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Crypto markets are down bad—but is this just a rough patch, or are we looking at something bigger?
After a brutal sell-off in Solana, the $1.5 billion Bybit hack, and macro uncertainty weighing on Bitcoin, investors are searching for answers. Some think the worst is over, while others believe more pain is coming before the market turns around.
In this episode of Bits + Bips, Noelle Acheson, Alex Kruger, and Ram Ahluwalia are joined by Eliézer Ndinga of 21Shares to break it all down. They discuss how institutions are approaching this downturn, why Solana has been hit harder than the rest, and what catalysts could bring crypto back to life.
Is this the start of a new accumulation phase, or are we in for another leg down?
Show highlights:
2:36 How the ByBit team responded so well to the hack
17:43 Why the market selloff was not specific to crypto
29:09 How institutions have become more sophisticated about crypto
31:10 Why SOL has been down so much and whether it has bottomed
34:37 Whether tariffs keep having an effect on the markets
37:23 Why the state of the markets makes Eliézer think the crypto asset class has matured
41:27 Whether bitcoin can be a safe haven and the role of diversification
45:26 What the next catalysts for crypto are
49:33 Why Eliézer is so optimistic about the long-term outlook of crypto
53:33 Alex’s spicy opinion on DOGE and Elon Musk
Sponsors:
Somnia Network
RockWallet
Bitwise
Hosts:
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guest:
Eliézer Ndinga, Head of Strategy and Business Development at 21.co; the parent company of 21Shares
Links
Unchained: North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them?
Reuters: Trump says Canada, Mexico tariffs on schedule despite border, fentanyl efforts
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$1.5 billion gone in an instant. And what’s worse, to fund a nuclear weapons program.
The largest crypto hack in history just hit Bybit, and the culprit is the infamous North Korean hacking group, Lazarus. Known for some of the most sophisticated cyber heists ever, they often use social engineering tactics and start by tricking low level employees. Although they can often wait to launder funds, in the case of Bybit they started right away.
How did this happen? Could it have been prevented? And what does this mean for the security of the entire crypto industry?
Taylor Monahan, security at MetaMask, and Jonty, a senior investigator at zeroShadow, talk all about it.
Show highlights:
2:53 Taylor’s and Jonty’s backgrounds and why they are relevant to this discussion
6:06 What the mechanics of the hack were
13:03 How Lazarus usually operates and the tactic of blind signing
17:11 Jonty’s important tips for people handling large amounts of crypto
23:45 How Bybit was able to say almost immediately that their other assets were secure
29:02 How much exchanges typically hold in each cold wallet
32:00 Why the evidence of the hack points to North Korean group Lazarus
41:01 Why North Korean hackers don’t care if their attack is linked to them
49:30 How Lazarus typically social engineers its hacks
53:48 Why Jonty thinks the industry needs a serious upgrade in terms of security
58:08 How the funds get laundered in such cases and what the industry can do
1:09:54 The chances Lazarus actually makes money from the hack
1:15:34 How DeFi protocols should approach this problem
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Mantle
Bitwise
Guests:
Taylor Monahan, Security at MetaMask
Jonty, a senior investigator at zeroShadow
Links
Previous coverage on Unchained about North Korean hackers:
How North Koreans Infiltrated the Crypto Industry to Fund the Regime
Why North Korea Is Interested in Cryptocurrency
Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp
GitHub - pcaversaccio/safe-tx-hashes-util: bash script that checks that the Safe transaction that you are signing is the one that you intend to sign
Cointelegraph: Crypto exchange eXch denies laundering Bybit’s hacked funds
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Saknas det avsnitt?
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week: Bybit’s $1.5B hack, likely by North Korea’s Lazarus Group, and the Libra scandal, where Hayden Davis exposes the memecoin playbook. Meanwhile, Dave Portnoy rugs Greed and Greed 2, Kanye’s YZY token leaks, and the LA Vape Cabal collapses. But crypto markets hold strong, and the SEC just dropped its lawsuit against Coinbase. Is this the end of the memecoin era? We break it all down.
Show highlights
🔹 Bybit’s $1.5B Hack – Largest crypto hack in history, linked to North Korea’s Lazarus Group. CEO Ben Zhou handled it masterfully, securing a bridge loan to cover outflows.
🔹 Hayden Davis & the Memecoin Playbook – Argentina’s Libra token scandal exposed the insider trading behind celeb-backed coins. Hayden Davis spills the playbook on Coffeezilla.
🔹 Portnoy’s Pump & Dump – Barstool’s Dave Portnoy rugs his own followers with Greed and Greed 2, then mocks them.
🔹 The Memecoin Bubble is Popping – Sentiment shift: retail realizes the game is rigged. Memecoins may finally be out of steam.
🔹 Kanye’s YZY Coin? – West’s team accidentally leaks a memecoin plan. Will it even launch, or is it DOA after the Libra scandal?
🔹 The LA Vape Cabal Collapses – Once a driving force in memecoins, this underground group falls apart after links to Kelsier Ventures are exposed.
