Good morning. Good morning, GN, GN, everyone.
I will too close to the mic. I don't think you were too
close, that was just crazy loud. All right, I'm excited.
Today, Friday, February 21st. It's a really good day.
It's Friday, sun is shining, the coins are green, and the SEC has
dropped its case against Coinbase.
The mood on CT, we are so back. Just a few days ago on Monday.
It could not have been more over today on Friday, we are so back.
Of course, the question is, will this rally continue through the
weekend and will Kanye throw a wrench into the plants?
We're going to break it all down on today's show.
Faroque is flying back home today.
He will be back on with us on Monday, but we've got Mando and
Logan in the house. Mando, Jim, how you doing?
How you doing? I am doing fantastic man.
Good to see that the market has come back from peak peak bear
market vibes a few days ago. It's kind of what we said,
different things seem to be rallying.
Definitely feels like a bit of an altcoin season is is starting
to form which I think is very interesting to look at.
It really does. I think we need to dig into that
and see is it real? Is it a bit of a head fake?
Can we trust it or not? So I think folks are very
hesitant to to trust or even to mention it.
I mentioned all season briefly on Twitter, people told me to,
to delete my posts and I did. Wow, what Jake said.
I'm very superstitious. So I did, in fact.
Logie GM, how are you doing? Hey, good morning, Tyler.
Yeah, good morning here. More bullish headlines, what's
not to be excited about? It's warming up a little bit
outside, hopefully the sunshine in today, I'm feeling good.
Warming up, just like the markets.
All right, folks, what are we talking about on today's show?
We're going to start with Mando's market report.
We got to talk about alts cooking, what's going on IP
Barrett, Kaido, Utah passing Bitcoin reserve in the Senate.
We got the SEC dropping their case against Coinbase, the
latest from Kaido and that Kaido token, man, it just keeps
grinding up. Talk about AI, rebounds, NFTS on
a run, on the abstract. Are we actually going to get
this Kanye token? We might.
If we have time we might talk a little bit about punks recent
punk purchases. Oh yeah, wow.
A little around the horn before we dive into although of course
2 robot spins to that two big spins to end the week before we
dive into it. Shout out to our partners.
Galaxis is a Web 3 platform empowering creators and brands
to build unstoppable communities with full ownership and
independence, trusted by icons like Donald Trump, Steve Aoki,
Mike Tyson and the NBA, shaping together the future of
engagement. And everyday we see people's
walls get drained. Fair Side is about to launch the
fair alternative to insurance for crypto scams.
Check out at Fair Side network on X.
If you get drained, you won't be wrecked.
All right, as always, we love our partners Manda.
We love our partners Manda. If you're ready, let's get into
it. Yeah, there's a lot to really
report on. It feels like over the last 24
hours, firstly, Bitcoin kind of headed back up towards the 100K
area, which is kind of unsurprising that bit's been
outperforming for for a little bit now or at least been been
strong for a little bit now. We have seen this is ETH has has
continued to outperform, notably outperforming Solana on the
week. Obviously, if you look at the
three majors over the last weak, I think ETH is up about 4%.
Sorry, just taking a minute here.
Where is it? I'll have to bring up Coin
Gecko. Yeah, ETH is up 4%, Slama's down
10%, and Bitcoin's up 2%. And ETH being up and the market
not dying is the first time I've seen that in a long, long, long
time. And what you started to see is a
little bit of this the foothills, let's say of some of
the ETH related alts or just like more not memes and not AI
and none of this stuff on Solana really like that's bounced, but
like that's not what I'm seeing the majority of the mindshare
moving towards right now. So yeah, it's a it's an
interesting, it's different group of people kind of taking
the forefront. I've seen things on bearer
chain. Obviously some of the newer
coins are doing well, which has been very interesting.
We're like, we didn't have a meta like that until until this
time last year, I think, or maybe even I forget what it was
when like new new launches would do really well.
But you've seen Kaito IP Phantoms rebrand to Sonic.
These have all done pretty well. So yeah, very interesting time.
Yesterday the main mover was was IP story protocol, which you
know, some NFTS still have an air drop too.
So go check your NFTS and that that move is is up around 150%
in in a week. So a a decent move there.
And that was the one that was kind of slightly, you know, had
some FUD around it. Like people didn't really know
what it was about. Was around just for maybe like a
market maker move, market maker LED move there.
But yeah, just people are still wanting to D Gen.
This is kind of what I, I think I was saying before, like
there's so, so much stables on chain right now, but like
there's money to do risky stuff. There's just been a bit of a
paradigm shift to thinking what people are looking for.
That's what that's what I'm starting to see.
And that what I would say as an overarching thing I'm seeing is
the return of D Gen. defy. And I would say the two things
that epitomize that are Berra chain and Sonic Phantom.
