perpetual adaptation
Joined July 2020
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Dynamic retweeted
Arc Mainnet launches September 16.
Where Arc stands today:
→ More than half a billion testnet transactions
→ Nearly 3 million wallets
→ 100+ partners active on private mainnet
→ Initial validator cohort expected to help operate the network alongside Circle
Arc is being built as financial infrastructure for the world’s financial markets.
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Today, my counsel appeared in California federal court to oppose World Liberty Financial's @worldlibertyfi efforts to force our dispute into secret arbitration proceedings and seal documents from public view.
We argued forcefully that this case belongs in open court—and the Court agreed with us.
In a major victory, the judge ruled that all of my individual claims will remain in open court.
The judge also rejected World Liberty’s argument that all of the company-related claims should be arbitrated, and has ordered the parties to meet and confer about which of those claims should remain in court and which should go to arbitration.
This is a significant win.
World Liberty tried to push this case behind closed doors, and the Court said no.
Token holders deserve to see how projects treat the people who trust them. I believe that World Liberty would not be fighting this hard to hide their actions if those actions were defensible, and I will not rest until the community gets the transparency it deserves.
For those of you who are new to this dispute, I was one of World Liberty’s earliest and largest investors. I invested $45 million in World Liberty in return for $WLFI tokens because I believed the project’s claims about bringing decentralized finance to the public.
But as alleged in my Complaint against World Liberty, after my $45 million investment helped turn their struggling token sale into a $550 million raise, World Liberty secretly embedded a backdoor into the $WLFI smart contract that gave themselves unilateral power to freeze, restrict, and burn any holder’s tokens without notice or due process.
The Complaint further alleges that World Liberty used that power against me to illegally seize my property (specifically, my $WLFI tokens), and then threatened me with criminal referrals when I tried to exercise my legal rights. My lawsuit seeks hundreds of millions of dollars in damages.
After initiating this litigation, I promptly obtained a court order prohibiting World Liberty from burning, destroying, reallocating, or otherwise permanently disposing of any of my tokens.
That order was necessary because, as I allege in my Complaint, World Liberty had both threatened to destroy my tokens and ensured it had the unilateral power to carry out that threat.
I now understand that World Liberty has implemented the same backdoor capabilities in its USD1 stablecoin. In my view, USD1 users should understand that World Liberty has given itself the technical ability to freeze or destroy their assets at any time—and that, as I allege in my Complaint, they have already shown a willingness to use those functions against $WLFI holders.
I am not the only victim of the fraudulent scheme by World Liberty alleged in my Complaint. While it is not my place to share other people’s stories without their consent, others have come forward to me privately to say that they too believe they were victimized by World Liberty, but they are concerned about coming forward publicly to file suit.
I understand their concerns.
As alleged in my Complaint, World Liberty has shown that they will retaliate against those who challenge them.
I also want to give investors a word of caution based on my own experience with bad actors in this industry. Before this dispute, I was defrauded by ARIA, which ran off with approximately $500 million in collateral backing the TUSD stablecoin.
While ARIA was insolvent and sitting on hundreds of millions in misappropriated funds, its agent Vincent Chok was simultaneously launching a new stablecoin called FDUSD through his company First Digital Trust.
That stablecoin ultimately collapsed in confidence, de-pegged, and saw its trading pairs stripped from the Binance exchange.
That experience taught me to look more carefully at the projects I invest in, and it is one of the reasons I now have serious concerns about World Liberty.
In my opinion, there is serious reason to be cautious about both $WLFI and USD1.
My claim against World Liberty is for hundreds of millions of dollars, and I have seen no evidence to suggest that they have the resources to satisfy a judgment of that magnitude.
The market capitalization of USD1 is reportedly $4 billion, but that is user money.
It is collateral that is supposed to back the stablecoins and cannot be used to pay a court judgment.
Aside from that collateral, I have seen no indication that World Liberty has sufficient capital to cover a judgment for hundreds of millions of dollars.
