Onramp Bitcoin Media

The Last Trade: an emergency episode. Jackson, Michael, and Brian break down the Cold Card exploit that has drained over 1,000 Bitcoin after a five-year-old flaw in the device's random number generation was found, reportedly with help from an AI model. They explain why the bug reaches beyond the MK3 to later models, why single-vendor multi-sig is not immune, and what Cold Card users should do right now. They make the case that AI has permanently changed the custody game, and walk through multi-institution custody as the fault-tolerant alternative.

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👉 Reconsidering your security setup after the COLDCARD exploit? This is what Multi-Institution Custody was built for: bitcoin secured by three institutions, controlled by you. No single device, no single point of failure. Sign up in minutes with code TLTBASICS: https://app.onrampbitcoin.com/signup?utm_source=podcast&utm_medium=social&utm_campaign=ai-cracked-coldcard

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The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

Brian walks the timeline: roughly 600 Bitcoin (about $38M) swept from 500 wallets almost instantly, a figure Block's security team says has since grown past 1,000 BTC, all traced to a flaw that let Cold Card's on-device seed generation default to far too little entropy, live since 2021 and unnoticed for five years. Coinkite first claimed only the MK3 was affected, then aligned with Block's finding that the MK4, MK5, and Q are exposed too, deprecating the MK3 and pushing firmware updates. Michael lays out the math, that a real key is 256 bits and effectively uncrackable while this exploit collapsed entropy into the 30 to 40 bit range, and warns that single-vendor multi-sig can be reconstituted from the wallet config, echoing Wizard Sardine's call to move to new devices within days. The hosts argue the deeper shift is AI: cheaper compute has lowered the barrier for digital, social, and physical attacks, so a 2012 setup no longer holds at today's prices, let alone at $250K. They close on Onramp's multi-institution model, a 2-of-3 design with sharded offline keys, Lloyd's of London insurance, and retained client title, now $100 a month under code TLT basics.

🧠 Chapters

00:00 - Introduction to the Cold Card Exploit and Its Impact

02:18 - Technical Breakdown of the Firmware Vulnerability

05:11 - Implications for Hardware Wallet Security and Industry Risks

08:45 - What the Exploit Means for Cold Card Users and the Industry

11:01 - The Changing Landscape of Bitcoin Custody and Security Strategies

20:18 - Potential Impact on Other Hardware Wallets and Industry-Wide Risks

22:39 - Adapting Custody Strategies: Multi-Sig and Distributed Security

33:22 - The Future of Bitcoin Security and Industry Evolution

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High-signal insights in bitcoin, macro, and custody.

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🎧 The Last Trade | Final Settlement | Scarce Assets

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Brian Cubellis, and Liam Nelson put four stories on the shot clock. They break down Leopold Aschenbrenner's Situational Awareness fund blowing up and getting scooped by Citadel as South Korea's market sheds roughly $2 trillion in 40 days, Elizabeth Warren and Donald Trump agreeing to scrap the debt ceiling, Fauci pleading the fifth before Rand Paul, and open source tools like Granola and Whoop getting reverse engineered overnight. Where's the signal, and where's the noise?

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🎙️ About The Show

Signal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.

🧠 Chapters

02:57 - Topic 1 - Situational Awareness Blows Up as Korea Sheds $2T

11:46 - Topic 2 - Warren and Trump Agree to Scrap the Debt Ceiling

17:19 - Topic 3 - Fauci Pleads the Fifth and the Information Crisis

25:53 - Topic 4 - Open Source Eats Software: Granola, Whisperflow, Whoop

33:50 - Lightning Round & Parting Thoughts

💡 Subscribe & Watch Live:

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✖️ https://x.com/OnrampMedia

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🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.

👉 https://go.onrampbitcoin.com/finance-svn

🎧 More from Onramp Media: The Last Trade | Final Settlement

The Last Trade: Jackson, Michael, and Brian make the case that the worst Bitcoin sentiment they can remember is exactly the accumulation opportunity, with Bitcoin near $64K and down 50% from its highs. They break down why the Clarity Act stalling barely dented price, and how the SEC and CFTC are already building Project Crypto backups. They dig into Jack Dorsey and Block open-sourcing tools that make Bitcoin the scarce counterweight to AI. They close on an OpenAI agent escaping its sandbox, South Korea's crash, and the Fed holding as three officials push to hike.

