Unchained

In-person at ETH Denver, crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest crypto news. This week, Kyle Samani, scion of Solana, joins the show. Show highlights: why Coinbase decided to launch Base, a layer 2 on Ethereum and whether developers are building on it how Coinbase might make money from it whether it will be a permissioned, KYC’ed chain that requires users to reveal their identities Kyle's opinion on the allegedly fraudulent operations of FTX, in which his firm, Multicoin Capital, was an investor how due diligence changed in the investing space after the collapse of FTX what the future of Paxos looks like now that its primary source of revenue, BUSD, was impacted why Kyle thinks the latest nearly 20-hour outage of Solana is different from previous outages what he’s excited about in Solana now how Jump, a VC firm, was able to “hack back” $150 million in previously stolen assets after a court order Hosts Haseeb Qureshi, managing partner at Dragonfly Tarun Chitra, managing partner at Robot Ventures Tom Schmidt, general partner at Dragonfly Guest Kyle Samani, managing partner at Multicoin Capital Disclosures Links Base Unchained: Coinbase Launches Ethereum Layer 2 Network ‘Base’ Video Solana Unchained: Solana Attempts Two Chain Restarts After Near 20-Hour Outage FTX Unchained: FTX’s Nishad Singh Charged With Fraud After Guilty Plea Wormhole Coindesk: Oasis Exploits Its Own Wallet Software to Seize Crypto Stolen in Wormhole Hack Learn more about your ad choices. Visit megaphone.fm/adchoices

Muneeb Ali, co-creator of Stacks, discusses the Bitcoin trend that has everyone – or at least, many Bitcoiners – buzzing: Bitcoin ordinals. Ali explains why it is that they’ve taken up block space, pushed Bitcoin fees higher, and caused controversy in the community. Plus, he explains why the phenomenon has generated excitement about Stacks. Show highlights: how Ordinals technology works to enable NFTs in the Bitcoin blockchain the difference between NFTs in smart contracts platforms like Ethereum vs. NFTs in Bitcoin the way in which the Taproot upgrade allowed Ordinals technology to exist what security measures to take in order to protect one’s Bitcoin NFTs why the Bitcoin maxi community reacted negatively to Ordinals why Stacks jumped so much in price after the release of Ordinals what Muneeb thinks is the significance of Yuga Labs launching NFTs on Bitcoin Thank you to our sponsors! Crypto.com Railgun DAO Guest Muneeb Ali, co-creator of Stacks Twitter Previous appearance on Unchained: Blockstack On Getting Independence From Google, Facebook And Amazon Links Unchained: BAYC Creator Yuga Labs to Launch Bitcoin Ordinal NFTs Decrypt: What Are Ordinals? A Beginner's Guide to Bitcoin NFTs Dune: Ordinals - Inscriptions on Bitcoin Episodes about Bitcoin mentioned in the show: Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate Eric Wall and Udi Wertheimer on Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’ Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off Learn more about your ad choices. Visit megaphone.fm/adchoices

Andy Greenberg, senior writer for WIRED and author of “Tracers in the Dark,” takes us inside the world of crypto-tracing crimebusters and voices the ambivalence of Bitcoin – a cypherpunk creation – eroding financial privacy. Hear how the longtime crypto scribe got law enforcement and sleuthing firms like Chainalysis to open up about their major wins in taking down darknet kingpins. Show highlights: why Andy thought early on that Bitcoin would enable crypto anarchy how blockchain analytics started being used to tackle crime why the IRS Criminal Investigation unit was more open to discussing its techniques how Andy learned many new things about already well-known stories when writing about them for the book the methods used to bring down the “biggest dark-web drug lord” in history did AlphaBay’s Alexandre Cazes really kill himself in a Thai prison? how researcher Sarah Meiklejohn developed tools to deanonymize Bitcoin why she’s now uncomfortable that her techniques were adopted by Chainalysis and sold to law enforcement what Andy feels about the importance of privacy how Monero is harder to trace than Bitcoin but not untraceable what the impact of zero-knowledge technology will be for blockchain analytics firms whether the cypherpunk ethos is dead why the mystery of Satoshi Nakamoto’s identity will never die Thank you to our sponsors! Crypto.com FTSE Halborn NYU Guest Andy Greenberg, senior writer for WIRED and author of “Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency” Twitter Writings for WIRED Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency Links: WIRED: The Hunt for the Kingpin Behind AlphaBay, Part 1: The Shadow The Hunt for the Kingpin Behind AlphaBay, Part 2: Pimp_alex_91 The Hunt for the Kingpin Behind AlphaBay, Part 3: Alpha Male De-Anonymization in Bitcoin with Sarah Meiklejohn | a16z crypto research talks Wikipedia: Welcome to Video case Learn more about your ad choices. Visit megaphone.fm/adchoices

Emily Parker, CoinDesk’s executive director of global content, joins the show to discuss the Asian crypto markets. From Hong Kong to Tokyo, Parker sees bullish signs in recent developments. Hear why she thinks China and Japan are closely watching as the U.S. clamps down on the crypto industry. Show highlights: how Hong Kong is trying to create a regulated environment for crypto whether Beijing and Chinese officials support Hong Kong’s initiative what was China’s motivation to make it harder to buy and hold crypto whether Asian countries will lead the next bull run what the crypto environment looks like in Japan and how it differs from the U.S. how Japan responded to major crypto hacks and meltdowns what Japan is doing in terms of stablecoin regulation and adoption how Japanese authorities are trying to establish guidelines for DAOs whether people in Asia have different attitudes and views toward crypto and investing in general Thank you to our sponsors! Crypto.com Railgun DAO Guest Emily Parker, executive director of global content at CoinDesk. Twitter Previous appearance on Unchained: Crypto in China: What It Really Looks Like Links CoinDesk: Japan Embraces Web3 As Global Regulators Grow Wary of Crypto FTX Japan Customers Can Begin Withdrawing Fiat, Crypto on Feb. 21 WSJ: Some FTX Customers Can Withdraw Their Money—in Japan, at Least Bloomberg: Hong Kong’s Crypto Hub Ambitions Win Quiet Backing From Beijing - Bloomberg Hong Kong Plans to Let Retail Sector Trade Larger Crypto Tokens Like Bitcoin Crypto Mogul Sun Says Huobi Betting China Will Warm to Digital Assets as Exchange Targets Hong Kong Hong Kong to Establish Task Force to Help Develop Crypto Hub US Crypto Crackdown Boosts Appeal of Dubai, Hong Kong, Europe Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, it’s time for a case study: Special guest Pacman, founder of Blur, explains how his upstart NFT marketplace fought OpenSea and won. Show highlights: what it’s like to launch a token why Blur was created and what its strategy was for competing with OpenSea why royalties remain a lightning rod in the NFT community how Blur designed its liquidity mining program and the lesson learned from failed designs the reasons why Blur succeeded in the NFT marketplace environment Pacman’s reaction to OpenSea’s decision to not enforce royalties why forking the Blur code won’t work for new marketplace competitors why the NFT market remained strong in the depths of a bear market why Pacman thinks AMMs for NFTs won’t work whether the “death of royalties” is good or bad for the ecosystem Hosts Haseeb Qureshi, managing partner at Dragonfly Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Guest Pacman, founder of Blur Twitter Disclosures Previous coverage on NFT royalties: The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! Are NFT Royalties the Way? How to Build a Sustainable Creator Economy Links Dune: Blur VS OpenSea Blog post: How to earn royalties on Blur OpenSea’s response Unchained: OpenSea Eliminates Marketplace Fee, Makes Creator Royalties Optional Blur Airdrops 360M Tokens to NFT Traders Learn more about your ad choices. Visit megaphone.fm/adchoices

A settlement with Kraken, a proposed custody rule, and lawsuits against Paxos and Terraform Labs. “This week has been a very long year,” said Polygon Labs Chief Policy Officer Rebecca Rettig. She joins Coinbase Chief Legal Officer Paul Grewal to interpret what’s going on with the SEC. Is it just one big push to cripple the crypto industry? “The fact that we’re all … trying to read tea leaves speaks to a failure in the system that relies upon one-off enforcement actions rather than a public rulemaking process,” said Grewal. Show highlights: how the implosion of FTX sped up regulatory actions whether the SEC will go after other staking services why the statement that crypto firms should just register with the SEC is “disingenuous” what seems to be behind the decision to target the BUSD stablecoin whether SEC enforcement actions will be detrimental to innovation in the U.S. what features would make stablecoins securities why the SEC is alleging that the UST stablecoin is a security why “expansion of jurisdiction” is at the heart of the SEC’s proposed crypto custody rules why Paul thinks that forcing crypto innovation offshore could become a national security issue for the U.S. Thank you to our sponsors! Crypto.com FTSE Halborn NYU Guests: Paul Grewal, Chief Legal Officer at Coinbase: Twitter Rebecca Rettig, Chief Policy Officer at Polygon Labs: Twitter Links WIRED: Confusion Spirals in Crypto as the US Cracks Down Unchained: Circle Told NYDFS That Paxos-Issued BUSD Wasn’t Fully Backed SEC Wants Tougher Rules for Crypto Custody SEC Sues Do Kwon and Terraform Labs WSJ: Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin Bloomberg: US Crackdown Seeks to Push Crypto Back to the Fringes of Finance SEC: Pocketful of Quarters, Inc. Statement on Safeguarding Advisory Client Assets Proposal CoinDesk: SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms Jesse Powell’s tweet Learn more about your ad choices. Visit megaphone.fm/adchoices

Mike Selig, counsel at Willkie Farr, has plenty to talk about this week, with a slew of actions from Gary Gensler’s SEC putting the future of crypto in the U.S. in question. From Kraken’s custodial staking settlement to action against BUSD issuer Paxos, the former CFTC law clerk voices concern that coordination among regulators could choke off the industry’s growth. Hear how Selig thinks Gensler’s SEC is working to bring crypto markets “within the regulatory perimeter.” Show highlights: whether regulators are using the FTX case to go against crypto as a whole what likely caused the NYDFS action against Paxos for BUSD whether there’s a coordinated effort to undermine the crypto markets how issuers could argue that stablecoins aren’t securities why there are limited implications for staking as a whole after Kraken’s SEC settlement how the regulators are “discouraging access and participation in crypto markets at the banking level” the differences between Gary Gensler’s SEC and that of his predecessor, Jay Clayton how the Gensler administration is skeptical of governance and DAOs why the SEC’s crypto custody rule proposal is refreshing, albeit not perfect Thank you to our sponsors! Crypto.com Guest Mike Selig, counsel at Willkie Farr Twitter Links Unchained: Circle Told NYDFS That Paxos-Issued BUSD Wasn’t Fully Backed SEC Wants Tougher Rules for Crypto Custody CoinDesk: SEC Proposal Could Bar Investment Advisers From Keeping Assets at Crypto Firms WSJ: Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin - WSJ The Block: SEC action against Paxos paints regulatory target on stablecoins Tom Wan on the ramifications of Paxos being ordered to stop issuing BUSD Bloomberg: US Crackdown Seeks to Push Crypto Back to the Fringes of Finance Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Polygon Chief Legal Officer Marc Boiron joins the show to examine the SEC’s recent enforcement ramp-up. why Marc thinks NYDFS coming after Paxos is the most interesting thing to analyze in the SEC-BUSD spat whether the SEC and NYDFS actions against Paxos were coordinated whether a stablecoin is a security and why the SEC might be inclined to go after Paxos how a stablecoin could resemble a money market fund whether the SEC action against BUSD consolidates Tether's dominance why Robert is nervous about the ramifications of the Paxos situation for all of crypto the unique characteristics of Kraken's staking services that led to settlement with the SEC the meaning of the settlement for other custodial staking services and staking in general why Robert voted in favor of the Uniswap governance proposal why Haseeb is fine with how a16z voted in the proposal how on-chain governance should be approached Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Guest Marc Boiron, chief legal officer at Polygon Links Disclosures BUSD shutdown WSJ: Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin The Block: Gensler: SEC has been 'clear' on cryptocurrencies Unchained: Circle Told NYDFS That Paxos-Issued BUSD Wasn’t Fully Backed SEC vs. Staking Ethereum ETH Staking Deposits Kraken to Discontinue Unregistered Offer and Sale of Crypto Asset Staking-As-A-Service Program and Pay $30 Million to Settle SEC Charges Coinbase’s staking services are not securities. And here's why. - Blog Uniswap governance drama Unchained episode on the topic: Chris Blec on Why He Believes a16z’s Uniswap Vote Exposes DeFi as a Farce - Ep. 454 Wormhole vs. LayerZero posts Wormhole LayerZero Explanation video from Unchained Learn more about your ad choices. Visit megaphone.fm/adchoices

