Behrin retweeted
Ledger is investigating reports of loss of funds from users in South East Asia who purchased products from a reseller named CryptoBillis. As a precaution, and pending the results of our investigation, we have asked CryptoBilis to pause all sales and shipments of Ledger devices. We recommend Ledger users who purchased from this reseller in the last 90 days to not initiate set up if you have not done so yet. If you have set up your Ledger device, consider moving assets to a new Ledger signer (with new seed). We will continue to inform customers of updates as the investigation progresses.
Reach out to Ledger customer support through official channels with any questions: support.ledger.com/
Behrin retweeted
As companies have invested trillions into AI cap ex, driven by the hope of riches, it is not just markets that have been roiled. I look at how the spending has percolated through financial statements distorting book capital, earnings and cash flows. bit.ly/4zrs8Ao
Behrin retweeted
Today I call upon the blockchain industry to calmly begin planning for "bunker mode". My personal recommendation is to set in motion a controlled mass migration of assets to fresh addresses, i.e. addresses whose pubkeys remain hidden behind a hash.
Holders, starting with large and sophisticated ones, should consider moving the bulk of their funds to addresses that have never signed a transaction. And when they do sign one, they should also move remaining funds to a new address (possibly generated from the same seed phrase).
Don't rush. While I believe there is cause for action a rushed migration would do more harm than good. Don't panic either. Moving assets to protected addresses is a simple, preventative step which does not require new cryptography or new wallets.
IMO it is now reasonable to brace for the possibility that ECDSA breaks before qday, in the worst case in months not years. By "break" I mean fast private key recovery (e.g. in one week) on available hardware (e.g. a large GPU cluster).
Recent days have been humbling for human mathematical intuition. Long-held, unquestioned hypotheses have fallen. This includes the n log(n) bound for integer multiplication and the 3SUM conjecture. In hindsight, May's unexpected disproof of the Erdős unit distance conjecture was our warning shot.
Yesterday's OpenAI drop made it clear that mathematical superintelligence is upon us. They say there are weeks where decades happen. We are about to live through weeks where centuries of mathematical progress happen. Could our magic 64-byte ECDSA signatures be too good to be true? Was it just security through obscurity all this time?
Elliptic curves feel especially vulnerable to superintelligence. Curves carry rich structure, with room for fancy tricks like Schoof, Frobenius, pairings. (By contrast, hashes are designed to minimise algebraic structure.)
Separately, as Ewin Tang can attest, an efficient quantum algorithm sometimes foreshadows an efficient classical one. We should be open to the possibility of a classical counterpart to Shor that breaks elliptic curves and RSA at once.
Also noteworthy is the striking under-representation of cryptographic breakthroughs among the 722 mathematical results OpenAI published. I've witnessed first-hand the US government censoring academic quantum cryptanalysis results. Backroom interventionism is my base case.
I urge large, sophisticated actors to lead by example. Project11's "risq list" (bitcoin-risq-list.projecteleven[.]com) is a great tracker of exposed BTC pubkeys. Binance, Bitbank, Robinhood, Bitfinex, and Tether have an opportunity to harden their cold storage. Next month I'll address institutions in London in a live Q&A (forum.ethereuminstitutional[.]org/london-2026).
Again, please do not rush. Wallets holding under 50 BTC enjoy partial cover from "Satoshi's shield", i.e. his 20K exposed addresses that hold 50 BTC each. Load-bearing signers like oracles and L2 security councils should consider rotating ECDSA pubkeys with every signed message and/or multi-signing with a hash-based schemes like SPHINCS.
Exiting bunker mode safely will require post-AI cryptography. My inclination is to go all-in on hash-based cryptography and avoid structured mathematical assumptions entirely, whether from curves, lattices, or isogenies. A single battle-tested hash (e.g. from the SHA or BLAKE families) yields plausible post-AI security.
The Ethereum roadmap on strawmap[.]org fully embraces hash-based cryptography with end-to-end formal verification as a response to the quantum threat. Those timelines must now be revisited and accelerated in light of mathematical superintelligence. I'll be pushing for maximum defensive acceleration.
Neutrl continues to be paused while we work through a complex situation.
Our priority is to work toward the best possible outcome for users. We are currently assessing the available reserves and developing a plan for an orderly process. We will provide further information on next steps as soon as they are determined.
