Tracking the Coldcard Hackers: Inside the $120M Bitcoin Theft with Alex Thorn

When the Treasury doubled its bond buyback out of the blue, the market read it as one thing: yield curve control by another name. Arthur Hayes joins host Spencer Nichols to walk through the mechanics, short-end issuance funding long-end buybacks, and what that implies for central bank balance sheets. His conclusion is simple. If the balance sheet expands, you want the asset most responsive to money printing, and he argues that asset is Bitcoin. Arthur Hayes:X - https://x.com/cryptohayesWeb - https://www.cryptohayes.comSubstack - https://cryptohayes.substack.com/LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/Instagram - https://www.instagram.com/cryptohayes/Maelstrom Fund:LinkedIn: https://www.linkedin.com/company/maelstromfundWeb - https://www.maelstrom.fundX - https://x.com/maelstromfund🔶 Host: Spencer Nichols — Bitcoin Magazine🔶 Arthur Hayes - CEO of FLOP Labs Quantum is coming.Bitcoin isn't panicking.Neither should you.Get the latest issue of Bitcoin Magazine here:https://store.bitcoinmagazine.comChapters: 0:00 — The Fastest Horse: Why Money Printing Points to Bitcoin1:18 — What Bessent's Bond Buyback Actually Was3:04 — The Yen Intervention and the FIMA Repo Request4:25 — Doubling the Buyback: Yield Curve Control in All But Name8:19 — Buy Bitcoin, Not Bonds9:20 — AI Absorbed the World's Credit, and Now Come the Questions12:14 — How Steep Bitcoin's Path Looks From Here14:43 — The Nuclear Option: Revaluing Gold on the Balance Sheet22:12 — EUR/JPY and the Case for a Euro Breakup29:04 — Why Strategy No Longer Moves Bitcoin's Price#Bitcoin #ArthurHayes #Macro #MoneyPrinting #YieldCurveControl #Bonds #Treasuries #TenYearYield #FederalReserve #QE #Bessent #YenIntervention #BankOfJapan #GPIF #DollarYen #EURJPY #Euro #Gold #GoldRevaluation #GoldStandard #China #AIBubble #Nasdaq #Strategy #MicroStrategy #Metaplanet #BitcoinETF #Crypto #Substack #BitcoinMagazine #BitcoinPodcastDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Bitwise Chief Investment Officer Matt Hougan joins host Spencer Nichols on the Bitcoin Magazine Podcast to analyze why market apathy and "boring" price action often signal a major Bitcoin bottom. The pair dive into Bitcoin's role as a call option on a changing global monetary order, unpacking how macroeconomic uncertainty, fiscal debt, and real-world asset tokenization drive long-term value. Plus, Hougan shares key insights into institutional adoption, detailing how wealth managers and financial advisors are positioning themselves to lead the next major crypto cycle.Use code BM10 to get 10% off Bitcoin 2027 Conference in Nashville: https://2027.b.tc🔶 Host: Spencer Nichols — Bitcoin Magazine🔶 Matt Hougan, CIO - Bitwise Asset ManagementChapters: 00:00 Is Bitcoin Near a Bottom?01:21 The Four-Year Cycle: Where Bitcoin Stands Today03:09 Bitcoin as a Call Option on Reserve Asset Status05:35 Timeline to Bitcoin Becoming a Global Reserve Asset08:09 Institutional Adoption & Bitcoin's Social Value10:40 Where Will the Next Wave of Buyers Come From?12:56 Institutional vs. Retail Flows: The ETF Data14:44 Rates, the Fed & Macro Outlook18:08 Japan, the Yen & Global Bond Markets19:49 Strategy (MSTR), Stretch & Bitcoin Treasury Companies23:43 Which Companies Could Add Bitcoin 25:25 The Tokenization of Equities Explained27:34 Tokenized Equities vs. the Stablecoin Boom29:20 Impact on Global Equity Markets & Valuations34:34 What Else Matt Is Watching in Bitcoin Markets36:18 Bitcoin's Terminal State: 20 Years From Now38:11 Sovereign Adoption: Bit Bonds & Bitcoin Mining#Bitcoin #MattHougan #Bitwise #BitcoinMagazine #BitcoinPodcast #BitcoinETF #BitcoinPrice #FourYearCycle #BitcoinBottom #StoreOfValue #Macro #FederalReserve #InterestRates #FederalDebt #YieldCurveControl #Japan #YenIntervention #Strategy #MSTR #MichaelSaylor #BitcoinTreasury #Tokenization #RWA #TokenizedAssets #WealthManagement #FinancialAdvisors #SovereignAdoption #Gold #MonetaryPolicy #BitcoinAdoption #BTCDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Over $120 million in Bitcoin has been drained from Coldcard hardware wallets and the attack is still ongoing. Alex Thorn, Head of Firmwide Research at Galaxy, joins Spencer Nichols to break down exactly how the critical entropy bug in Coldcard's 2021 firmware was exploited, how he's tracing stolen funds on-chain, and what victims must do right now to have any chance of recovery. Thorn also explains why multisig and collaborative custody may be the only responsible path forward for Bitcoin self-custody. 