Erin West, Deputy District Attorney of California’s Santa Clara County, has heard firsthand tales of scammers preying on victims for hundreds of thousands of dollars. She joins the show to explain the scamming technique known as “pig butchering,” how it is estimated to have raked in tens of billions worldwide, and why it has led to suicide in some cases. West makes the case for why victims need empathy and how law enforcement is working with exchanges to claw back scammed funds. Show highlights: Erin’s background and how she started investigating crypto crimes what exactly the “pig butchering” method entails — and why it’s called that what kind of people scammers are targeting the devastating stories that have arisen from these crypto scams fresh intel on where the fraudsters are located whether the scammers may be connected to foreign governments how the victims are often turned away by U.S. law enforcement agencies how Erin’s agency was able to return almost $1 million to victims late last year what local agencies can do to address these problems how law enforcement agencies around the U.S. are lacking crypto education the workshops Erin has been leading to help such agencies get educated the relatively low number of NFT-related scams her agency has dealt with so far what Erin recommends for victims of “pig butchering” scams Thank you to our sponsors! Crypto.com FTSE Halborn NYU Links SIM Swaps and Pig Butchering scams: Forbes: Hackers Have Stolen Millions Of Dollars In Bitcoin -- Using Only Phone Numbers WIRED: What Is a Pig Butchering Scam? Podcast on Indian telemarketing scams: Chameleon: Scam Likely — Campside Media Guests: Erin: LinkedIn Learn more about your ad choices. Visit megaphone.fm/adchoices

Chris Blec, DeFi researcher and founder of the Blec Report, explains why he believes the involvement of Andreessen Horowitz (a16z) in a contentious Uniswap governance proposal flies in the face of crypto’s core value: decentralization. He argues that the venture capital firm’s ability to potentially sway the vote in favor of a portfolio company undermines claims that DeFi is “people-powered.” The vote, which is not yet concluded, is the latest venue for people to debate the merits of DeFi governance and whether one token really should equal one vote. Show highlights: why a16z decided to vote against a key section of the Uniswap governance proposal the problem Chris sees with the current design of DAOs whether there is a parallel to be drawn between TradFi and DAO governance why Chris says people are mistaken when they think about the goals of crypto VC whether the fact that some VCs control so much voting power goes against the ethos of decentralization how Chris thinks VCs are funding lobbyist groups to push for their interests, not those of crypto as a whole why Chris believes the "one token, one vote" system doesn't work some alternatives that could be pursued to help the issue of whale token voting whether regulators will come after DAOs and especially the ones that are using current governance mechanisms Thank you to our sponsors! Crypto.com Guest Chris Blec, DeFi researcher and founder of the Blec Report Twitter Tweet about token voting Tweet about engaging with a16z Links Unchained: Does a16z Control Uniswap? CoinDesk: Contentious Uniswap Vote Highlights the Opaqueness of Decentralized Governance Related Twitter threads: From Eddy Lazzarin From Defi Ignas From Abdullah Umar From Philipp Zentner From Macro Mate From Adam Cochran Learn more about your ad choices. Visit megaphone.fm/adchoices

Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, give a full accounting of everything U.S. crypto traders should be aware of as we inch closer to April 18. The two tax experts discuss the latest on how the IRS is approaching crypto taxation, going deep on everything from staking rewards to NFT royalties. Just a heads up: This interview is meant for informational purposes only and should not be construed as financial or tax advice. Show highlights: what’s new this year when it comes to reporting crypto transactions why staking is now firmly on the IRS’s radar how capital gains tax works for crypto the types of crypto transactions that are taxable as income the five situations where a crypto user incurs a taxable event the types of crypto activity that are not taxable what crypto holders can do to make tax time easier the IRS forms you need for various types of crypto transactions typical mistakes that crypto users make when it comes to filing their taxes why there’s not much you can do if you have assets stuck in Voyager, Celsius or other bankrupt crypto firms why you might consider arguing a “theft loss deduction” what to know about the Ethereum Merge as it relates to taxes things NFT creators should be aware of during tax time how the U.S. tax system can or cannot be applied to DeFi what tax forms you can expect to receive if you’re a Coinbase customer how corporations holding crypto may soon see favorable changes to current accounting rules why $5,000 is a key threshold for crypto donations Thank you to our sponsors! Crypto.com FTSE Halborn NYU Links Previous coverage of crypto taxes on Unchained: Your 2021 Crypto Taxes: How to Handle NFTs, DAOs, Airdrops and More Everything You Need to Know About Your 2020 Crypto Taxes Why You Shouldn't Trust Crypto Exchange Reports for Your Taxes The IRS Is Cracking Down on Crypto Taxes: What You Need to Know Guests: Shehan: Twitter CoinTracker Lawrence: Twitter Links: Digital Assets | Internal Revenue Service IRS CCA 202302012 (Crypto charitable donations) IRS CCA 202302011 (Coins which have substantially lost in value. Ex: Luna) MiCA – Overview of the New EU Crypto-Asset Regulatory Framework (Part 1) | HUB | K&L Gates CNBC: President Joe Biden to sign the bipartisan infrastructure bill⁠ into law—here's how crypto investors will be impacted S&P Global: What the US infrastructure bill means for cryptocurrency brokers and owners Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they cover: why Bitcoin maximalists are mad about Bitcoin NFTs why Robert thinks Bitcoin is not a good blockchain on which to build things why Canto, a layer 1 blockchain, surged in price and activity and why Haseeb is anti-Canto how Ethereum will have multi-dimensional fee structures what the role of applications in generalized blockchains should be and why they think they shouldn't be enforced at the base layer the accusations against the LayerZero team and their response the battle to provide the bridging services to Uniswap Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Links Disclosures Bitcoin NFTs: The Block: What are Bitcoin NFTs Ordinals and how do they work? BTC: Core On-chain - Glassnode Studio Bitcoin - The Overview Ordinals Canto: The Block: Layer 1 blockchain Canto sees surge in trading activity Canto - Lending LayerZero controversy: James Prestwich’s tweet Bryan Pellegrino’s response Explanation of the situation by Bartek Learn more about your ad choices. Visit megaphone.fm/adchoices

Following the release of Celsius' examiner report, Kadhim Shubber, an investigative reporter at The Financial Times, dives into the controversial business practices of the lender, how the company inflated the CEL token, the use of customers' money, and much more. Show highlights: how Celsius used investors’ money to prop up the price of CEL the reasons why Celsius inflated the CEL token where the money to pay rewards to investors came from blatant misstatements from Alex Mashinsky and how his team tried to cover him how the company leveraged Bitcoin to fill the hole in its balance sheet who was responsible for Celsius' shady business practices Celsius' poor investment decisions whether Mashinsky is at risk of facing criminal charges Thank you to our sponsors! Crypto.com Guest Kadhim: Twitter Links Final report of Shoba Pillay, examiner Financial Times: Crypto lender Celsius misused customer funds for years, examiner finds Unchained: 7 Revelations From Celsius’ Examiner Report CoinDesk: Celsius Used New Customer Funds to Pay for Withdrawals: Independent Examiner The Block: Tether denies it borrowed $2B from Celsius, as described in court report Blockchain News: Celsius' Official Creditor Committee Denies Rejected Bids Ram Ahluwalia’s take on the Celsius bankruptcy examiner report Learn more about your ad choices. Visit megaphone.fm/adchoices