We are not going anywhere, and we're committed to working through this responsibly and returning as much value as possible to users.
Please rely only on announcements from Neutrl's official accounts and remain vigilant against malicious actors, impersonation, and phishing attempts. Official community channels have been set to read-only while we continue to publish updates through these accounts.
People have been worried CME single stock futures will impact Hyperliquid thesis. This failed in 2020.
$SPCX has traded a total of 16 contracts in two days since launching.
Each contract is 100 shares. That is about $200K in volume.
TradFi likes options. This is not changing anytime soon.
Behrin retweeted
The Situational Awareness situation.
It is now being reported that the AI hedge fund has exited its entire public equity portfolio this month.
But, what does this really mean?
As of July 1st, the Net Asset Value (NAV) of the fund is now being reported to have been ~$45 billion.
First, let's put this into perspective.
NAV = (Assets − Liabilities). This is the fund's equity capital, also known as the investors' money after accounting for borrowings.
This is NOT the same as the size of the fund's positions, particularly because the fund has been known for utilizing extreme amounts of leverage. For example:
1. At 2x leverage, a $45 billion NAV supports ~$90 billion of gross market exposure
2. At 3x leverage, that rises to ~$135 billion
3. At 4x leverage, that rises to ~ $180 billion
This means that exiting its "public equity book" does not necessarily imply $45 billion of stock changed hands. It was likely much more.
Depending on the fund's leverage and portfolio construction, the gross amount of securities unwound could have been well in excess of $100 billion.
When considering these facts, the market has actually held up exceptionally well.
There has never been an era of investing like the AI era.
Volatility is the new normal.
Behrin retweeted
Tokenized asset growth is exploding.
Total holder count of onchain tokenized equities has now surged to a record 759,000.
This metric is up +92% over the last 30 days and +522% year-to-date.
The growth continues to be fueled by demand to trade tokenized equities outside of regular market hours.
Amid this trend, the world's largest onchain platform, Jupiter, has reported +360% YTD growth in off-market monthly trading volume.
Chip and memory stocks have become the most popular tokenized assets in the onchain market.
We expect 1+ million tokenized equity holders by year-end.
Behrin retweeted
FIFA World Cup has just ended but it's still just half-time for Pendle ⚽
A quick scroll through the highlights from the first half of 2026:
Behrin retweeted
Tokenized equities pipeline is 🔥. This is the most bullish opportunity in blockchain since stablecoins came.
This is the future of crypto
Private markets aren't illiquid.
Bad access is illiquid.
In April, Anthropic secondary hit $1T while its February primary was 380B. The secondary market saw the val growth before institutions updated models. Then Series H came in at $965B, the secondary pricing was right.
Meanwhile $600M in OpenAI shares sit unsold. Same asset class. Completely different liquidity.
SpaceX IPO'd at $135, surged past $2T day one. The investors who accessed restricted shares privately before the IPO locked in returns the public never saw.
The market isn't frozen. It's just not public.
Access shapes liquidity more than most think.
Neutrl has processed over $500M in NUSD redemptions since launch.
Designed to balance liquidity and long-duration yield, Neutrl’s allocation framework enables users to access differentiated sources of return while maintaining redeemability across all market conditions.
As opportunities across defi continue to compress, Neutrl remains focused on sourcing sustainable, risk-adjusted returns from a broader set of market-neutral strategies.
Behrin retweeted
🚨 ALERT: Altcoin sell pressure has reached its most extreme level since 2020, with 15 straight months of net selling.
How to create billions of dollars from air (space) $SPCX
Step 1:
Buy Twitter for $44B (Oct 2022), fire most staff, lose most ad revenue.
Step 2:
AI startup xAI “acquires" X for $125B - $1B cash generated, zero value created. (Mar 2025)
Step 3:
SpaceX "acquires" xAI at $250B -$1.25T combined valuation.
Nice 100% return in a year. (Feb 2026)
Step 4: List SpaceX at $1.75T, 4% float, get index inclusion rules changed, shorten lock-ups, let leveraged ETFs squeeze it higher. Increase valuation $500B in 4 months. (June 2026)
X stake now up 180%.
Financial engineering masterclass.
Step 5: Combine with Tesla.
















