Unchained

By Laura Shin

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Sh... more

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FAQs about Unchained:

How many episodes does Unchained have?

The podcast currently has 1,122 episodes available.

Unchained episodes:

February 14, 2023How This Prosecutor Is Spearheading the Fight Against Crypto ‘Pig Butchering’ Scams - Ep. 455
Erin West, Deputy District Attorney of California’s Santa Clara County, has heard firsthand tales of scammers preying on victims for hundreds of thousands of dollars. She joins the show to explain the scamming technique known as “pig butchering,” how it is estimated to have raked in tens of billions worldwide, and why it has led to suicide in some cases. West makes the case for why victims need empathy and how law enforcement is working with exchanges to claw back scammed funds.

Show highlights:
Erin’s background and how she started investigating crypto crimes
what exactly the “pig butchering” method entails — and why it’s called that
what kind of people scammers are targeting
the devastating stories that have arisen from these crypto scams
fresh intel on where the fraudsters are located
whether the scammers may be connected to foreign governments
how the victims are often turned away by U.S. law enforcement agencies
how Erin’s agency was able to return almost $1 million to victims late last year
what local agencies can do to address these problems
how law enforcement agencies around the U.S. are lacking crypto education
the workshops Erin has been leading to help such agencies get educated
the relatively low number of NFT-related scams her agency has dealt with so far
what Erin recommends for victims of “pig butchering” scams
Thank you to our sponsors!
Crypto.com
FTSE
Halborn
NYU
Links

SIM Swaps and Pig Butchering scams:

Forbes: Hackers Have Stolen Millions Of Dollars In Bitcoin -- Using Only Phone Numbers
WIRED: What Is a Pig Butchering Scam?

Podcast on Indian telemarketing scams: Chameleon: Scam Likely — Campside Media

Guests:
Erin:
LinkedIn

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1h 1min
February 10, 2023Chris Blec on Why He Believes a16z’s Uniswap Vote Exposes DeFi as a Farce - Ep. 454
Chris Blec, DeFi researcher and founder of the Blec Report, explains why he believes the involvement of Andreessen Horowitz (a16z) in a contentious Uniswap governance proposal flies in the face of crypto’s core value: decentralization. He argues that the venture capital firm’s ability to potentially sway the vote in favor of a portfolio company undermines claims that DeFi is “people-powered.” The vote, which is not yet concluded, is the latest venue for people to debate the merits of DeFi governance and whether one token really should equal one vote.

Show highlights:
why a16z decided to vote against a key section of the Uniswap governance proposal
the problem Chris sees with the current design of DAOs
whether there is a parallel to be drawn between TradFi and DAO governance
why Chris says people are mistaken when they think about the goals of crypto VC
whether the fact that some VCs control so much voting power goes against the ethos of decentralization
how Chris thinks VCs are funding lobbyist groups to push for their interests, not those of crypto as a whole
why Chris believes the "one token, one vote" system doesn't work
some alternatives that could be pursued to help the issue of whale token voting
whether regulators will come after DAOs and especially the ones that are using current governance mechanisms
Thank you to our sponsors!
Crypto.com

Guest
Chris Blec, DeFi researcher and founder of the Blec Report
Twitter
Tweet about token voting
Tweet about engaging with a16z
Links
Unchained: Does a16z Control Uniswap?
CoinDesk: Contentious Uniswap Vote Highlights the Opaqueness of Decentralized Governance
Related Twitter threads:
From Eddy Lazzarin
From Defi Ignas
From Abdullah Umar
From Philipp Zentner
From Macro Mate
From Adam Cochran

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37min
February 07, 2023Everything You Need to Know About Filing Your 2022 Crypto Taxes - Ep. 453
Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at CoinTracker, give a full accounting of everything U.S. crypto traders should be aware of as we inch closer to April 18. The two tax experts discuss the latest on how the IRS is approaching crypto taxation, going deep on everything from staking rewards to NFT royalties. Just a heads up: This interview is meant for informational purposes only and should not be construed as financial or tax advice.