Sheila Warren, CEO of the Crypto Council for Innovation, and Miller Whitehouse-Levine, Policy Director of the DeFi Education Fund, offer insider takes on how lawmakers and regulators are viewing crypto after FTX’s catastrophic failure. Both expect heightened activity in the U.S. from what they’re calling the “Crypto Congress.” Will this be the year for stablecoin regulation? Is DeFi still in the crosshairs? What about Ripple’s fight with the SEC? The two crypto policy experts look to the U.S. and beyond for what regulatory battles lie ahead in 2023. Show highlights: why the current environment in Washington makes it difficult to pass new legislation whether the opinion of members of Congress on crypto has changed in the aftermath of FTX’s alleged fraud how Elizabeth Warren and others are using the FTX collapse to prove their anti-crypto stance whether it’s possible to prevent a fallout like FTX from ever happening again why Miller believes that this year Congress will be “absolutely obsessed” with crypto what stablecoin legislation would look like, and why stablecoins are more likely to be regulated sooner why Sheila thinks Ripple could win its case against the SEC why they believe the SEC’s failure to approve a spot Bitcoin ETF is a logical inconsistency why they think it’s not possible to apply TradFi rules to DeFi technology how more policymaker education needs to be done how OFAC sanctioning Tornado Cash sparked many conversations among researchers and policymakers the role of the government in preserving national security how MiCA took an appropriately slow approach to imposing DeFi regulations the impact of China and India adopting digital currencies why Miller thinks China’s digital yuan is “the apotheosis of a totalitarian technology” Thank you to our sponsors! Crypto.com FTSE Links Previous coverage of Unchained on crypto legislation: Why Bitcoin Now: Michael Casey and Niall Ferguson on How Bitcoin Fits in the History of Money Kristin Smith on Why Crypto Legislation Could Be Passed by Year's End Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto Guests: Sheila: Twitter Miller: LinkedIn FTX CoinDesk: After FTX: How Congress Is Gearing Up to Regulate Crypto Congress' FTX Problem: 1 in 3 Members Got Cash From Crypto Exchange's Bosses After FTX: How Congress Is Gearing Up to Regulate Crypto CNBC: House Republicans move to regulate crypto industry with a new subcommittee MiCA CoinDesk: Analyzing What's Next for Europe's Markets in Crypto Assets Law EU’s MiCA Crypto Law Would Have Stopped FTX's Malpractice, Officials Say Others Project Hamilton - Building a Hypothetical Central Bank Digital Currency U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash Tornado Cash is no “golem.” It’s a tool for privacy and free speech. - Coin Center Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Flashbots co-founder Phil Daian joins the show to go deep on what maximal extractable value (MEV) means and how it’s shaping the Ethereum ecosystem. Show highlights: how Phil started working in MEV and why he believes it resembles 'Alice in Wonderland' Phil's definition of MEV and when he realized this was an actual problem how Flashbots was born the story of how Vitalik didn't care about sandwich attacks at the time Uniswap was released whether it's possible to minimize MEV via more competition the never-ending debate about whether MEV should be accepted why Tarun thinks the concept of fair ordering is against nature how Bitcoin uses social norms to solve its weaknesses how Google is being called out in court for creating auction to front run its customers how Flashbots worked prior to and after Ethereum's Merge why Flashbots complies with OFAC sanctions what is the Suave project and how it aims to decentralize Flashbots what the future of MEV looks like Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Tom Schmidt, general partner at Dragonfly Capital Guest: Phil: Twitter Disclosures Links The Block: Flashbots seeks up to $50 million at a billion-dollar valuation CoinDesk: Opinion: Miners, Front-Running-as-a-Service Is Theft CNN: DOJ sues Google over its dominance in online advertising market Unchained: 51% of Ethereum Blocks Are OFAC Censored Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? - Ep. 390 The Cost of Decentralization in 0x and EtherDelta Previous coverage of Unchained on MEV: Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Sonnenshein, CEO of Grayscale Investments, gives an overview of his firm’s case against the SEC, which has denied requests to turn Grayscale’s bitcoin trust into an exchange-traded fund (ETF). With oral arguments kicking off March 7, Sonnenshein lays out what a worst-case “tender offer” would entail and whether DCG CEO Barry Silbert has any say over GBTC’s fate. Show highlights: why Grayscale charges higher fees than, say, the average ETF what Grayscale will do if it loses its case against the SEC why Grayscale has not filed for Regulation M relief Michael's comments on Gemini liquidating 31 million shares of GBTC the reason behind the October 2022 timing of Grayscale changing GBTC's “authorized participant” the relationship between Grayscale and DCG, and Barry Silbert's involvement in Grayscale's operations why the trust agreement of GBTC was changed Thank you to our sponsors! Crypto.com Guest Michael Sonnenshein: Twitter Links CNBC: Court sets date for oral arguments in Grayscale's challenge of SEC's bitcoin ETF decision Reuters: Grayscale would appeal lawsuit against SEC if court rejects case, CEO says Ruling in Grayscale-U.S. SEC lawsuit likely within a year MarketWatch: Grayscale may ‘ultimately’ consider tender offer for bitcoin trust, CEO says CoinTelegraph: Grayscale terminates Bitcoin trust material agreements with Genesis CoinDesk: Grayscale Slams SEC's 'Unreasonable' Barring of Spot Bitcoin ETFs Bloomberg: Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust Bitcoinist: Here's What A Reg M Will Entail For Genesis, DCG And Bitcoin Why Investment Experts Say a Spot Bitcoin ETF Would Be Superior to Bitcoin Futures ETFs by Laura Shin Andrew Parish’s tweet on the possibility of the case going to the Supreme Court Grayscale’s End of Year CEO Letter to Investors Ycharts: GBTC Discount or Premium to NAV Previous coverage of Unchained on GBTC: Bitwise's Latest Plans to Get a Bitcoin ETF Approved DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini? Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they covered: why the markets were up so much recently how and why Genesis entered into bankruptcy why the hole in DCG's financials are potentially much bigger than previously reported the differences between the bankruptcies of FTX and Genesis whether 3AC founders Su Zhu and Kyle Davies will find success with their new exchange what will happen to GTBC now that a huge portion has already been liquidated whether Tarun is predicting "the start of a new supercycle" the large percentage of vested SOL held by the FTX estate how SBF is still trying to win the public Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Links Disclosures Genesis: Bloomberg: FTX Bankruptcy Judge Backs Company Law Firm, Rejects Last Minute ‘Rumors’ CoinDesk: Crypto Lender Genesis Global Capital Is FTX's Largest Unsecured Creditor Crypto Trading Firm Cumberland DRW Disputes Genesis Exposure CNBC: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities Crypto publication CoinDesk hires Lazard to explore sale as crisis deepens at parent company DCG Unchained: Is Genesis’s Prepackaged Bankruptcy The Ultimate Sacrifice? Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster DCG Under Investigation by DOJ and SEC: Report Genesis CEO Says Firm Needs More Time to Find a Solution FTX: Unchained: SBF Says Excel Spreadsheet Proves FTX US Is Solvent WSJ: New FTX Chief Says Crypto Exchange Could Restart The Block: FTX debtors identify $5.5 billion of liquid assets in ’Herculean effort’ 3AC/GTX: Unchained: 3AC Founders Are Raising $25M for ‘GTX’ Learn more about your ad choices. Visit megaphone.fm/adchoices

James Block, crypto skeptic and author of the Dirty Bubble Media newsletter, rose to prominence with a timely post predicting FTX’s insolvency. The blogger, a doctor by day, explains why he sees crypto as an unregulated morass of would-be securities and outright “Ponzi schemes.” From an early interest in Tether to connecting the dots on Celsius, Block explains why he does what he does and why almost all of crypto is just “regulatory arbitrage.” Show highlights: how James got into crypto and why he started writing about the space why James chose "Dirty Bubble Media" for the name of his publication the problems with the legitimacy of crypto projects the reasons to be bearish on Coinbase why the question of whether Bitcoin has intrinsic value is highly subjective whether every token in crypto is a scam and whether regulations will hit stablecoin issuers hard how FTX used tokens to create fictitious value worth billions of dollars why Celsius and FTX were closely linked, and the difference between both cases ties James found between FTX's European subsidiary and a company doing binary options, an industry characterized by fraud how he believes financial fraud is similar throughout history — it doesn't repeat, but it rhymes James’s concerns around Signature Bank and its "questionable tactics" why Genesis and DCG got into trouble and how James thinks the situation will likely play out whether exchange tokens are securities and why he believes they have very little value why he says BNB resembles OneCoin's pyramid scheme James's contrarian take on the Avi Eisenberg case Thank you to our sponsors! Crypto.com DeFi Saver Links Guests: James Block: Twitter Substack FTX: Dirty Bubble Media: Is Alameda Research Insolvent? FTX'ed: The Tangled Ties Of Celsius Network and Sam Bankman-Fried FTX's European subsidiary was built on top of a binary options scam A forgotten banking scandal suggests FTX is the tip of the crypto iceberg DCG Dirty Bubble Media: Digital Currency Grift Unchained: ​SEC Charges Gemini and Genesis With Sale of Unregistered Securities Binance Dirty Bubble Media: The Binance Scam Chain Signature Bloomberg: Binance Says Signature Sets Transaction Minimum Amid Pullback Mango Markets The Ballad of Risk-Free Avi - Dirty Bubble Media Unchained: Mango Markets Exploiter Arrested on Market Manipulation Charges Solana’s Mango Markets Sees $100M Drained in DeFi Exploit Celsius Dirty Bubble Media: Anatomy of a (fake) Market Unchained: NYAG Sues Celsius’s Alex Mashinsky for Defrauding Investors Learn more about your ad choices. Visit megaphone.fm/adchoices

Maria Shen, partner at Electric Capital, unpacks the venture firm’s latest Developer Report. Hotly anticipated among crypto observers, the annual report captures which chains developers are building on. Despite 2022’s price carnage, the report finds developer interest remains strong. Ethereum is the leading chain by far but EVM-compatibility is emerging as a major force in winning developers’ hearts and minds. Shen unpacks Bitcoin’s stability, Terra’s implosion, and many more insights from crypto’s open-source code repos. Show highlights: why the report "undercounts" developers and how it defines active developers how developers represent a fundamental measure of the health of emerging technologies like crypto the meaning of developer numbers going up even when prices plummet why in recent years the speed of developer growth jumped so drastically what happened after the number of developers reached an all-time high in June 2022 the role of Terra in the decline of developer activity in 2022’s second half why Ethereum dominates the ecosystem and whether it will continue to be the leader the benefits of being part of “the EVM universe” why the number of Bitcoin developers has remained flat over the last year whether looking at the number of developers in the NFT ecosystem is even relevant Thank you to our sponsors! Crypto.com Guest Maria Shen: Twitter Electric Capital Developer Report Full report Maria’s 2022 thread 2021 report 2020 report Learn more about your ad choices. Visit megaphone.fm/adchoices

From 3AC to FTX (and possibly more to come), it’s boom times for those trading crypto bankruptcy claims. Thomas Braziel, founder and CEO of 507 Capital, gives a crash course on bankruptcy law, offering the latest updates on the FTX, Celsius, and Three Arrows Capital cases. Plus, insight on how 2023 could finally be the year Mt. Gox creditors get (some) closure. Show highlights: how Tom got into crypto with the Mt. Gox bankruptcy and whether "crypto distressed" is an emerging asset class how buying bankruptcy claims is also a way to buy crypto assets at a discount how to determine how much value creditors are owed in a crypto bankruptcy what the marketplaces for buying and selling claims are like whether it's possible to tokenize bankruptcy claims whether crypto tokens should be treated as property what is likely to happen when Mt. Gox creditors are returned their BTC the importance of Celsius' separation of custodial assets vs. assets in interest-bearing accounts the likelihood of Celsius being acquired why the fact that FTX recovered $5 billion in assets is "amazing" why so many stakeholders disputed the ownership of the $450 million in Robinhood shares why there's so much difference in the prices of FTX, Voyager, BlockFi and Celsius claims whether the customer list of FTX should be kept private what type of creditors are Gemini Earn customers Thank you to our sponsors! Crypto.com DeFi Saver Links Guests: Thomas: Twitter 507 Capital Previous appearances on Unchained: Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In Will Celsius Survive the Bankruptcy Process? Episode Links: Celsius Reuters: U.S. judge says Celsius Network owns most customer crypto deposits Celsius bankruptcy judge orders return of some crypto assets to customers Bloomberg: Bankrupt Crypto Lender Celsius Receives Multiple Bids for Retail and Mining Assets FTX Unchained: DOJ Seizes $450M in Robinhood Shares from FTX Bankrupt FTX Recovers Over $5B Worth of Assets: Report CoinDesk: FTX Creditor Claims Going for 13 Cents on the Dollar on Bankruptcy Marketplace Xclaim After Bankruptcy, FTX User Claims Pay Cents on the Dollar Fortune: Sam Bankman-Fried's lawyers just filed a claim to keep his $450 million in Robinhood shares Reuters: U.S. Trustee files objection to FTX's planned asset sales Thomas Braziel’s prediction on the FTX claims Connor Grogan’s take on the $5 billion in assets DCG/Gemini: Unchained: Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster 3AC Kyle Davies’ comments Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. Show topics: Haseeb’s TL;DR of the ongoing situation between DCG, Genesis and Gemini whether DCG committed fraud because of a misrepresentation of its financials why DCG did Genesis a favor by absorbing the losses from exposure to Three Arrows Capital what's required to force an entity into bankruptcy why Cameron Winklevoss would request Barry Silbert to step down as DCG CEO the SEC’s probe into the investors of FTX and whether the regulators will fine them whether there will be on-chain assets for trading FTX bankruptcy claims what Tarun thinks of the future of NFTs and what needs to be built for them to thrive why Robert thinks most NFTs are “hot garbage” what the value behind NFTs is and whether they need a utility whether the massive layoffs are good for the industry and how many companies over-hired during the bull market Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Links DCG/Gemini: Unchained: Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster DCG Under Investigation by DOJ and SEC: Report Genesis CEO Says Firm Needs More Time to Find a Solution Previous coverage of Unchained on DCG and Genesis: Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months Is the Collapse of Crypto Lending Over, or Is It Just Starting? Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It? Why Genesis Could Very Well Be Insolvent, Not Just Illiquid FTX: Unchained: DOJ Seizes $450M in Robinhood Shares from FTX Sam Bankman-Fried Pleads Not Guilty to All Charges Decrypt: FTX Restructuring Team Has Clawed Back $5B in Lost Assets Previous episodes of The Chopping Block on FTX: The Chopping Block: Can Exchange CEOs Like SBF Be Crypto True Believers? The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried 'Crypto Kanye'? The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? The Chopping Block: Was FTX a Scam From the Very Beginning? Layoffs: Unchained: Coinbase Lays Off 950 Employees Amid Market Conditions Genesis Considers Bankruptcy and Cuts Another 30% of Staff: Report - Unchained Podcast Bloomberg: Silvergate (SI) Tumbles After FTX Implosion Prompts $8.1 Billion Bank Run Why We Missed On Inflation, and Implications for Monetary Policy Going Forward | by Neel Kashkari Learn more about your ad choices. Visit megaphone.fm/adchoices