🔹 Regulatory Winds Shift – SEC drops its lawsuit against Coinbase. Crypto enforcement pivots from good actors to actual fraud.
🔹 Crypto Holds Up – Despite chaos, the market remains resilient. Infrastructure tokens are seeing renewed interest.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
Timestamps
00:00 Intro
01:41 The Largest Crypto Hack in History
03:03 Bybit's Response and Industry Reactions
04:51 North Korea's Involvement and the Aftermath
18:06 Hayden Davis & LIBRA
30:50 Meteora & the Solana Universe
33:34 Downfall of Memecoins
39:58 Hypocrisy of Celeb Coins
47:00 Regulatory Changes and the Future of Crypto
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What started as another scammy memecoin launch has spiraled into one of Argentina’s biggest political scandals.
The $LIBRA token, promoted by President Javier Milei and tied to Hayden Davis of Kelsier Ventures, is now at the center of multiple investigations—with allegations of bribery, insider trading, and political corruption. Some are calling it “CryptoGate.”
Did Davis really have influence over Milei? Was the president’s sister involved in pay-to-play politics? Could Davis and Milei face legal action?
This week, Danny Nelson, managing editor for data & tokens at CoinDesk, joins to reveal what his reporting uncovered, from secret deals to political fallout—and why this scandal could change how people see memecoins forever.
Show highlights:
1:47 How Hayden Davis was bragging about his connection to the Argentine presidency
9:15 Why Karina Milei holds the keys to her brother
11:31 Whether Milei is trying to protect Davis
16:22 Whether Milei was an ignorant victim or a more knowledgeable participant in $LIBRA
18:46 What charges Davis could face in the U.S.
22:00 Why Danny thinks Jupiter is taking the right step
24:34 Whether a memecoin such as $LIBRA could be considered a security
29:32 What Davis should do with the $100 million in his possession
33:40 Whether memecoins are now dead
38:41 What the future of Pump.fun looks like
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Mantle
Guest
Danny Nelson, Managing Editor for Data & Tokens at CoinDesk
Links
Previous coverage of Unchained on the LIBRA scandal:
How the Libra Scandal Exposed Memecoin Insider Trading on the World Stage
Bits + Bips: Could the LIBRA Scandal End the Memecoin Craze?
Unchained:
LIBRA Insider and Argentinian President Holding Secret Calls
Meteora Co-Founder Resigns Amid LIBRA Scandal
Are Memecoins Collapsing? These 8 Charts May Be Signaling Yes
CoinDesk: Libra Token's Hayden Davis Bragged of Influence Over Argentina's Milei
Coinbase CEO Brian Armstrong’s post on memecoins
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The $LIBRA token launch was a disaster—insider trading, price manipulation, and yet another memecoin scandal. But does this mean the memecoin era is over?
This week, James Seyffart, Joe McCann, Ram Ahluwalia, and Noelle Acheson break down the fallout from the $LIBRA launch, what it means for Solana and the broader market, and whether the crypto community is finally waking up to the risks of insider-driven tokens.
They also dig into macro trends impacting crypto—including whether institutions are secretly loading up on bitcoin, the role of DOGE in the broader market, and why some traders are starting to position for a bounce.
Plus, what’s next for SOL after weeks of bleeding?
Show highlights:
2:45 - How everyone was so surprised by the $LIBRA scandal
10:40 - Why the likes of Hayden Davis are admitting to fraud
12:47 - Why Joe thinks that Solana is not affected by these debacles
15:26 - What Davis should do with the $100M in his power
20:21 - Whether the memecoin cycle is over
25:48 - The irony of people who now want regulations
33:31 - How big institutions have been loading up on bitcoin ETFs
38:20 - Why the U.S. government should modernize its technology
44:39 - Whether DOGE will have a big impact on macro
51:24 - What the Fed will do in the near future
55:29 - Why ETH outperformed this week and why the broader market tanked
1:04:33 - Why Ram believes that Solana will have to get through the “psychological damage”
Sponsors:
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Joe McCann, Founder, CEO, and CIO of Asymmetric
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Links
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Was Argentina’s president used to pump a memecoin? The launch of $LIBRA has turned into a political and financial scandal, with accusations of insider trading, bribes, price manipulation, and government ties to crypto influencers.
In this episode, Diogenes Casares, a crypto trader with deep connections in both memecoins and Argentina’s crypto scene, exposes what really happened behind the scenes. He details how a network of market makers, influencers, and political insiders orchestrated the launch, how the price was manipulated from the start, and why he believes the entire operation was illegal.
Casares also explains the potential legal consequences for those involved, the impact on President Javier Milei’s administration, and what all this means for the future of Solana memecoins.
