Unchained

Laura Shin

Your No-Hype Resource for All Things Crypto

  • 58 minutes 32 seconds
    The Chopping Block: The Macro Special – Trump’s Trade War, Bitcoin Reserve & Market Chaos - Ep. 799

    Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week, we’re joined by special guest Quinn Thompson, Master of Macro at Lekker Capital, to dissect Trump’s Bitcoin Reserve. The US government is now officially hodling Bitcoin —Trump’s executive order creates a BTC reserve using seized funds. But markets didn’t buy the hype. Bitcoin tanked, and traders are still questioning what this means for crypto’s future. Meanwhile, the global macro picture is a disaster—stocks are down, trade wars are escalating, and recession fears are mounting.Is this controlled demolition of the economy, or just a side effect of Trump’s economic agenda? And most importantly, what does this mean for crypto? Let’s dive in.

    Show highlights

    🔹 Trump’s Bitcoin Reserve Announcement – The US government officially holds BTC, but it’s not buying more. No new demand—just a change in optics.

    🔹 Digital Asset Stockpile – XRP, ADA, SOL? Treasury isn’t sure what it owns, and no guarantee these altcoins stay on the balance sheet.

    🔹 Market Reactions – Bitcoin pumped, then crashed. No net buying pressure, just an end to government auctions of seized BTC.

    🔹 Trade War Fallout – Tariffs hit Mexico, Canada, EU, and China—S&P 500 posts worst day since 2022, losing $1.4T in market cap.

    🔹 Trump’s Endgame? – Is this a controlled demolition of asset prices, or just chaos in motion?

    🔹 Crypto’s Liquidity Crunch – The Fed isn’t stepping in (yet), but the macro backdrop is grim. Rate cuts may be the only way out.


    Hosts

    ⭐️Haseeb Qureshi, Managing Partner at Dragonfly

    ⭐️Tarun Chitra, Managing Partner at Robot Ventures

    ⭐️Tom Schmidt, General Partner at Dragonfly 

    ⭐️Robert Leshner, CEO & Co-founder of Superstate


    Guest

    ⭐️Quinn Thompson, Founder & CIO at Lekker Capital


    Disclosures


    Timestamps 

    • 00:00 Intro
    • 02:36 Trump’s Bitcoin Reserve
    • 05:17 Bitcoin Tanks
    • 14:30 How This Affects Crypto & Traditional Finance
    • 19:36 Trade Wars Escalate
    • 31:30 Corn Twitter Is Mad
    • 35:16 Why Stocks & Crypto Are Dumping in Sync
    • 41:39 Trump's Historical Stance on Tariffs
    • 54:57 Government Spending and Crypto Market


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    13 March 2025, 4:00 pm
  • 1 hour 31 minutes
    Bits + Bips: Trump Has Spread Uncertainty Across All Markets. What’s Next? - Ep. 798

    The markets are a bloodbath.

    If you’re feeling lost in the markets right now, you’re not alone. Stocks are getting crushed, bonds are sliding, and crypto isn’t escaping the carnage. The question is: why is everything selling off—and where does it go from here?

    One thing is clear: the next market move is extremely hard to predict. Between Trump’s economic policies, inflation worries, and DOGE’s cuts, there’s a storm of conflicting signals.

    So, is this pain temporary? Or are we looking at a long trend downward?

    Sponsors:

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    Links

    Recession? 

    Inflation

    DXY

    Powell’s comments:

    Bonds:

    Tariffs:

    Japan and the carry trade:

    China’s deflation: 

    Ukraine War talks: 


    Timestamps:

    • 👋 0:00 Intro
    • 📉 3:05 What’s behind this brutal market selloff
    • 🤔 7:26 Why making a market prediction right now is nearly impossible
    • 🇺🇸 13:41 How Trump’s economic moves drive uncertainty
    • ⚠️ 19:37 Is the Trump administration intentionally triggering a recession?
    • 💰 20:30 The real impact of “austerity” on the economy
    • 📉 22:59 What must happen before the market bottoms out
    • 🔥 26:52 Where inflation might head next
    • 📊 36:21 What the VIX is saying about the market
    • 📉 39:00 How markets will react to today’s CPI numbers
    • 🚀 43:40 When might Trump push for tax cuts?
    • 🏦 49:19 Will ETF buyers create a bitcoin floor?
    • 💴 55:12 What a declining Japanese yen reveals about demand for risky assets
    • ₿ 1:00:35 Why BTC is the furthest that it has ever been from altcoins
    • 🛍️ 1:11:00 What new groups might step in and buy bitcoin?📉
    • 🤦‍♂️ 1:20:25 Whether the Trump administration “fucked up” the economy

