Dario | Fitna

Grok Bot can now make phone calls.

Two hot-wallet incidents in two days. Around $133M out of accounts tied to a European financial institution, then $40M out of Brazil's biggest exchange. From the ops side, the exploit is rarely the first failure. It's the withdrawal limit nobody set, the allowlist nobody enforced, the alert that went to a channel nobody reads. Security is a process problem long before it's a code problem.

$HYPE is up 17% in 24h 🔥

those @ray_ban pervert glasses are always listening btw

TETHER NOW HOLDS 150,000 BITCOIN WORTH OVER $11.5 BILLION CEO Paolo Ardoino revealed the holdings during the Plan ₿ Forum in Lugano, Switzerland. Tether has accumulated Bitcoin since 2023, when it began allocating up to 15% of its quarterly net profits to BTC. The company also reported $132.4 billion in US Treasury exposure and nearly $8 billion in excess reserves at the end of Q3.

Crypto VCs invested $4.52B across 296 deals in Q3 2026, but 76.5% of that capital went to later-stage companies. Looking at @galaxyhq’s latest report, I think crypto venture investing is increasingly becoming a market for established financial businesses. The numbers tell the story. Where the capital went: ➤ Trading, exchanges, investing & lending: $2.37B ➤ Privacy & security: $467M ➤ Payments & rewards: 38 deals ➤ DeFi: 31 deals ➤ Total investment: $4.52B, down 20% QoQ Trading, exchanges, investing and lending attracted roughly 52% of all capital deployed. And more than 90% of funding within that category went to later-stage companies. That’s a pretty significant concentration. But the deal-count breakdown tells a different story. Pre-seed and seed rounds accounted for 44.9% of completed deals, despite receiving only around 6% of total funding. So early-stage businesses are still attracting investors. They’re just receiving a much smaller share of the capital. I think crypto VC is developing into two different markets. One is focused on established financial businesses. Exchanges, trading infrastructure, custodians and service providers with existing customers, distribution and operating histories. The other is funding emerging opportunities across stablecoin payments, DeFi, privacy and financial infrastructure. Both are attracting investment, but the largest checks increasingly favor mature businesses. And imo, this is quite different from earlier crypto cycles. Back then, a significant part of venture investing revolved around funding new L1s, scaling infrastructure and launching tokens that could appreciate as ecosystems expanded. Today, crypto already has substantial infrastructure. New businesses can build directly on existing networks, distribute financial products and serve institutional customers without necessarily launching another blockchain. There’s another number worth considering. Only three new crypto venture funds raised capital in Q3, totaling approximately $1.3B. That’s the fewest new funds in a quarter since Q3 2019. Meanwhile, deal count declined 24% QoQ. Capital is still entering the industry, but its distribution is becoming increasingly selective. And this creates an important distinction for liquid crypto investors. A successful crypto company doesn’t automatically create a successful crypto token. An exchange can grow revenue while shareholders capture most of the economic value. A payments company can process billions without needing a native token. Even a well-funded protocol can launch a token with limited claims on its underlying business. Personally, I think the direction makes sense. Crypto is moving toward businesses that compete through distribution, customers, financial products and operating efficiency. But that doesn’t mean their tokens will necessarily benefit. The next generation of crypto winners could be strong financial companies, some with valuable tokens and others with no tokens at all. Understanding who actually captures the economic value is becoming a much bigger part of the investment thesis. h/t: @galaxyhq

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be @kastxyz: > launch as a stablecoin neobank in mid-2024 > run a points program explicitly framed as pre tge/airdrop > market the classic points meta: ~1 point = 1 future token at tge > you grow hard and hit $5b yearly volume > push paid tiers hard so people farm more points - premium $1k/year for 1% points on spend - private $10k/year for 2% > keep giving the point farmers hopium and raise money in the background > then start walking it back in july 2026 > emails users about converting points into tokenized equity instead of a real token > finally announce the total cancelation of tge in nov > end the points earning on nov 30, convert eligible points into non-tradable “kast pioneer units” (KPUs) > KPUs basically mean nothing (no ownership, no voting, non-transferable, no guaranteed value) and congrats, you just rugged 1.4m users

Inner Circle accounts don’t follow back randomly but I notice who’s in my replies every single day be one of them this week.