Show highlights:
3:06 How Dio heard about the launch of an Argentina-related memecoin two weeks in advance
8:09 Whether Argentines were the ones who actually lost money on the coin
40:50 How Kelsier Ventures’ Hayden Davis crashed the price of the token
14:51 How the story is being perceived in Argentina
16:38 Why Dio believes Argentine President Javier Milei was naive
22:38 Who the insiders were and what role they played
26:56 Why Dio says that insider trading is illegal even in crypto
30:31 How some of the insiders are “pathological liars,” according to Dio
34:57 Why Dio doesn’t believe Jupiter’s statement and is skeptical about the Meteora founder’s statement
40:50 Why Dio says Davis’ “strategy” was actually price manipulation
44:32 What should be done with the $100 million that Davis holds
45:24 How Milei could suffer politically because of the situation
51:48 What Dio thinks about Dave Portnoy’s refund
57:09 How it was disappointing that this scandal happened in a place with so much crypto adoption
1:00:53 What’s next for Milei and whether he’ll go through impeachment
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
RockWallet
Mantle
Bitwise
Guest:
Diogenes Casares, a crypto trader from Argentina
Links
Unchained: Crypto Community Incensed by Insider Activity on LIBRA Memecoin Promoted by Argentina’s President
Coffeezilla interview: Argentina’s memecoin creator interview (LIBRA)
Bribes, Insiders and a Manipulated President | What Really Happened with $LIBRA by Diogenes Casares
Jupiter Exchange’s statement
Meteora’s Ben Chow’s statement
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Crypto sentiment is extremely low, but is the market completely wrong? While X is flooded with doomsday takes, Jeff Dorman, CIO of Arca, argues that the real fundamentals of crypto are stronger than ever.
In this episode, Jeff breaks down why investors are overlooking key signals—like growing regulatory clarity, the tokenization of real-world assets, and institutional interest—and how memecoins have hijacked the broader market narrative. He pushes back on claims that there are no fresh narratives and explains why the current climate reminds him of previous market mispricings that turned into massive opportunities.
He also dives into the potential of tokenized assets, why crypto adoption is way ahead of where people think, and why he believes the industry keeps making the same mistakes when it comes to marketing its breakthroughs.
Show highlights:
2:03 - How dishonest takes are flooding the crypto sentiment, according to Jeff
4:04 - Why he pushes back against the sentiment that there are no fresh narratives
6:13 - Whether memecoins are to blame for the poor market sentiment
13:17 - Why Jeff feels that the crypto investment thesis is still very strong
19:23 - Why Jeff says that the launch of $TRUMP and $MELANIA was a good thing for the industry
26:55 - Why layer 1s are very hard to invest in
30:57 - Laura and Jeff’s disagreement about what would it take for a blockchain to win
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Somnia Network
Guest
Jeff Dorman, Chief Investment Officer and Co-Founder at Arca
Previous appearance on Unchained: Crypto Prices Are Way Down. Is It Time to Buy the Dip?
Links
Unchained:
Arca: “That’s Our Two Satoshis” - I’m Fed Up with the Misinformation by Jeff Dorman, CFA
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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, we’re joined by Laura Shin, host of the Unchained Podcast, for a no-holds-barred discussion on the current state of the crypto landscape. We dive into Berachain’s shaky launch, dissecting its tokenomics, insider allocations, and why the hype didn’t hold. Then we uncover the rise of celebrity memecoin scams—how influencers are cashing in while their followers get rugged. Finally, we tackle the Ethereum vs. Solana debate: is Ethereum losing its edge, or is Solana’s growth just a speculative bubble? It’s an episode full of bold takes and sharp insights you won’t want to miss.
Show highlights
🔹 Berachain’s Big Faceplant: Launched with $10B hype, now scraping $2.5B FDV. There are too many VCs and not enough vibes to keep it afloat.
🔹 Memecoin Madness: Celebs faking hacks to rug followers? The dark side of crypto grifts gets exposed.
🔹 Is Ethereum Lost? Once the king of culture, it is now weighed down by L2 sprawl and fading relevance. Has Solana stolen the spotlight?
🔹 Solana’s Winning the Youth Vote: Fast, fun, and flooded with memecoins—exactly what Gen Z craves.
🔹 Peak Memecoin Energy: When the scams get this blatant, are we hitting the top—or just getting started?
🔹 Cramer vs. Meme Lords: Who’s worse for your wallet—a clueless TV pundit or a shameless influencer?
🔹 Regulators, Where You At? Chasing good actors while real frauds run wild. Classic crypto chaos.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained
Disclosures
Timestamps
00:00 Intro
01:53 Berachain Launch and Community Sentiment
05:23 Market Sentiment and Crypto Cycles
18:03 Kanye West Leaks Scam Playbook
32:17 Cramer’s Curse vs. Portnoy’s Pump
39:23 Ethereum & Solana Drama
49:06 Ethereum's Existential Crisis (Again?)
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Crypto markets are at a crossroads. Is Ethereum primed for a short squeeze, or is its dominance fading? Are the SOL unlocks a real risk, or is the panic overblown? And did we already have an alt season without realizing it?
In this episode, hosts James Seyffart, Alex Kruger and Ram Ahluwalia sit down with Sal Ternullo, managing partner at A100x Ventures, to break down the biggest questions facing traders today. They discuss whether Trump’s tariffs are impacting ETH, why the market might be misreading SOL’s unlocks, and how traders keep falling into the same traps—losing money despite crypto’s explosive gains.