🔶 Host: Spencer Nichols — Bitcoin Magazine 🔶 Alex Thorn — Head of Firmwide Research, GalaxyChapters: 09:26 – Which Coldcard Devices Are Vulnerable 15:18 – Tracking the Attackers: Waves, Footprints & 1,600 Stolen BTC23:46 – White Hats, Victim Reports & How to Prove Ownership27:57 – Is Coinkite Liable? Negligence vs. Malice in the Firmware Bug32:24 – Bitcoin's Soul-Searching Moment: Trust & Self-Custody Culture37:56 – Multisig & Collaborative Custody Explained43:09 – AI-Powered Attackers: The First Salvo of the Clanker Wars50:46 – Open-Source AI, Encryption Battles & Internet Freedom58:03 – Quantum Threats, Market Impact & Final Advice for Victims#Bitcoin #Coldcard #ColdcardHack #BitcoinSecurity #SelfCustody #HardwareWallet #AlexThorn #Galaxy #BitcoinMagazine #BitcoinPodcast #Multisig #ColdStorage #BitcoinNews #OnChainAnalysis #Cybersecurity #BTC #Coinkite #SeedPhrase #BitcoinHack #DigitalSecurity #AIcybersecurity #QuantumComputing #BitcoinCulture #CryptoHack #WalletSecurityDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

The government keeps getting robbed of its own Bitcoin and a new bill wants to fix that. The BPI team breaks down the American Reserve Modernization Act (ARMA): what it would do for Treasury custody standards, why it has Democratic co-sponsors, and why they're bullish it could pass the House. They also cover the wave of digital-asset departures shaking up DC, from Hester Peirce to Paul Grewal. They also cover Kimi K3, China's open-source push, and the data center fight. 🔶 Connect with Zack Shapiro on X: https://x.com/zackbshapiro🔶 Connect with Zack Cohen on X: https://x.com/zackcohen_🔶 Connect with Ken Egan on X: https://x.com/Bayman11771🔶 Learn more about the Bitcoin Policy Institute: https://www.btcpolicy.org/Chapters: 04:02 — Regulatory FUD: How the US Might Curb Chinese Models10:04 — "FINRA for AI" & the Open-Source Debate16:25 — Why China Went Open Source — and When It Flips19:52 — Xi Jinping's Global AI Governance Play at Shanghai WAIC27:31 — Robots, Health Care & the Industrial AI Layer30:04 — America's Bipartisan Data Center Backlash39:38 — AI's PR Problem: Capital, Labor & Memory Stocks42:38 — The Jacobian Conjecture & Mastering AI Prompting51:10 — ARMA, the Bitcoin Reserve Bill & DC Departures#Bitcoin #BitcoinPolicy #AIpolicy #KimiK3 #OpenSourceAI #OpenWeightModels #ChinaAI #ModelSovereignty #DavidSacks #AIRegulation #WorldAIConference #AIGovernance #DataCenters #DataCenterBacklash #JevonsParadox #ARMA #BitcoinReserve #StrategicBitcoinReserve #TreasuryBitcoin #CryptoPolicy #FreedomTech #AIprompting #FrontierAI #BitcoinPolicyInstitute #TechPolicyDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Everyone keeps asking what the "big catalyst" for Bitcoin will be, but Coinbase's Head of Institutional Strategy John D'Agostino says that's the wrong question entirely. In this episode, host Spencer Nichols digs into why proven technology runs on micro catalysts, how regulatory clarity and the market structure bill could accelerate institutional adoption, and what the GENIUS Act already changed. D'Agostino also breaks down why roughly 40 countries are exploring Bitcoin on their balance sheets. 