Both of these coins are up about 60% in the week.
And actually let me just break, break down Berra chain because
Berra chain, I think people know newer, newer coin L2 with a
bunch of different D5. It's got about 3 to 4 billion of
TDL on it right now. But a bunch of people are on
there D5 farming. It's got like a, a rewards, like
a very active rewards program going on right now.
So a lot of people have been making money on that.
The one that I have been more interested in is, is Sonic
Phantom. If you just type, son, if you're
on Twitter now, just type Sonic into your Twitter, you'll
realize that like pretty silently, this thing's been
going going a big gangbusters recently.
And that's because the TVL has gone from around 550K last month
to around 700 million in the state of the month.
And that had a big tech upgrade. So it's gone from being a pretty
slow chain that was like known as Phantom in 2021, big created
by Andre Cronier, who's like a Defy OG.
And they did this big up upgrade and a raise.
They did a $200 million raise and they, they, the TPS is now
10K. So it's actually fast or if not
faster than Solana at current at current speeds.
So it's it's and it's an E, it's an L1, it's not an L2.
But what I'm seeing is tons of trading activity and TV are
moving to these sort of chains to do crazy stuff.
So like them people have seen the matter seems to have been
NFTS to memes to daily runner style memes.
And now what I'm seeing is like move to D Gen.
D Phi. So like why, why Berra chain and
S are going to phantom a little bit more Sonic.
Now they've got this big rewards program going on till July where
it's like $300 million of rewards till July and you can
get like thousands of percents on on these like D Phi LP's at
the moment. And I'm seeing like and some
move towards there. I'm seeing all the D5 people
talking about it right now, a bunch of Ogs in 2021 all like,
yeah, we're all going to move to Phantom.
And this isn't just like a pump. Like it feels as if there's
actually TVL moving. Like I said, 700 million TBL.
So money is leaving Solana and I think it's finding a place to
degen. That's what I'm saying.
And at the moment it appears to be this sort of stuff.
It appears to be L ones and particularly D5 so, and it'll be
interesting to see if that that actually flows past just defy on
these sort of like D Gen. defy chains to now memes and NFTS and
that sort of stuff. Like what I noticed yesterday is
like the number one meme, for example, on Phantom was was like
in the top movies on my on my deck Screener Screener.
That's what I also had to pick up on it.
I think it's something called. What's it called?
Next. No, it's Shadow's, the D5
protocol. Shadow, to be clear, right now
is the number one D5 protocol on Sonic and it's making as much as
hype over $1,000,000 a day in fees.
So people are going like people are just owning Shadow because
it's it it all the fees are used to for for, for, for that there.
It's called like things with AG, but I'll find it, but it's it's
like 15,000,000 up like 150%. I was like, that is I just see
it. I can just see it now.
Like the last few days I hadn't seen that many sole runners,
although today that that has slightly changed.
But what I'm seeing is other chains and I'll start to pick up
the mantle. And the two or three that seem
to be the strongest right now are story protocol, Dera chain
and Sonic. My the one I'm most interested
in is Sonic just because of the the people moving there and just
because I think it's actually like interesting tech in that
it's, you know, now fast. It's not just an L2, but yeah,
if you just type in Sonic, you'll see like all these people
now suddenly talking about it, right?
So you can, you can kind of feel the foothills of something.
And and this isn't this, this trades a 2.9 billion FTV fully
unlocked like the because it's been unlocked since 2021.
So it's not it's, you know, if you can bet this like Sui, which
is similarly like a fast cheap chain, right?
It trades at 30 billion FTP. It's a it's a little bit
different to look at this chart because that it it like that
upgrade happened last week of December.
You have to look at the phantom chart.
The phantom chart goes back all the way to 2021 and and that
that I think that was at like 4-4 dollars in 2021.
But it begins with an FI. Don't know if I'll show it even
to you because sometimes they don't.
Yeah, they don't. Maybe if you're having Phantom,
just type in Phantom Sonic. I'm sure somebody would have
like onto X onto X, I'm sure somebody would have like done
the whole chart so you can look back and like what it looks like
if yeah, that that's what it looks like essentially.
But yeah, I'm that's what I'm starting to see and it's only
really been over the last 2448 hours that I'm starting to see
that sort of a movement. So overarching feels as though
ether has done outperform and that is causing people to look
away from salon because like the Seoul casino seems to have been
challenged at least for the last week or so.
And and look to other things. So broaden your horizons a
little bit. I think that's what that's what
I was kind of doing for the last few days, looking at different
things. And this is the this is one that
picked up Bear Chain is another one.
Like people are farming all that sort of stuff.