They also debate the real reason altcoins haven’t performed as expected, why memecoins might finally be dying off, and what the Growth Value Ratio reveals about the market’s future. Plus: the implications of Elon Musk’s bid for OpenAI, and whether Arweave’s AO can seriously challenge ICP.
Show highlights:
3:33 - Why Ram likes what Trump is trying to accomplish with the tariffs
10:35 - Why ETH got hit so hard with the tariffs and whether there’s a squeeze coming
15:24 - Whether the market will see an alt season
21:47 - Why Sal believes that the SOL unlocks are not a big deal and why he’d like to see a shift away from memecoins
25:09 - Why Ram thinks that crypto markets don’t have a clear narrative in the near future
27:28 - Why Alex is concerned about the SOL unlocks
32:19 - What the growth value ratio is teaching us about the state of the markets
40:59 - How the potential Kanye West memecoins is another example of why Sal doesn’t like this space
46:39 - Whether Arweave’s new project AO can compete with ICP
48:04 - How Elon Musk is running so many projects, plus bidding for OpenAI
55:26 - James’ analysis on the likelihood of various crypto ETFs being approved
1:03:01 - Why Alex thinks this is the perfect time to “be patient” in the markets
Sponsor:
Somnia Network
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guest:
Sal Ternullo, Managing Partner at A100x Ventures
Links
Unchained:
Grayscale Files for Cardano ETF
Central African Republic launches memecoin
Reuters:
Trump raises tariffs on aluminum, steel imports in latest trade war salvo
Elon Musk-led group makes $97 billion bid for control of OpenAI
The Block:
SEC delays decision on BlackRock's Ethereum ETF options trading until April 9
Kanye West, after disclosing he was offered $2 million to launch a token, asks to speak with Coinbase CEO 'concerning crypto'
Kanye West quashes memecoin launch rumors, says coins 'prey on the fans'
James’ and Eric Balchunas’ tweet on the odds of crypto ETFs
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Despite the ups and downs of the Ethereum ecosystem, two of its most influential builders—Aave’s Stani Kulechov and Sky’s Rune Christensen—remain bullish.
In this episode, they discuss whether we’re witnessing a DeFi renaissance, the challenges of building on Ethereum vs. Solana, and why DeFi adoption isn’t growing as fast as some expected. They debate stablecoins, whether Solana is truly innovating, and how AI could transform DeFi by automating governance and risk management.
They also respond to some hot takes—including whether Aave is falling behind Solana-based Kamino, and why Sky deployed its USDS stablecoin on Solana despite Rune’s long-standing Ethereum advocacy.
Show highlights:
02:33 Whether Sky and Aave are experiencing a “DeFi renaissance”
11:49 How Stani and Rune are trying to appeal to a simpler audience
23:00 Whether developers overlook how easy it is to build DeFi on Ethereum
27:40 Why Stani believes there is not a lot of innovation in Solana
32:17 What would need to happen for Aave to be in Solana
33:27 Why Sky deployed USDS on Solana
40:30 Whether the Ethereum ecosystem should be worried about users going to other chains
49:19 Why Rune praises Solana’s culture
51:38 How USDS’s growth on Base happens organically, contrary to Solana
59:35 Why they believe that the combination of AI and DeFi will be so powerful
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Mantle
RockWallet
Kelp DAO
Guest:
Stani Kulechov, Founder and CEO of Aave
Previous appearances on Unchained:
Stani Kulechov on Why Aave Is So Successful - Unchained
The Chopping Block w/ Stani Kulechov: Operation Chokepoint 2.0, Ethereum Innovation Push, & Polymarket Whales - Unchained
Rune Christensen, Co-founder of Sky
Previous appearances on Unchained:
Can Maker’s Rune Christensen Fix the Sad State of DAO Governance?
Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat
Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85
The Chopping Block: How to Manage MakerDAO, With Hasu and Rune
Rune Christensen of MakerDao on Its $15 Million From Andreessen Horowitz
Why It’s so Hard to Keep Stablecoins Stable
Links
Aave 2030 roadmap
Alex Svanevik of Nansen tweeted: “When Aave on Solana?”
Qiao Wang of Alliance DAO commenting on why he recommends people build on Solana
The First Non-EVM Deployment of Aave Protocol: Aave V3 on Aptos - General - Aptos Forum
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Silvergate Bank was once crypto’s most important banking partner, handling billions in deposits from the biggest players in the industry. Then, FTX collapsed—and everything changed.
In this episode of Unchained, Mike Lempres, former chairman of Silvergate, talks about how Silvergate grew into a banking giant for crypto, why Washington suddenly turned against them—even after they survived the FTX crisis, and whether Operation Choke Point 2.0 was real.
Plus, did short sellers and politicians work together to tank Silvergate’s stock? And what does the future look like for banks that want to serve crypto?
This is part of the inside story of one of the biggest banking collapses in crypto history.
