A hacker drained 95% of the Bitcoin backing Liquid, the sidechain built by Blockstream — founded by Adam Back, one of the people most often named as a candidate for being Satoshi Nakamoto. The thief gave back 3,400 of the roughly 4,000 Bitcoin and kept about $47 million as a self-appointed tip.
It’s the same week two other blockchains admitted their own security promises don’t hold either: Cronos rewrote its own history to undo a hack, and Harmony is shutting down entirely.
Also: Metaplanet’s dilution scandal, Strategy’s stock buyback instead of Bitcoin, Tether’s two-key risk, and Hunter Biden’s new meme coin.
Timestamps
0:00 Cold open: three blockchains, three different disasters
0:42 Strategy buys back its own stock, not Bitcoin
2:28 Metaplanet’s CEO enriches himself while diluting shareholders
6:59 A hacker drains 95% of Blockstream’s Bitcoin reserves
10:14 Cronos rewrites history to undo a $111 million hack
11:04 Harmony gives up on its own blockchain
12:27 Tether’s $91 billion two-key problem
13:33 How Not to Invest: Hunter Biden’s $LAPTOP coin
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