HORYONCrypto Market Intelligence
Galaxy Research confirmed 1,596 BTC (~$100M) stolen across three waves from ~7,300 addresses, with a suspected fourth wave potentially bringing total losses to 2,055 BTC ($130M).
Mastercard completed its acquisition of stablecoin infrastructure firm BVNK for up to $1.8B, giving the payments giant enterprise-grade tools for stablecoin issuance, transfer, and conversion.
BlackRock launched two tokenized money market funds on Ethereum, BSTBL and BRSRV, both designed to qualify as eligible reserve assets under the GENIUS Act, with BNY Mellon and Securitize as tokenization partners.
Ondo Finance's yield-bearing note USDY reached $2.1B market cap on its third anniversary, joining BlackRock's BUIDL and Circle's USYC in the top three tokenized Treasuries across six chains.
Coinbase listed WTI and Brent crude oil perpetual futures for eligible non-US traders, settling in USDC with no expiry, adding commodities to its perp lineup alongside gold and silver.
Digital asset brokerage FalconX laid off ~10% of its global workforce and plans to withdraw its Singapore license application, refocusing the APAC office on derivatives trading that doesn't require a license.
Non-custodial Bitcoin swap service Boltz halted operations indefinitely after AI-assisted attacks outpaced its small team's ability to patch vulnerabilities; no user funds were lost.
This episode covers the $100 million Coldcard firmware vulnerability that allowed attackers to derive private keys from a weak random number generator, and the blow-up of the Ashen Brener AI fund which lost ~$35 billion due to leverage and poor risk management. The discussion contrasts self-custody risks with institutional custody solutions, and explores the macro environment's impact on crypto markets.
The episode discusses the evolution of market microstructure through Spire's new trading application on Base and the expansion of tokenized equities via Dinari. It also covers macro shifts including Michael Saylor's $100 million BTC sale and deflationary proposals from Ethereum, Solana, and Near.
The episode analyzes the systemic economic decline of the European Union, characterized by shrinking industrial output, massive public debt, and rising political extremism. It compares the EU's trajectory to South American economic instability due to high energy costs, loss of manufacturing to China, and a massive venture capital gap compared to the US.
This episode dissects the spectacular blow-up of Leopold Aschenbrenner's leveraged AI infrastructure fund, which grew from $225M to $45B before being liquidated in ~20 days after a 67% monthly loss. The hosts analyze how 4x leverage, prime broker margin calls, and a Citadel-led block trade at 40-80 cents on the dollar wiped out most positions, though the fund's Anthropic stake survived. They debate whether Aschenbrenner's core thesis (long AI hardware, short software) remains valid despite the catastrophic execution.
Vlad Novakovski, CEO of Lighter, discusses building a high-performance trading layer on Ethereum using zero-knowledge proofs, processing billions in volume daily. The episode covers Lighter's partnership with Robinhood Chain, tokenized pre-IPO options, regulatory strategies, and the token's direct equity representation, with a focus on composability and liquidity distribution.
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