Show highlights:
2:08 How Mike’s background in banking led him to work in crypto
4:10 Why banking has always been a challenge for crypto companies
5:14 How Silvergate Bank got involved so much with the industry and how it achieved “tremendous growth”
8:10 The “magic” of the Silvergate Exchange Network (SEN)
14:19 Why Mike believes Silvergate’s problem was not banking regulators, but D.C. politics
17:49 How everything changed after the FTX collapse
24:45 Whether SEN is a valuable asset for a bank to have
28:39 Why Mike believes that Operation Choke Point 2.0 is real
30:48 Whether short sellers worked with politicians to tank Silvergate
34:21 How Mike thinks that banks could service the crypto industry
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
RockWallet
Somnia Network
Quai Network
Mantle
Guest
Mike Lempres, Former Chairman of Silvergate Bank
Links
Unchained:
Why the new FDIC Leadership Isn’t Convinced Operation Chokepoint 2.0 Exists
Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law?
Rep. French Hill Says He’d Investigate Operation Choke Point 2.0 as Financial Services Chair
Are Regulatory Failures to Blame for Crypto Banking Issues?
Caitlin Long on Why Operation Choke Point 2.0 Has Bankers Nervous
Ahead of Debanking Hearings, Industry Is Divided on Political Strategy
Caitlin Long on Why the Fed’s Rejections of Custodia Bank Seem Politically Motivated
How Will the FTX Collapse Affect Silvergate? A Bear and a Bull Debate
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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, we dissect the chaos triggered by Trump’s trade war, which sent Ethereum and alts into freefall while Bitcoin held strong. Why are alts struggling, and is this just a flight to quality—or something deeper? We also dive into the LA Vape Cabal phenomenon and its bizarre influence on memecoin culture, debate whether the SEC’s new leadership is truly a game-changer for crypto, and analyze Binance’s latest scandal. Plus, is the memecoin cycle really over, or is this just another phase in crypto’s endless casino?
Show highlights
🔹 Trump’s Trade War Wrecks Crypto – Ethereum and alts nosedive as Trump’s surprise tariffs shake markets. Is this just macro panic or a deeper shift in investor sentiment?
🔹 Biggest Liquidation Day Ever? – Crypto saw its largest mass liquidation in history, with Bybit’s CEO estimating real losses closer to $8-10 billion—more than the FTX collapse.
🔹 LA Vape Cabal & Memecoin Mania – A bizarre Twitch-fueled trading cult is shaping the memecoin meta. Is this the future of crypto speculation, or just another fleeting grift?
🔹 The Great Altcoin Capitulation – Alts are bleeding while Bitcoin holds strong. Has the market finally given up on everything that isn't BTC?
🔹 Hester Peirce’s Crypto Reset – The SEC’s new approach could rewrite the rules for token issuers. Will the industry finally get the regulatory clarity it’s been begging for?
🔹 Binance Under Fire (Again) – CZ’s former empire faces backlash over insider listings, alleged bribes, and a wave of vaporware projects that tanked after launch.
🔹 Pump.fun = The New NFT Casino? – Memecoin speculation is bigger than 2021’s NFT boom. But is it sustainable, or is the exit liquidity running dry?
🔹 The Memecoin Endgame? – Some claim the bubble has burst, but if history tells us anything, a new wave of degens will always find a way to keep the casino open.
🔹 Bitcoin’s Macro Dominance – BTC’s macro story is unstoppable, with talk of a U.S. sovereign wealth fund investing in Bitcoin. Will the market ever rotate back to alts?
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
Links
Hester Peirce’s Blog Post – “The Journey Begins”: https://www.sec.gov/newsroom/speeches-statements/peirce-journey-begins-020425
David Sacks' Plan for Digital Assets Press Conference:
https://youtu.be/LqTsyTuLSSI
Timestamps
00:00 Intro
01:08 Market Turmoil and Trade Wars
07:10 Bitcoin's Dominance & Altcoin Struggles
10:33 Memecoins & Market Sentiment
25:05 Cultural Phenomena in Crypto
33:54 The L.A. Vape Cabal
40:45 Millennials and Memecoins
44:51 Binance & the Chinese Community
50:45 Regulatory Developments in Crypto
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Trump’s new wave of tariffs has reignited the debate: Are they good for the economy or a disaster waiting to happen? Some say tariffs will crush trade, boost inflation, and slow growth—but others argue they could weaken the dollar and send bitcoin soaring.
On this episode of Bits + Bips, Jeff Park of Bitwise, along with James Seyffart, Alex Kruger and Noelle Acheson, battle it out over the real impact of Trump’s tariffs, whether they could spark a new Plaza Accord 2.0, and why ETH took a harder hit than BTC in the latest selloff.
Plus, is Trump’s economic strategy really about making America great again—or just about keeping his own real estate empire afloat? Jeff makes a bold claim outlining Trump’s #1 goal—one that his personal wealth depends on.