Gemini has accused Digital Currency Group CEO Barry Silbert of fraud after allegedly misrepresenting the financials of his company. The accusations follow a dispute over the return of $900 million in assets owed to Gemini Earn’s users. Karim Dandashy, CFA and portfolio manager at XBTO Group, discusses everything about the ongoing drama between Genesis, its parent company DCG, and Gemini. Show highlights: the fraud accusations against DCG CEO Barry Silbert all the details disclosed in Barry's response whether Genesis will file for chapter 11 bankruptcy protection the meaning of the $1.1 billion promissory note being not callable the EDNY and SEC investigation on transfers between DCG and a subsidiary – potentially Genesis whether the 1% interest rate charged for the loan was suitable considering the nature of Genesis' business whether DCG could sell its venture investments to plug the hole why Bitvavo rejected an offer from DCG to return 70% of the $300 million owed to them what Karim would do if he was leading DCG Thank you to our sponsors! Crypto.com Guest Karim: Twitter LinkedIn Previous coverage of Unchained on DCG and Genesis: Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months Is the Collapse of Crypto Lending Over, or Is It Just Starting? The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Genesis/Gemini: Unchained: Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster DCG Under Investigation by DOJ and SEC: Report Genesis CEO Says Firm Needs More Time to Find a Solution ​​Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith and Stall Tactics’ Genesis Warns of Bankruptcy If Funding Plans Fail: Report Financial Times: DCG’s crypto broker Genesis owes creditors more than $3bn Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism CNBC: Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts Decrypt: Dutch Bitcoin Exchange Bitvavo Says DCG’s Payback Plan ‘Not Acceptable’ Sam Andrew’s thread Ram Ahluwalia on DCG CEO’s update to shareholders Ryan Selkis on the definition of the current assets Learn more about your ad choices. Visit megaphone.fm/adchoices

Gabriel Shapiro, general counsel at Delphi Labs, and Collins Belton, managing partner at Brookwood P.C., dive into the controversial case of Avi Eisenberg, the self-described “applied game theorist” who was arrested in Puerto Rico on Dec. 26 on market manipulation and fraud charges. The two crypto lawyers discuss the case’s potential impact on DeFi and DAO governance — and whether “code is law” stands a chance in the courtroom. Show highlights: whether Avi’s manipulation of the markets constitutes fraud debating the crypto maxim “code is law” whether it’s wrong to use DeFi code in a “smarter way” how the Mango Markets exploit happened due to poor governance management whether crypto should be regulated from the securities angle or the commodities angle the consequences of Avi’s arrest for the DeFi space whether MEV could constitute market manipulation, even if it’s democratized for everybody the role of DAOs and whether early-stage projects should maintain some level of centralization how DAOs could be designed to have better mechanisms in order to deal with potential issues whether members of the Mango Markets DAO are liable because of their role in designing the system how Avi was “naive” to think he could avoid legal liability by returning the funds why Gabe thinks credit protocols are socially positive and why he hopes that prosecutors won’t “throw everyone in jail” Thank you to our sponsors! Crypto.com DeFi Saver Links Guests: Gabriel: Twitter Delphi Labs Gabriel’s Twitter thread on the case Previous appearances on Unchained: The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know Collins: Twitter LinkedIn Previous appearances on Unchained: How the Greatest Decentralizing Force for Crypto Projects Is the SEC Episode Links: Previous coverage of Unchained on Avi Eisenberg and the Mango Markets exploit: The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413 The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever' The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? - Ep. 428 Mango Markets exploit Explanation Avi’s “Highly profitable trading strategy” Twitter thread Unchained: Mango Markets Exploiter Arrested on Market Manipulation Charges Mango Markets Exploiter Gets Liquidated But Leaves Aave With ‘Excess Debt’ Mango Markets $42M Reimbursement Proposal Passes Mango Markets Exploiter Returns $67M After Revealing His Identity Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt’ As Bounty Solana’s Mango Markets Sees $100M Drained in DeFi Exploit Chaindebrief: How Manipulation On AAVE And CURVE Went Wrong, Attacker Got Rekted Instead The Defiant: Another Fork Bites the Dust: The Looming Fall of Fortress DAO and the Perils of Off-Chain Governance Karlstack: EXCLUSIVE: The Man Who May Have Milked $100+ Million from Mango Markets CoinDesk: The Impact of Avraham Eisenberg’s Case on the Future of Crypto Mango Markets Exploiter Eisenberg Arrested in Puerto Rico Mango Exploiter's Funds Get Liquidated After Roiling Aave Using $20M of Borrowed Curve Tokens Complaint CNBC: Decoding The Avraham Eisenberg Arrest And Its Impact On Crypto Bug Bounties, White Hat Hackers Decrypt: Mango Markets Attacker Avraham Eisenberg Arrested, Charged With 'Market-Manipulation Offenses' Protos: Who is Avraham Eisenberg and why is he all over Crypto Twitter? Crypto Briefing: Curve Whipsaws 75% as DeFi Degens Squeeze Avraham Eisenberg New Filing: CFTC charges Avi Eisenberg Learn more about your ad choices. Visit megaphone.fm/adchoices

Ram Ahluwalia, CEO and cofounder at Lumida, talks about the ongoing dispute between Gemini and Digital Currency Group (DCG), specifically focusing on the actions and statements of DCG CEO Barry Silbert and Gemini’s cofounder Cameron Winklevoss. Ram discusses various aspects of the conflict, including the potential commingling of assets between DCG and its subsidiary Genesis and the options available to Gemini if DCG does not cooperate. Show highlights: how Cameron Winklevoss’s tweets attempt to put Barry Silbert in the same class of actors as Celsius and BlockFi whether the assets of DCG and Genesis are commingled what Gemini’s options are if DCG does not commit to cooperate whether Gemini will file an involuntary petition for Genesis to enter chapter 11 bankruptcy why Barry's statement that DCG didn't borrow $1.675 billion from Genesis is "very surprising" to Ram why it is relevant whether Genesis has a liquidity issue or an insolvency one whether a class-action lawsuit alleging Gemini's earn product is an unregistered security has any merit the essential role of the $1.1 billion promissory note and whether Genesis will drag DCG into bankruptcy if DCG goes under, what would happen to Grayscale whether Valkyrie is going to become the hero and save GBTC why DCG needs to accept the credit committee terms, according to Ram Thank you to our sponsors! Crypto.com Guest Ram: Twitter Ram Ahluwalia’s thread on Fir Tree and Valkyrie Previous appearances on Unchained: Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It? Why Genesis Could Very Well Be Insolvent, Not Just Illiquid Previous coverage of Unchained on DCG and Genesis: ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months Is the Collapse of Crypto Lending Over, or Is It Just Starting? The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Genesis: Unchained: ​​Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith Stall Tactics’ Genesis CEO Says Firm Needs More Time to Find a Solution Genesis Warns of Bankruptcy If Funding Plans Fail: Report Protos: Scoop: Larry Summers gives up advisory role at crypto firm DCG amid criticism Forbes: Gemini Faces Class-Action Lawsuit Over Unregistered Interest-Bearing Accounts WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash Decrypt: Grayscale Ethereum Trust Trades at Record 60% Low Against Ethereum - Decrypt The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger' FT: Crypto broker Genesis owes Winklevoss exchange’s customers $900mn Learn more about your ad choices. Visit megaphone.fm/adchoices

Lucas Nuzzi, head of R&D at CoinMetrics, and Larry Cermak, VP of research at The Block, discuss the current state of the crypto market, including the potential for contagion effects and the challenges faced by VC companies. They also delve into the mining industry and the issues surrounding MEV and Ethereum. The conversation also touches on stablecoins, DeFi activity and NFT trading, and the potential dangers of Binance's dominance in the industry. Show highlights: how the collapse in 2022 of FTX and other behemoths will affect the industry in 2023 why there's been a lot of forced selling in the markets recently why the industry could still be headed to more contagion effects the characteristics of the current bear market, how it differs from previous ones, and the role of the macroeconomic environment why it's very hard to predict how prices will behave in 2023 why VC firms will have to focus on long-term projects rather than speculation what's going to happen in the Bitcoin mining industry in 2023 considering the current tough situation why Lucas thinks that Bitcoin "drastically overpays for security" why MEV is a concerning issue and how it represents a single point of failure for Ethereum how the narrative of alternative layer 1s has changed and why the focus will shift to layer 2s whether there is a need to develop better blockchain monitoring tools why stablecoin issuers have a very good business model given the interest rate environment what are the problems of stablecoins and how they will be regulated why DeFi activity and NFT trading were down so heavily in 2022 and whether the downtrend will change how Binance's dominance is "terrifying" and whether it could hurt the industry Lucas' concerns about the lack of transparency around Binance's BNB token Thank you to our sponsors! Crypto.com Chainalysis Minima DeFi Saver Links Guests: Lucas : Twitter CoinMetrics Larry: Twitter The Block Research Previous appearances on Unchained: Larry Cermak of The Block on What 90% of Bitcoin Trading Is For The year in crypto: FTX Previous coverage of Unchained on Sam Bankman-Fried and FTX: Why Martin Shkreli Thinks SBF’s New Judge Could Still Be Lenient – Ep. 438 The Chopping Block: Was FTX a Scam From the Very Beginning? How Much Prison Time Is FTX’s Sam Bankman-Fried Facing? Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC NFTs: The Block: From CryptoPunks to Redditors — and a Trump card: The year in NFT charts CoinDesk: Over $30B of NFT Trading Volume on Ethereum Is Wash Trading, Research Suggests NFT Market Overview MEV: MEV Watch Flashbots dashboard Unchained: Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate BTC Mining: The Block: Bitcoin mining companies close out year $4 billion in debt: Report Unchained: Bitcoin Miners Going Bankrupt? Here's How Crypto Winter Is Impacting the Industry Contagion: Genesis/DCG: Unchained: ​​Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It? Genesis Owes Creditors At Least $1.8B: Report Learn more about your ad choices. Visit megaphone.fm/adchoices