And that is just my claim. As noted, I understand that others could bring similar lawsuits.
Beyond those potential claims, World Liberty’s conduct gives me even more reason to question whether they can stand behind their obligations.
According to public reports, World Liberty deposited approximately five billion of its own $WLFI tokens as collateral on Dolomite, a lending platform co-founded by World Liberty’s own Chief Technology Officer. That reportedly amounts to nearly half its treasury and roughly 5% of the total token supply.
Through that arrangement, World Liberty reportedly borrowed at least $75 million in stablecoins, including its own USD1. As noted in my Complaint, industry analysts have drawn direct comparisons between this circular borrowing and the kind of leverage that brought down SBF’s massive fraud at FTX.
There is also the matter of World Liberty’s leadership. As I allege in my Complaint, World Liberty co-founder Chase Herro previously founded another DeFi protocol called Dough Finance, which claimed to have been the victim of a hack in which user assets were stolen.
But an investor filed a lawsuit alleging that no hack actually occurred and that Mr. Herro personally liquidated the platform’s assets into his own wallet.
According to public reporting, the vast majority of those funds remain missing to this day. As public reporting has documented, many of the same individuals who were involved in Dough Finance are now running World Liberty.
All of these things—my massive damages claim, the claims of others who have not yet sued, the Dolomite borrowing, and the Dough Finance litigation—raise serious questions in my mind about whether World Liberty and USD1 has enough money to satisfy a judgment, repay their debts, or make investors whole if there is a run on the bank.
I believe investors should ask whether World Liberty and USD1 has sufficient resources to meet all of its potential obligations.
Based on the publicly available information I have reviewed, I am not confident they do.
I urge investors to do their own diligence and proceed with extreme caution.
Dynamic retweeted
Alpha-packed episode in time for the Privacy x AI szn
The Privacy Landscape (Part 1) is live, covering:
> The Privacy Ecosystem Map - March 2026 Edition
> Why the SEC’s recent rule change is a massive $21.6B catalyst for @Dusk, @Aleo, & @Canton
> Privacy L1s/Privacy BTC Narrative and the hurdle they face in 2026
> How @AskVenice and @dphnAI are disrupting the market with "uncensored/private" AI
9 Infra verticals, 3 covered in this week's report
Part 2 to come next week
[Link in bio]
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When ppl claim this I always wonder how they think it happens, or have unrealistic expectations on how much $1bn actually is.
I joined crypto with $200. If I held my initial bitcoin since then and never traded, I would have ~$300k.
If, instead, from that moment I sold the top and bought the bottom of every crypto cycle on Bitcoin, and never paid any taxes, I would have ~$6m USD.
If I put my entire net worth into the Ethereum ICO and never touched it, today I would have ~$150m pre-tax.
While it was definitely possible to have made >$1bn with the opportunities in the market, these versions of reality would also require me to make no mistakes, and have no need to spend $ in real life, or take excessive risk via leverage.
In reality, I grew up in a working class family. I didn’t have a trust fund and I had to pay off my student loan myself. I had a job at Tescos while at high school. After university, I needed to pay rent and fund cost of living and eventually buy a place to live.
I worked at startups for relatively little $ salary, and while a couple have done okay, they still are illiquid and worth nothing until some exit.
Perhaps if I erase a couple of dumb mistakes and drawdowns, or if I had a lil more grind, then my answer would be different today. But it is easy to say this with perfect hindsight vision. It’s easy to see where you could have optimised better, and decisions you made look dumb when the past makes things so obvious.
The truth is I have always optimised for enjoying my life and not going to 0. I never felt like I had a safety net, so it was never possible for me to do anything in any other way. I would probably have less money if I had tried to add more risk or chased $ harder, because being all-in with your entire livelihood is a mental battle and I feel I only win that battle when the stakes are lower.