Show highlights:
what’s new this year when it comes to reporting crypto transactions
why staking is now firmly on the IRS’s radar
how capital gains tax works for crypto
the types of crypto transactions that are taxable as income
the five situations where a crypto user incurs a taxable event
the types of crypto activity that are not taxable
what crypto holders can do to make tax time easier
the IRS forms you need for various types of crypto transactions
typical mistakes that crypto users make when it comes to filing their taxes
why there’s not much you can do if you have assets stuck in Voyager, Celsius or other bankrupt crypto firms
why you might consider arguing a “theft loss deduction”
what to know about the Ethereum Merge as it relates to taxes
things NFT creators should be aware of during tax time
how the U.S. tax system can or cannot be applied to DeFi
what tax forms you can expect to receive if you’re a Coinbase customer
how corporations holding crypto may soon see favorable changes to current accounting rules
why $5,000 is a key threshold for crypto donations
Thank you to our sponsors!
Crypto.com
FTSE
Halborn
NYU

Links

Previous coverage of crypto taxes on Unchained:
Your 2021 Crypto Taxes: How to Handle NFTs, DAOs, Airdrops and More
Everything You Need to Know About Your 2020 Crypto Taxes
Why You Shouldn't Trust Crypto Exchange Reports for Your Taxes
The IRS Is Cracking Down on Crypto Taxes: What You Need to Know
Guests:
Shehan:
Twitter
CoinTracker
Lawrence:
Twitter

Links:
Digital Assets | Internal Revenue Service
IRS CCA 202302012 (Crypto charitable donations)
IRS CCA 202302011 (Coins which have substantially lost in value. Ex: Luna)
MiCA – Overview of the New EU Crypto-Asset Regulatory Framework (Part 1) | HUB | K&L Gates
CNBC: President Joe Biden to sign the bipartisan infrastructure bill⁠ into law—here's how crypto investors will be impacted
S&P Global: What the US infrastructure bill means for cryptocurrency brokers and owners

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1h 13min
February 04, 2023The Chopping Block: Why Canto, Up Nearly 500% This Month, Has Its Haters - Ep. 452
Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they cover:
why Bitcoin maximalists are mad about Bitcoin NFTs
why Robert thinks Bitcoin is not a good blockchain on which to build things
why Canto, a layer 1 blockchain, surged in price and activity and why Haseeb is anti-Canto
how Ethereum will have multi-dimensional fee structures
what the role of applications in generalized blockchains should be and why they think they shouldn't be enforced at the base layer
the accusations against the LayerZero team and their response
the battle to provide the bridging services to Uniswap
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital
Links
Disclosures

Bitcoin NFTs:
The Block: What are Bitcoin NFTs Ordinals and how do they work?
BTC: Core On-chain - Glassnode Studio
Bitcoin - The Overview
Ordinals
Canto:
The Block: Layer 1 blockchain Canto sees surge in trading activity
Canto - Lending
LayerZero controversy:
James Prestwich’s tweet
Bryan Pellegrino’s response
Explanation of the situation by Bartek

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1h
February 03, 2023Why the Celsius Examiner Report Shows 'a Complete Disaster in Almost Every Way' - Ep. 451
Following the release of Celsius' examiner report, Kadhim Shubber, an investigative reporter at The Financial Times, dives into the controversial business practices of the lender, how the company inflated the CEL token, the use of customers' money, and much more.