But I feel as though D Gen. Defy might be having might be
the next like Renaissance, like A.
Narrative. And and that like then move back
into things like NFTS and memes on those chains.
That's, that's kind of what I'm what I'm seeing if I'm, if I
take a top down at the moment in terms of bullish stuff, bullish
stuff for crypto, we we did have quite a lot.
It does feel as though the SEC versus Coinbase has been
dropped. I think that was kind of known
for a few days now, if I'm honest, because they they did
pause the lawsuit. The SE CS also allowed yield
bearing stable coins. They obviously had that bullish
thing around Defy yesterday. So their fight against sexes
indexes seems to be like seems to be fading a little bit here,
which again is causing this sort of Defy renaissance I think as
well. Like people thinking they can do
a lot more with, with a lot more of this stuff.
There's some bullish talk about the Bitcoin reserve, Vanek said.
If you buy 1,000,000, if the the US buys $1 million of Bitcoin
for its reserve, it may offset offset $21 trillion of debt.
Although that's, that's with their crazy, crazy estimates.
Well, maybe not crazy, but that's what they're very high
estimates. Arizona, Utah, both both
extended their kind of, they look like they're heading
towards bills around Bitcoin Reserve, which I think was
bullish macro, nothing really going on.
Gold continues to be very, very strong.
But the rest of the markets is kind of a it was kind of
sideways yesterday and it was more like macro political stuff,
so stuff around Ukraine, etcetera, etcetera.
So nothing really did derail us there.
But then yeah, that's, that's just what I'm seeing in the left
curve stuff people like people are liking new new coins.
So new coins are trading very well and and then secondly, this
DJ and D 5 is really is really all over my timeline.
So I agree with you. I'm a little hesitant here.
I'm just wondering is it still early on?
I feel like it's still probably early on Bear train Sonic.
I got I I know like Andy eight O 5 too.
He's been tweeting about it and he had to tweet that pulled up
on the stream. He said entire Sonic ecosystem,
5 XS and then CT starts talking about it basically.
So like in my EX liquidity, if I move over now, but then if
there's $300 million in rewards. Well, I wouldn't, I would say
that that that is true for for Shadow, which is the main decks.
But but Sonic is like I just showed you the chart of Sonic,
right? Like it's not, it's not all.
Time highs, yeah. It's still well, well below
where it could go, right. And it's not like it's some
unbelievably high FTV thing. To put it in perspective, I
think bearer chain is around $1.2 billion current market cap
and around $5 billion FTV. This is 2.9, but it's all
unlocked. And then something like story
protocol I think is like 800 million and like 4 billion FTV.
So like they're all in and around the same area.
But, but like, but but, but, but but Sonic's is, is fully, fully
unlocked. But there's there's no doubt
that like this is a, this is something that I mean, Anson has
been treating talking about Sonic for months and like, it's
kind of been around this level. I'm just saying that now might
be the time where I'm seeing it it gain mind share, like
significant mind share. Yeah, and and people are looking
for the next thing already like we we see how fast the space
moves and folks are ready to move on.
It is wild to think so. This is trading at 2.6 billion
market cap, 2.9 FTB. Kaido is turning at 1.8.
So this chain which is 7th, 6th and overall decks volume is a
just a small premium to an info fi protocol.
Yeah. This is the thing.
Like I don't think you're late to this.
Like, yeah, it's up because there are some Ogs that are in
it for a long time and they'll be like you're late, but but
that's not crazy. Like SUI, like I just told you,
SUI trades at $30 billion FTV, SUI has $1.6 billion TBL.
So like that's and this is 700 million right now.
So it's it's about a difference of two and a bit whether whether
you're late or not, I'm just telling you this is what I'm
this is what I think is is happening.
And I think it may be a bit more of a medium term thing.
I don't think that this is only just begun in my or at least I
had like a week ago. In my opinion, if it if it
really did and if this is going to be more of a meta thing, I
think this is going to be more than just.
I think you're right. I did see this tweet from CBBI.
Want to bring it up. I had it on earlier on the
stream. His theory was that the pumps we
saw yesterday and a handful of coins, specifically Bera IP and
Kaido, so this is phantom excluded, were effectively short
squeezes. And so still kind of trying to
balance like what is what is real organic buying versus, you
know, what might be a different type of game playing.
And Kobe shared a post a few days weeks back saying that it
was somewhat known that some of these teams were working with
funds with, with these give back clauses to inject capital into
their chart basically risk free and.
Sorry, yeah, IP feels like that. Yeah, it does feel like that.
And I no no shade, but like, I don't know that I've seen an alt
go straight parabolic like this. Not not the DWF days yeah, this
feels this one felt like a short squeeze, right.
There's a lot of hate on IP protocol.