Martin Shkreli, entrepreneur, investor and convicted white-collar criminal, talks about the new judge assigned to the case against Sam Bankman-Fried, whether Sam’s going to plead guilty or not, and the potential involvement of his family in the lawsuit. Show highlights: whether Sam Bankman-Fried truly did not have money to post bail why the government did not restrict Sam's usage of the internet and social media why Martin thinks the new judge assigned to the case, Judge Lewis Kaplan, is good for SBF how many years Judge Kaplan could sentence SBF to, given his unusual work experience whether there's still a chance that Sam could paint this case as a business failure how defense attorneys will likely try to exploit the romantic relationship between Ellison and SBF in their favor why it is unlikely that SBF will plead guilty on the January 3rd arraignment date what a telemarketing fraudster case has to do with FTX how the prosecutors could indict SBF's family if he doesn't plead guilty how a jury would be selected whether Sam has enough funds to pay for a decent lawyer and how that's going to affect the case how Martin learned about crypto while he was in prison how prisoners engage with crypto while incarcerated whether Sam could run a business from prison Thank you to our sponsors! Crypto.com Guest Martin: Socials Previous appearances of Martin on Unchained: Martin Shkreli Explains Why Sam Bankman-Fried Got Lucky With His Judge - Ep. 435 Videos on SBF: Which Gang Will Sam Bankman Join In Prison? | Martin Shkreli Gives Prison Advice to FTX CEO My Boy Sam Bankman Is Facing Life in Jail for Sure | Martin Shkreli Predicts the FTX Court Hearing Episode Links Reuters: Sam Bankman-Fried to enter plea in FTX fraud case Unchained: SBF Released on $250M Bond Secured by Parents Caroline Ellison and Gary Wang Plead Guilty and Are Cooperating in FTX Investigation SBF Signs Extradition Papers After 8 Nights in Bahamas Jail With AC and Cable TV CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment Bloomberg: Bankman-Fried Judge Recused Because Husband’s Firm Advised FTX FTX Bankruptcy Standoff Heats Up as Bahamas Challenges US Case Fortune: Sam Bankman-Fried indicted on multiple conspiracy and fraud charges by U.S. officials Previous coverage of Unchained on Sam Bankman-Fried and FTX: The Chopping Block: Was FTX a Scam From the Very Beginning? How Much Prison Time Is FTX’s Sam Bankman-Fried Facing? Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the year 2022 in the crypto industry and share their biggest winners and losers of the year, what were the best mechanisms, the biggest surprises and the best memes, and their predictions for the upcoming year. Show topics: why stablecoin bulls performed so well in 2022, as well as journalism, DeFi, and the EVM how the reputation of the industry suffered tremendously in 2022 how Solana had to endure multiple hacks and challenges and whether it’s having its “ETH moment” whether ETH is the only crypto with good tokenomics why MEV has seen such a massive adoption, even if it’s technically not good for crypto why the investment landscape changed so much in June whether Arbitrum is the winner among layer 2s on Ethereum and the role of retroactive airdrops why so many lending companies went bust this year whether proof of reserves is a useful concept whether developers will go back to build on Ethereum rather than alternative layers 1s Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Links Last year's episode: The Chopping Block... 2021 in Crypto: The Biggest Winners, Biggest Losers, and Best Memes - Unchained Podcast FTX: The Chopping Block: Can Exchange CEOs Like SBF Be Crypto True Believers? The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried 'Crypto Kanye'? The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? The Chopping Block: Was FTX a Scam From the Very Beginning? Tornado Cash The Chopping Block: Why DeFi May Be Over-Complying With Tornado Cash Sanctions The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Solana The Chopping Block: Anatoly Yakovenko on Why Solana Is Building the SAGA Phone The Chopping Block: Why Solana’s Frequent Downtime Doesn't Bother Kyle Samani Terra: The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash The Chopping Block: Does the New Terra Have Any Chance? Others: The Chopping Block: Here’s What Was So Bad About Three Arrows Capital The Chopping Block: SBF on a Crazy Week of Bitfinex, Wormhole and ENS Drama The Chopping Block: Do Kwon Pitches a Decentralized NFT Publishing Service The Chopping Block: Did Andre Cronje Pull an Epic Crypto Rug Pull? Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of Unchained looks back on a tumultuous year for the cryptocurrency industry in 2022. Significant events such as the bankruptcies of FTX, Three Arrows Capital, Celsius, Voyager, BlockFi, and the collapse of Terra/LUNA, led to billions being lost due to market plunges and also due to numerous hacks. This year also brought the Ethereum Merge, one of the most awaited events in crypto's short history. Amidst the turmoil, true believers like Chris Burniske saw a silver lining, while the crypto community watched for the further fallout of this year’s crypto contagion to play out. Thank you to our sponsors! Crypto.com Chainalysis Minima DeFi Saver DAO attacker revealed: Exclusive: Crypto’s Biggest Whodunnit: Who Was Behind the 2016 DAO Attack on Ethereum? Exclusive: Austrian Programmer And Ex Crypto CEO Likely Stole $11 Billion Of Ether Ukraine War: How Ukraine Is Leveraging Crypto in Its Fight Against Russia - Unchained Podcast The Chopping Block: In 'the First Crypto War,' How Should the Money Be Spent? - Unchained Podcast Ukraine Has Received $150 Million in Crypto. Here’s How It Is Being Used - Unchained Podcast Hacks and exploits: Bridge Hacks Have Caused ~$1 Billion in Losses. Here’s Why Bridge Security Is Tricky - Unchained Podcast Terra collapse: Did Someone Deliberately Attack Terra/Luna to Kick off a Death Spiral? - Unchained Podcast Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed - Unchained Podcast The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash - Unchained Podcast The 5 Biggest Lessons From Terra/Luna's Collapse, According to Tascha Che - Unchained Podcast Bankruptcies - 3AC, Celsius and Voyager: Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto - Ep. 364 - Unchained Podcast The Chopping Block: Here’s What Was So Bad About Three Arrows Capital - Ep. 368 - Unchained Podcast Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?- Ep. 374 - Unchained Podcast Tornado Cash: Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? - Ep. 384 - Unchained Podcast The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? - Ep. 386 - Unchained Podcast Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No - Ep.387 - Unchained Podcast Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? - Ep. 390 - Unchained Podcast The Chopping Block: Why DeFi May Be Over-Complying With Tornado Cash Sanctions - Ep. 392 - Unchained Podcast The Merge: With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? - Ep. 389 - Unchained Podcast Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH - Ep. 393 - Unchained Podcast Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury- Ep.394 - Unchained Podcast Did the Merge Make Ethereum ‘the Most Secure Blockchain in the World’? – Ep. 397 Do Kwon comes on Unchained: Do Kwon of Terra: ‘It Was Never Really About Money or Fame or Success’ – Ep. 408 NFT royalties: The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! - Ep. 409 - Unchained Podcast Are NFT Royalties the Way? How to Build a Sustainable Creator Economy - Ep. 414 - Unchained Podcast FTX Collapse: The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? - Ep. 418 - Unchained Podcast Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets - Ep. 419 - Unchained Podcast Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In - Ep. 420 - Unchained Podcast The Chopping Block: Why Lenders Didn't Liquidate Alameda When It Was Underwater - Ep. 421 - Unchained Podcast Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? - Ep. 422 - Unchained Podcast Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion - Ep. 423 - Unchained Podcast The Chopping Block on FTX/Alameda: Is Sam Bankman-Fried 'Crypto Kanye'? - Ep. 424 - Unchained Podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

Martin Shkreli, entrepreneur and investor, talks about what Sam Bankman-Fried’s potential life in prison could look like. As a former white-collar criminal, Martin had a lot to say about prison culture, how judge selection affects sentencing, and more. Show highlights: why Martin says that the prosecution part of the case is the most difficult to endure why he thought Sam had "no chance at bail" (although shortly after we recorded, news broke that Sam had been released on what is believed to be the largest bail bond ever – $250 million) whether SBF should plead guilty and hope to be favored by his cooperation what jails in New York are like and how the other inmates might treat SBF whether SBF will be in danger if he goes to prison and Martin's suggestions for him if he wants to survive why the FTX's case is so unprecedented, especially considering the current sentencing guidelines Martin's take on Ronnie Abrams, the judge in charge of the case, and why her selection will be good for SBF whether Caroline Ellison made a mistake by pleading guilty to so many counts why Gary Wang would likely face a tough time in prison for ratting out SBF Thank you to our sponsors! Crypto.com Guest Martin: Socials Videos on SBF: Which Gang Will Sam Bankman Join In Prison? | Martin Shkreli Gives Prison Advice to FTX CEO My Boy Sam Bankman Is Facing Life in Jail for Sure | Martin Shkreli Predicts the FTX Court Hearing Episode Links CNBC: FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parents Unchained: Caroline Ellison and Gary Wang Plead Guilty and Are Cooperating in FTX Investigation SBF Signs Extradition Papers After 8 Nights in Bahamas Jail With AC and Cable TV CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment Bloomberg: FTX Bankruptcy Standoff Heats Up as Bahamas Challenges US Case Sam Bankman-Fried’s Harsh Bahamas Jail Could Shift His Stance on Extradition Fortune: Sam Bankman-Fried indicted on multiple conspiracy and fraud charges by U.S. officials Previous coverage of Unchained on Sam Bankman-Fried and FTX: The Chopping Block: Was FTX a Scam From the Very Beginning? How Much Prison Time Is FTX’s Sam Bankman-Fried Facing? Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Learn more about your ad choices. Visit megaphone.fm/adchoices

What a year. Cobie, crypto investor and host of UpOnly, and Chris Burniske, partner at Placeholder Ventures, sift through 2022’s rubble for clues as to what lies ahead in 2023. The two bright lights of Crypto Twitter weigh in on SBF’s fraud, how to succeed through the bear market, and what remains promising despite the gloom and doom. Show highlights: why 2022 is “the hangover of 2021” why this year’s big meltdowns were different and dispiriting why it was actually a year to remind us of why we’re all here how the underlying protocols didn’t skip a beat how to survive the bear market what Chris feels guilty about in the wake of Alameda’s collapse why Cobie hopes SBF spends life in jail whether people will actually use decentralized alternatives – or if banking-like relationships will prevail what Chris sees as the 2023 version of proof-of-stake in 2017 why Cobie thinks bitcoin is an area of opportunity over the next few years whether the multichain thesis (“Solunavax”) will ever rise again whether the contagion is over if disgraced figureheads deserve a second chance a lightning round lookback on 2022 Thank you to our sponsors! Crypto.com Chainalysis Minima DeFi Saver Guests: Cobie: Twitter Substack UpOnly Previous appearances on Unchained: Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets Cobie and Chris Burniske on How to Navigate a Crypto Bear Market Chris: Twitter Placeholder VC Previous appearances on Unchained: Chris Burniske: A Blank Slate of State Chris Burniske of Placeholder on the Downsides of ICOs The year in crypto: FTX Unchained: CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen Terra: CoinDesk: The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA Three Arrows Capital CNBC’s full interview with Three Arrows Capital’s Kyle Davies on the downfall of the defunct crypto hedge fund CoinDesk: Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding DeCrypt: Bankrupt Three Arrows Capital Owes $3.5B to Creditors, Including $2.3B to Genesis Binance Unchained: Binance Passes Withdrawal ‘Stress Test’ After $3B in Daily Outflows Forbes: Kevin O’Leary Points Finger At Binance For FTX Crash In Senate Testimony Silvergate The Block: Silvergate CEO seeks to reassure investors over crypto contagion The Financial Times: Silvergate: from tiny local lender to bank behind the crypto boom Genesis/DCG: Unchained: Genesis Warns of Bankruptcy If Funding Plans Fail: Report On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, and Tarun Chitra were joined by Laura Shin to chop it up about the latest news. Show topics: the details of the SEC and CFTC complaints how crypto traders have always speculated about Alameda's preferential treatment whether many people knew about the mismanagement of funds and alleged fraud why Haseeb thinks SBF was a "f*cking psycho" how helpful Tarun believes a testimony from Sam Trabucco, former co-CEO of Alameda, would be why Alameda and FTX lost billions of dollars, and the poor diligence of SBF's venture investments Sam's "ineffective altruism" why a bull market wouldn't have solved the insolvency problems of FTX whether SBF will fight extradition and how long it would take how Sam's consistent use of Facebook and his anti-Maker stand shows he was not a crypto-native why Laura thinks that The Block CEO's undisclosed loans represent a "total betrayal" Robert's take on the ineffectiveness of the government's control of information why Binance is under scrutiny and whether it's the "next FTX" Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Guest: Laura Shin, author, host of Unchained Episode Links FTX: Unchained:CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX SBF Denied Bail in The Bahamas, Will Remain in Fox Hill Prison Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment Bahamas Asked SBF to Mint Hundreds of Millions of Dollars’ Worth of New Tokens After Collapse, Say FTX Liquidators SBF Directed $8B Alameda Liabilities to an FTX Account He Called ‘Weird Korean,’ Says CFTC Forbes: Despite Boasting Of Big Profits, FTX And Alameda Lost $3.7 Billion Before 2022 Bloomberg: FTX Bankruptcy Standoff Heats Up as Bahamas Challenges US Case Sam Bankman-Fried’s Harsh Bahamas Jail Could Shift His Stance on Extradition Fortune: Sam Bankman-Fried indicted on multiple conspiracy and fraud charges by U.S. officials Previous coverage of Unchained on Sam Bankman-Fried and FTX:How Much Prison Time Is FTX’s Sam Bankman-Fried Facing? Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Binance: Unchained: Binance Passes Withdrawal ‘Stress Test’ After $3B in Daily Outflows Forbes: Kevin O’Leary Points Finger At Binance For FTX Crash In Senate Testimony The Block Unchained: The Block CEO Steps Down After Revealing He Was Secretly Funded By SBF Learn more about your ad choices. Visit megaphone.fm/adchoices

