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Unchained

Unchained

Laura Shin

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.
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Top 10 Unchained Episodes

Goodpods has curated a list of the 10 best Unchained episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Unchained for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Unchained episode by adding your comments to the episode page.

On Unchained, two co-founders of Solana Labs, Anatoly Yakovenko and Raj Gokal, dive deeply into the Solana ecosystem, discussing everything from the price of SOL to the Solana network outage to the competition between Ethereum and Solana. Show highlights:

  • why Raj thinks SOL’s market cap grew from $86 million to $68 billion in less than a year
  • Anatoly’s and Raj’s background and how they found themselves working together to build Solana
  • why Anatoly thinks Solana will be a general-purpose blockchain rather than specializing in gaming or high frequency trading
  • Anatoly’s goal to make Solana the first billion-user blockchain
  • why Raj thinks NFTs on Solana have been so popular
  • why, in the opinion of Raj and Anatoly, Solana’s purpose has shifted away from high-frequency trading
  • how NFTs could replace ads
  • why “everything is DeFi”
  • how Solana Labs plans to allocate the recent $314 million funding round it raised
  • what lessons Anatoly learned from the 18-hour September network outage
  • technically speaking, what happened to cause Solana’s network outage
  • why Anatoly believes that outages, at this stage, aren’t necessarily a bad thing
  • whether “trading mercenaries” dominated at Solana Breakpoint
  • why developers are interested in building on Solana
  • how Solana and Ethereum compare as execution and settlement layers
  • why Raj doesn’t like framing competition between Solana and Ethereum as a fight
  • how Anatoly views the competition between Ethereum and Solana
  • whether the arrival of Neon Labs, which is bringing EVM to Solana, could lead to developers leaving Ethereum
  • how NFTs and Phantom wallets are bringing in new users for Solana
  • whether Raj and Anatoly would roll back Solana if something like Ethereum’s DAO hack were to occur
  • why Solana has the competitive advantage in throughput, according to Anatoly
  • what would happen if FTX cofounder and CEO Sam Bankman-Fried gave up on Solana
  • their predictions for Solana five years from now

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Nodle: https://bit.ly/3AXGydJ

Brave: http://brave.com/Unchained

Episode Links:

Anatoly Yakovenko

Raj Gokal

Solana News

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Lucas Bruder, co-founder and CEO of Jito Labs, an infrastructure provider that mitigates the impact of maximum extractable value (MEV) on Solana — specifically spam and wasted block space. He and the gang discuss how the Jito airdrop this month helped rejuvenate Solana; how Jito differs from Flashbots, its counterpart on Ethereum; Solana’s potential scalability; and how Solana believers have been vindicated by the developments of the last few months.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

  • Why Jito is a crucial development in the Solana ecosystem and its potential impact on network performance
  • What sets Jito apart from its counterpart on Ethereum, Flashbots, in terms of functionality and benefits
  • Whether Solana's speed uniquely influences Jito's effectiveness compared to Flashbots
  • Lucas' explanation of maximum extractable value (MEV) and how it operates within the Solana network, providing insight into its complexities and advantages
  • Whether Solana's infrastructure could sustain block production if the AWS integration encounters disruptions
  • How the Jito airdrop may have rejuvenated the Solana network, potentially marking an end to its "ice age"
  • What recent surges in on-chain activity in Solana indicate about the network's health and user engagement
  • Where MEV fees in Solana are directed and who benefits from this value accrual within the ecosystem
  • Whether Solana dapps are evolving their architectures to mitigate MEV opportunities and enhance network security
  • How Tarun envisions the design of Solana's fee market for optimal efficiency and fairness
  • Whether Solana has the inherent capacity for infinite scalability and what potential bottlenecks might impede this growth

Hosts

Guest:

Links

MEV:

Previous coverage of Unchained on MEV:

Jito:

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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:

Cobie:

Episode Links

Previous coverage of Unchained:

FTX Collapse:

Binance’s dropped deal with FTX

The downfall of former FTX CEO Sam Bankman-Fried from king of the crypto world to crypto scammer is complete.

A Manhattan jury of nine women and three men took less than five hours Thursday afternoon, day 18 of the high-profile trial, to convict Bankman-Fried on seven counts of fraud and conspiracy for stealing billions of dollars of his customers’ assets.

“Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history, a multi-million scheme designed to make him the king of crypto,” said Damian Williams, U.S. attorney for the Southern District of New York in remarks following the verdict.

The guilty verdict came a year to the day after crypto publication CoinDesk published a story showing balance sheet irregularities at Bankman-Fried’s investment company, Alameda Research, that suggested the ties between Alameda and FTX were unusually close. Bankman-Fried now faces potentially decades in prison. Sentencing is scheduled for March 28.