Show highlights:
2:38 - Why Jeff believes that people’s reaction to tariffs was bizarre
7:09 - Why Jeff is convinced that tariffs are good for bitcoin
10:18 - Why Alex is so against tariffs
21:37 - How tariffs actually affect consumers
27:36 - What’s Trump’s number one priority is, according to Jeff
36:26 - Whether inflation will eventually come back to previous levels
41:05 - Why ETH got hit the hardest on Sunday night
49:56 - Whether the ETH/BTC ratio has bottomed
51:03 - How Hyperliquid’s HYPE held up so strongly
53:02 - The significance of Tether adding USDT to the Lightning Network
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Alex Kruger, Founder of Asgard
Guest:
Jeff Park, Head of Alpha Strategies at Bitwise
Previous appearance on Bits + Bips: The Real ‘Trump Trade’ & Why Trump's World Liberty Financial Was a Flop
Links
AP: Canada and Mexico agree with Trump to postpone tariffs by at least 30 days
Eric Trump on X: "In my opinion, it’s a great time to add $ETH."
Unchained:
USDT Integrates With Bitcoin and Lightning Network
ETH Crashes After Trump Imposes Tariffs
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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
The success of any blockchain isn’t just about scalability, security, or decentralization—it’s about attracting developers. The easier it is to build, the more innovation happens. Or at least, that’s the thesis of Movement Labs co-founder Rushi Manche and Olaf Carlson-Wee, CEO of Polychain Capital.
In this episode of Unchained, Rushi explains why Move, originally developed by Meta, is a fundamentally better programming language for crypto than the Ethereum Virtual Machine (EVM). He breaks down how Move’s unique approach to security and asset management improves developer experience and why the Movement Network is bringing Move to Ethereum as a layer 2 solution.
Olaf shares his thoughts on how alternative programming environments like Move could challenge the dominance of the EVM, why Ethereum is at a critical moment, and how AI-powered financial agents could change how investments work.
Show highlights:
2:32 What problems Move solves for crypto and how it got started
8:57 How the programming language is safer than others, specifically for crypto finance
21:00 What’s the thesis behind the Movement network
23:12 Why Movement chose to become an Ethereum L2
30:08 Where ETH is headed and what it needs to succeed
32:25 Why Rushi is so bearish on EVM layer 2s
34:59 Whether Ethereum is going through an existential crisis
37:47 Why Rushi believes that modularity will save Ethereum
39:28 How Movement differs from Aptos and Sui
41:36 The importance of developer experience in crypto’s growth
44:48 How tokens can signal the significance of content in social media
52:04 Why Olaf thinks we’ll soon see an explosive growth of financialized agents
57:19 Whether AI will replace VC investors and other jobs
1:01:38 What Rushi has to say about the Trump team buying MOVE
1:04:09 The significance of the U.S. making crypto a national priority
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsor!
Mantle
Guest:
Rushi Manche, Co-founder of Movement Labs
Olaf Carlson-Wee, CEO of Polychain Capital
Previous appearances on Unchained:
OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever
Olaf Carlson-Wee: ‘If There Is a Money-Losing Exploit, the Money Is Gone’
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain’s Olaf Carlson-Wee
Special Episode with CNBC’s Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
Links
Unchained:
Trump’s Crypto Project Bought MOVE Tokens as DOGE News Leaked
How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024
Chris Dixon on Why We Will Finally See New App Innovation in Crypto
2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
With AI Agents Now Trading Crypto, What Does Their Future Look Like?
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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, we dive into Ethereum’s growing identity crisis as frustration mounts over the Ethereum Foundation’s leadership, vision, and sluggish innovation. Is Ethereum losing its edge while Solana, Base, and Tron take over? We also break down the Second Foundation drama, discuss Justin Sun’s wild L2 taxation proposal, and debate whether Ethereum needs a CTO-style overhaul to stay competitive. Plus, Vitalik Buterin’s unexpected embrace of the Milady NFT movement and what Gary Gensler’s exit from the SEC means for the future of crypto regulation.
Show highlights
🔹 Ethereum Civil War? The Ethereum Foundation (EF) faces internal and external backlash as Vitalik defends its “WEF soy boy” ethos. Critics call for leadership changes, faster innovation, and a more aggressive growth strategy.
🔹 Second Foundation Fakeout: Rumors spread that Lido’s founder was launching a rival EF, briefly pumping ETH before being debunked. The buzz reignites calls for governance changes.
🔹 L2 Taxation Debate: Justin Sun proposes a 5B ETH tariff on rollups to fund buybacks, sparking debates on Ethereum’s fragmented ecosystem and lack of value accrual.
🔹 Vitalik Goes Milady: Ethereum’s co-founder embraces the Milady NFT subculture, changes his profile pic, and adopts the meme’s signature sign-off, fueling speculation about crypto’s shifting cultural landscape.
🔹 Ethereum’s Identity Crisis: With Solana, Base, and Tron dominating user adoption, is Ethereum too slow and academic to compete? Calls for an Ethereum “CTO” or more centralized execution grow louder.