In writing this, maybe I do understand why CT folks believe this, because modern CT sees crypto as a late-stage lottery ticket farm, where the optimal strategy is to 5x leverage up your portfolio in a hope of catching a good 20% move and then leaving. Or, literally going all-in on the next coin they heard Ansem is buying. So perhaps to them, looking back at the charts, of course that’s what successful folks did.
In reality, I use leverage close to never (and typically to reduce risk rather than add risk — have used it to add risk maybe 3 times in the last 5 years, and maybe 15 times ever). I never go all-in on anything, have only ever done that on BTC and ETH before in the last decade. When I buy other things, I limit risk to tiny amounts, because I treat it as a 0 until proven otherwise (so, always <1% liquid portfolio). Liquid portfolio is also a smaller % of overall portfolio to future-proof against my own fuckups.
Obviously I made a lot of money, I have been here 12 years! CT doesn’t want to hear about “getting rich in a decade” though. I am happy with where I am and have never really cared or optimised for maximising $ earnings, but instead having a nice life that lets me enjoy the game we play together.
Dynamic retweeted
"Is The Cycle Over?!?"
(my thoughts on ze macro)
...
I actually think if we look at the whole situation rationally, the current market conditions make perfect sense.
One:
Gold is going up like crazy, far surpassing both stonks and crypto.
This is because the major sovereigns (ie nation-states) such as China, India, Russia, and to some extent the US itself are all bidding gold up as part of their shift from the era of the UST (ie the US Treasury/Sovereign Bond) being the "world reserve asset".
This was largely catalyzed by 1) general US profligacy, and 2) the US seizing Russian fx/treasury reserves a couple years ago, which laid bare the fact that UST's can no longer be considered "neutral" reserve assets.
A variety of macro thinkers like Doomberg and Luke Gromen and my friend @noahseidman have all talked about the above at length, but it makes perfect game theoretical sense that- seeing the US seize them in this manner- Russia itself, as well as China and India- would make the calculated decision that they are better off owning more gold and less UST's...
Two:
US stonks are going up, but not to crazy levels.
This is because the US stock market is essentially now an auto-ponzi driven by automatic passive flows from the 401k/passive industrial complex (as Mike Green has talked about for years now).
Every single 9-5 normie across the nation has their retirement automatically invested into the top indices every month, regardless of price or any other variable, so of course they keep going up long term.
Also the US stock market increasingly serves as the "world stock market" because the global economy is more and more online, and as the best arena for capital formation it makes sense the largest "global companies" like Amazon, Nvidia, Apple, Microsoft, etc are all US companies.
This will likely continue until the same dynamic evolves even further and crypto itself becomes the chief arena for capital formation globally.
Three:
US real estate (and real estate in most developed countries where the majority of properties have mortgages) is still completely frozen due to high rates.
There is $37T worth of equity in US residential real estate right now, but it is all essentially inaccessible because nobody wants to do a cash-out refinance at a higher rate than their existing mortgage, nor do they want to sell their home and get a new mortgage at a higher rate, nor do they want to get a HELOC (home equity line of credit) at some ungodly double-digit interest rate.
Four:
Crypto has bounced back from the 2022 lows that were catalyzed by the rate hike cycle and subsequent unraveling of stuff like Luna and FTX, and has basically just gotten back to 'status quo'.
We are about 25% bigger than we were at the peak of 2021, but still smaller than $NVDA and barely 1/10th the size of gold's market cap.
The reason we have not had anything resembling a "bull market" is because the macro picture has not yet seen any massive liquidity injections a'la 2021.
Most people point to stimmy checks and "everyone being stuck at home" as the main catalysts of the 2021 bull market, but as I have said before, I think it was actually the massive amounts of real estate equity that were being accessed.
That is how the proverbial "Cardano dad" watching Hosk videos on YouTube and slamming the buy button on Coinbase got his extra capital for investing last cycle.
He either sold his house and reinvested the equity he accessed or else he did a cash-out refinance or else he took out a HELOC.
Conclusion
With all of the above being the case, the current state of all the asset classes in question makes perfect sense.
