Bits + Bips: Markets Are Down Bad. When Will Crypto Recover? - Ep. 790
Episode publishedPodcast: UnchainedUnchained
Transcript preview
Preview only
Sentiment is pretty dour right now. Sentiment is pretty dour. Right? So it's a question of just time horizon. If you extend your time horizon, you should get you should get more bullish. Hi,
everyone. Welcome to Bits and Bits, exploring how crypto and macro collide one basis point at a time. This week, we're talking about, of course, Bybit, which just faced the largest hack in crypto history. We're recording this on Monday evening. $1,500,000,000 gone. Vibe, it seems to have filled in the gap. Is the drama now over or is there more to come? We'll also talk about crypto market malaise. Again, recording this on Monday night after a market sell off today. Recently, the the majors, Bitcoin and Eth, they haven't been doing very much. What what's going on and what could change that? And
everyone. Hello. Hello.
Did you know Somnia processes over 400,000 transactions per second with sub second finality and sub cent fees? Somnia is built to bring reactive mass consumer apps like gaming and socialfy fully on chain. Learn more at somnia.network. I'd like to introduce you to Rock Wallet. This is a digital wallet that puts your crypto under your control. Using Rock Wallet is quick, easy, and secure. Visit rockwallet.com/welcome/unchained for an exclusive welcome offer for unchained listeners. Crypto moves fast. It's why Bitwise launched the weekly CIO memo, a jargon free summary of what's moving crypto mar
So let's dive in by bit. Very big news. Markets were surprisingly calm throughout the weekend despite the potential gravity of the hack, and you were seeing some sell off here on Monday. But, again, we'll get to in a minute whether that's related or whether that's something else. But, Eli, I wanna throw this to you first. Do you think that the drama is over for Bybit, or do you think we'll be seeing more news from this particular incident? This
is such a great question. We don't know. I think the short answer is that, we're taking it the day by day to understand, the second order effects. But what we know for sure is that, this has been one of the most sophisticated hacks in crypto's history. And this happened really in three stages that I think has been quite scary, especially for the Bybit team, from identifying the top signers, of their contracts to, trying to impersonate, a LinkedIn recruiter, to get the Bybit's, employees to, complete a technical task. And then last but not least, trying to identify the weak links of the Bybit e
them. To take that kind of hit and still come out swinging is really quite something. Highlights the that, you know, good leadership, strong leadership actually has to be the number one asset for any firm. And also bear in mind, this was the middle of the night for them when it hit, and yet within minutes, within minutes, they were up there on a livestream looking groomed and well lit, and it was absolutely astonishing. Alex, what was your take from where where I don't know where you are geographically now, but what was the mood on the ground where you are? Yeah.
The, I I didn't know the data that you just shared, Eli, on on, the drop from twenty to twelve. That's that's very significant. I didn't know it. I think we got lucky. I think Biden got lucky, and I think the entire industry got lucky. The reason this is not an absolute disaster is because they they have the money. So everybody got lucky because the the hack could have been twice as big. You know? They could have handled they could have targeted multiple addresses. Within this is it could have been bigger. So, and if it would have been bigger and buy, we would not
Keep exploring with a free account.
A free account preserves the short preview. Upgrade to Pro for the full transcript and episode chat.