エピソード

  • CLARITY Act Section 404 Stablecoin Yield Ban Explained

    CLARITY Act Section 404 Stablecoin Yield Ban Explained
    2026/08/20
    Bitcoin's 12% surge and $2.7 billion in liquidations grabbed all the headlines, but the real story is a single drafted section in a Senate crypto bill. Ryan Moon breaks down Section 404 of the CLARITY Act — what it bans, why banks fought it for over a year, and why the named obstacle being gone still didn't get the bill passed.
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    6 分
  • DGFiP Data Leak Exposes 678K Taxpayers, Wealth Rankings

    DGFiP Data Leak Exposes 678K Taxpayers, Wealth Rankings
    2026/08/15
    A breach of France's tax authority reportedly exposed 678,000 records — including home addresses sorted by income tier — and the data is now said to be for sale on the dark web. Ryan Moon breaks down why this isn't a standard data breach story, but a targeting pipeline feeding an already documented wave of violent crypto extortion in France. The uncomfortable question isn't about the hacker — it's about the internal search tool that made it all possible.
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    6 分
  • MetaMask's Fiat Off-Ramp and the North Korean Dev Hire

    MetaMask's Fiat Off-Ramp and the North Korean Dev Hire
    2026/07/24
    A developer using the alias Tyler Knapp spent roughly a month contributing to MetaMask's crypto-to-fiat conversion module — the off-ramp where on-chain assets become spendable cash. Consensys says they caught it, contained it, and shipped nothing malicious to production. The questions nobody's pressing on are the ones that matter most.
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    7 分
  • TRUMP Memecoin Fee Structure Made $635M While Token Fell 98%

    TRUMP Memecoin Fee Structure Made $635M While Token Fell 98%
    2026/07/03
    Trump's mandatory financial disclosure revealed $635 million from the TRUMP memecoin — even as the token lost roughly 98% of its value. Ryan Moon breaks down the fee structure that made a collapsing price irrelevant to operator revenue, and why the timing of the launch matters as much as the money.
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    6 分
  • ZEC crashed 50% but the team never proved coins weren't already minted

    ZEC crashed 50% but the team never proved coins weren't already minted
    2026/06/08
    A four-year-old bug in Zcash's Orchard ZK-proof circuit let a prover substitute a free constant for the real elliptic curve base point, meaning a crafted proof could verify as valid while encoding a fraudulent scalar multiplication — and because the Orchard pool is shielded by design, there's no way to prove from the outside whether anyone used it. The emergency patch, completed via a two-stage hard fork in four days, fixes future exploitation but can't retroactively audit what's already inside the pool, which is exactly why the proposed Ironwood upgrade matters: by deprecating old Orchard as a payment destination and routing all transactions through a fresh pool, it forces any hypothetical counterfeit ZEC through the turnstile's public accounting before it can be spent — an economic chokepoint, not a new cryptographic proof. That's the Zcash story right now: not just a bug patched, but whether a supply-audit-by-forced-migration can do what cryptography alone structurally cannot.
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    9 分
  • Bitcoin price drops to $60,000 & DATs shed $62B

    Bitcoin price drops to $60,000 & DATs shed $62B
    2026/06/05
    Bitcoin fell below $60,000 this week for the first time since October, and the $62 billion erasure in Digital Asset Treasury market caps isn't just a number — it's the flywheel breaking in reverse. DATs were built on a self-reinforcing loop: issue equity at a premium to NAV, buy Bitcoin, watch NAV rise, repeat. When Strategy made its first Bitcoin sale since 2022, it didn't just add sell pressure — it destroyed the market's assumption that DATs were permanent buyers, collapsing the premium that made the whole machine work, and leaving smaller DATs holding debt they now have to service by selling the asset that's already falling.
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    9 分
  • Strategy's preferred stock dividend created a hidden BTC sell mechanism

    Strategy's preferred stock dividend created a hidden BTC sell mechanism
    2026/06/03
    Strategy issued perpetual preferred stock with an 11.5% dividend obligation, and when ATM equity issuance got expensive, the capital stack did exactly what Saylor said it would on the Q1 earnings call: it sold bitcoin to cover the payment. The 32 BTC was never the point — the point is that the preferred dividend clock runs every cycle, the sell trigger is structural not discretionary, and the market is just now pricing that into a capital structure it spent months treating as a one-way accumulation machine. That repricing landed inside the worst ETF outflow streak since spot products launched, $1.84 billion in long liquidations that still hasn't found a clearing level, and a broader institutional rotation toward AI equities and anticipated IPOs that is pulling risk capital away from crypto on a timeline that extends well past this week.
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    10 分
  • Hyperliquid does $800 million in revenue with no VC funding

    Hyperliquid does $800 million in revenue with no VC funding
    2026/05/31
    Grayscale and FalconX both published institutional research on Hyperliquid in the same week HYPE set a record above $60, and the convergence is worth understanding as more than a price story. The platform did roughly $800 million in revenue in 2025 with no VC funding and while geoblocked from the U.S., and its HIP-3 synthetic perpetual framework is now drawing institutional attention as early infrastructure for 24/7 global markets in equities, commodities, and pre-IPO exposure. The framing has shifted: Hyperliquid is no longer being benchmarked against other DeFi exchanges but against public exchange operators, with Grayscale explicitly comparing HYPE's current 14x earnings multiple to Robinhood and Interactive Brokers trading at 35 to 50x.
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    9 分