📍El Salvador Plan ₿ Forum Met some of the sharpest minds in crypto this week. The builders are here. @PlanBElsalvador

Evolution of Lazarus hacks: 2022. Ronin. They stole the keys. 2025. Bybit. They changed what the signers saw. 2026. Bitget. They changed what the system saw. Version one needed a human to make a mistake. Version three just needed the system to do its job.

GENIUS passed because it buys America's debt. CLARITY died over one counteroffer: officials with $1M+ in crypto companies sell within 180 days. Crypto doesn't need the Clarity Act. The US does.

BitMart wound down weeks before the market turned. Question for the timeline: did it die too early, or leave right on time?

Call for Speakers | @EthTaipei @BSOSTech has been invited to host a main stage panel at ETHTaipei this September (Sept 13-14), focused on the institutional adoption of real-world assets. Topics: tokenized treasuries, private credit, regulatory developments, and the market infrastructure to scale onchain finance. We welcome speakers from tokenization platforms, exchanges, asset managers, and legal/regulatory experts. To be considered or recommend a speaker, please DM. Happy to share the full panel brief.

Pitched a VC on LinkedIn. They skipped the pitch and offered me a job instead. $215k-$250k, 10-12 hours a month, plus carry. My DD took ten minutes. Fund's last investment: 2024. Every employee account: born this month. Fund website: no LinkedIn link. Recruiter: doesn't exist anywhere else on the internet. The JD: copy-pasted from my own LinkedIn. Now I'm in a Telegram group with the "founder." No HR, no email. He wants my CV and a call. I know exactly what the next message will be. A meeting link with malware in it. Taking bets.

Robert Leshner left Compound in 2023 with a parting thesis: institutions aren't coming for crypto assets. They're coming for RWA rails. He built Superstate. $1.2B AUM later, Invesco runs his fund. Compound just approved $52M for an institutional RWA pivot. The DAO spent three years and $52M to arrive at the founder's exit memo.

When I was at Cornell in 2024, ESG classes had waitlists. Because every big company had a whole ESG department waiting to hire us. Two years later, the waitlists are for AI courses. And those departments? Renamed, merged, or gone.

Bitcoin mining farms found their exit. CoreWeave: former Ethereum mining farm. Now OpenAI's landlord, $11.9B contract. IREN: former Bitcoin miner. Now Microsoft's landlord, $9.7B contract. Miners thought they were in the bitcoin business. They were in the power business. Bitcoin was just the tenant.

The most expensive asset in crypto isn’t BTC. It’s a KYC’d human who actually spends stablecoins.

BitMart users: 1. People who can't pass KYC anywhere else 2. People whose coins aren't listed on the big ones 3. Leverage users. 125x with a bonus here 4. Project owners building a listing resume for the big exchanges 5. People recruited by BDs who earn a cut of their losses All five knew the risk. All five thought they'd leave first.

WebX made one thing clear. Japan is absorbing crypto. The ministries, the megabanks, the conglomerates that run your convenience stores, all moving as one. Crypto is becoming the invisible infrastructure of the country.

0% capital gains tax to pull liquidity onshore. Sounds generous until you realize onshore means visible.

Three people watching tomorrow's SpaceX unlock, translated for crypto natives: The employee with $27.65 options is the team allocation hitting its cliff. The SPV buyer is the private round whose tokens arrive after the top. The retail guy who bought the $150 open is the TGE candle. Low float, high FDV, nine-tranche vesting, even a price-triggered accelerated unlock that assumed the stock only goes up. TradFi didn't invent a new structure. It just forked ours.

"Withdrawals remain open" is technically the most honest line in the BitMart announcement. What's open is the submit button. Submitting doesn't mean review. Review doesn't mean settlement. Their most carefully designed product is their exit funnel.

Stablecoins are the first crypto product normal people can actually understand. So naturally, adoption happened where nobody can see it. Your web2 PM friend who "doesn't touch crypto" got paid by her overseas client through Bridge. She thinks Stripe just got faster.

BitMart is registered in the Cayman Islands. The company on its App Store listing is Bachi Tech Corporation, Jersey City, NJ. When the FTC subpoenaed the US entities over the 2021 hack, one of their arguments: the documents are outside the United States. It had an MSB registration, a US office, an Australian licence issued in June. It never had a regulator with jurisdiction over the entity holding the money. The regulated entity is the shell. The money lives offshore. That was always the design.

$SPCX ’s 30% retail allocation isn’t for retail. It’s an exit ramp for insiders. Once stock unlocks in August, you’re the liquidity.