In regards to crypto specifically, we should see the real "bull market" start in Q2 of 2026 when interest rates finally come down low enough to start "unfreezing" the US housing market.
At that point I think we will get about 6 quarters of very positive price action.
Until- in Q4 of 2027 or perhaps Q1 of 2028- the hangover from the above froth and the first stirrings of pre-election fears (imagine someone like Mamdani leading in the Democratic primaries nationwide) will trigger a sell-off and another "bear market".
As a result, I don't think the "bull market" in crypto is over because I don't think a "bull market" has even started yet.
As a result, I will keep accumulating, keep putting in the reps, and keep my eyes on Q2 of next year 🤝
If you enjoyed, please RT and/or let me know your thoughts below!
Dynamic retweeted
Just had a call with a well-connected market-maker operator and board member of a couple of exchanges. He walked me, step by step, through EXACTLY how this crash unfolded. 👇🏻
That wasn’t a “normal dip.” It was a one-minute crash where alts dumped 60–90% and instantly bounced before most people even opened their charts.
To make sense of it, you have to start with: A-book vs B-book. In B-book, the venue/internalizer literally takes the other side of customer trades. If you lose, they win. Those orders never touch the “real” market. (Sadly, almost every CEX does this.) In A-book, the venue routes your order out to external liquidity. If you win, they are protected. Most retail perps flow sits comfortably in B-book, until the risk gets too one-sided. When the crowd piles onto the same side (think high-conviction longs), the venue’s B-book P&L becomes dangerous. That’s when they flip some streams to A-book or, if needed, force a reset: thin the order books, pull bids, accelerate the move, liquidate crowded leverage, and reset risk.
Here’s where the Binance gravity well matters. Like it or not, a huge number of smaller exchanges route their A-book flow into Binance (fee-share B2B, lowest latency, deepest order book). If the big market makers pull quotes and the books go thin, even small sells can fall straight through the floor, cascading liquidations follow, then fast re-quotes appear once MM risk is clear. That’s why this event didn’t look like 2020. Back in the COVID crash you had a multi-week base after the dump: time to react in spot. This time it was a 5–10 minute slap on your face. Latency/credit won and retail lost, as always. The speed of that rebound says a lot, it felt more like a market cleaning than any real macro collapse.
Retail aped too hard on perps and got cooked. CEXs used the chaos to reset B-book risk and refill insurance funds by forcing liquidations (ADL). DEXs look cleaner after this mess, and rumors say some CEXs were longing with client funds. If that’s true… we might see a few blowups soon 👀
But why now? Incentives. Q4 is “up-only marketing season,” and tax timing helps too: plenty of pros would rather realize gains next tax year (sell in Jan) than in Nov/Dec.
Binance’s role as the deep A-book looks healthy (Besides some depegs). That centrality is raw power, but it also paints a regulatory target. Smaller CEXs running white-label engines and B-book will keep doing it because margin-call risk exists, and there might be more quiet coordination to avoid extreme volatility in the next months.
So what now? Not advice, but my base case: Q4 bias up (after a reset, it’s easier to mark higher). January drawdown risk is real (tax and balance-sheet games). Due to volatility clusters, we can also expect more 5–15 minute “events.”
My thoughts: On-chain derivatives and DEX infra have a narrative momentum after this. $HYPE stands out: real volumes, credible tech, and now a comparative trust pitch. Users want deep perps without centralized B-book risk. More broadly, community, fees, revenue, and buyback also benefit from this volatility.
For the future, treat perps in small venues like a casino until proven otherwise. Keep your core in spot; use leverage sparingly (or not at all). Split orders; don’t fat-finger market sells into thin books. Self-custody your treasury and assume API/rate-limit chaos mid-event. Set alerts; if you can’t win the latency game, don’t play it.
The people who wire liquidity, run risk, and see the backend switches confirmed it, A-book/B-book toggles are very real, and it's just a BUTTON that you can turn on or off.