Everyone was like like these guys are going to be underwater
on their last round. This isn't defy.
So story protocol has some defy stuff on it, I think, but like
generally this is defy. So this is a very different that
was more like a altcoin short squeeze.
What I'm what I'm seeing elsewhere from that from like D
Gen. activities is. I'd agree.
I think Bear Chain falls into more of the Sonic bucket than
the IP bucket. Also, just a word of warning, I
know it's been increasingly popular for folks to short meme
coins and people don't loudly want to short these new tokens
and launches. Be careful.
Be careful out there. You got to know who you're up
against. Logie, I think the big news from
this morning we got to talk about this a little bit was
Brian Armstrong coming out and saying the SEC has dropped their
case. Do you have a little bit more
info on this one for us? Yeah.
So this stems from the 2000, sorry, 2023 lawsuit from the
SEC, which basically alleged that Coinbase was, you know,
selling unregistered securities And yeah, not a fully approved
and settled at this point in time.
This is Coinbase kind of coming out and saying that they've
agreed with, you know, high-ranking members of the SEC
to drop this suit. It needs an an official approval
basically, which Paul Griewald, the chief legal officer at
Coinbase indicated is expected to happen next week.
So of course, Mando mentioned, you know, some of this might
have been known a little bit earlier this week, but some
euphoria on the timeline. Of course, when the official
stuff starts to trickle down. I imagine we'll get to run it
back a little bit more next week.
If and when that news does officially break, that is kind
of off the table. I, this is of course good news,
right? A few things that I sent to you
Tyler, that stood out to me. I read the, the blog post from
Coinbase this morning about this announcement. 2 particular
sentences. One was about the clarity,
right? Which is something people have
been fighting for, not just Coinbase, but many, many folks
here, particularly in the United States and fighting for
regulatory clarity about, you know, all their offerings,
etcetera. And Coinbase, this is from their
blog says clarity will bring new inflows of capital into the US,
update our financial system so consumers pay lower fees and
help create economic freedom for all sort of blanket statement.
But you know something I think we can all rally behind.
The next thing was, you know, even more bullish for me if you
need to get bowled up if you need to this morning, The very
next sentence was we believe we will eventually get to a point
where the majority of global GDP runs on a crypto rails.
They're they are of course, incentivized to say things like
that. They're the infrastructure that
would help, you know, potentially make that possible,
right. So it doesn't like stem too far
from what you'd expect them to say, but it's just good to see
that. And I was thinking back as I
read that, I was thinking back to Brian Armstrong's quotes at
Davos. Maybe if it was that a month ago
at this point in time, which he indicated, you know, we'll see
multi $1,000,000 Bitcoin and you know, lots of people throw out
outlandish price targets, you know, Vanex etcetera.
You can make up those what you will.
For some reason. This is just personally when I
hear it from people like Coinbase and I hear it from
people like Brian Armstrong, it it just has a little bit more
oomph for me, you know, then then just like Sailor bowl
posting or whatever. So yeah, just take all those
things together. And this is we talked about
earlier this week, Tyler, you know, a lot of these things
feeling like we're going to look back and be like, man, they were
hitting us over the head with all these headlines.
Like it was so obvious. You know, just feels like
another one of those days. It feels like another one of
those days. This pair of headlines from the
SEC from these last two days is very significant.
So they launched a crypto crime fighting unit to focus on real
fraud across cybersecurity, across blockchain.
And then the next day the news comes out that they've dropped
their, their case against Coinbase so that they're
dropping the fluff and they're focusing on more true fraud.
And like, this is exactly what we needed.
Like the, I was very tired, to say the least of the crime
season posts just running rampant across CT.
And then we, we've seen what, what's happened with that.
I don't think I think crime season's over.
Well, Speaking of that, it looks like five years has been hacked.
Oh geez Louise. Have you seen this five?
It hacked for $1.5 billion. That's why the market is
currently selling off guys. Sorry.
Yeah, looks like their hot wallet just got hacked for $1.5
billion ETH and it's being dumped on chain.
I don't know if that's part of a broader hack, but yeah, not a
good look. Oh no, this is exchange out.
There probably. Welcome to Friday's in crypto
where we feel so good and then I have as I'm trying to find the
the tweets here folks bear with me.
I've been official hot wallet hacked.
It's a multi sig 1.5 billion man.
How's that even possible? I mean it can only really be
private keys being being being fished.
I think 1.5 billion is is pretty big I think for buybit if I'm
honest. I know they probably make a lot
of money but yeah, not a good look anyway.
I mean, it's, it's caused a little bit of a dump.
It's obviously dropped like 1 or 2% looks like.
Terrible. Bitcoin, similarly, has moved
about a percent and 1/2 Solana down a bit, yeah.