🔹 Gensler’s Next Move: Gary Gensler exits the SEC and returns to MIT to teach AI & finance. Crypto celebrates his departure, while an AI-generated rap video mocks his legacy.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
Links
Hayden Adam’s Tweet:
https://x.com/haydenzadams/status/1884134669265891433
Justin Sun’s EF Plan Tweet:
https://x.com/justinsuntron/status/1881999625990836229
Scaling Ethereum L1 and L2s in 2025 and Beyond by Vitalik Buterin:
https://vitalik.eth.limo/general/2025/01/23/l1l2future.html
Zen and the Art of Shifting Mindsets in Technology: Aya Miyaguchi interview in Wired Magazine:
https://wired.jp/article/the-next-innovators-4-aya-miyaguchi-en/
Timestamps
00:00 Intro
01:47 Ethereum Foundation's Civil War
05:53 The Bronze Age Mentality
07:32 Community Criticism and Governance
10:03 Vitalik's New Persona: Embracing Milady
14:33 Future of Ethereum and L2s
37:39 L1 vs L2: Do People Really Care?
42:12 Ethereum's Strategy and Colonialism Analogy
46:10 The Role of the Ethereum Foundation
58:34 Gary Gensler's Move to MIT and His Legacy
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The kidnapping of Ledger co-founder David Balland in France sent shockwaves through the crypto community, raising urgent questions about security for high-profile crypto holders. How do you protect yourself when criminals are willing to go beyond digital attacks and resort to violence?
In this episode of Unchained, Jameson Lopp, co-founder and Chief Security Officer of Casa, speaks about the growing trend of “wrench attacks”—physical assaults aimed at forcing crypto holders to transfer their assets. Lopp explains how these attacks are evolving, what makes someone a target, and which geographies are seeing the most attacks.
Plus, he shares what behaviors put you most at risk, how criminals are getting more organized, and why relying on exchanges for security is not as safe as you think.
If you hold significant crypto wealth, this is an episode you can’t afford to miss.
Show highlights:
2:02 How a Ledger co-founder was kidnapped and how the situation was resolved
6:46 Who tends to be targeted and which geographies see the most physical attacks
14:15 The riskiest behaviors that are likely to lead to wrench attacks
16:01 How attackers decide who to target
20:37 How the attacks have been accelerating lately
22:16 How the Ledger team ensured the kidnappers couldn’t access the ransom money
23:44 Jameson’s top tips on how crypto holders can stay safe
29:30 News Recap
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Mantle
Polkadot
Quai Network
Guest
Jameson Lopp, co-founder and Chief Security Officer of Casa
Links
Previous coverage of Unchained on crypto security:
Here’s How to Protect Your Crypto and Seed Phrases From Natural Disasters
Reuters: Kidnapped co-founder of French crypto firm Ledger had his hand mutilated
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From AI shaking up Big Tech to bitcoin’s role in the macro landscape, Jim Bianco delivers insights on the DeepSeek-triggered market selloff, memecoins, and the challenges facing traditional systems. In this episode, the macro strategist shares why DeepSeek’s AI model is reshaping competition, how crypto reserves might evolve, and what happens to MicroStrategy if bitcoin’s price takes a hit. Plus, hear his take on why stablecoins are a threat to banks, and why memecoins could be more than speculation.
Show highlights:
What of crypto attracted Jim so much
0:49 What of crypto attracted Jim so much
6:15 Why the DeepSeek new model was so disruptive
12:47 Whether the biggest loser is OpenAI, not all the Mag 7
16:14 Whether we’ll see a major macro response from U.S. companies and government
26:06 What will happen next with the price of bitcoin
28:54 What would happen to MSTR if bitcoin goes 30% lower
34:11 How Trump was able to move so fast since the inauguration
39:30 Why the Fed should not do QE, according to Jim
49:02 How memecoins could be designed to be much more than speculative assets
53:03 Why James hopes the SEC doesn’t approve all the memecoin ETF applications
58:06 Whether banks will start onboarding crypto companies
1:05:52 Why stablecoins poise an existential threat to the current banking system
1:11:19 Whether it’s a bad idea for the U.S. to acquire other cryptos that are not bitcoin
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Guest:
Jim Bianco, President and Macro Strategist at Bianco Research
Links
CNN Business: Trump announces a $500 billion AI infrastructure investment in the US
Unchained: Tuttle Capital Files for 10 Leveraged Crypto ETFs
CoinDesk: Nasdaq Files for In-Kind Redemptions for BlackRock Spot Bitcoin ETF
Reuters: US, Colombia reach deal on deportations; tariff, sanctions put on hold
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Chris Dixon, founder and managing partner of a16z crypto, joins Unchained to share why he believes crypto innovation is about to explode. From Ethereum’s potential to new crypto legislation, Chris delves into why the industry is poised for a major break out.
He also discusses why the Biden administration’s “lawfare campaign” led to the memecoin craze, how AI and crypto together could transform technology, and why bad tech policy stifled the industry for years.
Plus, he shares his take on the executive order signed by President Donald Trump and its significance for the industry.