After listening to Judge Lewis Kaplan read through 60 pages of instructions, jurors quickly concluded that Bankman-Fried was responsible for decisions that led to an $8 billion hole in its balance sheet, including the use of customer assets for political donations, investments and his own personal use. Prosecutors had reiterated this theme in a stinging, Thursday morning rebuttal.

And jurors rejected whole-hog Bankman-Fried’s defense team’s narrative that Bankman-Fried was being villainized for being a poor manager who didn’t create sufficient risk management systems. They also did not buy into Bankman-Fried’s claim that he was unaware of the severity of his company’s financial problems and that his inner circle, three of whom testified earlier in the trial as part of plea agreements, were to blame.

“We respect the jury’s decision,” said Bankman-Fried’s lead attorney, Mark Cohen. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to fight the charges against him.”

U.S. attorney Wiliams called Bankman-Fried’s crimes “ fraud” as “old as time,” and said his office had “no patience for it.”

He added: “This case moved at lightning speed, that was a choice, not a coincidence.”

Catch up on Unchained’s previous coverage:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang breaks down the record $4.3 billion settlement between Binance and the U.S. government — whether it was fair, the chances CEO Changpeng Zhao will face any jail time, whether it was ultimately a good thing for Binance and for the U.S., and what this changes for the industry going forward. They also delve into the SEC’s lawsuit against Kraken, and the drama around Sam Altman’s firing from Open AI and what it says about corporate governance and crypto companies.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

  • the details of the settlement between Binance and the Department of Justice
  • how a core part of Binance’s business model was to allow bad actors on its platform, according to Robert
  • why Binance had to settle with the U.S. government even though it's not an American company
  • why Tom believes that the settlement represents a "very bad lesson"
  • whether U.S. market makers should be liable in cases like these
  • how the crypto community has reacted to the settlement
  • what the settlement means for the future of the crypto industry
  • whether the new SEC lawsuit against Kraken is just a “copy-and-paste” of its suit against Coinbase
  • The drama around Sam Altman’s removal from his role as CEO of OpenAI
  • Why Robert thinks that the OpenAI board was “silly and dumb”
  • What the problems at OpenAI say about its innovative governance structure

Hosts

Disclosures Links

Binance Settlement

SEC Charges Against Kraken

OpenAI

Haseeb’s tweet on accelerationism

Learn more about your ad choices. Visit megaphone.fm/adchoices

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they are joined by Samczsun, an anonymous security researcher at Paradigm, who delves into the intricacies of crypto security, ethical hacking and the shifting landscape of smart contract vulnerabilities. He also discusses his strong feelings about the “Code Is Law” philosophy and gives tips on how people in crypto can best protect their online security.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

  • what led Sam to a career in crypto security and his current role at Paradigm
  • how Sam uncovered one of crypto's most legendary vulnerabilities
  • why security experts like Sam choose the path of white hat hackers over black hats
  • The craziness of the KyberSwap hacker's proposal
  • parallels that Robert draws between this case and Avi Eisenberg's Mango Markets exploit
  • what advice Sam has for the KyberSwap hacker
  • whether Sam, as a security expert, trusts storing his money on-chain
  • how the Platypus hack ruling by a French judge challenges the 'Code Is Law' philosophy
  • what the Security Alliance aims to achieve and its impact on the industry
  • how Sam suggests individuals should practice personal crypto security, including the importance of using password managers and hardware wallets, and avoiding SMS two-factor authentication

Hosts

Disclosures Guest: Samczsun, security researcher at Paradigm Links

Hacks

Code is law:

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Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang sits down with Ogle Crypto, a veteran negotiator in crypto hacks, to discuss the recent KyberSwap exploit, which involved an almost $50 million loss across various chains.

Ogle shares how he initially became a negotiator, including his first case in which he tracked down a group of hackers from Hong Kong when they fled to Great Britain after stealing $24 million in funds. Ogle also shares his negotiation tactics, the typical profile of hackers he encounters today and his empathetic approach towards these often young and financially struggling individuals.