Ari Redbord, head of legal and government affairs at TRM Labs, discusses all the charges that Sam Bankman-Fried is facing and their potential outcomes. Show highlights: the charges against SBF and why the criminal indictment is the most important whether SBF testifying in Congress would have complicated the DOJ's criminal case against him why it is complicated to state how much prison time Sam is facing the ways in which Bankman-Fried can reduce his sentence by cooperating with authorities why it's so unprecedented that the indictment came only one month after the collapse of FTX whether other senior FTX executives are providing prosecutors with information to reduce their charges the reasons why SBF is being held in The Bahamas and the likelihood of him being extradited how much the case will be delayed if SBF's lawyers fight the extradition Ari's thoughts on whether this case will go to trial Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Guest Ari: Twitter Previous appearances on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No Episode Links Unchained: CFTC and SEC File Damning Complaints Against Sam Bankman-Fried and FTX SBF Denied Bail in The Bahamas, Will Remain in Fox Hill Prison Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment Bahamas Asked SBF to Mint Hundreds of Millions of Dollars’ Worth of New Tokens After Collapse, Say FTX Liquidators SBF Directed $8B Alameda Liabilities to an FTX Account He Called ‘Weird Korean,’ Says CFTC Bloomberg: FTX Bankruptcy Standoff Heats Up as Bahamas Challenges US Case Sam Bankman-Fried’s Harsh Bahamas Jail Could Shift His Stance on Extradition Fortune: Sam Bankman-Fried indicted on multiple conspiracy and fraud charges by U.S. officials The Enron Trial: A Chronology Previous coverage of Unchained on Sam Bankman-Fried and FTX: Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Learn more about your ad choices. Visit megaphone.fm/adchoices

Ram Ahluwalia, CEO and cofounder of crypto-native investment advisor Lumida, and Marc Cohodes, individual investor and former hedge fund manager, have a heated debate about Silvergate, a crypto-friendly bank that plays a key role in integrating crypto with traditional finance and is currently under scrutiny due to its ties with FTX and Alameda. Both Marc and Ram have a vested interest in Silvergate. Marc is shorting the stock, while Ram is longing it. Show highlights: why Silvergate plays such a vital role in the movement of money within the crypto industry whether Silvergate runs proper KYC and AML practices whether Silvergate has a $1 billion hole in its balance sheet whether regulators will go after Silvergate as they are doing with FTX why Marc thinks the FTX collapse wouldn't have happened without Silvergate whether Silvergate was complicit with FTX’s activities or simply negligent why Ram believes this case is different from JPMorgan's involvement with Madoff what regulatory actions might come in the near future for Silvergate why Ram thinks regulators will go to "great lengths" to avoid a bank failure what would it take for Ram and Marc to change their minds Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima DeFi Saver Guests: Ram: Twitter Ram’s thread on Silvergate Ram’s previous appearances on Unchained: Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It? Why Genesis Could Very Well Be Insolvent, Not Just Illiquid Marc: Twitter Episode links: Class action lawsuit against Silvergate The Block: Silvergate CEO seeks to reassure investors over crypto contagion Letter from Senators Elizabeth Warren, John Kennedy, and Roger Marshall The Guardian: JP Morgan Chase to pay more than $2bn in penalties for Madoff ties The Financial Times: Silvergate: from tiny local lender to bank behind the crypto boom WSJ: Crypto Is Taking a Few Small Banks on a Wild Ride Bloomberg: These Banks Were Left Holding the Bag in Crypto Implosion An Obscure Bank Found Its Key to Success. Then FTX Collapsed CoinDesk: Crypto Bank Silvergate Says Its BlockFi Digital-Asset Deposit Exposure Totals Less Than $20M New York Post: Crypto ‘smart’ money? Big traders fell for Sam Bankman-Fried NBC: Sen. Warren demands answers from Silvergate Bank about its business dealings with FTX Dylan LeClair’s Twitter thread Learn more about your ad choices. Visit megaphone.fm/adchoices

TuongVy Le, partner and head of regulatory & policy at Bain Capital Crypto, discusses how the legal process for Sam Bankman-Fried in the wake of the FTX scandal could play out. Show highlights: the allegations that Bankman-Fried manipulated the market during the Terra crash the motivations for Bankman-Fried's media appearances what the selection of Mark Cohen as a lawyer says about the potential charges and the case why SBF hasn't been arrested yet how the US investigating the potential involvement of Bahamian government officials could complicate cooperation of an arrest of SBF in the Bahamas why this case is very different from Bernie Madoff's what evidence would be needed to say, legally, that SBF committed fraud the potential outcomes of the legal case for SBF and how many years of prison time he could face Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com TuongVy : Twitter Episode Links FTX: Unchained: Regulators Investigate Sam Bankman-Fried for Terra-Related Market Manipulation Sam Bankman-Fried Hires Ghislaine Maxwell’s Defense Lawyer: Report Investigations: Reuters: U.S. authorities probe FTX collapse, executives' involvement -sources CoinDesk: California Financial Regulator Announces FTX Investigation Others: CNBC: Former OpenSea employee charged in first-ever NFT insider trading case NYT: Ex-Coinbase Employee and 2 Others Charged With Insider Trading of Crypto Assets Two former Deutsche Bank traders win their appeal in a Libor manipulation case Previous coverage of Unchained on FTX: The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Learn more about your ad choices. Visit megaphone.fm/adchoices

Ram Ahluwalia, CEO and co-founder of crypto-native investment advisor Lumida, and Samuel Andrew, crypto author and analyst, talk about the financial situation at Genesis and parent company Digital Currency Group (DCG). The collapse of FTX has dealt crypto lender Genesis another major blow, with the firm halting withdrawals and DCG stepping in to help. Now the two face a range of suboptimal outcomes in the face of massive debts. Ahluwalia and Andrew discuss what could come next, and what should be learned from the recent debacles. Show highlights: why Genesis and DCG are so important for the crypto sector Ram's explanation of the "Grayscale trade" and why it is relevant to understand the current crisis the ghost of Three Arrows Capital and the origins of Genesis' problems why Sam thinks Genesis was "reckless" in its loan underwriting what a spot Bitcoin ETF would mean for Grayscale's revenue what options Genesis and DCG have to weather the storm whether it makes sense for Genesis to file for bankruptcy why Ram thinks Genesis lending product needs to be be shut down why Gemini and its Earn program loom large in the Genesis situation the risks of enforcement action from regulators what the most likely outcome is for Genesis and DCG and whether creditors will be made whole whether there will be broader contagion stemming from Genesis and what other crypto companies could be in trouble the problems of leverage and why crypto's "shadow banks" need regulation Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima Ram: Twitter Ram’s thread on GBTC Previous Unchained episodes: Why Genesis Could Very Well Be Insolvent, Not Just Illiquid Sam: Twitter Substack Episode Links Genesis: Unchained: Genesis Warns of Bankruptcy If Funding Plans Fail: Report On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger' Previous coverage of Unchained on Genesis: ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis Adam Cochran on Why Crypto Prices Will Be Down Bad for the Next Six Months Is the Collapse of Crypto Lending Over, or Is It Just Starting? The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? FT: Crypto broker Genesis owes Winklevoss exchange’s customers $900mn WSJ: Rising Tether Loans Add Risk to Stablecoin, Crypto World Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. Show topics: highlights of Sam Bankman-Fried's interview with the New York Times whether SBF knew what was going on in his companies, and how that impacts potential prosecution why Genesis and DCG are in financial trouble whether Genesis will file for bankruptcy or go through a restructuring process revelations from BlockFi's bankruptcy filing new info on why FTX bailed out BlockFi last summer what is going on with Binance’s recovery fund how Avi Eisenberg tried to pull off an attack on Aave how the banking industry works and whether Changpeng Zhao is the closest thing to a central bank in crypto how DeFi responds in a crisis, and how it contrasts with CeFi’s recent implosions Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Episode Links FTX: Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen NYT: Sam Bankman-Fried’s interview Bill Ackman’s tweet Interview with Tiffany Fong Previous coverage of Unchained on FTX: Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC BlockFi: Unchained: Crypto Lender BlockFi Files for Bankruptcy as FTX’s Contagion Effects Continue Decrypt: FTX, Alameda Owe BlockFi More Than $1 Billion: Court Hearing Genesis: Ryan Selkis’ tweet on Genesis Unchained: Genesis Warns of Bankruptcy If Funding Plans Fail: Report On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M Previous coverage of Unchained on Genesis: Why Genesis Could Very Well Be Insolvent, Not Just Illiquid ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis DeFi Pancakeswap flipped Uniswap in TVL Unchained: Mango Markets Exploiter Gets Liquidated But Leaves Aave With ‘Excess Debt’ Aave Freezes 17 Low-Liquidity V2 Pools and Votes to Migrate 26 Assets to Ethereum V3 Compound Finance Slashes Borrow Caps for 10 Markets Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam Cochran, partner at Cinneamhain Ventures, talks about the collapses suffered during this year, their impacts on big traditional finance players, and what’s coming in the crypto markets in the near future. Show highlights: whether Sam Bankman-Fried lied during his interview at the Deal Book Summit why SBF kept the number of FTX's engineers at such a low number why Adam is optimistic about Genesis and DCG what options Genesis have to raise liquidity the significance of a potential meltdown of DCG in the crypto industry why Adam is worried about Grayscale Bitcoin Trust (GBTC) what lessons can be learned from this crypto winter Adam's prognosis for crypto lending and for the crypto markets in general the impact of the bankruptcy of BlockFi and all the other centralized lenders Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors!Crypto.com Adam: Twitter Thread on community buyout Previous Unchained episodes: Why 3AC’s Collapse Could Spell the Start of a Crypto Credit Crunch Episode Links BlockFi: Unchained: Crypto Lender BlockFi Files for Bankruptcy as FTX’s Contagion Effects Continue Decrypt: FTX, Alameda Owe BlockFi More Than $1 Billion: Court Hearing Genesis: Bloomberg: Genesis Creditors Seek Options to Keep Crypto Brokerage Out of Bankruptcy Semafor: Online news site CoinDesk attracts suitors amid crypto crash Unchained: Genesis Warns of Bankruptcy If Funding Plans Fail: Report On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger' Previous coverage of Unchained on Genesis: Why Genesis Could Very Well Be Insolvent, Not Just Illiquid ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis FTX: Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen Previous coverage of Unchained on FTX: Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Jordan, founder at DBA and former co-head of investments at Galaxy Digital, and Alex Pack, managing partner at Hack VC, talk about the potential insolvency of Genesis and DCG, the cycle of credit expansion, and the importance of DeFi to prevent these situations. Show highlights: what will happen with Genesis and its parent company DCG where the insolvency of Genesis might have come from how the expansion of crypto lending in 2021 is impacting the markets and the role the Fed played in this expansion how the Terra collapse kickstarted a ton of contagion effects in crypto companies Alex's story of why he did not invest in Alameda in 2018 whether it is possible to prevent the "FTXs of the future" the importance of assessing the quality of collateral assets the story of when SBF called DeFi a "Ponzi black box" the mystery of where FTX Ventures got the $2 billion it planned to invest Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima Michael: Twitter Previous Unchained episodes: Is the Collapse of Crypto Lending Over, or Is It Just Starting? Alex: Twitter Episode Links Previous coverage of Unchained on Genesis and FTX: Why Genesis Could Very Well Be Insolvent, Not Just Illiquid Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Genesis: Unchained: Genesis Warns of Bankruptcy If Funding Plans Fail: Report On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger' FTX Collapse: First declaration document Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen SBF tweet: FTX files for Chapter 11 bankruptcy protection Bloomberg: Transcript: Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Gabriel Haines, a crypto content creator, comes on this 2022 Thanksgiving edition of Unchained to talk about his videos and leave a positive message for these holidays. Show highlights: how Gabriel started doing his very unique type of videos Gabriel's hummus eating competition how Gabriel's videos are "quite not professional" how Gabriel is monetizing some of his videos with NFTs whether NFTs are a solution for content creators how Lee, Gabriel's wife, has also started creating some funny videos how Web3 is going to change the traditional version of media in the Internet Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Ava Labs DeFi Saver Gabriel: Twitter Gabriel’s video with a machete Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news concerning the collapse of FTX. Show topics: the statements of newly appointed CEO John Ray in the first day declaration why Tarun, Robert and Haseeb think SBF is possibly delusional or at least in denial whether the assets of FTX and Alameda were commingled from the beginning or whether they had been separate and at a certain point, FTX loaned money to Alameda whether the Bahamian government was the 'FTX' hacker the theories of why Alameda started falling how regulators and legislators are assessing the failure of FTX whether SBF will get a pardon like Mark Rich and the chances of him being charged criminally whether Genesis will go insolvent and its potential contagion effects Take Unchained's 2022 survey! https://www.surveymonkey.com/r/unchained2022 Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Episode Links Previous coverage of Unchained on FTX: Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC FTX Collapse: First declaration document Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen Unchained: Bahamas Regulator Directed SBF to Transfer FTX Assets to Government Wallet SBF tweet: FTX files for Chapter 11 bankruptcy protection WSJ: FTX’s Sam Bankman-Fried Cashed Out $300 Million During Funding Spree Vox interview with SBF: Sam Bankman-Fried tries to explain himself NYT: How Sam Bankman-Fried’s Crypto Empire Collapsed Arthur Hayes’s article on SBF: ‘White Boy’ NYT: Elizabeth Holmes Is Sentenced to More Than 11 Years for Fraud Learn more about your ad choices. Visit megaphone.fm/adchoices