Show highlights:
2:51 Why Chris feels like the Biden administration was trying to destroy crypto
7:16 Chris’s take on the Trump announcements and executive orders
14:18 What Chris would like to see in upcoming crypto legislation
21:37 How he compares the intertwining of AI and crypto with mobile, cloud and social
26:24 Whether an investing AI agent like ai16z could ever compete with A16z
32:05 How technologies usually evolve exponentially and how the AI x crypto craze will evolve
39:21 Why Chris doesn’t think the debate about whether Ethereum L2s are ‘parasitic’ is important
47:24 Chris’s opinion on whether Vitalik should be doing more marketing for ETH
51:29 Why Chris thinks native rollups on Ethereum could be valuable and promising
55:43 What he believes is important to pitch blockchain to Wall Street
59:39 Chris’s vision for a future multichain world
1:04:20 How the Biden administration’s “lawfare campaign” enabled the memecoin craze in 2024
1:08:08 Why Chris says that Coinbase has been very innovative
1:14:11 Whether ICOs are a recipe for fraud and scams
1:17:39 What apps and innovations Chris is excited about
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Polkadot
Somnia Network
Guest:
Chris Dixon, Founder and Managing Partner of a16z crypto
Previous appearances on Unchained:
A16z Crypto’s Chris Dixon on How Blockchains Can Save the Internet
Chris Dixon on How Trust Is the Best Lego
Links
Unchained:
President Trump Declares Crypto a National Priority in Executive Order
2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025?
Chris’ tweet on the executive order
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, and Tom Schmidt chop it up about the latest in crypto. This week, we're joined by special guest Peter Van Valkenburgh, Executive Director of Coin Center, to tackle one of the most pivotal moments in crypto policy. In this episode, we dive into the groundbreaking Fifth Circuit ruling on Tornado Cash, unpack its implications for blockchain privacy, and discuss the challenges noncustodial developers like Roman Storm are facing. We also break down Trump’s crypto executive order, the SEC’s new direction under Hester Peirce, and speculate on what a U.S. strategic Bitcoin reserve might mean for the future.
Show highlights
🔹 Crypto as a Public Good: Why open, permissionless technologies need protection—and how Coin Center defends them.
🔹 Tornado Cash Ruling: The Fifth Circuit overturns OFAC sanctions—what this means for blockchain privacy and freedoms.
🔹 Roman Storm Case: DOJ’s controversial crackdown on noncustodial developers and its implications for innovation.
🔹 Trump’s Crypto EO: Breaking down the ban on CBDCs and the push for U.S. leadership in digital assets.
🔹 SEC’s New Direction: Hester Peirce’s crypto task force and the future of enforcement and regulation.
🔹 CFTC vs. SEC: Will Congress resolve the jurisdiction battle over crypto markets?
🔹 Senate Banking’s Subcommittee: How Senator Lummis could lead a new era of crypto-friendly policy.
🔹 Strategic Bitcoin Reserve: Speculating on what a U.S. Bitcoin reserve might look like.
🔹 2025 Regulatory Outlook: How shifting policies could redefine crypto’s future.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
Guest:
⭐️Peter Van Valkenburgh, Executive Director of Coin Center
Disclosures
Timestamps -
00:00 Intro
01:34 Coin Center & Crypto as a Public Good
05:04 Crypto Policy Shifts & Trump's Executive Order
16:11 Senate Banking Digital Assets Subcommittee
20:20 SEC Crypto Task Force
32:10 Hester Peirce's Safe Harbor Proposal
35:43 Strategic Bitcoin Reserve: Expectations and Realities
41:12 Tornado Cash & OFAC Sanctions
45:28 Legal Implications for Noncustodial Developers
57:51 Future of Crypto Regulation & Coin Center's Role
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Ethereum has had a tough year, losing ground to Solana in price performance, developer activity and as the home to the latest crypto trends. Yet, Vivek Raman, founder and CEO of Etherealize, is doubling down on Ethereum’s future.
In this episode, Vivek explains how Etherealize, a “marketing arm for the ETH ecosystem,” was in the works long before the current criticisms of the Ethereum Foundation’s marketing, and how it got funding from Ethereum creator Vitalik Buterin and the foundation. He discusses why he believes layer 2 solutions make Ethereum a better fit for Wall Street than Solana.
Plus, Vivek shares his thoughts on Ethereum’s value accrual, the state of its ecosystem, and how Etherealize plans to bridge the gap between Wall Street and Web3.
Show highlights:
2:50 Why Vivek thinks that it’s an opportune time to launch Etherealize
7:32 How the project has been in the works for longer than people might think
13:28 How Etherealize secured funding from Vitalik Buterin and the Ethereum Foundation
15:11 Why Vivek says they got “lucky” with the timing of the announcement
19:03 How Vivek plans to drive the narrative of ETH as an asset
22:17 Why he believes corporations will launch their own L2s on Ethereum
29:13 How he pitches Ethereum to TradFi
31:42 Why Vivek believes Ethereum is better suited for Wall Street than Solana
34:08 What he has to say about L2s being centralized
38:24 News Recap
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Quai Network
Polkadot
Guest
Vivek Raman, founder and CEO of Etherealize
Links
Etheralize’s announcement
Unchained:
Lido Founder Says No ‘Second Foundation’ Exists Yet
2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025?
2025 Will Be a Year of Crypto Competition. Can ETH Make a Comeback?
Ethereum Foundation to Fund New DeFi MultiSig Wallet With 50,000 ETH
The Block: Vitalik Buterin details 'large changes' to Ethereum Foundation leadership amid calls for new leadership
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