🔶 Host: Spencer Nichols — Bitcoin Magazine🔶 John D'Agostino — Head of Strategy, Institutional at CoinbaseChapters: 04:38 — Why Market Structure Is "GENIUS on Steroids"09:33 — Micro Catalysts vs. the One Big Catalyst12:08 — AI vs. Crypto: The Battle for Capital17:28 — Bitcoin's Role in an AI-Driven Economy22:15 — Gold vs. Bitcoin & the Geopolitical Split28:29 — 40 Countries Eyeing Bitcoin Balance Sheets36:09 — Store of Value or Censorship-Resistant Payments?42:39 — Surviving Volatility & Playing the Long Game#Bitcoin #Coinbase #JohnDAgostino #BitcoinMagazine #MarketStructure #CLARITYAct #GENIUSAct #Stablecoins #Tokenization #InstitutionalInvestors #SovereignWealthFunds #BitcoinAdoption #Blockchain #CryptoRegulation #StoreOfValue #BitcoinETF #DigitalAssets #Crypto #DollarCostAveraging #BTC #OnChainFinance #BitcoinNewsDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Is the U.S. really about to buy Bitcoin? Kraken co-CEO Dave Ripley tells Spencer Nichols why a U.S. strategic Bitcoin reserve could happen within the next 12 months, based on discussions happening at the state and federal level. He unpacks sovereign adoption, tokenization, and the market-structure shift underway across crypto and traditional finance. 🔶 Host: Spencer Nichols — Bitcoin Magazine 🔶 Dave Ripley — Co-CEO of KrakenChapters: 00:42 — Dave Ripley of Kraken on the state of the market05:01 — How institutions are really entering crypto and tokenization07:19 — Stablecoins and the rise of B2B cross-border payments10:28 — Why Solana and Ethereum lead tokenization, not Bitcoin14:17 — How crypto got political: Gensler, Warren and the Clarity Act21:10 — Inside Kraken's Fed master account and Wyoming bank license23:52 — The bank fight over stablecoin interest and the GENIUS Act31:31 — Sovereign Bitcoin adoption and a possible U.S. reserve38:15 — AI trading, agents as economic actors, and a bullish close#Bitcoin #Kraken #DaveRipley #BitcoinMagazine #Stablecoins #Tokenization #TokenizedStocks #GENIUSAct #ClarityAct #CryptoRegulation #StrategicBitcoinReserve #SovereignAdoption #InstitutionalAdoption #DeFi #NinjaTrader #FedMasterAccount #BitcoinNews #MarketStructure #AITrading #BTC #WyomingSPDI #QualifiedCustodyDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Is China's open-source AI strategy a values shift or a game-theoretic bluff? On this episode of The Bitcoin Policy Hour, the BPI team argues it's the latter and explains what happens when Chinese chips catch up to Nvidia. They dig into the Dean Ball vs. David Sacks debate over regulating Chinese models, "FINRA for AI," and the commoditization of intelligence. Plus: the first hearing on the American Reserve Modernization Act and the future of a Strategic Bitcoin Reserve. 🔶 Connect with Zack Shapiro on X: https://x.com/zackbshapiro🔶 Connect with Zack Cohen on X: https://x.com/zackcohen_🔶 Connect with Ken Egan on X: https://x.com/Bayman11771🔶 Learn more about the Bitcoin Policy Institute: https://www.btcpolicy.org/Chapters: 1:34 — Kimi K3 Breaks Open-Weight Records4:28 — Should the US Restrict Chinese AI Models?10:25 — "FINRA for AI" & the Open Source Ethos20:16 — Xi Jinping's Global AI Governance Push28:14 — AI at the Industrial & Health Care Layer30:44 — The Data Center Backlash37:06 — Why Opposition Went Bipartisan43:05 — The Jacobian Conjecture & the Prompting Gap52:00 — Bitcoin Reserve Bill (ARMA) & DC Departures#Bitcoin #BitcoinPolicy #AIPolicy #OpenSourceAI #KimiK3 #ChinaAI #ModelSovereignty #FreedomTech #DataCenters #XiJinping #GlobalAIGovernance #DavidSacks #DeanBall #StrategicBitcoinReserve #ARMA #BitcoinReserve #AIRegulation #USChinaAIRace #WorldAIConference #AIPrompting #BitcoinPolicyHour #BPI #Geopolitics #ArtificialIntelligence #FrontierDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Why are Bitcoin miners suddenly at the center of the AI infrastructure boom? Fred Thiel, CEO of MARA, explains "mullet data centers" — AI in the front, Bitcoin mining in the back — and why power is the bottom layer of Jensen Huang's AI pyramid. He details MARA's joint venture with Starwood, load-balancing technology that follows wind power in real time, and lessons from Bitcoin mining that now apply to hyperscale data centers. 🔶 Host: Spencer Nichols — Bitcoin Magazine 🔶 Fred Thiel — CEO of MARAChapters: 01:38 — Bitcoin at $63K: Macro Correlation & Where Price Goes From Here05:24 — Kevin Warsh's Fed, Inflation & AI's Impact on the Economy09:04 — $600B+ in AI Capex: Jobs, Productivity & the Trillion-Dollar Buildout12:20 — The AI Energy Bottleneck: Why Power Beats Chips17:40 — Mullet Data Centers: Bitcoin Mining Until the AI Comes Online24:01 — Data Centers & Communities: ESG Lessons From Bitcoin Mining28:43 — AI Agents, Pathology & Why Humans Are the Blocking Factor33:38 — Bitcoin as Digital Gold: Inflation, Deflation & Stablecoins40:04 — The Quantum Threat to Bitcoin Wallets & What's Next for MARA#Bitcoin #BitcoinMining #FredThiel #MARA #MarathonDigital #AIDataCenters #ArtificialIntelligence #AIInfrastructure #EnergyDemand #DataCenters #QuantumComputing #PostQuantum #BitcoinSecurity #DigitalGold #Stablecoins #AIAgents #BitcoinPrice #Macro #Inflation #FederalReserve #BitcoinMagazine #BitcoinPodcast #EnergyMarkets #GridPower #Hyperscalers #DataSovereignty #BitcoinNews #BTCDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