Kevin Zhou, cofounder of Galois Capital, and Jesse Powell, cofounder of Kraken, talk about why FTX collapsed, the warning signs, and whether it’s a catalyst for self-custodial adoption. Show highlights: the root causes of the FTX collapse, according to Jesse and Kevin whether there were warning signs of all the risks that were to come the importance of learning from mistakes, even for new people in the space Kevin's response to the stuck funds in FTX the debate about utilitarianism and SBF's effective altruism whether the philosophy behind founders matters Kevin's and Jesse's theories of how FTX and Alameda lost billions of dollars how Alameda and FTX's books were commingled whether people will start using self-custodial wallets whether the fall of FTX vindicates BTC maximalism whether regulation has been beneficial or harmful for American customers the role of venture capital firms and their "mixed incentives" Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima Kevin: Twitter Previous Unchained episodes: How Traders Are Thinking About the Merge — and a Potential ETHPoW Chain Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge. The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash Jesse: Twitter Previous Unchained episodes: Jesse Powell, CEO of Kraken, on Drawing a Line With Regulators Episode Links Previous coverage on Unchained of FTX: Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? – Ep. 422 The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC FTX Collapse: First declaration document Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen Unchained: Bahamas Regulator Directed SBF to Transfer FTX Assets to Government Wallet SBF tweet: FTX files for Chapter 11 bankruptcy protection Vox interview with SBF: Sam Bankman-Fried tries to explain himself NYT: How Sam Bankman-Fried’s Crypto Empire Collapsed Bloomberg: Crypto Hedge Fund Galois Confirms $40 Million Exposure to FTX Learn more about your ad choices. Visit megaphone.fm/adchoices

Wassielawyer, a lawyer specializing in restructuring and insolvency, explains the first declaration from new FTX CEO John Ray in the company’s bankruptcy case. Show highlights: why CEO Ray said there's been a complete failure of corporate controls in FTX how there was no separation of accounts between Alameda and FTX whether FTX US customers are in a better position to recuperate their assets why FTX's Bahamas unit is seeking protection under chapter 15 of the US bankruptcy code why there's a jurisdictional battle, according to Wassie whether the Bahamian government is responsible for letting deposits out of the platform how former CEO Sam Bankman-Fried is trying to save the company Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors!Crypto.com Ava Labs DeFi Saver Wassielawyer: Twitter Thread on community buyout Previous Unchained episodes: Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now? Episode Links Previous coverage of Unchained on FTX: The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC FTX Collapse: First declaration document FTX filed for Chapter 11 bankruptcy protection. FTX Wasn’t Authorized to File for US Bankruptcy: Bahamas Liquidators Vox interview with SBF Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra were joined by Laura Shin, CEO of the show, to chop it up about the collapse of FTX. Show topics: Haseeb's explanation of the blowup of FTX whether FTX was a Ponzi scheme Sam Bankman-Fried's strategy to become a billionaire the weird sale of Serum, a project backed by SBF the lack of proper accounting practices in FTX and Alameda whether FTX did not have a proper and large enough security team the likelihood that FTX’s volume numbers are fake why Haseeb thinks this is one of the biggest catastrophes in venture history the role of media in building SBF's character and the revindication of journalism whether venture capital firms run propaganda for their portfolio companies whether VC culture enabled this collapse to happen the story of how Sam convinced Tom Brady to invest in FTX the debate about effective altruism and whether SBF's EA caused his mistakes whether FTX's failure will set the crypto industry back Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tom Schmidt, general partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Guests Laura Shin, author, host of Unchained Episode Links Previous coverage of Unchained: The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? The Chopping Block: SBF on a Crazy Week of Bitfinex, Wormhole and ENS Drama Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets Sam Bankman-Fried on How to Prevent the Next Terra and 3AC FTX Collapse: FTX filed for Chapter 11 bankruptcy protection NYT’s “How Sam Bankman-Fried’s Crypto Empire Collapsed” Sam Bankman-Fried built a "backdoor" to his FTX exchange to change financial records and move funds without alerting others. $600 million hack Unchained coverage: Could FTX’s Bankruptcy Trigger a Domino Effect? FTX May File for Bankruptcy After Binance Walks Off the Deal FTX Needs $8B to Meet Investor Withdrawals: Report Tron Founder Justin Sun Says He Is Working With FTX on a Solution US DOJ Joins SEC and CFTC Probe of FTX FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator Sequoia Capital Writes Off $214M FTX Investment to Zero Binance Set to Buy FTX Amid Liquidity Crisis SBF’s Net Worth Plummets 94% In One Day: Report Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days Alameda’s Balance Sheet Sparks Controversy Learn more about your ad choices. Visit megaphone.fm/adchoices

Wassielawyer, a lawyer specializing in restructuring and insolvency, and Thomas Braziel, founder and CEO of 507 Capital, talk about the bankruptcy of FTX. Show highlights: what the bankruptcy process of FTX is expected to look like why FTX got to the the point of filing for bankruptcy protection why Wassie thinks Alameda is dead why FTX filed for bankruptcy in the US given that it's a Bahamian company how FTX's balance sheet is composed and whether it includes Alameda whether Justin Sun will be dragged into the bankruptcy how FTX's terms of service differ from Celsius’s and Voyager’s how the $600 million hack affects the bankruptcy proceeding whether it's worth it to spend millions of dollars in law firms to go after the hacked money what's the impact of the 192 million FTT tokens that were printed Saturday night what will happen with the fork of Serum and the forked tokens the consequences for all the projects that FTX invested in why Wassie thinks that tokenizing the liabilities could be a good potential solution how the FTX's bankruptcy affects Voyager's proceedings and customers whether FTX’s bankruptcy has put BlockFi in trouble Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima Wassielawyer: Twitter Thread on community buyout Previous Unchained episodes: Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now? Thomas: Twitter 507 Capital Previous Unchained episodes: Will Celsius Survive the Bankruptcy Process? Episode Links Previous coverage of Unchained on FTX: Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC FTX Collapse: FTX filed for Chapter 11 bankruptcy protection Sam Bankman-Fried built a "backdoor" to his FTX exchange to change financial records and move funds without alerting others. $600 million hack Unchained coverage: The Bahamas Loophole: FTX Users Buy KYC Accounts to Withdraw Crypto Could FTX’s Bankruptcy Trigger a Domino Effect? FTX May File for Bankruptcy After Binance Walks Off the Deal FTX Needs $8B to Meet Investor Withdrawals: Report Tron Founder Justin Sun Says He Is Working With FTX on a Solution US DOJ Joins SEC and CFTC Probe of FTX FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator Sequoia Capital Writes Off $214M FTX Investment to Zero Contagion: Serum Fork in the Works Amid Fears That FTX-Owned Upgrade Keys Are Compromised BlockFi Halts Withdrawals Amid FTX Crisis Voyager had to reopen the bidding process for its assets Learn more about your ad choices. Visit megaphone.fm/adchoices

