Avsnitt
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Public crypto treasury companies are in the news right now.
Just this week, Sharplink Gaming announced a $425 million raise to create an Ethereum treasury vehicle, backed by Consensys. Meanwhile, Trump Media said it will buy $2.5 billion worth of bitcoin. And in a headline grab, GameStop revealed a $500 million Bitcoin purchase. There’s even a newly launched XRP treasury company backed by Saudi royal capital.
But why are these vehicles suddenly the structure of choice for accessing crypto exposure? What kinds of assets are best suited for them? And are they safe or a ticking time bomb?
Pantera Capital’s Cosmo Jiang joins Unchained to unpack:
The structures and strategies behind these companies
Why Solana is appearing more than Ethereum (and what that says)
How XRP’s brand power could matter more than its adoption
The risks these vehicles pose to investors and to 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!
Bitkey: Use code UNCHAINED for 20% off
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Guest
Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital
Links
Previous coverage of Unchained on bitcoin treasury companies:
Why Twenty One Capital Is More About Volatility Than Bitcoin
Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed?
Unchained:
Trump Media Confirms $2.5B Capital Raise to Buy Bitcoin
Consensys Leads $425M Raise for SharpLink Gaming’s ETH Treasury Plans
The Block: GameStop buys 4,710 bitcoin for corporate treasury: filing
CoinDesk: VivoPower Raises $121M to Launch XRP Treasury Strategy With Saudi Royal Backing
Bloomberg:
Cantor’s $2 Billion Bitcoin-Backed Lending Arm Makes First Deals
The Stock Market Loves Bitcoin
Timestamps:
๐ 0:00 Intro
๐ 1:57 Why crypto treasury companies are suddenly everywhere
๐๏ธ 5:03 How these vehicles are structured to raise and deploy capital
๐ฒ 8:36 Which strategies carry more risk for investors
๐ 9:57 Pure-play crypto vs. operational businesses: what works better
๐ฐ 12:40 Why these companies often trade at a premium to their crypto
๐ฅ 16:56 Why there’s more buzz around SOL than ETH in these structures
๐ฃ 19:44 How XRP treasury plays are unique … but tied to marketing, not tech
๐โ๏ธ 21:31 Why some investors prefer these stocks over holding actual tokens
โ ๏ธ 24:12 Could these companies pose systemic risks to crypto markets?
๐ 27:58 The key metrics to watch when valuing crypto treasury companies
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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 gang reunites to confront a troubling pattern: we’re making the same mistakes all over again. From the $223 million Sui hack and validator-led censorship to Coinbase’s insider data breach and the Trump token dinner spectacle, this week feels like a remix of the industry’s most painful lessons. The crew reflects on how decentralization is being quietly redefined, why newer chains ignore crypto’s origin story, and what it means when memecoins are the new access pass to political influence. Also: James Wynn’s billion-dollar trades, fading cypherpunk values, and a creeping sense that the crypto future looks a lot like its past.
Show highlights
๐น Sui’s Ethereum Classic Moment – Why freezing a hacker’s funds reopened an old decentralization wound
๐น The Same Mistake Again – Tarun and Robert reflect on the crypto industry’s short memory and long consequences
๐น Coinbase’s KYC Breach – How bribed support agents exposed a broken identity system
๐น The Trump Token Dinner – Steak, disappointment, and the illusion of access in crypto’s weirdest political stunt
๐น The Death of Cypherpunk Values – Haseeb asks: are decentralization and censorship-resistance just legacy slogans now?
๐น Validator Power Creep – The panel debates whether emerging L1s are becoming de facto states
๐น James Wynn’s Trading Circus – A $1.25B long, 40x leverage, and the thin line between marketing and madness
๐น Hyperliquid Stress Test – Robert wonders: is Wynn just a trader, or a protocol’s canary in the coal mine?
๐น The KYC Iceberg – Why crypto keeps leaking private data—and why nobody’s fixing it
๐น Chopping Boomers Mode – When no one gets your Ethereum Classic jokes, maybe the revolution’s over
Hosts
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly
โญ๏ธRobert Leshner, CEO & Co-founder of Superstate
โญ๏ธTarun Chitra, Managing Partner at Robot Ventures
โญ๏ธTom Schmidt, General Partner at Dragonfly
Timestamps
00:00 Intro
01:15 Cetus x Sui Hack
07:56 Ethereum Classic & Crypto History
21:37 Trump Token Dinner Controversy
29:56 Coinbase Ransom Hack
33:49 KYC Data Vulnerabilities
43:02 James Wynn's High-Stakes Trading
Disclosures
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A debate has been heating up on crypto Twitter about Real Economic Value (REV) — a metric meant to measure the value blockchains accrue from user activity. REV includes transaction fees and MEV tips, but excludes issuance — the inflationary rewards paid to validators. Some say it’s the clearest window into genuine usage. Others argue it’s a flawed and misleading proxy.
So we brought the argument to Unchained. Tom Dunleavy, Head of Venture at Varys Capital, says fees are headed to zero, and blockchains shouldn’t be valued like companies. Meanwhile, Austin Federa, Co-founder of DoubleZero, believes REV offers a real lens on activity, maturity, and demand.