Armin Sabouri recently demonstrated how wallet fingerprints can be used to decompose payjoin transactions and recover payment amounts, and in this episode he explains what that means for privacy tools across the board. Shinobi and Armin discuss why standardization efforts like BIP 69 backfired, whether randomization can help, and how wallets can stop standing out on-chain. Grab your copy THE 2036 ISSUE👇https://store.bitcoinmagazine.com/pages/the-2036-issue🔶 Shinobi — Bitcoin Magazine🔶 Armin Sabouri — Payjoin Dev Kit contributorChapters: 01:08 Why Build a Dev Kit Instead of a Special-Purpose Privacy Wallet02:25 What Is Payjoin? How It Differs from Coinjoin02:54 How Chain Analysis Works: The Common Input Heuristic Explained04:10 Payjoin's Limitations: Counterparty Privacy Trade-Offs04:40 Wallet Fingerprints: The Attack That Deanonymizes Payjoins06:58 Building Open-Source Chain Analysis to Fight Chainalysis08:16 From Payjoin to Multi-Party Coinjoins: The NS1R Design10:14 Intersection Attacks and Measuring Privacy Across the Transaction Graph13:20 Roadmap: A Dozen New Wallet Integrations and Privacy Research Ahead#Bitcoin #BitcoinPrivacy #Payjoin #PayjoinDevKit #Coinjoin #ChainAnalysis #WalletFingerprints #BitcoinDevelopment #BitcoinConference #BitcoinMagazine #ArminSabouri #Shinobi #Spiral #OpenSats #CakeWallet #BullBitcoin #OpenSource #BitcoinWallets #PrivacyTech #BitcoinResearch #BIP77 #CounterpartyPrivacy #TransactionGraph #BitcoinDev #PrivacyByDefaultDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

AI is officially a national security issue and Washington is moving fast. The Bitcoin Policy Institute's Zack Cohen, Zack Shapiro, and Ken Egan break down Palantir and Nvidia's sovereign on-prem AI architecture, OpenAI's government-coordinated 5.6 rollout, and reports that Beijing may curb exports of China's top AI models. Then Zack Shapiro lays out his highest-conviction thesis: the biggest AI fortune won't be made by frontier labs, but by the people who help industry actually absorb the technology. Plus, a major CLARITY Act update as law enforcement opposition softens on Capitol Hill.🔶 Connect with Zack Shapiro on X: https://x.com/zackbshapiro🔶 Connect with Zack Cohen on X: https://x.com/zackcohen_🔶 Connect with Ken Egan on X: https://x.com/Bayman11771🔶 Learn more about the Bitcoin Policy Institute: https://www.btcpolicy.org/Chapters: 00:48 - Freedom Tech DC: Inside BPI's 2026 Summit & Mellon Auditorium Gala05:43 - Palantir & Nvidia's Sovereign AI: Is the Future of AI On-Prem?09:27 - David Sacks, Vendor Lock-In & the Case Against Frontier Lab Dependence13:52 - Zack Shapiro's AI Absorption Thesis: The McKinsey of the AI Age20:35 - From Refrigeration to Coca-Cola: Why AI Will Break the Billable Hour28:14 - Morgan Stanley's Data: 40% of AI Adopters Are Seeing Real Benefits30:09 - Will AI Agents Read Everything for Us? The Future of Content36:43 - OpenAI 5.6, Government Gatekeeping & China's AI Export Curbs50:50 - Anthropic's J-Space, AI Consciousness & a CLARITY Act Breakthrough#Bitcoin #BitcoinPolicy #BitcoinPolicyHour #BitcoinPolicyInstitute #BPI #AI #ArtificialIntelligence #Palantir #Nvidia #OpenAI #Anthropic #Claude #SovereignAI #OnPremAI #AISafety #AIRegulation #AIConsciousness #Interpretability #CLARITYAct #BRCA #BitcoinRegulation #NationalSecurity #OpenSourceAI #ChinaAI #ExportControls #BigLaw #BillableHour #ChangeManagement #FreedomTech #FreedomTechDC #WashingtonDC #BitcoinMagazine #BitcoinConference #TechPolicy #AlexKarp #FrontierModelsDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.