Then the group raises concerns around the hype and marketing strategies of Blast, a new Layer 2 on Ethereum offering “native yields” that achieved $620 million of TVL in less than two weeks.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

  • How KyberSwap's sophisticated security was breached, resulting in an almost $50 million loss across various blockchain networks.
  • Why Tarun suspects the behind-the-scenes workings of an organized group, rather than a lone attacker, in the KyberSwap incident.
  • The evolution of crypto hacks towards more systematic and professional negotiations with hackers.
  • Ogle's journey into the world of crypto hack negotiations, highlighted by a fascinating case of pinpointing hackers who had fled Hong Kong.
  • Ogle's strategic approach to negotiating with hackers, balancing empathy and tactical communication.
  • Profiling the typical hackers in these scenarios, focusing on their youth, origins, and backgrounds.
  • Ogle's perspective on why he often finds a sense of understanding towards these young, misguided hackers.
  • Assessing the crypto industry's response to white hat hackers: Are they adequately rewarded for safeguarding the digital frontier?
  • The curious surge of investments into Blast, Ethereum's new Layer 2 contender, amidst swirling concerns and skepticism.
  • Robert's take on why the Blast phenomenon could signal a troubling trend, surpassing the chaos of 2017, paralleled by Tarun's analogy to a “decentralized Herbalife.”
  • Were Blast’s marketing tactics misleading or merely overly optimistic?

Hosts

Disclosures Guest

Ogle Crypto, Crypto sleuth and negotiator

Links

Hacks

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, after an incredibly eventful year for crypto, The Chopping Block crew makes its picks for the best and worst of 2023, including its biggest winners and losers, biggest surprises, best memes, best or worst pivots, biggest flops, best comeback stories, favorite podcast guests and predictions for 2024. Hear why some in the gang consider Solana to be the year’s biggest winner, Circle the biggest loser, MicroStrategy the best and worst pivot, Coinbase the best comeback and a renewed boom in crypto lending one of the top predictions for 2024.

Hosts

Disclosures Links

Surprises:

Flops:

Winners:

Memes:

Favorite guests:

Others

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner chop it up about the latest news. This week, the gang sits down with guest Nic Carter of Castle Island Ventures, whose tweet thread pushed the Wall Street Journal to correct its story that Hamas had raised tens of millions in crypto. Carter discusses the challenges in tracking how much crypto Hamas has actually received, the declining prospects for Sam Bankman-Fried’s acquittal, and ongoing dramas surrounding staking protocol Lido and decentralized exchange dYdX.

Show highlights:

  • Why the cross-examination has not gone well for Sam Bankman-Fried
  • how the Wall Street Journal misinterpreted data and may have overstated the amount of crypto donations flowing to Hamas for terrorist activities
  • why it’s difficult to pinpoint how much funding Hamas has raised in crypto donations
  • how extensive crypto funding for terrorists is believable to many outside observers of the industry, even recently some of its supporters in Congress, but does not reflect reality
  • Why Hamas has decided on its own to stop trying to raise funds in crypto
  • how Lido is upset at the way Layer Zero has pre-marketed its bridge
  • why dYdX’s pivot to decentralization with fees going into its token is a positive development but does not give the protocol the moral high ground to attack erstwhile competitors such as UniSwap.

Hosts

Guest

  • Nic Carter, general partner at Castle Island Ventures

Disclosures Links

Previous coverage by Unchained on the trial of Sam Bankman-Fried:

Two Genesis creditors, BJ and Branden, who prefer to use pseudonyms for security reasons, spoke with Unchained about the alleged fraud by the crypto lender and its parent company, Digital Currency Group (DCG). The discussion is one of the first times Genesis creditors have spoken with a media organization about the situation.

BJ and Branden explain how they gave more loans to Genesis after it took a $1.1 billion hit from the liquidation of Three Arrows Capital and how they then came to be members of the ad hoc group, a collective of Genesis customers who came together to try and save the company from bankruptcy.

They talk about how they now want DCG to pay back the $1.1 billion it owes over a shorter timeframe and to pay back any Bitcoin in actual Bitcoin. The discussion with Unchained followed shortly after New York Attorney General Letitia James filed a lawsuit against Genesis, along with its parent company Digital Currency Group, and Gemini Trust.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

  • what NYAG Letitia James alleged in the lawsuit against Gemini, DCG, and Genesis
  • how BJ and Branden became creditors of Genesis, including the role of the influence of MicroStrategy's Michael Saylor
  • how Genesis claimed it got into what it called a “liquidity mismatch”
  • how, after the Three Arrows Capital collapse, BJ and Branden were reassured that Genesis had "no issues" and "was back to business"
  • whether the trading and lending units of Genesis were all part of the same company and why that distinction is important
  • what the difference is between the ad hoc group and an unsecured creditors committee
  • what the creditors are proposing in order to get their assets back
  • why the creditors want to be paid in crypto, not in USD
  • whether the case will go to litigation and what Silbert can do to avoid it

Thank you to our sponsors!

Guests:

  • Branden, Creditor of Genesis
  • BJ, Creditor of Genesis

Links

Previous coverage of Unchained on Genesis and DCG:

NYAG Lawsuit

Genesis, Gemini, DCG disputes