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    12 March 2025, 11:00 am
  • 1 hour 13 minutes
    White House Crypto Summit: Two Attendees Share Why It Matters - Ep. 797

    The election of Donald Trump marked a sea change for U.S. crypto policy.

    The symbolism of that transformation was on full display at the White House’s first-ever Crypto Summit, at which President Trump met with several crypto business leaders. But what was actually said behind closed doors? And does this mark the beginning of a truly pro-crypto shift—or just another short-lived political move?

    In this episode, BitGo CEO Mike Belshe and former CFTC Chairman Chris Giancarlo break down what really happened at the summit, whether the proposed Bitcoin reserve is a smart idea or a political gimmick, and why some believe the U.S. dollar could one day be backed by BTC.

    Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

    Thank you to our sponsors!

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    11 March 2025, 4:00 pm
  • 43 minutes 30 seconds
    Which Crypto Assets Belong in a Reserve? This VC Says Not XRP and ADA - Ep. 796

    Trump’s latest crypto moves have sent the market on a rollercoaster.

    First, he posted on Truth Social that a U.S. crypto reserve would include XRP, Solana, and Cardano. A couple hours later, he had to clarify that Bitcoin and Ethereum would also be included. The market jumped 12%—only to crash the next day.

    Meanwhile, the White House crypto summit is happening Friday, and not everyone is happy with the guest list. Some say it’s a step toward real regulation, while others argue that without DeFi voices, it’s just a meeting of centralized players.

    So what does it all mean? David Nage, VC at Arca, joins Unchained to talk about:

    • 4:55 Why David is unfazed by crypto’s swings around Trump’s reserve posts
    • 9:03 David’s take on Cardano and XRP being named for the crypto reserve list
    • 18:11 Why he thinks Bitcoin is a strong candidate for a national reserve asset
    • 22:52 Why David isn’t impressed with the guest list at the White House Crypto Summit
    • 26:26 Why the markets have been struggling—and what could finally turn things around
    • 28:52 News Recap


    Will real crypto policy changes emerge from this? Or is this just another distraction in a year full of big promises?

    Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

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    7 March 2025, 2:00 pm
  • 58 minutes 20 seconds
    The Chopping Block: Crypto Strategic Reserve, Trump vs. Crypto, Bitcoin’s Future - Ep. 795

    Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week, we’re joined by special guest Laura Shin to dissect Trump’s Strategic Crypto Reserve fiasco. Why did he name-drop XRP and Cardano first? Was this real policy or just a market pump? Meanwhile, Crypto Twitter is melting down over Trump’s crypto summit guest list—who made the cut, and who got snubbed? Plus, another SEC lawsuit bites the dust, and memecoins look deader than ever. Let’s get into it.

    Show highlights

    🔹 Trump’s Crypto Reserve Announcement – Trump proposes a U.S. Crypto Strategic Reserve, initially boosting XRP, ADA, SOL, BTC, and ETH—only for markets to fully reverse in 48 hours.

    🔹 Who Picked These Coins? – XRP & ADA make the list despite having lower adoption than SOL or ETH. Was this a serious policy move or just pay-to-play politics?

    🔹 Trump’s 5D Chess or Just a Meme? – Did the Trump team just pick random coins off CoinMarketCap? Or was this an orchestrated move to pay back donors?

    🔹 The Crypto Council Drama – Trump’s Crypto Council implodes before launch due to infighting over seats. First summit features Ripple’s Garlinghouse, Michael Saylor, Chainlink’s Nazarov, Brian Armstrong, and Jesse Powell—but no actual protocol founders.

    🔹 Is Crypto Being Used for Politics? – Nic Carter calls the plan a grift, saying the U.S. government should not buy altcoins with taxpayer money. Even Bitcoin maxis are skeptical.