Show highlights:
how Celsius used investors’ money to prop up the price of CEL
the reasons why Celsius inflated the CEL token
where the money to pay rewards to investors came from
blatant misstatements from Alex Mashinsky and how his team tried to cover him
how the company leveraged Bitcoin to fill the hole in its balance sheet
who was responsible for Celsius' shady business practices
Celsius' poor investment decisions
whether Mashinsky is at risk of facing criminal charges
Thank you to our sponsors!
Crypto.com

Guest
Kadhim:
Twitter

Links
Final report of Shoba Pillay, examiner
Financial Times: Crypto lender Celsius misused customer funds for years, examiner finds
Unchained: 7 Revelations From Celsius’ Examiner Report
CoinDesk: Celsius Used New Customer Funds to Pay for Withdrawals: Independent Examiner
The Block: Tether denies it borrowed $2B from Celsius, as described in court report
Blockchain News: Celsius' Official Creditor Committee Denies Rejected Bids
Ram Ahluwalia’s take on the Celsius bankruptcy examiner report

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37min
January 31, 2023Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss - Ep. 450
Sheila Warren, CEO of the Crypto Council for Innovation, and Miller Whitehouse-Levine, Policy Director of the DeFi Education Fund, offer insider takes on how lawmakers and regulators are viewing crypto after FTX’s catastrophic failure. Both expect heightened activity in the U.S. from what they’re calling the “Crypto Congress.” Will this be the year for stablecoin regulation? Is DeFi still in the crosshairs? What about Ripple’s fight with the SEC? The two crypto policy experts look to the U.S. and beyond for what regulatory battles lie ahead in 2023.

Show highlights:
why the current environment in Washington makes it difficult to pass new legislation
whether the opinion of members of Congress on crypto has changed in the aftermath of FTX’s alleged fraud
how Elizabeth Warren and others are using the FTX collapse to prove their anti-crypto stance
whether it’s possible to prevent a fallout like FTX from ever happening again
why Miller believes that this year Congress will be “absolutely obsessed” with crypto
what stablecoin legislation would look like, and why stablecoins are more likely to be regulated sooner
why Sheila thinks Ripple could win its case against the SEC
why they believe the SEC’s failure to approve a spot Bitcoin ETF is a logical inconsistency
why they think it’s not possible to apply TradFi rules to DeFi technology
how more policymaker education needs to be done
how OFAC sanctioning Tornado Cash sparked many conversations among researchers and policymakers
the role of the government in preserving national security
how MiCA took an appropriately slow approach to imposing DeFi regulations
the impact of China and India adopting digital currencies
why Miller thinks China’s digital yuan is “the apotheosis of a totalitarian technology”
Thank you to our sponsors!
Crypto.com
FTSE

Links

Previous coverage of Unchained on crypto legislation:
Why Bitcoin Now: Michael Casey and Niall Ferguson on How Bitcoin Fits in the History of Money
Kristin Smith on Why Crypto Legislation Could Be Passed by Year's End
Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto
Guests:
Sheila:
Twitter
Miller:
LinkedIn

FTX
CoinDesk:
After FTX: How Congress Is Gearing Up to Regulate Crypto
Congress' FTX Problem: 1 in 3 Members Got Cash From Crypto Exchange's Bosses
After FTX: How Congress Is Gearing Up to Regulate Crypto
CNBC: House Republicans move to regulate crypto industry with a new subcommittee
MiCA
CoinDesk:
Analyzing What's Next for Europe's Markets in Crypto Assets Law
EU’s MiCA Crypto Law Would Have Stopped FTX's Malpractice, Officials Say
Others
Project Hamilton - Building a Hypothetical Central Bank Digital Currency
U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash
Tornado Cash is no “golem.” It’s a tool for privacy and free speech. - Coin Center

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1h 14min
January 28, 2023The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum - Ep. 449
Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Flashbots co-founder Phil Daian joins the show to go deep on what maximal extractable value (MEV) means and how it’s shaping the Ethereum ecosystem.

