Good Sunday!
A 5-year-old bug in Coldcard wallets has already led to more than $100 million in Bitcoin losses, and security researchers warn the fallout may not be over.
The Uneasy Money crew is joined by Sonya Kim, co-founder of 3F Labs, and Mike Silagadze, founder and CEO of EtherFi, to break down how the exploit worked, why the fallout may not be over, and how the debate over Ethereum's ETH issuance is heating up.
The fallout from the hack has also revealed an unexpected problem.
Researchers racing to stop the next attack say they're increasingly turning to Chinese AI models, because leading US models often refuse to assist with security research.
Alex Thorn of Galaxy Digital joins Austin, Ram, and Chris to unpack the Coldcard exploit, the growing role of AI in cybersecurity, and whether crypto users should rethink how they protect their assets.
Here’s more on what we unpacked this week on Unchained:
🏦 Could Some Crypto Vaults Be Securities?
On another front, a $67 billion corner of crypto is catching the SEC's attention. As onchain vaults explode in popularity, Commissioner Hester Peirce recently warned that some could trigger securities laws, raising new questions about one of crypto's fastest-growing products. Laura sits down with Veda CEO Sun Raghupathi to unpack what vaults actually are, where the risks lie, and why he believes regulation could ultimately accelerate their growth.🤖 Did AI Just End Open-Source Security?
A $100+ million Coldcard exploit became the latest example of AI dramatically changing the security landscape after Claude Code uncovered the root bug in minutes. The Chopping Block crew debates whether AI has permanently tilted the advantage toward attackers, what Ethereum’s controversial staking-yield taper proposal means for ETH holders, and why the CLARITY Act’s ethics fight may decide the future of crypto legislation.🔓 What Happens When AI Agents Escape Their Sandbox?
Anthropic’s AI red-teaming agents broke out of a testing environment and some still believe they’re trapped inside it. Katherine, Jessi, and Vy explore what happens when AI systems act autonomously, who bears responsibility when things go wrong, and why both crypto and AI continue to operate largely on self-policing norms. The episode also examines the Coldcard hack and Kalshi’s mounting legal troubles.📈 Who Should Control Tokenized Stocks?
As tokenized equities gain momentum, Securitize CEO Carlos Domingo argues that issuers and transfer agents (not crypto platforms) should decide what gets tokenized. He explains the legal risks of unauthorized tokenized stocks, the SEC rules tying onchain and offchain share prices together, and why the coming battle over tokenized equities could reshape how public markets operate.
All these episodes are available on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
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