The conversation covers:
Whether REV is a meaningful metric (and how to game it)
Whether L2 tokens are fundamentally broken
What happens to security when fees (and MEV) go to zero
If high REV signals product-market fit or just economic noise
How to value blockchains, if not with REV
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Bitwise
Guests:
Tom Dunleavy, Head of Venture at Varys Capital
Austin Federa, Co-founder of DoubleZero
Timestamps:
๐ 0:00 Intro
๐ 2:50 What REV actually measures and why it’s sparking so much debate
๐ธ 4:33 Why fees that don’t go to the protocol are included in this metric
๐ช 14:43 Whether L2 tokens are fundamentally worthless
๐งฎ 15:53 How to factor Ethereum L2s into the REV equation
๐ 18:15 Why Tom thinks all fees are going to zero and what that means for value accrual
๐ 34:06 Austin defends REV and explains why it reflects real user demand
โ ๏ธ 37:07 MEV debate: is it a feature or a flaw?
๐ 42:59 Why Solana might not follow Ethereum’s REV path
๐ก๏ธ 44:18 Who secures the network when MEV goes to zero
๐ค 53:46 Whether high REV means success
๐ซ 59:46 Why Austin calls out Jesse Pollak’s “no sandwiching” claim on Base
๐ 1:02:30 Whether Solana’s Alpenglow proposal could reshape MEV
๐ 1:03:43 How REV might rise even as MEV declines
๐ 1:07:11 Why Bitcoin lives in its own reality when it comes to metrics
๐ฎ 1:09:57 How protocols can game the REV metric
๐ 1:15:19 What other metrics matter when valuing blockchains
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Yield-bearing stablecoins have had decent growth, now topping $6 billion in supply and paying out nearly $600 million to users, according to data from Stablewatch. But just as these products go mainstream, the U.S. Senate is moving forward with a stablecoin bill that could ban them outright in America.
In this episode, NYU professor and Zero Knowledge Consulting founder Austin Campbell joins Laura to break down:
Why yield-bearing stablecoins are under fire in Washington
Why Dems are pushing for the ban and who stands to benefit
How this bill could give foreign issuers an edge over U.S. ones
Whether yield-bearing stablecoins are securities under U.S. law
And what the future holds for projects like Ethena, Sky, and others
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
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Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Unchained:
How the Senate Stablecoin Bill Enriches Corporations at the Expense of Consumers
Stablecoin Bill Passes Key Hurdle: Dems Join GOP to Deliver a Crypto Win
Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill
Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance
Timestamps:
0:00 Introduction
๐ฃ 1:29 Why the new stablecoin bill takes direct aim at yield-bearing stablecoins
๐ณ๏ธ 3:36 How Democrats are driving the push for a ban and what their motivations might be
๐ฆ 6:28 Why calling stablecoins “banks” leads to major policy confusion
๐ 13:49 How the bill could hand an advantage to offshore stablecoin issuers
๐ 19:31 Whether Tether is warning about risk or just protecting its own interests
โ๏ธ 21:09 Are yield-bearing stablecoins actually securities under U.S. law?
๐ฐ 23:40 What real benefits yield-bearing stablecoins offer to users
๐ซ 29:54 Why Austin opposes the proposed 10% interest cap
๐ 32:04 Why Ethena would likely be regulated under market structure rules instead
๐ฐ 35:04 Weekly News Recap
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U.S. credit got downgraded. Fed policy expectations are flipping. And Coinbase hit the S&P 500 (while also being extorted).
But what does all of this mean for crypto?
On this week’s Bits + Bips, James Seyffart, Alex Kruger, Ram Ahluwalia, and Noelle Acheson break down:
Why the Moody’s downgrade doesn’t mean much for markets
Whether Fed rate cuts are now further off than expected
Why Alex says Coinbase is a “horrible product” despite S&P inclusion
How stablecoins tie into U.S. geopolitical strategy
Whether Circle should sell to Coinbase
And what the altcoin ETF delay really tells us
Plus: unemployment, yield curve control, the “Consensus vibes,” and Ram’s wild anecdote about workers gaming unemployment benefits.
Bitwise
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Macro
Reuters: Moody's downgrade intensifies investor worry about US fiscal path
USNews: Trump Tells Walmart to 'Eat the Tariffs' Instead of Raising Prices
Coinbase
Unchained: How the Attack on Coinbase Shows the Dangers of Centralized Exchanges
Fortune: Circle pursues IPO—but talks with Coinbase and Ripple could mean a sale, sources say
CNBC: Coinbase joining S&P 500, replacing Discover Financial
Stablecoin bill
Unchained: Stablecoin Bill Passes Key Hurdle: Dems Join GOP to Deliver a Crypto Win
Timestamps:
๐ 0:00 Intro
๐ณ 2:18 A big reason why the U.S. credit downgrade matters for investors
๐ 7:49 Contrarian take: why souring U.S. debt could also hurt crypto
๐ก๏ธ 15:30 Do tariffs work against the U.S. military and national security?
๐ 20:14 Why the crew flipped on Fed rate cut expectations
๐ 28:35 Is the U.S. about to introduce yield curve control?
๐งพ 35:04 Are the Mag7 stocks the new safe havens in a recession?
๐ 38:54 What if the “Goldilocks” scenario is priced in, and it's wrong?
๐ผ 44:26 Why hedge funds are secretly in a vulnerable position
๐ซฑ 49:15 What the “vibes” at Consensus 2025 revealed
๐ต๐จ๐ณ 50:44 A secret threat that the stablecoin bill poses to China?
