Timestamps:
00:00 - The first ever Final Settlement live stream
01:37 - 4,000 Bitcoin drained from the Liquid Network
04:21 - How the LBTC supply was inflated
06:11 - Hot keys, quorums, and why TradFi moves slowly
09:21 - The added risk of moving off the base chain
12:54 - A spectrum of risk, from Mt. Gox to open protocols
15:45 - Ben Carmen open sources Lightspark's LSP
18:56 - GPT-6 Astra, Claude 5.1, and the AGI question
22:27 - Matt Pines, StarCloud, and physical superintelligence
24:26 - 21 banks line up behind a joint stablecoin
25:24 - Why the collateral layer is the real prize
29:37 - Transfer agents, T+0, and who owns the ledger
37:16 - Felix Pago, Open Reserve, and Circle buying Tazapay
41:39 - The rumor: tokenized funds from ARK, BlackRock, Fidelity
45:49 - Pledging your ETF and the daisy chain risk
48:34 - AMC's CEO versus Robinhood on tokenized stock
52:54 - Meme coins paired to tokenized equity
The TLDR:
Roughly 4,000 Bitcoin, about $320 million, was drained from the Liquid Network after an exploit let the attacker inflate the supply of LBTC and peg out against reserves the sidechain did not have. Most of the coins have since been offered back, with around 600 retained as a bounty, and a fix for the vulnerability was known but not yet deployed across every signer in the federation. Twenty one banks, including Bank of America, Citigroup, Goldman Sachs and Wells Fargo, committed to a joint dollar stablecoin targeted for 2027. The SEC has proposed overhauling transfer agent rules to support blockchain records, and rumors point to an innovation exemption that would let ARK, BlackRock and Fidelity trade tokenized funds through a transfer agent alone. AMC's chief executive publicly attacked Robinhood over tokenized stock issued without the company's consent.
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Episode Links:
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