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🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt

📩 Schedule a consultation:

https://meetings.hubspot.com/onrampbitcoin/tlt

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

The crew opens on brutal sentiment, Bitcoin near $64K and below its 2024 election level, arguing set-it-and-forget-it accumulators are getting a gift while the bear market washes out the excess (BitMEX, Bitmart, and 60-plus crypto projects gone this year). They frame the Clarity Act stalling in the Senate as a non-event for price, noting the SEC and CFTC are lining up Project Crypto backstops even without a law. Michael and Brian tie the bull case to Jack Dorsey and Block open-sourcing tools that make Bitcoin the scarce counterweight to AI's abundance, with Nostr underneath. They turn to the real-versus-nominal reality behind Magoo's chart of the S&P priced in gold, down 66% from its 2000 high, and why gold and Bitcoin are the honest denominators. The back half runs through South Korea's KOSPI collapsing 44% and $2 trillion on AI concentration, a Hugging Face report detailing an OpenAI agent that ran 17,600 actions and seized root access across 11 nodes, the wrench-attack and self-custody debate, the Pacing the Frontier AI-safety petition, and the Fed holding rates as three officials dissented for a hike.

🧠 Chapters

00:00 - Market Opening and Bitcoin Trading at 64K

02:10 - Discussion on Clarity Act and Regulatory Outlook

03:08 - Market Sentiment and Accumulation Opportunities

04:05 - Economic Forces and Tech Innovation in Bitcoin

06:17 - Market Cleansing and Industry Consolidation

08:07 - Regulatory Backups and Bullish Sentiment

09:18 - Market Sentiment and Price Levels

12:00 - Bitcoin Mining and Treasury Strategies

16:44 - South Korea Market Collapse and AI Industry Top

17:50 - AI Market Dynamics and Geopolitical Risks

24:39 - Market Erosion and Real vs Nominal Value

27:28 - Understanding Money and Asset Scarcity

32:30 - AI Development and Regulatory Challenges

42:52 - Fed Interest Rate Decision and Market Implications

43:50 - AI Safety Petition and Global Coordination

48:54 - AI Escapes Sandbox and Market Disruption

50:52 - AI Impact on Society and Education

55:30 - Future of Education and AI Integration

57:14 - Fed Rate Decision and Market Outlook

💡 Subscribe & Stay Ahead

Get Onramp's weekly Research & Analysis:

High-signal insights in bitcoin, macro, and custody.

📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:

🎧 The Last Trade | Final Settlement | Scarce Assets

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis put four viral headlines on the shot clock, sparring over Anthropic slicing millions of print books from their bindings to train Claude, grocery prices climbing 33% since 2019 in the biggest jump in 50 years, big companies hiring again for AI-native skills after October's largest layoff month in over two decades, and Franklin Templeton calling agentic AI the killer use case for crypto.

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🎙️ About The Show

Signal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.

🧠 Chapters

02:17 - Topic 1 - Anthropic Destroyed Millions of Books to Train Claude

08:39 - Topic 2 - Grocery Prices Post Their Biggest Jump in 50 Years

15:11 - Topic 3 - Big Companies Hiring Again for AI-Native Skills

22:37 - Topic 4 - Is Agentic AI Crypto's Killer Use Case?

27:51 - Topic 5 - Lightning Round: Signals of the Week

💡 Subscribe & Watch Live:

▶️ https://www.youtube.com/@SignalvsNoiseLIVE

✖️ https://x.com/OnrampMedia

📰 Your 1-Stop News & Data Source:

https://onramp.media/

🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.

👉 https://go.onrampbitcoin.com/finance-svn

🎧 More from Onramp Media: The Last Trade | Final Settlement

Connect with Early Riders — https://www.earlyriders.com/contact
Connect with Onramp — https://onrampbitcoin.com/contact-us/
Presented collaboratively by Early Riders & Onramp Media…
Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.
This week Michael, Liam, and Brian open on the open-versus-closed AI debate: Jensen Huang's first-ever tweet and NVIDIA's letter backing open models, the new Security Alliance consortium, the researchers quietly wishing they could slow it all down, and NVIDIA's reported $250 billion financing for OpenAI's Ohio data center. They dig into Jack Dorsey's Buzz, the open-source workspace built on the same Noster and Bitcoin primitives as BitChat, and what shared compute and censorship-resistant protocols mean as BitChat downloads spike 32-fold in India. The guys run through a stack of payments deals: Stripe's talks to buy OpenRouter near $10 billion, Cursor, Ramp, and Meta building model routers, and Natural Pay's $30 million Series A for agentic payments. They get into their favorite topic, the DATs: Mallers exiting 21 Capital as Tether's XXI merger collapses, Strategy's first Stretch buyback, and the new Bitcoin security consortium taking on quantum. They close on Augustus's $180 million raise, Worldcoin, and Travis Kalanick's return with Adam.
Chapters
00:00 - Introduction and overview of AI and open models
02:10 - Jensen Huang's first tweet on open models and global cooperation
09:08 - Discussion on slowing AI development and game theory
18:03 - Jack Dorsey's Buzz: Open source workspace and primitives
24:55 - Shared compute, decentralized protocols, and open standards
35:02 - Regulatory landscape and geopolitical implications
45:11 - Impacts on privacy, security, and censorship resistance
54:03 - Recent deals and industry movements in AI and crypto
01:02:08 - The future of Bitcoin, open protocols, and decentralized data
If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/research
Keep up with Michael:
https://x.com/MTanguma
Keep up with Liam:
https://x.com/Lnelson_21
Keep up with Brian:
https://x.com/BackslashBTC

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis break down an OpenAI frontier model escaping containment during testing, unpack the US-China AI race and Anthropic's own hypocrisy on stolen data, dig into Google's first negative free cash flow since going public, and flag the 30-year Treasury yield's longest stretch above 5% since 2007.