๐ 57:43 What Coinbase’s S&P 500 inclusion means and why Robinhood is its biggest threat
๐ 1:07:17 Should Coinbase acquire Circle? Here’s what the panel thinks
โณ 1:13:38 Why altcoin ETF approvals are delayed and wen staking in ETFs?
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Legacy social media platforms lock you in, control your audience, and exploit your data.
Farcaster aims to fix those problems. But how can it attract developers and users in an already saturated media environment?
Developer Ecosystem Lead Linda Xie joined the show to explain:
How Farcaster addresses social media’s structural flaws
How Farcaster’s mini-app ecosystem is helping to grow the user base
The most popular apps taking off on the platform
How the whole crypto community could benefit from gathering on Farcaster
Why she believes crypto communities belong on open, portable networks
And why her family’s history helped her grasp the significance of Bitcoin in 2011
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise
Linda Xie, Developer Ecosystem Lead at Farcaster
Previous coverage of Unchained on Farcaster and social media:
Farcaster Wants to Win Over Crypto. Here’s How It’s Different From ‘Crypto Twitter’
Ethereum Accounts to Post on Social Media More After Criticism
How Decentralized Social Network Farcaster Hopes to Eventually Get to One Billion Users
What is Warpcast Wallet?
Farcaster’s Snapchain
Farcaster’s mini-apps
Understanding Farcaster: A Sufficiently Decentralized Social Graph Protocol
Timestamps:
๐ค 0:00 Introduction
๐คฏ 3:55 How an unusual situation in her family got Linda crypto-pilled
โ๏ธ 7:57 How building legitimacy at Coinbase was crucial for the industry
๐ช 10:20 Xie’s journey from VC to founder
๐ 13:04 How crypto’s adoption has evolved around the world
๐ 16:44 Why Linda decided to build and focus on Farcaster
๐ง 23:31 How Farcaster addresses social media’s structural flaws
๐ 31:14 How mini-apps build Farcaster’s user base
๐ฒ 37:32 Why Warpcast Wallet is a “game changer,” according to Linda
โ 40:19 How Snapchain is used for storing data
๐ท 44:29 What types of developers the Farcaster ecosystem attracts
๐ก 45:20 How Linda aims to make Farcaster easy to understand
โจ 49:50 Linda’s favorite Farcaster mini-apps
๐ 55:10 Attracting the whole crypto community to Farcaster
Thank you to our sponsors!Guest:Links
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Coinbase revealed on Thursday that cybercriminals bribed overseas customer support contractors to steal sensitive customer data as part of a $20 million extortion scheme. While no funds or private keys were compromised, customer names, addresses, and ID documents were exposed for nearly 1% of the company’s 8+ million “monthly transacting users,” according to a blog post.
The story raises tough questions for the entire industry. Is KYC making users more vulnerable? Can human error ever be fully eliminated? And is crypto’s real security problem… people?
Security experts Jameson Lopp, James Wester and Alexander Leishman delve into:
What went wrong at Coinbase
Why human vulnerabilities are still crypto’s biggest risk
Whether KYC makes the problem worse
What companies should do next to protect their users
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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Bitkey: Use code UNCHAINED for 20% off
Mantle
Guests
Jameson Lopp, Co-founder and CTO at CASA
James Wester, Research Director at Javelin
Alexander Leishman, CEO and CTO at River
Links
Coinbase’s blog post: Protecting Our Customers - Standing Up to Extortionists
Coinbase’s SEC filing
Commentary:
Vance Spencer’s tweet
Armani Ferrante’s tweet
Timestamps:
๐๏ธ 0:00 Introduction and ads
๐ 2:30 How hackers tricked Coinbase’s offshore support and why humans remain security’s weakest link
๐๏ธ 6:49 What customer data was leaked and how hackers use it
๐ฏ 13:14 How attackers prey on targets at weak moments
๐ 20:47 Should Coinbase move customer support back to the U.S.?
๐ 26:35 Why KYC protocols might be making users more vulnerable, not safer
๐ก๏ธ 28:48 The best defenses companies can implement to protect users
๐ฐ33:49 Weekly News Recap
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra break down the biggest stories in crypto. This week, we’re joined by one of the most iconic anons on Crypto Twitter: Mosi, aka @vanacharma. Known for calling out sketchy tokenomics and vaporware valuations, Mosi joins the crew for a ruthless teardown of market maker games, OTC dumps, and the “hallucination yield” driving this cycle’s worst bets. From the $60M Movement Labs fiasco to OTC pump schemes and the collapse of community trust, the gang goes deep on why crypto’s market structure is broken—and what it’ll take to fix it. If you’ve ever wondered how the sausage gets made in crypto token launches, this one’s for you.
Show highlights
๐น $60M Movement Meltdown – How a token deal gone wrong became crypto’s latest fiasco and dragged down one of the cycle’s most hyped L1s.
๐น Anon vs. Everyone – Iconic CT anon @vanacharma breaks down the float games, OTC dumps, and tokenomics illusions plaguing the industry.
๐น Market Makers or Middlemen? – When is liquidity real, and when is it just backdoor exits? We unpack how MM incentives are getting abused.
๐น Hallucination Yield & Vapor Valuations – Why funds chase tokens with the fakest traction — and what happens when reality hits.
๐น Are VCs to Blame? – The crew debates whether investors are complicit in these token games or just bad at picking founders.
๐น Pump, Dump, Repeat – How OTC discounts, fake float, and circular trading fuel a Ponzi-like system hiding in plain sight.
