the evolving financial landscape.Fri 11 SeptShould Stock Tokens Be Limited to KYC'd Users? Or Be Tradeable by Anyone?This episode explores the debate over whether stock tokens should be limited to KYC'd users or accessible to all traders. Brett Redfern discusses Robinhood's entry into the stock token market and the responsibilities of issuers in this evolving landscape. The conversation highlights the different types of stock tokens, the potential for innovation exemptions from the SEC, and the implications of KYC compliance, all while considering the transformative impact of tokenization on market access and efficiency.Thu 10 SeptUneasy Money: Is OpenAI Training on Your Private Chats to Win the AI Race?This episode explores the ethical and security concerns surrounding OpenAI's potential use of private user chats for training its AI models, likening the competitive AI landscape to a rivalry between "tiger moms." It also examines a significant cryptocurrency incident involving a consensus bug that led to unauthorized minting and substantial financial losses, raising questions about the effectiveness of security measures in the sector.Thu 10 SeptThe Chopping Block: FOMO's Co-Founder Defends the Memecoin Trenches, Hunter Biden's $LAPTOP, and AMC vs RobinhoodIn this episode of The Chopping Block, Paul, co-founder of FOMO, defends the platform's role in the meme coin sector, highlighting its innovative on-chain trading features that enhance user experience. He discusses the upcoming Hunter Biden laptop token and its unique airdrop strategy, while also addressing AMC's CEO's criticism of Robinhood's tokenization practices. The conversation delves into the cultural dynamics of meme coin trading and FOMO's vision for a more transparent and engaging trading environment.Wed 9 SeptBits + Bips: AMC's CEO Calls Robinhood's Stock Tokens 'Vile.'AMC CEO Adam Aaron called Robinhood’s tokenized AMC shares “vile” and asked the company to cease and desist; Vlad Tenev said Robinhood stands behind them. The tokens offer stock-price exposure but no ownership or shareholder rights. The discussion weighs whether such synthetic products can help issuers raise capital or merely shift trading risk, and whether they risk confusing price exposure with equity ownership.Mon 7 SeptHow GenLayer Is Building a Court System for Disputes Between AI AgentsIn this episode, Albert Costellana introduces GenLayer, a groundbreaking court system designed to resolve disputes between AI agents efficiently and affordably. The discussion highlights the need for a structured legal framework as AI transactions increase, with GenLayer utilizing blockchain technology to facilitate rapid dispute resolution. Arthur Hayes emphasizes the parallels between AI and human economic behaviors, pointing out the necessity for clear adjudication processes.