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🎙️ About The Show

Signal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.

🧠 Chapters

01:21 - Topic 1 - OpenAI Model Escapes Containment

10:12 - Topic 2 - The US-China AI Race and Anthropic's Hypocrisy

15:30 - Topic 3 - Google Posts Its First-Ever Negative Free Cash Flow

23:40 - Topic 4 - 30-Year Yields Hit a Level Not Seen Since 2007

31:17 - Topic 5 - Lightning Round: Signals of the Week

💡 Subscribe & Watch Live:

▶️ https://www.youtube.com/@SignalvsNoiseLIVE

✖️ https://x.com/OnrampMedia

📰 Your 1-Stop News & Data Source:

https://onramp.media/

🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.

👉 https://go.onrampbitcoin.com/finance-svn

🎧 More from Onramp Media: The Last Trade | Final Settlement

The Last Trade: Jackson, Michael, and Brian zoom out to the real asset supercycle, using the In Gold We Trust report's century of data to argue almost nobody is positioned for what comes next. They break down the Clarity Act's make-or-break Senate vote and the ethics fight over Trump. They dig into the 30-year yield holding above 5% for the longest stretch since 2007, and what a $40 trillion debt load means for the debasement trade. They close on the US-China AI race and the model distillation war.

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🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt

📩 Schedule a consultation:

https://meetings.hubspot.com/onrampbitcoin/tlt

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

The crew opens on the Clarity Act heading for a Senate vote as soon as next week, where Republicans need seven Democrats and a Trump-focused ethics package (a token ban, blind trusts, DOJ enforcement) has become the sticking point. Michael still leans toward passage while Brian admits he has flip-flopped a thousand times. They walk through the macro backdrop: the Strait of Hormuz still constrained, refinery sites hit, OPEC fracturing after the UAE's exit, and a 30-year Treasury yield above 5% for 27 sessions, the most since 2007, against roughly $40 trillion of federal debt. Jackson anchors the discussion on Incrementum's In Gold We Trust chart, where 1938, 1971, 1995, and 2020 each marked a real-asset low, with the US now 4% of population but 65% of global market cap. Brian and Michael argue Bitcoin near $66K is a fraction of gold's $30 trillion and equities' $75 trillion, so the repricing has barely started. They close on the US-China AI race, model distillation and export controls, wrench attacks now averaging over $100M, and another treasury company selling its Bitcoin at the bottom.

🧠 Chapters

00:00 - Intro: Market and geopolitical overview

00:08 - Market opening and initial comments

00:25 - Discussion on Iran, OPEC, and global oil markets

00:52 - Geopolitical implications for macroeconomics and Bitcoin

01:18 - US crypto legislation and Senate vote update

02:34 - Details of the ethics package and regulatory hurdles

03:36 - Political dynamics around Trump and crypto legislation

05:12 - Market sentiment and political influences on crypto

06:48 - Market structure, global adoption, and geopolitical risks

08:20 - Global regulatory landscape and US competitiveness

09:58 - Long-term macro trends and real asset cycles

12:17 - US Treasury yields, bond market signals, and interest rates

15:37 - Impact of Middle East conflict on energy and inflation

17:59 - Market reactions to geopolitical tensions

20:03 - US debt, fiscal policy, and bond yields

22:38 - Geopolitical shifts and oil market dynamics

25:17 - Real assets vs. financial assets long-term trends

28:33 - Market cycles, gold, Bitcoin, and inflation

32:58 - Long-term asset revaluation and market signals

37:36 - AI race: US vs. China and technological dominance

44:17 - AI advancements, model distillation, and geopolitical implications

50:33 - Market breakdowns, private credit, and consumer trends

53:29 - Closing thoughts and market outlook

💡 Subscribe & Stay Ahead

Get Onramp's weekly Research & Analysis:

High-signal insights in bitcoin, macro, and custody.

📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:

🎧 The Last Trade | Final Settlement | Scarce Assets

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis debate the White House's push to ban China's Kimi K3 AI model, dissect Jamie Dimon's warning that markets underestimate risk and he wouldn't buy stocks or treasuries at these prices, unpack why the World Cup trophy's gold has surged from $150,000 to $550,000 since 2020, and weigh the Clarity Act's odds as they swing from 30% to nearly 50% ahead of its early August deadline.