๐น Why Retail Gets Burned – Most people never stood a chance. We walk through how asymmetric info and hidden unlocks wreck public buyers.
๐น Can This Be Fixed? – Haseeb and Mosi clash on the path forward: enforceable disclosures, exchange oversight, or do-nothing chaos?
๐น Self-Regulation Is the Only Way Out – Before the SEC nukes everything, the industry must grow up. Here’s where that starts.
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly โญ๏ธRobert Leshner, CEO & Co-founder of Superstateโญ๏ธTom Schmidt, General Partner at Dragonfly
Guest
โญ๏ธ Mosi, Just a Kid from Africa
Timestamps
00:00 Intro
01:22 Mosi’s Crypto Philosophy
03:13 Market Structure Issues in Crypto
08:07 OTC Deals & Market Manipulation
15:36 Fixing the Market Structure
23:56 Self-Correcting Market Dynamics
29:19 VC Incentives and Market Impact
36:08 Retail vs. Institutional Investors
52:26 Superstate's Vision for Onchain Equities
HostsDisclosures
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After the U.S. and China announced a 90-day pause on tariffs, signaling a massive de-escalation of the trade wars, markets rallied.
In this week’s Bits + Bips, the panel covers the biggest macro and crypto forces in motion right now:
Will US-China tariff reset reshape the global economy, or just kick the can down the road?
America’s ballooning deficit and why politicians are spending like it’s wartime.
Why some think ETH has a unique lane to outperform.
How policymakers ignore the power of the crypto community at their own risk.
Plus: Saylor copycats, Solana’s risk-reward balance, and whether stagflation or recession is still in the cards.
Sponsors:
Bitwise
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Steve Ehrlich, Executive editor at Unchained
Guests:
Peter Tchir, Head of Macro Strategy at Academy Securities
Zach Pandl, Head of research at Grayscale
POLITICO: Trump: The EU is ‘nastier than China’
David Bailey and Bitcoin-Native Holding Company Nakamoto Announce Merger with KindlyMD® to Establish Bitcoin Treasury
Unchained: Michael Saylor Copycats Rush to Win the Solana Rat Race. Can Lightning Strike Twice?
Reuters: Brokerages Scale Back Recession Odds After U.S.-China Trade Truce
White House: Joint Statement on U.S.-China Economic and Trade Meeting in Geneva
McKinsey: Chinese Consumption Amid the New Reality
CBS: U.S. Could Face Default by August if Congress Doesn't Address Debt Ceiling, Bessent Says
Stablecoin bill drama
Unchained:
Why the Senate Stablecoin Bill Stalled & What It Means for Crypto
Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill
Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance
A House Hearing on Crypto? More Like a Big, Partisan Fight
Timestamps:
๐ 0:00 Intro
๐จ๐ณ๐บ๐ฒ 3:27 The significance of the U.S.-China tariff pause
๐ 8:55 Is this a global economic reset or just kicking the can down the road?
๐ง๐ผ 20:23 Has Bessent beaten Navarro in the Trump trade tug of war?
๐ 23:11 Whether the U.S.-China relationship is heading for a permanent split
๐ฆ 30:22 Is the U.S. heading for a debt default in August?
๐ญ 38:37 Why more are copying Strategy’s bitcoin playbook
๐ 44:53 ETH’s explosive short squeeze caught traders off guard. Can it continue?
๐๏ธ 52:47 How stablecoin policy suddenly became major political battleground
โ ๏ธ 1:00:20 Are there still stagflation and recession risks?
Hosts:Links
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The Movement Labs scandal exposed more than just one bad deal – it pulled back the curtain on a widespread problem in crypto: how some market makers, founders, and VCs play games to make money — whether the project succeeds or not.
In this episode, Laura speaks with José Macedo of Delphi Labs, Omar Shakeeb of SecondLane, and Taran Sabharwal of STIX to explain:
How market makers are supposed to work, and how they operate in crypto
Why insider selling is more common than you think
How projects like Movement, Mantra, and others exploit launch day hype
Whether VCs often enable this behavior with side deals that retail never hears about
And what the industry needs to do to fix this broken system
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise
José Macedo, founder at Delphi Labs
Omar Shakeeb, cofounder of SecondLane
Taran Sabharwal, founder and CEO of STIX.
Movement Labs:
Unchained: How MOVE’s Contracts Put a Pump and Dump Into a Legal Agreement
CoinDesk: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen
Market making:
The Chopping Block: Can Crypto Clean Itself Up? Market Structure, Trust, and Regulation
Mantra Founder Is Burning 150 Million Tokens. Would He Try to Get Them Returned?
ZachXBT Ties REEF Founders to OM Token Crash
Timestamps:
๐ 0:00 Intro
๐ค 1:51 What Omar’s and Taran’s companies do
๐ญ 3:40 How market making works and how crypto twists the model
โ ๏ธ 9:35 Why crypto’s market maker incentives are broken by design
๐ ๏ธ 16:25 What it would take to fix shady market maker behavior
๐ฉ 26:20 How some founders exploit launch day hype to dump on retail
๐ง 38:11 Did Mantra’s JP pull off a “genius” move or manipulate the market?