Show highlights:
how Phil started working in MEV and why he believes it resembles 'Alice in Wonderland'
Phil's definition of MEV and when he realized this was an actual problem
how Flashbots was born
the story of how Vitalik didn't care about sandwich attacks at the time Uniswap was released
whether it's possible to minimize MEV via more competition
the never-ending debate about whether MEV should be accepted
why Tarun thinks the concept of fair ordering is against nature
how Bitcoin uses social norms to solve its weaknesses
how Google is being called out in court for creating auction to front run its customers
how Flashbots worked prior to and after Ethereum's Merge
why Flashbots complies with OFAC sanctions
what is the Suave project and how it aims to decentralize Flashbots
what the future of MEV looks like
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Tom Schmidt, general partner at Dragonfly Capital
Guest:
Phil:
Twitter

Disclosures

Links
The Block: Flashbots seeks up to $50 million at a billion-dollar valuation
CoinDesk: Opinion: Miners, Front-Running-as-a-Service Is Theft
CNN: DOJ sues Google over its dominance in online advertising market
Unchained: 51% of Ethereum Blocks Are OFAC Censored
Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? - Ep. 390

The Cost of Decentralization in 0x and EtherDelta

Previous coverage of Unchained on MEV:
Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate

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1h 33min
January 27, 2023Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF - Ep. 448
Michael Sonnenshein, CEO of Grayscale Investments, gives an overview of his firm’s case against the SEC, which has denied requests to turn Grayscale’s bitcoin trust into an exchange-traded fund (ETF). With oral arguments kicking off March 7, Sonnenshein lays out what a worst-case “tender offer” would entail and whether DCG CEO Barry Silbert has any say over GBTC’s fate.

Show highlights:
why Grayscale charges higher fees than, say, the average ETF
what Grayscale will do if it loses its case against the SEC
why Grayscale has not filed for Regulation M relief
Michael's comments on Gemini liquidating 31 million shares of GBTC
the reason behind the October 2022 timing of Grayscale changing GBTC's “authorized participant”
the relationship between Grayscale and DCG, and Barry Silbert's involvement in Grayscale's operations
why the trust agreement of GBTC was changed
Thank you to our sponsors!
Crypto.com

Guest
Michael Sonnenshein:
Twitter

Links
CNBC: Court sets date for oral arguments in Grayscale's challenge of SEC's bitcoin ETF decision
Reuters:
Grayscale would appeal lawsuit against SEC if court rejects case, CEO says
Ruling in Grayscale-U.S. SEC lawsuit likely within a year
MarketWatch: Grayscale may ‘ultimately’ consider tender offer for bitcoin trust, CEO says
CoinTelegraph: Grayscale terminates Bitcoin trust material agreements with Genesis
CoinDesk: Grayscale Slams SEC's 'Unreasonable' Barring of Spot Bitcoin ETFs
Bloomberg: Hedge Fund Sues Grayscale for Data on Battered Bitcoin Trust
Bitcoinist: Here's What A Reg M Will Entail For Genesis, DCG And Bitcoin
Why Investment Experts Say a Spot Bitcoin ETF Would Be Superior to Bitcoin Futures ETFs by Laura Shin
Andrew Parish’s tweet on the possibility of the case going to the Supreme Court
Grayscale’s End of Year CEO Letter to Investors
Ycharts: GBTC Discount or Premium to NAV
Previous coverage of Unchained on GBTC:
Bitwise's Latest Plans to Get a Bitcoin ETF Approved
DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis

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38min
January 25, 2023The Chopping Block: Will Genesis Creditors Be Made Whole? - Ep. 447
Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they covered:
why the markets were up so much recently
how and why Genesis entered into bankruptcy
why the hole in DCG's financials are potentially much bigger than previously reported
the differences between the bankruptcies of FTX and Genesis
whether 3AC founders Su Zhu and Kyle Davies will find success with their new exchange
what will happen to GTBC now that a huge portion has already been liquidated
whether Tarun is predicting "the start of a new supercycle"
the large percentage of vested SOL held by the FTX estate
how SBF is still trying to win the public
Hosts
Haseeb Qureshi, managing partner at Dragonfly Capital
Tarun Chitra, managing partner at Robot Ventures
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly Capital
Links

