Kaito’s Airdrop: Genius or Giveaway Gone Wrong? | Analyst Round Table
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I like to think of, like, when you have token and equity now as Schrodinger's cash flows where everyone believes the cash flows are going to both the token and the equity at the same time. But I think over time, again, with, like, efficient markets, like, the market's gonna figure out whether the token has any actual value or not.
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Hey, guys. Welcome back to Xerox Research. Today, we have some relative OGs from the BlockWorks research team on today, or I guess across research data and advisory now. We've got Westie, our, relatively frequent favorite, Dan Smith, and then David Efert Capital, on with us today. I I guess before we get into things, I do wanna do a another quick highlight for DAS. It's coming next month. It'll be in New York. There'll be a ton of great speakers there. There'll be some live podcasts. Folks from the research and various blockworks teams will be there. I know a couple of you guys will be there.
Yeah. I'm pretty pumped to meet James Christophe, longtime passion member of the of the pod. I'm not sure if he he claims to work at a bank, but I'm not believing it because he's in that Telegram chat just as often as me. So I'm just not buying it. No. I'm also gonna get a talk on REV, a fundamental truth of crypto, so that'll be fun as well. And, I guess while we're doing the the BlockWorks shows here, we're hiring across a lot of different functions across not only BlockWorks Research, but also the broader BlockWorks company. If you Google, you know, careers at BlockWorks, you know, it'll it
And to maybe close out the shill on DaaS, we have a code zero x 10. If you wanna make a trip out to New York, meet some folks from from BlockWorks, meet some folks from the industry. Get 10% off your tickets, zero x 10, at the link in the show notes. Check it out. Hopefully, we'll see you next month. Let's jump into some topics for today. I think the markets have been a little bit of, you know, it's so over. We're so back. It's so over again today. The big big sort of news on the timeline right now is the Bybit hack. Something like 1,400,000,000.0 plus worth of ETH, from their cold wallet was
It's definitely interesting to see a hack of this size. It's been a while to be well, at least it feels like it's been a while since we had one of these major exploits. Does a great job of tracking some of the largest exploits. Maybe I'll pull that up here in a second. But, this one, this one's kinda is is interesting. So it seems like there was a Gnosis Safe that Bybit used to control one of its cold wallets. This had, again, about $1,400,000,000 of Ethernet. And, the team put out a tweet that basically stated something to the effect of the addresses that we were looking at, appeared to be th
Yeah. Interesting enough. I saw, the Athena Twitter account tweeted out actually probably fifteen, twenty minutes ago. So they had their collateral assets from the customer deposits are not they don't reside on the exchange. They reside with copper or SEFU, which I think was, last year rebranded from Binance custody. And they, you know, do off exchange settlements, between the custody of, you know, Athena and and the centralized exchange. But the p and l of those Delta neutral positions are on the exchange. So it was $30,000,000 at the
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