๐ 42:22 Whether crypto traders do any research before apeing in
๐ธ 52:48 How founders are incentivized to dump their own tokens
๐ฆ 59:09 Why VCs may be fueling this problem with insider deals
๐ 1:02:37 What crypto needs to learn from traditional finance
โ 1:06:13 The biggest fixes the industry must prioritize to stop these scams
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and special guest Evgeny Gaevoy of Wintermute break down the biggest stories in crypto. This week: the $38M Move token dump exposes the shady side of market making, with shocking incentives that blurred the line between liquidity support and pure exit liquidity. We dig into what really happened, why major VCs looked the other way, and how the entire token launch playbook might be broken. Evgeny joins to give the market maker’s perspective — and to answer the question: how many more of these sh*t shows are still lurking beneath the surface?
Show highlights
๐น $38M Token Dump Exposed – How Movement Labs’ shady deal with Web3Port revealed the dark side of crypto market making.
๐น Market Makers or Exit Liquidity? – Inside the incentive structure that let a market maker dump tokens and split profits with the foundation.
๐น VCs Looked the Other Way – Why top investors backed Movement Labs despite red flags — and what it says about crypto due diligence.
๐น Rushi Gets Fired – The Movement Labs CEO is out after weeks of denial. But was the rest of the team complicit too?
๐น Wintermute’s Evgeny Speaks Out – The biggest market maker in crypto weighs in on shady deals, dump mechanics, and transparency failures.
๐น Airdrops, Float Games, and Retail Rugging – We dissect how token launches get manipulated behind the scenes — and who really pays.
๐น The Case for Disclosure – Why Haseeb argues crypto needs mandatory public disclosures for market making agreements — before regulators step in.
๐น Self-Regulation or SEC Crackdown? – Can the industry grow up on its own… or are we begging for another wave of securities enforcement?
๐น Crypto’s Trust Crisis – Without transparency, the entire token model risks collapse. This episode lays out how to fix it.
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly โญ๏ธRobert Leshner, CEO & Co-founder of Superstateโญ๏ธTom Schmidt, General Partner at Dragonfly
Guest
โญ๏ธ Evgeny Gaevoy, Founder and CEO at Wintermute
Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen by Sam Kessler
๐https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-secret-contracts-shadow-advisors-and-hidden-middlemen
Timestamps
00:00 Intro
01:19 Movement Labs Scandal: Inside the Market Maker Mess
06:26 How Crypto Market Making Really Works
10:54 Rigged from the Start?
17:25 Who Knew What? Movement Labs and the Industry Fallout
25:57 Why Crypto Needs a Market Maker Disclosure
34:45 Transparency vs. Manipulation
38:02 Do Market Makers Control Token Prices?
51:51 The Crypto Market Structure Bill: What’s at Stake
59:18 Can We Fix Crypto Before It Breaks?
HostsDisclosuresLinks
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The crypto industry is fixated on the U.S. Senate.
On Thursday, lawmakers failed to advance the GENIUS Act, the most significant federal stablecoin bill to date. But the story isn’t over.
Behind the process is a drama about potential presidential conflicts, shifting political alliances, and unresolved policy questions.
In this episode, Kristin Smith, CEO of the Blockchain Association and Amanda Tuminelli, executive director and CLO of the DeFi Education Fund, break down:
Why the bill stalled but isn’t dead yet
The role Trump’s crypto ties are playing
Whether Democrats who once backed crypto are turning away
Why advocates are still pushing for a deal this year
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
FalconX
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Mantle
Kristin Smith, CEO of the Blockchain Association
Amanda Tuminelli, executive director and CLO of the DeFi Education Fund
Timestamps:
๐ 0:00 Intro
๐ 2:01 Why the Senate blocked the vote but the bill isn’t dead yet
๐ 5:17 Why some pro-crypto Democrats suddenly flipped
โ๏ธ 8:08 Key differences between the two competing GENIUS Act proposals
๐ 14:18 Whether lawmakers are starting to shift their crypto stances
๐ค 16:05 Can the Senate overcome divisions and get this across the finish line?
๐๏ธ 18:14 How Trump’s crypto ties are shaping the legislative battle
โณ 20:46 Is the August deadline already slipping out of reach
๐ 22:39 Combining stablecoin and market structure bills
๐ 25:59 Why Kristin says it’s a relief not to have to deal with Gensler anymore
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On Thursday, Coinbase announced its acquisition of Deribit in a $2.9 billion deal, the largest merger in the crypto industry to date.
In this episode, Owen Lau, executive director and senior analyst at Oppenheimer, delves into why Deribit was such a coveted prize, what this deal means for the global derivatives landscape, and how Coinbase is using its position as a public company to cement its dominance.
Plus:
The importance of Coinbase paying mostly in stock and barely touching its cash
How the derivatives market dwarfs spot trading, and is only getting bigger
What this means for CME and smaller crypto exchanges
And how Base, Coinbase’s L2, fits into the long game
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
FalconX
Bitkey: Use code UNCHAINED for 20% off
Mantle
Guest
Owen Lau, Executive Director and Senior Analyst at Oppenheimer
Timestamps:
๐ 0:00 Intro
๐ข 2:26 What this record-breaking $2.9B deal really means for crypto
๐ฅ 4:39 Why Deribit was the most sought - after acquisition target in the space
๐ 5:59 How the derivatives market became bigger than spot — and what’s next
โ๏ธ 10:16 What this move signals for CME and how the competitive landscape shifts
๐ก๏ธ 12:08 Will this deal make crypto safer for everyone?