    🔹 Trump’s Obsession With Bitcoin Prices – Reports claim Trump personally tracks Bitcoin price movements and wants BTC to hit $150K during his presidency—is he manipulating markets?

    🔹 The SEC Softens on Crypto? – Enforcement pivots as the SEC drops cases against Cumberland and Kraken. Will the Coinbase lawsuit be next?

    🔹 Market Exhaustion Sets In – Despite the noise, traders are tired. The market isn’t buying into Trump’s crypto plans—was this just another empty promise?


    Hosts

    ⭐️Haseeb Qureshi, Managing Partner at Dragonfly

    ⭐️Tarun Chitra, Managing Partner at Robot Ventures

    ⭐️Tom Schmidt, General Partner at Dragonfly 

    ⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained

    Disclosures


    Timestamps

    • 00:00 Intro
    • 01:05 Market Reactions to Trump's Announcement
    • 03:25 Skepticism of the Crypto Reserve
    • 07:02 Strategic Value of Crypto Reserve
    • 11:11 Political and Market Implications
    • 18:52 Security Concerns & Future Speculations
    • 31:30 Government Control of Crypto
    • 39:50 Potential Forks & Government Influence
    • 45:37 Crypto Summit & Council 

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    6 March 2025, 5:00 pm
  • 1 hour 27 minutes
    Bits + Bips: Why a US Strategic Crypto Reserve Doesn’t Even Make Sense - Ep. 794

    A strategic crypto reserve for the U.S. economy? That’s Trump’s latest proposal (or directive?)—and the reaction from the industry has been… let’s just say, mixed. Would it even work? And does it create more problems than it solves?

    Meanwhile, the White House is hosting a crypto roundtable—but not everyone is convinced it’s going to be productive. Who will be in the room, what will actually be discussed, and will it help or hurt the industry?

    On this episode of Bits + Bips, hosts James Seyffart and Noelle Acheson together with guests Steve Hou and Steven Ehrlich break it all down. Will tariffs and macro factors keep weighing on crypto? What’s driving the explosion in new ETFs? And what happens if banks start issuing their own stablecoins?

    Plus: What could be the real next catalyst for the crypto market.

    Show highlights:

    • 6:13 - Whether a strategic crypto reserve makes sense for the U.S.
    • 14:50 - How this reserve could actually give people outside of crypto second thoughts
    • 24:37 - What the Crypto Roundtable will be about and whether it’s what the industry wanted
    • 27:32 - Whether David Sacks is directing the reserve allocations so as to personally benefit
    • 32:07 - Why Noelle was surprised after the SEC stated memecoins are not securities
    • 42:22 - James’ insights into the avalanche of altcoin ETFs
    • 47:10 - The significance of BlackRock adding IBIT to its model portfolio
    • 54:02 - How macro news drove risk assets to such a selloff on Monday
    • 58:12 - Why the 10YT is such a significant chart to watch
    • 1:10:21 - Whether the war in Ukraine is coming to an end
    • 1:16:20 - What the next catalyst for crypto is
    • 1:19:07 - Whether stablecoins are a good business for banks


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    Hosts:

    Guests:

    Links

    Crypto reserve:

    Crypto roundtable: 


    Memecoins:

    ETFs: 

    Macro:

    Stablecoins:

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    5 March 2025, 12:00 pm
  • 1 hour 50 seconds
    How Berachain Became One of the Most Popular Blockchains - Ep. 793

    A new consensus model. A bear-themed brand. And one of the most debated token launches in recent memory.

    Berachain is trying something radically different. Instead of just rewarding validators, it pays liquidity providers—turning the traditional blockchain incentive model on its head.

    But not everyone is convinced. Some critics say too much of the token supply went to VCs. Others question whether “proof of liquidity” can actually work at scale.

    In this episode, Smokey, Chief Smokey Officer at Berachain, joins Unchained to break it all down. Why did Berachain choose to make itself EVM-identical? What really happened with the token launch? And what’s next?