Disclosures

Genesis:
Bloomberg: FTX Bankruptcy Judge Backs Company Law Firm, Rejects Last Minute ‘Rumors’
CoinDesk:
Crypto Lender Genesis Global Capital Is FTX's Largest Unsecured Creditor
Crypto Trading Firm Cumberland DRW Disputes Genesis Exposure
CNBC:
Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities
Crypto publication CoinDesk hires Lazard to explore sale as crisis deepens at parent company DCG
Unchained:
Is Genesis’s Prepackaged Bankruptcy The Ultimate Sacrifice?
Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster
DCG Under Investigation by DOJ and SEC: Report
Genesis CEO Says Firm Needs More Time to Find a Solution
FTX:
Unchained:
SBF Says Excel Spreadsheet Proves FTX US Is Solvent
WSJ: New FTX Chief Says Crypto Exchange Could Restart
The Block: FTX debtors identify $5.5 billion of liquid assets in ’Herculean effort’
3AC/GTX:
Unchained: 3AC Founders Are Raising $25M for ‘GTX’

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58min
January 24, 2023Not Just FTX: One Skeptic’s Take on Why Crypto Is a Scam - Ep. 446
James Block, crypto skeptic and author of the Dirty Bubble Media newsletter, rose to prominence with a timely post predicting FTX’s insolvency. The blogger, a doctor by day, explains why he sees crypto as an unregulated morass of would-be securities and outright “Ponzi schemes.” From an early interest in Tether to connecting the dots on Celsius, Block explains why he does what he does and why almost all of crypto is just “regulatory arbitrage.”

Show highlights:
how James got into crypto and why he started writing about the space
why James chose "Dirty Bubble Media" for the name of his publication
the problems with the legitimacy of crypto projects
the reasons to be bearish on Coinbase
why the question of whether Bitcoin has intrinsic value is highly subjective
whether every token in crypto is a scam and whether regulations will hit stablecoin issuers hard
how FTX used tokens to create fictitious value worth billions of dollars
why Celsius and FTX were closely linked, and the difference between both cases
ties James found between FTX's European subsidiary and a company doing binary options, an industry characterized by fraud
how he believes financial fraud is similar throughout history — it doesn't repeat, but it rhymes
James’s concerns around Signature Bank and its "questionable tactics"
why Genesis and DCG got into trouble and how James thinks the situation will likely play out
whether exchange tokens are securities and why he believes they have very little value
why he says BNB resembles OneCoin's pyramid scheme
James's contrarian take on the Avi Eisenberg case
Thank you to our sponsors!
Crypto.com
DeFi Saver

Links

Guests:
James Block:
Twitter
Substack
FTX:
Dirty Bubble Media:
Is Alameda Research Insolvent?
FTX'ed: The Tangled Ties Of Celsius Network and Sam Bankman-Fried
FTX's European subsidiary was built on top of a binary options scam
A forgotten banking scandal suggests FTX is the tip of the crypto iceberg
DCG
Dirty Bubble Media: Digital Currency Grift
Unchained: SEC Charges Gemini and Genesis With Sale of Unregistered Securities
Binance
Dirty Bubble Media: The Binance Scam Chain
Signature
Bloomberg: Binance Says Signature Sets Transaction Minimum Amid Pullback
Mango Markets
The Ballad of Risk-Free Avi - Dirty Bubble Media
Unchained:
Mango Markets Exploiter Arrested on Market Manipulation Charges
Solana’s Mango Markets Sees $100M Drained in DeFi Exploit
Celsius
Dirty Bubble Media: Anatomy of a (fake) Market
Unchained: NYAG Sues Celsius’s Alex Mashinsky for Defrauding Investors

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1h 6min

FAQs about Unchained:

How many episodes does Unchained have?

The podcast currently has 1,122 episodes available.

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