We're definitely selling off here.
I mean, it's not a good look, but vibe it is probably the
second biggest exchange in terms of volume out there.
It's huge in Asia and you don't know, like if they've been
hacked for that, they've been hacked for any of the other
wallets that they have, yeah. All right, well, we'll see if
more information comes out about this during the show.
Hate to see it. Crime season, man.
I was just getting bowled up. I, I was just calling for the
end of crime season than a major exchange tax.
So there you have it. Let's move on, maybe talk about
something a little bit lighter and then we'll, we'll circle
back if we need to. Logie, you haven't had a chance
to really. We talked about Kaido on
Wednesday ahead of the AirDrop. I was on with OV yesterday and
this thing's trading at almost $2.00.
It's $1.92 right now. That's 1.9 billion FTV.
The market cap's nearly half, half a billion at 460 million.
I showed you yesterday that I sold some of my tokens after the
air drop, much lower than it is right now at this level.
I think this is $35 per app. They paid out to the folks who
didn't get nerfed, and some folks got even more than that.
Like that, very early joiners, those who actually subscribe to
the service got upwards of 40 to $50 per per app.
This, this chart is surprising to me.
This is not how I thought it would play out.
I'm very happy to see it. We got some news out of the
Kaido team this morning. Actually a lot of news.
So one, they used royalties to sweep the Genesis sanities.
Those rallied 80% back to three ETH.
I think they were down in the ones for a little bit.
Yesterday we had you who come out and say they are going to
prioritize NFT owners and stakers.
I think there was a 70% APR on staking.
But it it seems like they're heavily trying to prioritize,
reward those who hold the token, stake it as well as the Mt
owners. Just curious for your thoughts
reactions here now that we are about a full 24 hours post
launch. Yeah, it's well, it's a little
surprising to see. I think this, this price at this
point in time, I mean like yesterday when we were talking
about it, those pre markets at like what 1.2 to 1.4 even at you
know, down to one or whatever. It didn't seem completely
outlandish just given the overall excitement about, you
know, what was coming, some of the buzzwords here, right, AI,
all that stuff, all those alignments.
So that didn't seem super outrageous to me.
I still, I guess just a little uncertain as to what the future
looks like. Of course, you know, all these
things they want to be super long term, they want to be very
aligned, Kaido aligned. That was mentioned like 3 or 4
times in the tokenomics and, and in other tweets and things I saw
from the team yesterday. I just, I just don't know what's
what's here moving forward. I mean, I feel like a lot of
what's been shared has been a little bit shrouded in
ambiguity, a little bit shrouded in buzzwords, and there's still
uncertainty about like what those revenues and things look
like. I don't know.
I don't know what to say. I mean, it doesn't surprise me
at all to see where it didn't surprise me.
I should say, to see the price where it was yesterday.
It would surprise me to see it continue to rally, I don't know,
2 billion, three billion 4, but whatever like that, that would
be a little surprising without a bit more insight into like
what's actually going on here in the future, right, 'cause all we
saw were those rumblings about the kind of decentralized Google
type thing, right? So.
Yeah, I mean, I'm not certain I'm surprised to see it at 1.9
billion FTV here and that's shout out to them.
That is an incredible launch. It is not easy to to launch your
your protocols token and get to $2 billion.
Amanda, I know you've been someone at arm's length to this.
Curious if you have any reactions on Kaido.
You know, perhaps the vision or kind of the lack of some
information they've shared because like they really haven't
shared much with respect to, you know, how they're generating
revenue. We still don't really have a
whole lot of detail about their vision.
Curious if you have to take. And they have a subscription
model. Do that's certainly one aspect
of their and I'd say that's probably the primary aspect new
generation and then you can assume that perhaps they're
monetizing those pre tge projects who get on the
launchpad in some. Yeah.
So I think, I think that's partly it like that there's
obviously been a social layer to to to drops for a while.
Things like layer three are very well known companies here which
have raised a very high valuations before this seems to
maybe web three that whole thing and potentially like, yeah,
people actually get revenue from from their social yeah, their
social score essentially doing doing doing different things.
So I think that being said, like I that is completely finger in
the air sort of stuff like this could have come at lots of
different levels. In my opinion, no one would
really have known. So I think let's see, let's see
where it where it all ends up. I can't say it looks cheap or or
expensive at at this level until I know a little bit more.
But new new mints are trading new new coins are trading very,
very well. So it could just it could just
be part of that, that whole meta this, this vibrant things.
I, I I think we should really talk about it a bit more here.
Like it looks like Zac XPT is is confirming that this is a this
is a hack. There were some rumours that
this made us be a movement. Looks like the market is is
really not reacting well to it now.