๐ธ 16:28 Why Coinbase used mostly stock and why that matters
๐ 18:59 How the deal changes Coinbase’s revenue outlook going forward
๐ 22:15 Whether Coinbase is building the “WeChat of the U.S.” financial system
๐ 24:32 The role of Base in Coinbase’s future
๐ค 25:48 Why M&A is heating up across crypto right now
โ๏ธ 27:35 How ongoing regulatory uncertainty still casts a shadow
๐ง 28:12 What investors should keep in mind when evaluating the risks and rewards
๐ฐ 30:40 Crypto News Recap
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Crypto doesn’t reward fundamentals. It rewards attention. So what does that say about how investors, like Warren Buffett, would fare today?
In this week’s Bits + Bips, the crew dissects what’s really behind this rally, why Ethereum’s sentiment problem may run deeper than roadmap delays, and how the stablecoin bill turned into a political tug of war.
Plus:
Apple and NFTs: why this matters more than people think
Whether tariffs are about politics or actual policy
Why Bessent is “the best” in the Trump administration
And why Buffett’s era may be ending, with Portnoy rising in his place ๐ฌ
Sponsor:
Bitwise
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Katalin Tischhauser, Head of Research at Sygnum Bank
Macro
Bloomberg: Trump Suggests Some Trade Deals May Come as Soon as This Week -
Asymmetric Market Update™๏ธ #29
May 2025 Newsletter: A Trade Breakdown - Lyn Alden
Stagflation bears are wrong?
Reuters: Dollar slips as Taiwan dollar surge sparks revaluation talk
WSJ:
Tariffs Threaten Semiconductor Supply Chains, Chip-Equipment Maker Warns
Bessent’s oped: Trump’s Three Steps to Economic Growth
Buffett on Tariffs
Buffet: The Natural Course of Government is to make Currency worth less overtime
ETH pivot
Unchained:
Ethereum Gave Away Too Much for Too Long. Will Its Pivot Be Enough?
Ethereum Ecosystem Shifts Toward User Focus
Ethereum Developers Vote EOF Out of Fusaka Hard Fork
Vitalik Buterin Proposes Replacing Ethereum Virtual Machine
The Block:
Vitalik and new Ethereum Foundation co-executive directors outline updated board structure, mission
Vitalik Buterin- and StarkWare-backed Kakarot reveals alternative Ethereum ZK stack, targeting real-time STARK proofs on Layer 1 by end of 2025
CoinDesk: Ethereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New Proposal
Simplifying the L1 by Vitalik Buterin
Stablecoin bill:
POLITICO: Why the Senate crypto bill is in turmoil
Latest on the Senate's "GENIUS Act" by Alex Thorn, head of research at Galaxy
Timestamps:
๐ช 0:00 Intro
๐ 1:01 Katalin’s background
๐ฆ 3:40 The real motive behind tariffs, according to Katalin
๐ฌ 11:43 What the market is forgetting to price in
๐ช๐บ 18:57 How Europe views Trump’s trade moves
๐ค 21:33 Trump thinking that U.S. companies are cutting bad deals with China
๐ง 26:04 Why Bessent’s op-ed made waves, and why Alex calls him the smartest in Trump’s crew
๐ 29:13 The collapse in U.S. manufacturing employment, despite a surge in production
๐ง 33:12 Buffett’s exit and his old-school take on tariffs in a new-school market
๐ 39:46 Will Ethereum’s pivot actually improve the price?
โ๏ธ 51:28 The impact of the political mess around the stablecoin bill
๐ธ 53:53 Ripple’s attempted Circle acquisition and why Ram wouldn’t touch XRP
๐ 1:00:43 Importance of Apple quietly opening the door to NFTs and crypto sales
๐ฑ 1:03:34 What’s up with the Taiwanese dollar
๐ป 1:06:05 Why adding tariffs to chips could backfire big time
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After years of underperformance, Ethereum is trying to change course, from scaling the layer 1 to potentially dumping the EVM. In this episode, Tarun Chitra and Max Resnick break down each of these new changes, analyzing the good, the bad, and the ugly.
Is this a reset that can save Ethereum’s market position and price? Or has the protocol given away too much for too long?
They dive into:
Whether the gas limit increase changes everything
What went wrong with Ethereum’s economics and solo staking politics
Max’s view on “the single most important” change Ethereum needs to make
How ETH could claw back value from layer 2s
What Max would do if he ran Ethereum
Whether this pivot is too little, too late
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise https://bitwiseinvestments.com/ciomemo
Tarun Chitra, CEO and Co-Founder of Gauntlet
Max Resnick, Lead economist at Anza
Unchained:
Ethereum Ecosystem Shifts Toward User Focus
Ethereum Developers Vote EOF Out of Fusaka Hard Fork
Vitalik Buterin Proposes Replacing Ethereum Virtual Machine
The Block:
Vitalik and new Ethereum Foundation co-executive directors outline updated board structure, mission
Vitalik Buterin- and StarkWare-backed Kakarot reveals alternative Ethereum ZK stack, targeting real-time STARK proofs on Layer 1 by end of 2025
CoinDesk: Ethereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New Proposal
Simplifying the L1 by Vitalik Buterin
Timestamps:
๐ 0:00 Introduction
๐ ๏ธ 2:05 Why Ethereum had to pivot and what triggered the urgency
๐ 7:16 Why raising the gas limit could actually be a big deal
๐ป 9:12 Whether Ethereum devs are too idealistic
โก 19:02 How Solana managed to outperform Ethereum at the base layer
๐จ๐ซ 24:09 Why Max feels Vitalik’s proposals focus on outdated technology
๐ง 27:57 The growing gap between Ethereum research and its execution clients
๐ 35:02 The ONE thing Max thinks Ethereum is doing well
โ๏ธ 40:38 Did “credible neutrality” push Ethereum down the wrong path?
