On the mic
Summary
Dave @DCBK2LA and Kool @koolcryptovc hosted the last show of the week with co-host NatNat @Natnatx007 and guest Thor @thorabbasi, a cofounder of Zyvo. They opened with the reported $230,000,000 multisig exploit of the Indian exchange WazirX. That discussion covered suspected nation state attackers, social engineering, poor wallet signing interfaces and why it pays to slow down before signing. Next came a Solana presale that disappeared with funds, a hypothetical about whether any amount of money could tempt someone to walk away with presale funds, and Polygon changing its ticker from Matic to POL. The panel then debated Trump's statement about a US Bitcoin reserve. Thor argued that buying Bitcoin would need an act of Congress, which led into single-issue crypto voting, CBDCs, privacy, the electoral college and a quick look at a TON to Bitcoin bridge. Thor closed by presenting Zyvo, a real world asset credit protocol that aims to refinance high interest consumer loans with on chain liquidity, and announced an $8,350,000 round and a July 31 launch. All of this is discussion, not financial advice.
Chapters
Opening news rundown: Trump on Bitcoin, the WazirX exploit, a TON to Bitcoin bridge and guest ZyvoMomentAt 0:05:06 on X
WazirX hit by a $230,000,000 multisig exploit, with North Korea and the Lazarus group suspectedMomentAt 0:08:15 on X
Comparison to the Alex Lab hack and how splitting funds across thousands of wallets makes recovery hardMomentAt 0:13:13 on X
Thor on the sophistication of the attack, the need for better wallet UI, and checking transaction data before signingMomentAt 0:15:19 on X
A Solana presale collects funds, changes its X handle to "happy" and disappearsMomentAt 0:19:14 on X
Hypothetical: is there any amount that would make someone walk away with presale money?MomentAt 0:22:15 on X
Thor on government tools for tracing stolen funds; Voice D describes building TTF Bot to help people avoid scamsMomentAt 0:27:28 on X
Polygon changes its ticker from Matic to POL; competition from L2s and Polygon's ecosystem fundsMomentAt 0:32:32 on X
Zyvo plans to launch on Ethereum mainnet because that is where the liquidity isMomentAt 0:39:24 on X
Thor's contrarian take: buying Bitcoin needs Congress and could slow crypto legislationMomentAt 0:45:35 on X
Vitalik's article on voting for pro-crypto candidates, CBDCs, privacy and single-issue votersMomentAt 0:53:41 on X
Thor on swing state crypto voters in Arizona, then a discussion of the electoral collegeMomentAt 0:58:24 on X
TON to Bitcoin bridge: users meet liquidity, bridge security concerns, and EVM's roleMomentAt 1:08:14 on X
Thor presents Zyvo: refinancing high interest consumer loans, the ITO, the raise and the launch dateMomentAt 1:15:18 on X
Key quotes
“this just continues to show, I think, that we have a user interface problem as much as anything”
TThor0:15:19Share on X
“Anybody that is pressing you for time saying you need to do this now within this time frame, that's red flag numero uno right there.”
Dave0:17:07Share on X
“And so sometimes it's prudent to just slow down.”
TThor0:18:34Share on X
“No amount is worth my peace of mind, at least for me.”
NatNat0:22:15Share on X
“Crypto can't be the only reason why you vote for someone.”
Excerpts
Opening news rundown: Trump on Bitcoin, the WazirX exploit, a TON to Bitcoin bridge and guest Zyvo
- 0:06:42 Dave Let's go, Junie. That's what I'm talking about. Thor, welcome, my friend. How are we doing, bro?
- 0:07:02 Dave Yeah, man. Of course. We go... We we we go back, you know, to the wolf to the wolf days. I think what you guys are doing is amazing. You guys have come a long way. You... I mean, your whole team, I've been chatting…
- 0:07:49 Dave Let's go. Let's go. Let's go. And we have our second resident cohost, Nat Nat. Welcome. What's good?
WazirX hit by a $230,000,000 multisig exploit, with North Korea and the Lazarus group suspected
- 0:08:15 Dave Let's go. I love it. I love it. I love it. I love it. So we're gonna start off with the exploit news. For those that don't know, the Indian exchange was your exit. It's one of the biggest, if not the biggest, I think…
- 0:09:24 Kool Yeah. I don't I don't think they're being too smart, man. I just... Man, I I don't I don't like this. The reason why it it it just gives, you know, behaviors of our industry more ammunition to keep trying to to to kill…
- 0:11:32 Dave So that's that's where we're at. Right? So let me give you guys the bullet points here. So exploited result of a loss of 230,000,000. Obviously, like, you know, they're they're willing to do anything. They offered a…
Comparison to the Alex Lab hack and how splitting funds across thousands of wallets makes recovery hard
- 0:13:27 Dave I think... I don't know if it was a Korean group, but what the hacker did was, you know, they they make you think that, like, yeah, we're in touch with all the local authorities and all the different exchanges, but…
- 0:14:14 NatNat Right. And I just I just looked it up. They were they were exploited by the Lazarus Group. It was reported on Cointelegraph for... Was a total of $4,000,000, a $4,000,000 exploit.