I also lost money btw, I'm not a genius, just trying to learn from the best.
The call was not CZ, that was just for the hook lol, but the info is really high value.
I'd love to get some input from some fellows I've always read about this @dunleavy89, @Anton_Golub, @diogenes, @chameleon_jeff, @stacy_muur, @yq_acc, @rektdiomedes, @hosseeb, @0xkhan_
Stay safu peeps
Dynamic retweeted
Hyperliquid’s fully onchain liquidations cannot be compared with underreported CEX liquidations
Hyperliquid is a blockchain where every order, trade, and liquidation happens onchain. Anyone can permissionlessly verify the chain’s execution, including all liquidations and their fair execution for all users. Furthermore, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons that fully onchain defi is the ideal infrastructure for global finance.
Some CEXs publicly document that they dramatically underreport user liquidations. For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions. Source below.
Hopefully the industry will see transparency and neutrality as important features of the new financial system, and others will follow.
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this is now possible in the Zashi wallet, you can use shielded ZEC and bridge to virtually any coin/chain or seed a usdc debit card
you can take Bitcoin, swap to zec with NearIntents, and spend it, concealing your wealth
effectively turning zcash into anonymous digital cash
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It's the beginning of the end for Solana too
Companies want to control the entire environment they operate in if they can.. For financial and regulatory reasons
You don't need a L2 that's vaguely tied to Ethereum, and you don't need to be on Solana and have the stink of a million daily scams all over your enterprise
unavailable
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Protocols that will be 1B in TVL by the end of this cycle or next cycle
@protocol_fx
@infinifi
@mezzanine_fi
@GammaSwapLabs
@boros_fi
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If the tariffs as they were announced today hold, a global recession is all but guaranteed.
The market is still holding out hope cooler heads prevail and is in denial. Otherwise, we'd be limit down right now. Instead, "only" 2.7%.
All we can do is see where the cards fall.
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Believe in crypto easy money was already made between 2014 and now
Now you can find similar risk:reward opportunities in other markets than in crypto
And all the games that made crypto are being eaten by players who know what they are doing
Private <> public arbitrage is well known and closes fast, retail more and more reluctant to play ball
So they jumped into the "trenches" which in turn got botted, cabaled, rugged and MEVed to death
Infra VC over-investment led to huge token supply overhang that will take years to unravel
Real products are few and far between and require an actual forward thinking deep diligence if you want to discover them sooner than the market
Any new meta is being exploited faster than before as everyone figured out they need to be frontrunning the other narrative frontrunners
In the long run the market is sufficiently efficient in taking money from those who want to get rich fast and giving it to those who have systems and tools to exploit them
Occasionally someone hits a jackpot with something random and make noise on twitter fueling the get rich quick dream but ultimately it won't be that much easier than hitting it doing some wall street bets type shit
Crypto will still attract people with small notional with occasional airdrops and enabling the niche weird long tails, so it still pays off to pay attention
But to really make a splash instead of just earning a few k here and there its not enough to just be early anymore...now you need to be diligent, hard working and smarter than others
Easy money was already made, thanks for playing, see you at the tables
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Sad I never finished this
But basically about how I think the market permanently changed and bifurcated
TradFi driving BTC (trades lot more like ES)
Launchpads, cabals, KOLs, and the CEX apparatus driving alt metas, with infinite shots on goal -> more extraction, and faster
Dynamic retweeted
Henlo BM BM!
Introducing Bera Morning:
-A new Informational Video Series in which I will be highlighting the @berachain Ecosystem!
-Stay tuned for Episode 1 which is Coming Thoon ™️ featuring @eatsleepyeet
....and furthermore,
OOGA BOOGA 🐻⛓️
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so @3BerasCapital_ will start by acquiring berachain JPEGs to get airdrops, then engage in farming, seeding, and being airdropped various eco projects, all while integrating AI and storytelling.
a liquid token pre-chain
insrt vaults now in hands of jani. only competitor w/o Ai