I don't know if they have anything else tackets BTS yeah,
confirm it's a security incident.
It's it's mainly just affecting ETH and stake DEET, it looks
like. But yeah, we haven't had one of
these for a long time and the market is not liking it at all.
Where? Sorry I'm looking for the tweet.
Is it a reply or what? I I just got an alert that Zack
XPT has confirmed it. May be it's in his discord.
I know he has his own like community right?
All right, just trying to look for more content live on the
show here, folks, Bear with us by bits Reportedly hacked for
1.5 billion. Yeah, this is huge.
Very negative. Oh, so we we had this up
already. I don't, I don't know how big
buy bits. I mean, I can only assume that
they have enough money to cover this like, but one point 1.5
billion, like that's the sort of hole that FDX was in 3 billion
hole. But like you, I mean, I think
buy bits are not capitalized like FDX is, but like that's if
you lose 1.5 billion, you lose $1.5 billion.
Like that's not not small at all.
Yeah. So 1.5 billion in end users
funds potentially gone 400,000 ETH. 400,000 ETH Where is that
gone? Worth $1.1 billion.
Let's see if there's. Yeah.
I mean, I guess you can just put through tornado these days,
right, But. Yeah, I guess I don't, I'm not
even familiar with how you necessarily exit this or or how
you get away with these funds. I'm trying to.
Just as a I'm not sure if any of the listeners use bibit, but I'm
I'm seeing some people on the timeline indicate that they are
getting withdrawals through. So yeah, I guess that first call
to action is if you're a bibit user, get a hold of your funds.
This guy's saying misleading flood planned wallet
maintenance. No, it's not, Zach Expertise
confirming that it is. So it is confirmed hack.
All right, yes, here's the confirmation from Zach.
So it looks like it is in his discord.
ME steak teeth currently being swapped on Dexes for ETH.
His sources confirm it's a security incident.
Damn, maybe that's, I mean, finance in the past has come
through to help some of these exchanges.
So is so is, so is Justin's son. So maybe we're going to see
someone come in and and try and help.
I bet here this is this wouldn't be good for the industry, you
know what I mean? Right.
Yeah, I mean. I mean, we're not nuking
bitcoins form three 2% it looks like, it looks like it looks
like Solana's down to 170. So that's down about yeah, 4 or
5%. Ethi, interestingly, it's
actually it's down only about 3 or 4%.
So it's not not getting absolutely destroyed here.
It's about that being the asset that's selling but.
Yeah, it's down about $100. It's 2825, right before this
news broke. Now 2729 A.
Lot of money's going to leave exchanges here though, guys.
Yeah, I think this is. I wonder if this is a part of
the the Coinbase discussion I wanted to have before this broke
was and that the future of their business model as a sex in the
world where banks are going to start custody and crypto.
Like I feel like this is the type of headline that just
pushes everyone to say like, OK, I'm just going to hold crypto
with with my bank if I can. Yeah, aren't they?
Aren't they? I mean, they're prone to the
same potential issue though. Depends.
Whether they custody, yeah, yeah, arguably I think the
institutional might be, might be have to have stringent, more
stringent custody services, but I don't know like I have no idea
about this wallet. It's called a bynet.
It's called the by bit hot wallet, So.
The raises the question of why? Why paper would have a?
Is that our it's like our hot wallet where you're like
degenning with it. I I have no idea.
You've got to assume it has a it has a it has multi cigs on it
like this. This would only really be the
North Koreans, I imagine. And it would be similar, I would
say to like the Ronin hack, you know, two years ago where they
managed to like do a fake job interview and, and install
malware and all this sort of stuff like this isn't small.
The the real hope is that, you know, other wallets haven't been
compromised. I'm sure Biba has a lot more
assets. It may not have than 1.5
billion. Yeah, one type.
I'm curious what type of do they have any insurance mechanisms
like our our funds insurance? What does Coinbase have?
Are we going to go up to 100,000?
Yeah, but that's only if you're a prime customer.
Like you have to pay the 35 bucks a month or whatever.
It'd be a prime customer. And I think it, yeah, I think
the number is 100,000. I have no clue how it works in
buy bid is. What is that South Korea?
Singapore. I'm not exactly sure where
they're headquartered but. Like Singapore, yeah, I think, I
think that it won't come to that.
I don't think the users will lose money here like this feels
like not a bad actor sort of thing.
I reckon people would come in and and save them if you needed
to here. Like the the the last big hack
we had in the exchange was was Xerax, which is that like the
number one exchange in India, which got hacked similarly by by
the North Koreans and I think users got about like 80% of
their funds. But but obviously much smaller
than than vibe it like this. Yeah.
Not fun to see. It looks like Ethan's continuing
to dip here, so deck down to about to lose 2700.