    Show highlights:

    • 1:47 How Smokey got into crypto and how that led to the founding of Berachain
    • 7:24 What proof of liquidity is and what problems it solves
    • 12:06 Whether there’s an incentive problem in how BGT and BERA are designed
    • 16:03 Why Smokey believes the EVM has the “largest capital base”
    • 21:12 How Berachain leveraged culture to accrue network effects
    • 26:23 How Berachain achieved so much TVL growth
    • 30:01 What Smokey thinks about the big allocation of BERA to VCs
    • 35:38 How the bear-themed NFTs were born
    • 39:26 How the project was able to buy back a portion of the tokens sold to VCs
    • 40:58 Whether Smokey should have done things differently when launching the token
    • 43:21 Smokey’s response to the criticism of private participants staking BERA
    • 46:57 Why Smokey believes that the inflation will be useful for ecosystem growth
    • 52:23 What’s next in Berachain’s roadmap


    Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

    Thank you to our sponsors!

    Guest:

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    4 March 2025, 5:00 pm
  • 51 minutes 27 seconds
    The Chopping Block: ETH Denver, EF Silviculture Society, Lazarus Group Has Skills - Ep. 792

    Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week: Recapping how Bybit lost $1.5B to North Korea’s Lazarus Group—how did it happen, and why did they use THORChain to launder the money? Meanwhile, Ethereum is facing an identity crisis at ETH Denver, with the Foundation’s bizarre “Silviculture Society” raising eyebrows across the ecosystem. And if that wasn’t enough, memecoins are in freefall, with Hayden Adams admitting the game was rigged all along. It’s a wild week—let’s break it all down.

    Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

    Show highlights

    🔹 Bybit’s $1.5B Hack – Largest crypto heist ever, pulled off by North Korea’s Lazarus Group. Attack exploited Gnosis Safe’s front end, not Bybit itself.

    🔹 THORChain: The New Laundromat? – Lazarus Group uses THORChain to launder stolen funds, sparking backlash. Some THORChain members celebrated the volume spike.

    🔹 Memecoins Declared ‘Collectibles’ – SEC says memecoins aren’t securities—right as the bubble bursts. New token launches are down 60%, and pump.fun is drying up.

    🔹 InfoWars Bought With a Memecoin?! – Alex Jones supporters use Wars token to outbid The Onion for InfoWars.com in a bankruptcy auction.

    🔹 Ethereum’s Cultural Crisis – EF’s ‘Silviculture Society’ announcement triggers community backlash. Hayden Adams calls it “peak Ethereum dysfunction.”

    🔹 SEC’s Crypto Pivot – Enforcement shift: Uniswap, OpenSea, and Consensys investigations dropped. Is the SEC losing its war on crypto?

    🔹 Richard Heart’s Case Dismissed – The SEC’s lawsuit against the HEX founder gets tossed on procedural grounds, but the agency has a chance to refile.

    🔹 The Hyperliquid Question – Is Hyperliquid the next frontier for crypto liquidity, or a regulatory time bomb waiting to go off?


    Hosts

    ⭐️Haseeb Qureshi, Managing Partner at Dragonfly

    ⭐️Robert Leshner, CEO & Co-founder of Superstate

    ⭐️Tarun Chitra, Managing Partner at Robot Ventures

    ⭐️Tom Schmidt, General Partner at Dragonfly 

    Disclosures


    Timestamps 

    • 00:00 Intro
    • 00:48 ETH Denver
    • 06:16 Bybit Hack & Its Aftermath
    • 14:52 Lazarus Group Has Skills
    • 16:52 THORChain and Ethics of Decentralization
    • 24:49 Role of KYT Services in Crypto Security
    • 28:40 SEC's Stance on Memecoins
    • 37:19 EF Silviculture Society
    • 46:43 Ethereum Scaling Bet

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    2 March 2025, 5:00 pm
  • 44 minutes 21 seconds
    How the $1.5 Billion Bybit Hack Could Have Been Prevented - Ep. 791

    Crypto derivatives exchange Bybit just became the latest victim of North Korea’s elite hacking unit, the Lazarus Group. They didn’t brute-force their way in. They didn’t exploit some obscure vulnerability. Instead, they tricked a trusted developer, slipped in malicious code, and took off with a fortune.

    How did this happen? Why was $1.5 billion sitting in a single wallet? What mistakes did Bybit and Safe make? And, more importantly, what needs to change to stop this from happening again?

    This week, Mudit Gupta, chief information security officer at Polygon, joins Unchained to expose the security failures, the sophisticated tactics Lazarus used, and why crypto still hasn’t learned its lesson.