๐ 48:23 Will the new Ethereum R1 rollup succeed?
๐ 52:53 What the new updates mean for layer 2s and their value proposition
๐ 1:02:58 Whether ETH is finally due for a price reversal
๐ฏ 1:09:12 Why Ethereum should take a page from Trump’s strategy playbook
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The MOVE token collapse sparked one of the most damning investigations in the industry this year.
In this episode of Unchained, investigative journalist Sam Kessler joins Laura Shin to walk through the contracts, questionable market-making deals, and finger pointing inside Movement Labs. From Binance’s ban to a Trump-affiliated crypto deal, this story unearths how the MOVE token collapse was the product of what looks like a pump-and-dump plan written out in legal contracts.
Plus:
How insiders structured deals to profit from artificial price spikes
How this could have happened with a project backed by some of crypto’s most reputable VCs
What this saga says about token launches, regulation, and market integrity
And whether Movement Labs can (or should) be trusted to investigate itself
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
FalconX
Bitkey: Use code UNCHAINED for 20% off
Mantle
Sam Kessler, Deputy Managing Editor for Tech and Protocols at CoinDesk
CoinDesk: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen
Trading for MOVE will be suspended on Coinbase
Timestamps:
๐ 0:00 Introduction
๐ต๏ธโ๏ธ 1:52 Initial details of the scandal
โ๏ธ 6:20 Conflicts of interest at Movement Labs and who knew what
๐ฅ 8:42 Why 5% of tokens = 50% of supply and why that’s wild
๐งพ 13:14 How a lawyer called the deal “the worst agreement I’ve ever seen”
๐ซ 18:41 Why Binance banned Web3Port after suspicious trading
๐งฉ 20:38 The web of key players: founders, shadow advisors, and middlemen
๐ง 25:51 A theory on treasury selling and token price manipulation
๐ 27:49 Can Movement Labs investigate itself, and will anyone trust the outcome?
๐ 29:39 Why Coinbase is suspending MOVE and what that signals
๐บ๐ธ 30:47 How Trump’s crypto arm is tangled up in the MOVE ecosystem
๐ฐ34:15 News Recap
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While it’s been a calmer week in the markets (thank God!), there’s a lot to talk about!
This week on Bits + Bips, hosts James Seyffart, Ram Ahluwalia, and Steven Ehrlich, along with guest Charles Edwards of Capriole Investments, dive into:
Whether it’s time to be bullish on all crypto assets
Whether a Trump put actually exists
The risks behind bitcoin treasury companies like the new Twenty One Capital
Why Solana ETFs might not be the smash success people expect
The controversial invite to the White House for $TRUMP holders
Why there’s a big disconnect in the markets
Bitwise
James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Steven Ehrlich, Executive Editor at Unchained
Guest:
Charles Edwards, Founder of Capriole Investments
Twenty One:
Recent coverage of Unchained on Twenty One:
Why Twenty One Capital Is More About Volatility Than Bitcoin
Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed?
Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners
Does The Market Still Control Trump?
Donald Trump’s chaos has left investors with frayed nerves
4 of the Mag7 Reporting This Week
Big Tech’s Earnings Problem Is Estimates May Be Way Too High
$TRUMP
Trump's Meme Coin Dinner Contest Earns Insiders $900,000 in Two Days
Other:
โโApollo slides
Timestamps:
๐ 0:00 Introductions
๐ง 3:22 Is the market controlling Trump or is Trump controlling the market?
๐ 8:51 Can investors trust it if there’s a positive earnings season?
๐ 14:13 How tariffs are hitting supply chains and consumer goods
๐๏ธ 19:25 Is Twenty One Capital a threat to MicroStrategy?
โ๏ธ 31:19 What is the future of bitcoin miners?
โก 34:42 Will the Bitcoin corporate flywheel eventually break?
๐ฅ 43:31 Can Solana holding companies follow MSTR?
๐จ๐ฆ 48:19 Wen Solana ETFs? \Poor early trading trends in Canada
๐ค 53:50 Is there a silver lining to $TRUMP?
๐ 1:06:30 Bitcoin strength: time to be bullish?
๐ 1:14:24 Macro wrap-up with tariffs, rate cuts, and global market risks
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The race for Bitcoin supremacy just got more complicated.
Twenty One Capital, backed by Tether, SoftBank, and Cantor Fitzgerald, plans to stack as much BTC as it possibly can.
But is this new venture really about Bitcoin … or about creating a hyper-volatile stock to play market cycles?
This week on Unchained, Jeff Park of Bitwise and Mark Palmer of Benchmark join to discuss:
Why SoftBank and Tether are a “perfect match”—and why they turned to Bitcoin
How volatility, not bitcoin itself, might be the real asset investors are buying
What Cantor’s involvement says about Wall Street’s readiness for crypto
Why the launch timing matters
Whether Twenty One could repeat MicroStrategy’s mistakes
Whether these new Bitcoin vehicles are better bets than spot bitcoin or ETFs
Plus, is SoftBank getting into crypto a top signal? ๐
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise
Jeff Park, Head of Alpha Strategies at Bitwise
Mark Palmer, Senior Analyst at Benchmark
Recent coverage of Unchained on Twenty One: Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed?
Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners
Jeff Park’s post on X
Timestamps:
๐ฐ 0:00 Introduction
๐ 2:07 Why Jeff sees the Twenty One Capital launch as a huge development
๐ง 6:09 How Twenty One might learn from MicroStrategy’s playbook
๐ฆ 11:59 Risks of turning into the next Celsius, Voyager or Genesis
๐ธ 18:52 Why Bitcoin needs income-generating activities to evolve
๐ 21:17 How metrics like bitcoin per share bridge crypto and TradFi
๐ค 30:16 Whether Tether’s participation makes sense
๐ 34:18 Why Jeff thinks SoftBank and Tether are “a perfect match”
๐ฉ 42:29 Is SoftBank entering crypto a top signal?
๐๏ธ 46:32 Why Cantor’s involvement shows Wall Street is serious
๐ 50:24 Why bitcoin vehicle stocks trade at a premium
๐๏ธ 55:48 Why timing matters compared to MicroStrategy’s 2020 debut
๐งฎ 1:00:06 How to decide between investing in vehicles, spot bitcoin, or ETFs
๐ 1:08:52 Whether SOL investment vehicles will have the same success as bitcoin ones
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest David Hoffman break down the biggest stories in crypto. This week: MicroStrategy clones are popping up, with Bitcoin-backed SPACs trying to replay Saylor’s playbook. Meanwhile, Trump launches a memecoin for dinner invites, Zora kicks off a new era of “content coins,” and Ethereum faces an existential pivot. David Hoffman joins the crew to debate whether crypto’s future is real innovation—or just financial theater.
Show highlights
๐น Bitcoin vs Ethereum: Who Wins the Future? – Breaking down why Bitcoin could outgrow Ethereum… or why Ethereum might still be crypto’s last hope.
๐น Can Content Coins Save Crypto? – Zora’s pivot and the rise of “content coins” spark a full-blown identity crisis for the industry.
๐น Are We Just Rebranding Memecoins? – The crew debates whether “content coins” are innovation… or just the same casino with better UX.
๐น The Culture Clash – Why crypto’s new apps feel like they’re built for millennials — and why Gen Z might just not care.
๐น SoftBank, SPACs, and the Top Signal – 21Capital’s Bitcoin MicroStrategy clone is here. Are we seeing the beginning of the end… again?
๐น Vitalik’s Existential Pivot – Ethereum is trying to save itself. But can it change fast enough to stay relevant?
๐น Bitcoin’s Macro Moment – In a world of tariffs, inflation, and chaos, Bitcoin might accidentally become the next Federal Reserve.
๐น Crypto’s Morality Crisis – Vitalik’s attack on “bad apps” raises a deeper question: what should crypto even be building anymore?
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly โญ๏ธTarun Chitra, Managing Partner at Robot Venturesโญ๏ธTom Schmidt, General Partner at Dragonfly
Guest
โญ๏ธ David Hoffman, Co-owner at Bankless
HostsDisclosures
Timestamps
00:00 Intro
01:55 MicroStrategy Clones and Market Impact
13:40 Trump Coin and Its Controversies
20:35 Zora’s Content Coin vs. Jesse's Coining Controversy
26:56 Zora’s Market Position
32:29 Generational Divide in Crypto
39:32 Ethereum's Strategic Pivot
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A new company called Twenty One is making waves—with a launch strategy that echoes Strategy (formerly MicroStrategy), a cap table that includes Tether, SoftBank, and Cantor Fitzgerald, and a plan to acquire more Bitcoin than anyone else.
They’re starting with 42,000 BTC, worth nearly $4 billion, and they’ve hinted they’ll use convertible debt, equity raises, and other market mechanics to buy more.
But is this just a smarter MicroStrategy? Or a recipe for financial reflexivity gone wrong?
In this episode, Matthew Sigel, head of digital assets research at VanEck, digs into:
How the strategy works and why it could break
What happens if the stock trades below NAV
Why timing the market may be a feature, not a bug
And whether this signals a new phase in corporate Bitcoin exposure
Sigel also shares a bold idea for “BIT Bonds” that could let the U.S. Treasury issue Bitcoin-linked government debt. Could it work?
Plus, Unchained regulatory reporter Veronica Irwin talks about her scoop that we might see a crypto market structure bill as early as this week.
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
Matthew Sigel, Head of Digital Assets Research at VanEck
Links
Unchained:
Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners
The Block: Strike founder Jack Mallers to lead Tether-backed multi-billion bitcoin buying venture, Twenty One Capital
Ryan Watkins’ post on X
Jeff Park’s post on X
Timestamps:
๐ 0:00 Introduction
๐ 4:59 How Twenty One plans to buy more bitcoin than anyone else
โ ๏ธ 7:23 The key risks behind the reflexive BTC acquisition strategy
๐ 12:38 Why more companies are copying the MicroStrategy playbook
๐ 16:17 Jack Mallers’ role and why the CFO matters even more here
๐ฅ 17:55 Could one bad move blow these companies up?
๐ฐ 22:28 The types of investors this model attracts
โณ 25:40 Did Twenty One launch at the worst possible time?
๐ค 26:58 How to think about investing in BTC vs. these BTC-heavy stocks
๐บ๐ธ 28:23 Unchained regulatory reporter Veronica Irwin on why a market structure bill might be on its way relatively soon
๐ฐ 35:31 Crypto News Recap
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