- 0:14:41 NatNat Oh my goodness. Yeah. So this report is from June 25. It says $4,000,000 x... $4,000,000 exploit. That's crazy. I think, like I said, it's all concerning. It's all very concerning. The fact that it's happening a little…
Thor on the sophistication of the attack, the need for better wallet UI, and checking transaction data…
- 0:15:19 Thor think this one is... You know, clearly, this was a really sophisticated attack if you look at what happened and that they actually essentially got all of these signers in a way to sign a transaction where they were…
- 0:17:07 Dave Yeah. Great points. Really great points. The majority of these attacks... And, Nat Nat, to your point also, right, with the Alex Lab thing, they said it might have either been, like, some social engineering stuff or…
- 0:18:34 Thor Yeah. For sure. For sure, man. And the thing that at least, you know, we've... I've learned in in this space is, you know, I used to be one of these people that was like, go go go go go all the time. And for certain…
A Solana presale collects funds, changes its X handle to "happy" and disappears
- 0:19:14 NatNat Yep. So speaking on this, I just saw this about few minutes ago. So someone changed their name on x after collecting token presale funds. They collected over 208,000 in presale funds from Solana, and they just…
- 0:19:42 Dave I mean, think about that. Right? It's a little bit different what we're talking about, but who's at fault over there? In my opinion, Nat, have you ever sent money? Like, I... And I mean, like, real money to an account…
- 0:20:18 NatNat I think it's sad, and I think it's it's all, like, it's similar to whether we lose money in hack or lose money like this. Some people, you know, they lose their hardworking money. And, you know, it's unfortunate, and…
Hypothetical: is there any amount that would make someone walk away with presale money?
- 0:22:15 NatNat 10,000,000? For me, the way my conscience works, man, no way. No amount. I'm not even a billion dollars, man. No amount is worth my peace of mind, at least for me.
- 0:22:34 Dave No. I'm asking how much money, if there's any amount at all, that if you were to do a presale, that you would just be able to close-up shop and walk away, never to come back to crypto Twitter again.
- 0:23:18 NatNat billion. No. No. I will be able to sleep. Oh my gosh. I will lose my shit, bro.
Thor on government tools for tracing stolen funds; Voice D describes building TTF Bot to help people avoid…
- 0:27:28 Thor So, Dave, do you mind if I hop in here as kind of the the practical guy? So one, same as you and Nat, you know, I I was raised in the way that, you know, you just don't do something like this. And two, from a…
- 0:29:17 NatNat Great answer. That's true. That's that's where that's where I stand too. I mean, even if I were to put myself, listen, man. I don't care how bad I am struggling in life. I could not, no way, do that. No way. I will be…
- 0:30:34 Thor Dave, don't know. Alright. Yeah. And please feel free to move me on if you want because I can keep talking for a really long time. TTF, would love to connect some time and learn a little bit more because I think that's…
Polygon changes its ticker from Matic to POL; competition from L2s and Polygon's ecosystem funds
- 0:32:32 Dave Like, twenty twenty one was a wild time, man. If you guys remember, like, it was absolutely nuts. Like, it's... That stuff still exists today, obviously, but it it it was... I mean, it was so wild. Like, every space I…
- 0:34:55 Kool talks for, like, three years, man. For a long time, at least. Right? So I don't know why it took that long. I don't know. I I don't know. Polygon is interesting because they they tried they tried a lot of stuff to…
- 0:36:12 Kool Matic was the prime time location for for Ethereum projects to go build on. But now you have freaking, Albatron, Optimism, and ZK Sync, and Linear, and all these l twos are here now. So Mavic, man, I'm not... Like I…
Zyvo plans to launch on Ethereum mainnet because that is where the liquidity is
- 0:39:34 Thor Yeah. Yeah. I mean, just from a practical standpoint, Ethereum is still where the most liquidity is, and being a lending protocol, liquid is clearly important to us. And so that just kinda makes the most sense to…
- 0:39:57 Dave Copy. Copy. Copy. Alright. Guys, let's move on to the next story.
- 0:40:03 Dave quick. Junie earmuffs. Hey, Safie. I see you. What's up? Let's go to the next story. Donald Trump says in Nashville, he is going to announce that Bitcoin is going to become... They're gonna keep a reserve of Bitcoin. I…
Trump says the US will keep a Bitcoin reserve; reaction from Kool and NatNat
- 0:40:03 Dave quick. Junie earmuffs. Hey, Safie. I see you. What's up? Let's go to the next story. Donald Trump says in Nashville, he is going to announce that Bitcoin is going to become... They're gonna keep a reserve of Bitcoin. I…
- 0:44:24 NatNat I love this news. This goes back to everyone saying Bitcoin is digital gold. And this backs it up because guess what else is a reserve asset? Gold. Right? And this, to me, it verifies the solidity of Bitcoin. Right? No…
- 0:45:20 Dave I love that. I love it. I love it. I love it. Thor, any take on Bitcoin being a reserve asset?