Erik Voorhees, founder of ShapeShift, and Jordan Fish, aka Cobie, crypto investor and host of UpOnly, talk about the collapse of FTX. Show highlights: the links between FTX and Alameda what kickstarted the blowup of FTX why Erik and Cobie think that Bankman-Fried's behavior was “sociopathic” why the $10 billion hole is so shocking to Cobie considering the advantages that FTX had as a company whether this would have ever happened if the prices hadn’t plummeted in the bear market the tension between advocates of privacy and those who want to limit criminal activity why Erik believes that SBF’s donations to both political parties are bribery whether regulators can prevent an exchange from collapsing whether Changpeng Zhao did a better job at investigating FTX than anyone at the SEC the likelihood that this will result in criminal charges how blockchain technology is the solution to the problem of centralized exchanges doing things in the dark Tether’s decision to freeze USDT owned by FTX Erik’s response to Bitcoin maximalists who say FTX was caused by altcoins whether it is a mistake for exchanges to issue their own tokens how big the contagion could be in the industry why nobody should leave a significant amount of their net worth in a centralized exchange Erik’s message to regulators whether SBF was aligned with the values and the ethos of crypto Thank you to our sponsors! Crypto.com Ava Labs DeFi Saver Erik: Twitter ShapeShift Previous Unchained episodes: Why ShapeShift’s Erik Voorhees Thinks Toxic Bitcoin Maximalism Is Bullshit Shapeshift’s Erik Voorhees on How Crypto Will Separate Money and State Cobie: Twitter Substack UpOnly Previous Unchained episodes: Cobie and Chris Burniske on How to Navigate a Crypto Bear Market Episode Links Previous coverage of Unchained: Sam Bankman-Fried on How to Prevent the Next Terra and 3AC The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? FTX Collapse: FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall SBF’s video talking to regulators Unchained coverage: FTX May File for Bankruptcy After Binance Walks Off the Deal FTX Needs $8B to Meet Investor Withdrawals: Report Tron Founder Justin Sun Says He Is Working With FTX on a Solution US DOJ Joins SEC and CFTC Probe of FTX FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator Sequoia Capital Writes Off $214M FTX Investment to Zero Binance’s dropped deal with FTX CZ’s announcement SBF’s announcement Binance’s merkle-tree proof-of-reserves Unchained coverage: Binance Set to Buy FTX Amid Liquidity Crisis SBF’s Net Worth Plummets 94% In One Day: Report There are Rumors that Alameda Went Down With 3AC in Q2 Alameda Owes More Than $30M in DeFi Debt Coinbase and Genesis Declare No Exposure to Collapsing FTX Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days Binance to Liquidate Millions Worth of its FTX’s Token Holdings FTX’s Stablecoin Reserves Hit One-Year Low Alameda’s Balance Sheet Sparks Controversy Crypto regulation Industry Leaders Debate How to Regulate DeFi Bankless debate between SBF and Erik Voorhees Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi and Tom Schmidt were joined by Nic Carter, reformed Bitcoin Maxi, and Laura Shin, CEO of the show, to chop it up about Binance’s buyout of FTX. Show topics: Haseeb's tl;dr of Binance's possible acquisition of FTX whether Alameda is the new Three Arrows Capital the implications of FTX's collapse for regulators and lawmakers what will happen to all the companies that lent money to Alameda Sam Bankman-Fried's emergency effort to raise billions of dollars whether there could be criminal charges against FTX why FTX was not as profitable as other derivative exchanges what the probabilities are of Binance actually buying FTX whether the enterprise value of FTX is negative Tom's concerns about the concentration in the industry how FTX's implosion will impact crypto venture capital firms whether Solana can survive without SBF's support how the lack of transparency kicked off this situation and how blockchains help solve this issue Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tom Schmidt, general partner at Dragonfly Capital Guests Nic Carter, reformed Bitcoin Maxi Nic’s proof of reserves Laura Shin, author, host of Unchained Episode Links Previous coverage of Unchained:Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Acquisition of FTX CZ’s announcement SBF’s announcement Binance’s merkle-tree proof-of-reserves Unchained coverage: Binance Set to Buy FTX Amid Liquidity Crisis SBF’s Net Worth Plummets 94% In One Day: Report There are Rumors that Alameda Went Down With 3AC in Q2 Alameda Owes More Than $30M in DeFi Debt Coinbase and Genesis Declare No Exposure to Collapsing FTX Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days Binance to Liquidate Millions Worth of its FTX’s Token Holdings FTX’s Stablecoin Reserves Hit One-Year Low Alameda’s Balance Sheet Sparks Controversy Crypto regulation Industry Leaders Debate How to Regulate DeFi Bankless debate between SBF and Erik Voorhees Learn more about your ad choices. Visit megaphone.fm/adchoices

Lyn Alden, founder of Lyn Alden Investment Strategy, and Udi Wertheimer, a recovering Bitcoin maxi, talk about Bitcoin Maximalism, how Bitcoin is developing, and what’s the future of Bitcoin’s security model. Show highlights: What the definition of Bitcoin maximalism is whether BTC maximalism is toxic whether Vitalik Buterin is still a bitcoiner and how Bitcoiners became the 'token police', according to Udi why Lyn thinks Bitcoin has been attacked by the media since the beginning the attacks by Bitcoin maximalists on Nic Carter and Andreas Antonopoulos how adoption kicked in during previous cycles and why it benefitted BTC what the different types of Bitcoiners are what developments are being made around Bitcoin the importance of Bitcoin being permissionless what the use cases for Bitcoin are and whether it’s still a highly speculative asset whether people care about using decentralized payment tools how Lyn defines ‘ultra sound money’ and why she thinks that Bitcoin is better at that than ETH whether Bitcoin’s security model needs to be fixed why being able to run a node is essential for censorship resistance Take Unchained's 2022 survey! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors! Crypto.com Chainalysis Minima Udi: Twitter Substack Previous Unchained episodes: Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’ Lyn: Twitter Website Previous Unchained episodes: How Will Inflation Impact Crypto? Is Ethereum a Good Investment? Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin Episode Links Previous Coverage of Unchained: Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? Bitcoin’s culture and security Bitcoin Maximalism Is Dead, Long Live Bitcoin Maximalism by Pete Rizo Setting the record straight by Nic Carter The Rise and Fall of Bitcoin Culture by Paul J. Dylan-Ennis Geeks, MOPs, and sociopaths in subculture evolution by David Chapman Surprisingly, Tail Emission Is Not Inflationary by Peter Todd Justin Bons’ thread on BTC security model A (brief and incomplete) history of censorship in /r/Bitcoin by John Blocke Ultra sound money Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. Show topics: Elon Musk’s acquisition of Twitter – and its effect on DOGE the irony that people working in centralized companies want to decentralize Twitter whether Twitter is going to become like Facebook why Twitter has been the most pro-crypto among big tech companies why Tarun thinks Binance Pay is an impressive product whether it is possible to run a decentralized social media for billions of users the debate between Sam Bankman-Fried and Erik Voorhees about crypto regulation whether crypto exchange CEOs are true believers in the philosophy of crypto why Haseeb believes Sam Bankman-Fried is a very honest person how Reddit used a simple strategy to gain massive adoption whether it is necessary to rebrand NFTs Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Episode Links Twitter acquisition What Are the Potential Impacts of Musk’s Twitter Purchase? Sam Bankman-Fried, founder and CEO of FTX, will receive between $50 million and $100 million from Elon Musk’s purchase of Twitter. Vitalik Buterin said Musk’s idea of charging $8 a month for a blue check on Twitter could “damage the blue check's anti-scam role.” Binance CEO Changpeng Zhao said he would join Twitter’s board if Elon Musk asked him to. Crypto regulation Industry Leaders Debate How to Regulate DeFi Bankless debate between SBF and Erik Voorhees Alameda’s Balance Sheet Sparks Controversy Trojan Horse of NFTs? Reddit Onboards 3M Wallets as Trading Volume Soars Learn more about your ad choices. Visit megaphone.fm/adchoices

Nick Hansen, cofounder and CEO of Luxor Technologies, talks about the Bitcoin mining industry, why some miners are struggling while others are succeeding, and the next steps for the industry. Show highlights: the current state of the Bitcoin mining industry why miners have the lowest margin environment ever why there are so many mining rigs sitting latent how to calculate the profitability of mining cryptocurrency why miners are not moving to other countries for lower energy prices what the impact of a Core Scientific bankruptcy would be whether finance pools to aid struggling miners are helpful why some miners are succeeding in this environment whether Bitcoin miners can adopt renewable resources and help with the transition to green energy how the mining industry is going to change in the following years Take the Unchained Podcast survey for 2022! Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts! Thank you to our sponsors!Crypto.com Ava Labs DeFi Saver Nick Twitter Luxor Technologies Episode links Troubled miners: Bondholders of Troubled Bitcoin Miner Core Scientific Said to Be Working With Lawyers A Huge Glut of Bitcoin Mining Rigs Is Sitting Unused in Boxes Bitcoin Miner Iris Energy Says Some Machines Aren't Covering Financing Costs Bitcoin Miner Argo Blockchain Fears Negative Cash Flow as $27M Raise Fails Bitcoin mining hosting company Compute North filed for Chapter 11 bankruptcy protection Miners currently weathering the storm: Bitcoin Miner CleanSpark Spends Millions on Equipment as Others Struggle Amid Market Conditions Bitcoin Miner Stronghold Digital Completes Debt Restructuring Digihost Bucks Bearish Trend Among Bitcoin Miners, Remains Cash-Flow Positive Crypto Miner Marathon Digital Mines Record 615 Bitcoin in October Green energy:Solar-Powered Bitcoin Miner Aspen Creek Raises $8M Despite Bear Market Finance Pools: DeFi Platform Maple Finance Aims to Help Struggling Bitcoin Miners With $300M Lending Pool Binance Pool To Support BTC Mining Industry With a $500M Miner Lending Project Learn more about your ad choices. Visit megaphone.fm/adchoices

Sterling Crispin, artist and software developer and Holly Herndon, host of the Interdependence podcast, talk about the problems that creators face, some potential solutions, and the debate over creator royalties. Show highlights: how Holly and Sterling got into crypto how Holly used the Holly Plus Project to pay royalties how NFTs change the economic experience of being a creator how creators make money and why it is so difficult for most of them whether NFT royalties are necessary for artists why creators are the ones that should decide to charge royalties or not how the enforcement of royalties also occurs in the traditional art world whether NFT royalties only benefit big players vs. smaller creators what shifts could make paying royalties a norm, the way paying for music streaming became a norm over piracy other solutions to helping creators earn from their work besides NFT royalties whether NFT creators should use blocklists whether people objecting to blocklists can be hypocritical about decentralization whether creators can build their own marketplaces how a profit-sharing model among creators could work Thank you to our sponsors! Crypto.com Chainalysis Minima Sterling: Twitter Website Blog post: NFTs and Crypto Art: The Sky Is not Falling Holly: Twitter Podcast Holly's AI Video Episode Links Previous episodes of The Chopping Block debating NFT Royalties: The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! The Chopping Block: Was This Gary Gensler’s Most Liked Tweet? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? NFT Royalties Magic Eden Magic Eden Moves to Optional Royalties and Heats Up the Debate MetaShield Solana Could Get Enforceable NFT Royalties Via New Metaplex Standard Why NFT royalties are almost impossible to enforce on-chain Galaxy Digital report showing that Nike and Yuga Labs earned the most in NFT royalties. Royalties in NFTs: Yes, no, and why? Royalties Chaos Shows Ethereum NFT Market 'More Serious' Than Solana: Fidenza Artist Tyler Hobbs Artists’ Royalties by BlackBox.art On Royalties by foobar Kyle Samani thread on verticalization Potential solutions Collector Royalties Collector Royalties Eligibility Expansion — Aug ‘21 How do they work Profit Sharing Cardinal Labs Metaplex Standard Exchange Royalties Guarantee NFTs for n00bs: A brief history of tokens and tulips, NFT aesthetics, energy dramas, fan brigades, social tokens and the metaverse with Daniel Keller Learn more about your ad choices. Visit megaphone.fm/adchoices