I imagine we'll get a pretty good post mortem here.
Hasn't Vibe have been they've been leading the charge kind of
on the transparency fund with regards to the liquidations and
stuff, right? They just did that API update
with coin glass and such. Remember, I I believe it was the
Bibit CEO, maybe CEO founder that came out and said that that
big, big liquidation, the biggest one ever, right?
It was closer to 10 billion as compared to 2 billion or
something like that. So yeah, hope, hopefully in in.
The he's he's pretty well blown. Yeah.
He's like, he's pretty public as a figure, but I don't know who
there's multiple owners of it of of bibit.
Yeah. I'm just hopeful, you know, in
the vein of transparency, which they've leaned into here in the
last couple weeks, that we'll get like a really good breakdown
of exactly what happened, hopefully.
Yeah, yeah, I, I, I would reckon so.
Yeah, and hopefully soon. So the majors continue to fall
here. Bitcoin 97250 E just lost 2700.
Oh it's going fast now I'm seeing 26.
What is it on hype? Stocks are also dropping, which
you know, wouldn't be related to this I don't think, but probably
playing a role all. Right, I'm still seeing 20
something hyper. Hyper is a little.
Well, I think a lot of hyper liquid bulls are like, I mean, I
see the timeline of of people who are hyper liquid bulls, like
being happy almost about this are like finding it funny
because obviously this they've been questioned for a lot of
this sort of stuff by these big perp sexes.
So to see vibe it go down like this, I think is people might
buy hyper liquid, so to speak, like if you were a big perp
trader, which is what vibe is really known for.
It does a lot of spot, but it's mainly known for perps.
Maybe you're moving to hyper liquid?
Looks like we're seeing a slight rebound, so Bitcoin back 975 E
2720. The main, the main risk here
would just be if there's other wallets which are compromised.
I don't think there's a risk. I mean, I would say there's a
very limited risk of, of buy bit being insolvent or something
like that. Like this would be very, very
painful for them. But so they've sold 200 million,
it looks like of the 1.5 billion.
So I think that's probably why it's selling off because there's
still 1.3 billion to sell. Other folks seeing it, it's
trying to front run. It's probably a a part of this
as well. Yeah.
Ben Zhao just posted Yeah. Yeah.
Can you? Send me the link to that.
Yep, one SEC coming in, Tyler. Real quick while we wait folks.
So we are still doing real bits. Ben's Coinbase is the code for
today. Coinbase is the code.
We'll probably be doing that in about 10 minutes here.
Appreciate everyone sticking on with us during this developing
situation. He's downplaying it but it
sounds I don't really understand what he's saying.
He's saying fiber ETH multi sig cold wallet Just made a transfer
to our warm wallet about an hour ago.
So they made a transfer from their cold wallet to their warm
wallet. It appears that this specific
transfer was musked. I don't know what that means.
All the signers saw the Musk UI which showed the correct address
and URL was from ATSAFE so they were using a notice to say.
However, the signing message was to change the smart contract
logic of our ETH cold wallet. So for some reason they signed
something which changed the logic of their cold wallet.
This resulted this resulted hacker took control of the
specific ETH cold wallet we signed and transferred all the
ETH in the cold wallet to his unidentified address.
So basically, they must have signed something on their cold
wallet which meant a hacker could take control of it.
And he has. He has moved it to his own
funds. Ben Zhao has ended this for
saying all withdrawals are normal.
Please rest assured that all other cold wallets are secure.
Oh baby, Can you imagine? Can you imagine their wrist
department right now? We signed something.
We signed something wrong on my Ledger.
They signed it. And you like an injection thing?
What is masked? I don't know, I don't know the
term masked and I've been in crypto for a while now.
So, so maybe somebody else sent a potential, I just don't, I
honestly don't know. So this is this interesting.
Do you think, do you think he means masked?
And it's masked as a hidden UI. So it looks like it's a legit
signature and it's they put it by mistake.
Yeah, maybe it does mean masked. Maybe it does mean masked.
Yeah. So, so this doesn't seem like
the Ronin hack. So, so the good thing is is like
they haven't, you know, this isn't like their private keys
have been hacked and they're and they're all screwed.
Like, this does seem like somebody's managed to like send
somehow send them something to sign and they've all signed it
and lost control of the. And customer funds withdrawals
are normal. So some positive here.
It seems localized man. This just also raises the
question like if if the largest exchanges can't safely transact,
it's. Just it is a bit like this
though, like there's so many if you sign the wrong thing you can
just give away. I mean, we saw even an abstract
the other day, like it's so much easier to inject malicious code
into well, seemingly what I always see is this sort of stuff
happens on Eve. I, I rarely see this stuff
happening on Solana, right? Like the idea you can sign
something and it gives unlimited privileges to do other things is
something that I know obviously we're even sponsored by people
that, that, that do help with that, that sort of protection.