Thor's contrarian take: buying Bitcoin needs Congress and could slow crypto legislation
- 0:45:35 Thor you know, a little against the grain. So Trump is saying this clearly because he's trying to raise money and draw up support for the election. Totally understand it from a political perspective. From an actual…
- 0:49:26 Dave That? Yeah. And and and, Tore, here's the other thing. Me and Nat Nat can attest to this one. Right? Like, as long as you got the supreme court in your pocket, and we... We've learned this via via, Alex Damsker and and…
- 0:51:26 Dave Cool. Also, let's not forget the massive about face that Andreessen Horowitz, the biggest I mean, the biggest of the big VCs that you couldn't for a second say the word Trump in their presence. Now all of a sudden is a…
Vitalik's article on voting for pro-crypto candidates, CBDCs, privacy and single-issue voters
- 0:53:41 Dave So Well, cool. Let me ask you something. I I gotta I gotta I gotta ask you this question because I think this is super important for people to understand. Is there a... Is there... Because I saw... I read an article…
- 0:56:04 Kool Can Yeah. Heavily behind c... CBDC. Because if you if you control the money, you control everything. You control it all, then you could tell people what to do, how... What what what what to do, what not to do. So…
- 0:57:36 Dave Big facts. So I saw you throw the thumbs up before. Sorry. Go ahead, Cole. Do you want to add something?
Thor on swing state crypto voters in Arizona, then a discussion of the electoral college
- 0:58:24 Kkoma Yeah. So I was telling you something cool said about about privacy being really important. I mean, I, you know, I... I've Canadian citizenship and US citizenship. And, I mean, you saw what happened up there with the…
- 1:00:59 Kool Come on. Come on. On. Come on. Like you said, if you guys don't... If you're not American, you're you're only in US. So, there is a popular vote, and there's an electoral college. So there are 50 states in The US…
- 1:02:55 Kool Yeah. Yeah. No. That that that... That's what I'm saying. It it doesn't make sense that the... That even if you win a popular vote, you still lose the election because the the popular votes should determine who the…
TON to Bitcoin bridge: users meet liquidity, bridge security concerns, and EVM's role
- 1:08:14 Dave I hear you. I hear you. I hear you. Alright. We got twenty minutes left. I wanna make sure that we leave enough time to chat with to chat with Dora about Zaibou. Last topic, I wanna get a quick take for everybody. Tone…
- 1:10:53 NatNat No. I actually really love this. I mean, they're marrying two different two different things, and I I think this is going to bring a lot of new money to Tone, a lot of new users to Tone, and it's going to expand Tone…
- 1:12:53 Dave Let's go. So real quick, Bridge aims to enhance interoperability between Tone and Bitcoin. By establishing the Bridge, you can now transfer assets and data between Tone and Bitcoin. Right? When you think about the…
Thor presents Zyvo: refinancing high interest consumer loans, the ITO, the raise and the launch date
- 1:15:18 Thor Yeah. For sure. Guys, thank you again for for having me. And, you know, just to give a little bit of background, my name is Thor for those of you who may have joined late, and I'm one of the cofounders of ZYBO. We are…
- 1:23:10 Thor Yes. We're focused on the consumer segment. And the thing that's really, really interesting when you actually break this down and look at, you know, who your demographic is that's taking out a lot of these loans is…
- 1:28:00 NatNat No. No questions. It's all pretty straightforward. I absolutely love this, and I really, really wish you guys the best. If there's anything that we can do on our end to help, let us know.
Kool's closing alpha on a WEN teddy bear NFT campaign
- 1:31:52 Kool Yeah. Yeah. Just... Yeah. I know it's it's our last show... Not last show. It's our last show till next week, Monday. But before you guys go, I do have one alpha. You guys... I mean, I'm pretty active in crypto, so…
- 1:34:09 Dave Oh, magic. Oh, yeah. Magic the Gathering. Yeah. Magic the Gathering.
- 1:34:31 Kool My my headphones died, miss. Yeah. So so please, I'm... I I... I've been... I'm kinda I don't want you guys to miss out. Like I said, I I like to empower people. I like to make people money, make... Give people…
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Topics and tickers
AIAirdrops / TGEsBTCChinaCommoditiesDeFiETFsETHEquitiesGeopoliticsGuests / AMAsHacks / exploitsMacroNFTsRegulationSOLTrading educationTrump
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Show discussion, not financial advice.