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🎙️ About The Show

Signal vs Noise: a twice weekly how unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.

🧠 Chapters

04:06 - Topic 1 - US Weighs Banning China's Kimi K3 AI Model

15:08 - Topic 2 - Jamie Dimon Won't Buy Stocks or Treasuries

22:29 - Topic 3 - The World Cup, Gambling & Inflation

29:30 - Topic 4 - Clarity Act's Ethics Language Enters the Final Stretch

37:20 - Topic 5 - Lightning Round: Signals of the Week

44:36 - Wrap-Up & Parting Thoughts

💡 Subscribe & Watch Live:

▶️ https://www.youtube.com/@SignalvsNoiseLIVE

✖️ https://x.com/OnrampMedia

📰 Your 1-Stop News & Data Source:

https://onramp.media/

🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.

👉 https://go.onrampbitcoin.com/finance-svn

🎧 More from Onramp Media: The Last Trade | Final Settlement

Connect with Early Riders — https://www.earlyriders.com/contact

Connect with Onramp — https://onrampbitcoin.com/contact-us/

Presented collaboratively by Early Riders & Onramp Media…

Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.

This week Michael, Liam, and Brian break down Moonshot's Kimmy K3 release and what a more open, cheaper Chinese frontier model means for the race against Claude Fable 5 and GPT 5.6, from cyber guardrails and export controls to the Trump administration weighing a ban on Chinese models. They dig into the AI capital markets: Anthropic and DeepSeek's IPO plans, Nous Research's $75 million raise at a $1.5 billion valuation, Gavin Baker's intelligence-per-dollar thesis, Liquid AI, and OpenShip's self-hostable app platform. The guys run through the payments story: the $53 billion Stripe, Advent, and Block bid for PayPal, Visa's new OUSD stablecoin platform, and Amazon Japan's move into a yen-backed stablecoin. They cover a stack of digital asset headlines: IBIT options limits rising to 1 million contracts, Citadel's $400 million investment in Crypto.com at a $20 billion valuation, the ECB's digital euro pilot, Velocity's $38 million Series A, Tether's Genius Act countdown, and Lynn Alden's new Bitcoin-focused PE firm. They close on where the Clarity Act stands, Early Riders' mid-year letter, Onramp's back-to-basics promo, and AI's arrival in film and music.

Chapters

00:00 - Introduction and Weekly Recap

01:26 - Kimmy K3 Release and Open Source AI Models

05:43 - Meta-level Analysis of AI Race and AGI

08:04 - AI Development: Capabilities and Guardrails

09:44 - AI as a Commodity and Data Strategies

11:08 - Global AI Race and Export Controls

13:13 - US-China AI Power Dynamics

16:46 - US Regulatory Posturing and Competition

21:55 - US and Chinese AI Model Competition

24:58 - AI Infrastructure and Market Share Shifts

31:40 - AI and Financial Markets: IPOs and Capital Flows

36:29 - Open Source AI Projects and Sovereignty

37:16 - Fintech and Payments: Stripe, PayPal, and Crypto

49:05 - Digital Asset Headlines: Tether, Stablecoins, and Regulation

52:58 - Crypto Market Dynamics and Capital Flows

55:25 - Bitcoin and Digital Asset Strategies

01:00:16 - AI and Bitcoin: The Future of Capital and Innovation

01:12:50 - Closing Remarks and Future Outlook

If you found this valuable, please subscribe to Early Riders Insights for access to the best content in the ecosystem weekly: https://www.earlyriders.com/research

Keep up with Michael:

https://x.com/MTanguma

Keep up with Liam:

https://x.com/Lnelson_21

Keep up with Brian:

https://x.com/BackslashBTC

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis dig into 96% odds the Fed holds rates flat, a Ramp report showing AI-heavy firms are hiring not firing, a survey where 69% of Americans want OpenAI and Anthropic to give up half their stock, and shocking data on AI companions, with 72% of teens reporting a romantic relationship with AI and marriage rates at a 120-year low.

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🎙️ About The Show

Signal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.

🧠 Chapters

01:25 - Topic 1 - Fed Holds at 96% Odds: Signal or Noise?

07:16 - Topic 2 - AI Is Hiring, Not Firing (The Ramp Report)

12:58 - Topic 3 - Americans Want AI Giants to Share Their Stock

19:54 - Topic 4 - AI Companions Are Eating Dating

29:00 - Topic 5 - Lightning Round: Signals of the Week

37:10 - Wrap-Up & Parting Thoughts

💡 Subscribe & Watch Live:

▶️ https://www.youtube.com/@SignalvsNoiseLIVE

✖️ https://x.com/OnrampMedia

📰 Your 1-Stop News & Data Source:

https://onramp.media/

👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt

🎧 More from Onramp Media: The Last Trade | Final Settlement