But it does feel a little too easy if if if it's being done to
Bob it. Yeah, these are the days when
things like this happen. Like these are the times where I
really sit back and question like, why the hell do we own
this stuff? You know, like the the
immutability and all those pros that it provides.
Like these things are really scary when they happen at at
this level for sure. Like you mentioned.
I mean, this is like these are experts in the space operating
that just got got it's, it's tough.
Yeah, I think the more assets you have, I think you have to
really think about OPSEC, you have to think about splitting
things up. And that makes it harder to
manage. It's like, so I've got a family.
I need to make sure my wife something happens to me, knows
how to access all this stuff. So that means I need to have
this, all the instructions stored somewhere, which is
another risk factor, right? Like it, it, it does paint the
case for investing via the ETFs very, very easily.
And, and I think when banks start cussing this stuff, I
think we're going to see folks who want to use that.
Yeah. Or just have something that like
warns you, I guess with Nosis they probably don't have the
same sort of warning technology. I know Metamask and wallet guard
and all this other stuff is like added like if you're using
Metamask, they'll tell you like, oh, do not sign this.
But I don't know if if if Nosis have have have probably got
that. Well, I mean, the impossible
part there, at least as indicated by Ben, is that the
mast must whatever the UI showed the right address.
Like that's that's terrifying if that's the case.
I mean, how am I? How is anybody supposed to know
if it looks like the right address on your little screen?
Like you're just going to click, you know, unless, yeah, there's
some other way to ensure that it points out something was
injected or whatever. But I mean, if it's showing the
right address and everybody's seeing the right address,
that's, I don't know. I mean, what?
What do you do There's? It's interesting this clearly
something that they don't do that often, but they had told
people they were going to do it. So they had told people in
advance, hey, don't worry, we're doing this.
So if you see any weird movements that that's why you
saw that tweet that said like they told everyone they were
going to do this. So clearly a hacker was was
warned that they were going to do this in the next in the next
day and then like basically prepared this this ahead of
time. It's like.
So the hacker figured out like the exact time they were going
to do the transfer like. Or or must have known that like
it was coming very very soon, so.
I appreciate them trying to Telegraph this in advance just
so people don't get spooked. But I mean, the downside seems
is this. Yeah, Yikes.
Well, we will see what else continues to come out of this.
Just a few minutes left in the show.
I don't know if we'll get any more details here before we
close. Is this going to stop Kanye from
dropping his coin? Of course, the natural seg.
This was all already the risk overhanging the the trenches,
you know, on everyone's mind. So this is no longer private or
rumors or insiders. Coindesk published this story
that there is a planned Kanye token.
It was apparently set to launch last night.
They decided to push it. He's keeping 70% of the tokens,
10% for liquidity, 20% for investors.
So make of that what you will. I will give shout out to
Coindesk for this this headline self-proclaimed Nazi who said
coins prey on fans plans XYZ token it's.
Just the time for Kanye to release the coin.
Like I just feel like. It's the worst possible time to
launch a coin, yeah. It's gone full douchebag
recently. So, so I don't know.
And I'm a big, I was a big Kanye fan.
Like it feels like the guy needs.
I don't know if a coin is going to help the guy's mental state.
That's that's why I, I keep saying the argument that that
he's got such a big fan base and like I'm a huge fan, but like,
I, it doesn't make me want to go out and buy a token and, and we
can always get into like rocket game and can you dump on the
next guy? Maybe, maybe you can.
So we'll see. They pushed it once.
Will they actually deliver it today?
I don't know. Apparently it's going to be live
from his website, so it's not even going to be like a typical
token sale. I don't know.
There's a lot of questions about how this is actually going to
work. Just rounding through things
quickly on a lighter, a lighter note, Abstract had a nice little
win, the unchanged Genesis Heroes NFTS 45X yesterday.
I think Abstracts has an ecosystem that needed some wins,
especially after after this week.
So I think seeing some digital assets have some success on
chain. This tied to one of the leading
games. They've also got a token coming,
the hero token. So excited, excited to see that.
I think we we love that one. Trying to think if there's
anything else. Oh Samus brat shout out to Sam.
We had him on the show yesterday.
He finished his primary sale for the Masks, 2.19 million, raised
overall total 5.19 million. Yeah, well, very well deserved.
The game begins today, folks. I think he's already shared some
more content about how to play. We got some alpha in the
interview yesterday. If you missed that, go back and
listen to it, get more insight from Sam himself about what he's
actually looking for from players.
I think we'll have to cut it there.