    Show highlights:

    • 2:11 Mudit’s experience with North Korea’s Lazarus
    • 3:24 How Lazarus perpetrated the $1.5 billion hack
    • 5:55 Why Lazarus relies on social engineering over technical exploits
    • 7:34 Why Bybit was so specifically targeted by the hackers
    • 10:02 What Bybit should have done to prevent the exploit
    • 13:12 Why Mudit believes there was “no reason” to hold so much ETH in one single wallet
    • 15:57 Who should be a signer in multisigs
    • 17:46 How to prevent using a malicious website
    • 19:13 Why Safe should have done things differently, according to Mudit
    • 19:55 How Bybit and Safe handled crisis communication
    • 24:20 Mudit’s must-know security tips for protecting your crypto


    Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

    Thank you to our sponsors!

    Guest

    • Mudit Gupta, Chief Information Security Officer at Polygon


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    28 February 2025, 2:00 pm
  • 1 hour 18 seconds
    Bits + Bips: Markets Are Down Bad. When Will Crypto Recover? - Ep. 790

    Crypto markets are down bad—but is this just a rough patch, or are we looking at something bigger?

    After a brutal sell-off in Solana, the $1.5 billion Bybit hack, and macro uncertainty weighing on Bitcoin, investors are searching for answers. Some think the worst is over, while others believe more pain is coming before the market turns around.

    In this episode of Bits + Bips, Noelle Acheson, Alex Kruger, and Ram Ahluwalia are joined by Eliézer Ndinga of 21Shares to break it all down. They discuss how institutions are approaching this downturn, why Solana has been hit harder than the rest, and what catalysts could bring crypto back to life.

    Is this the start of a new accumulation phase, or are we in for another leg down?

    Show highlights:

    • 2:36 How the ByBit team responded so well to the hack
    • 17:43 Why the market selloff was not specific to crypto
    • 29:09 How institutions have become more sophisticated about crypto
    • 31:10 Why SOL has been down so much and whether it has bottomed
    • 34:37 Whether tariffs keep having an effect on the markets
    • 37:23 Why the state of the markets makes Eliézer think the crypto asset class has matured
    • 41:27 Whether bitcoin can be a safe haven and the role of diversification
    • 45:26 What the next catalysts for crypto are
    • 49:33 Why Eliézer is so optimistic about the long-term outlook of crypto
    • 53:33 Alex’s spicy opinion on DOGE and Elon Musk


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    Hosts:

    Guest: 

    • Eliézer Ndinga, Head of Strategy and Business Development at 21.co; the parent company of 21Shares

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    26 February 2025, 1:00 pm
  • 1 hour 27 minutes
    North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them? - Ep. 789

    $1.5 billion gone in an instant. And what’s worse, to fund a nuclear weapons program.

    The largest crypto hack in history just hit Bybit, and the culprit is the infamous North Korean hacking group, Lazarus. Known for some of the most sophisticated cyber heists ever, they often use social engineering tactics and start by tricking low level employees. Although they can often wait to launder funds, in the case of Bybit they started right away.

    How did this happen? Could it have been prevented? And what does this mean for the security of the entire crypto industry?

    Taylor Monahan, security at MetaMask, and Jonty, a senior investigator at zeroShadow, talk all about it.

    Show highlights:

    • 2:53 Taylor’s and Jonty’s backgrounds and why they are relevant to this discussion
    • 6:06 What the mechanics of the hack were
    • 13:03 How Lazarus usually operates and the tactic of blind signing
    • 17:11 Jonty’s important tips for people handling large amounts of crypto
    • 23:45 How Bybit was able to say almost immediately that their other assets were secure
    • 29:02 How much exchanges typically hold in each cold wallet
    • 32:00 Why the evidence of the hack points to North Korean group Lazarus
    • 41:01 Why North Korean hackers don’t care if their attack is linked to them
    • 49:30 How Lazarus typically social engineers its hacks
    • 53:48 Why Jonty thinks the industry needs a serious upgrade in terms of security
    • 58:08 How the funds get laundered in such cases and what the industry can do
    • 1:09:54 The chances Lazarus actually makes money from the hack
    • 1:15:34 How DeFi protocols should approach this problem


    Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

    Thank you to our sponsors!

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    25 February 2025, 5:00 pm
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