Brian Grace

This is the last thing I plan to say on the Ledger situation, but I’d be mad at myself if I didn’t criticize their comms. Aside from a supply chain nightmare, this is also a PR nightmare. Ledger’s core promise was simple: buy from us or an authorized reseller and the device is safe. That promise is now broken because an authorized partner sold devices with implants that captured recovery phrases. The technical issue is serious, but the bigger problem right now IMO is how Ledger is handling it. We’re a few days in now and the response has been largely silence from the company, a statement from the CEO most likely drafted by legal, and canned replies from support accounts. When a company doesn’t put a clear number on the impact or give regular updates, the market fills the gap - currently with claims north of $90 million. Fragmented messaging across multiple accounts do nothing but make it worse. Users shouldn’t have to piece together the story from numerous different timelines. That’s a massive problem. What Ledger SHOULD be doing is posting constant, plain-English updates from the people actually running the investigation: what you’re testing, what you’ve ruled out, and what users should do. I’d like to give huge credit to the independent researchers who surfaced the details early. A SINGLE source of truth and visible leadership close the trust gap while the forensics continue… silence just doesn’t. This is why we’re seeing people now question devices bought DIRECTLY from Ledger. Your customers are human. They should be treated and talked to as such.

Kalshi has now lost 15 consecutive federal court rulings since the Minnesota decision. With today’s reversal of Tennessee, States have prevailed in 38 out of 43 court decisions involving preliminary injunctions, TROs, or stays/injunctions pending appeal, an 88% success rate.

“In this court, Kalshi studiously wraps its product in the language of derivatives. Its advertising is less coy. The advertisement that the Tribes challenge in this appeal states that ‘Sports Betting [Is] Legal in all 50 States on Kalshi.’”

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I wish everyone would take 10 minutes to read the terms and conditions of the platforms/ protocols/ services they use. So many of them are predatory. They quietly strip away the protections you think you have and leave you completely out in the cold if something goes wrong.

IPO xStocks are tokenized equities providing price exposure only — not direct ownership. Allocation not guaranteed. Not available to US persons, UK, CA, AU. Capital at risk. Geo restrictions apply.

Wait until they do Delaware.

I want to share a quick story from a friend, who recently had ~$450k almost phished from a wallet Thanks to @SEAL_911 - it was all completely recovered and returned. A happy ending that deserves highlighting! I knew SEAL 911 existed, but this was the first time I've saw them in action. Here's the story: A friend got phished from a fake Ledger Live app (on the Apple App Store 2 weeks?!). His ETH was staked on Figment, and the phisher executed the withdrawal transaction, and the ETH entered the withdrawal queue. He reached out to the Seal 911 group and within 15 min, he was on a discord call with the White Hat Recovery team. You could imagine how shitty my friend felt, assuming that the $450k of ETH was simply going to be withdrawn and immediately captured by the attacker. They made him feel at ease, shared case studies of similar rescues and said they charge 5% (totally agreeable amount imo) of whatever funds they recovered. The tension was all down to the single block that the ETH became available for withdrawal after the exit-queue finished. $450k riding on a 12 second window. My poor friend had to wait 4 days while this all hung in the balance lol. The day finally came. Seal 911 has set up a script with Flashbots to engage in the bidding war required to access the funds. At 11pm that night, he received the long-awaited message: “got it all, best possible outcome.” Within 10 min, the funds were distributed to his new ETH wallet and the job was done. Kudos to the Seal 911 team, really amazing group of professionals.

New litigation development re: memecoins: C.D. Cal.’s Judge Blumenfeld just dismissed claims against Caitlyn Jenner over the $JENNER memecoin, holding the token is not a security. The order is a pretty clean articulation of why most memecoins likely fail Howey. 🧵

I am begging you BEGGING YOU, please draft real terms and conditions. These can either make you or literally break you. Please. *I say this as someone that has been reading through countless in prep for a lawsuit. Most are straight garbage.