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All the same people who shilled BlockFi/Celsius/FTX reflinks 2020-22 were shilling Bitget reflinks 2023-25.
It always seems the platforms with the highest marketing spend, tends to sit on the weakest foundation.
BITGET $350M HACK: POST MORTEM
Between 18:31 and 21:23 UTC yesterday, Bitget was drained for $350M across 7 chains, with 5 wallets compromised. Arkham has labelled 26 hacker addresses so far.
Here’s what happened after the attack:
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Coldcard was NOT an LLM enabled attack, people created seeds with weak entropy and had their weak seeds brute forced. Brute forcing is older attack than bitcoin itself. Don't allow yourself to be gaslit by this narcissist.
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The Bitcoin Policy Institute's annual "Freedom Tech Summit" (formerly called the "Bitcoin Policy Summit") was like 70% AI focused. 20% shitcoin/stablecoin focused. Maybe 10% bitcoin focused. Even the Saylor talk was just all shitcoins.
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Something that's been on my mind lately that I've struggled to put into words:
A lot of people on bitcoin twitter spent most of 2024–2025 (justifiably) criticizing Knots as a solo-dev project. It was basically Luke writing and merging the code with little to no peer review. The irony is that many of those same people who criticized Knots last year have spent 2026 solo-developing their own bitcoin node implementations, wallets, etc... They aren't writing their own code, they aren't reading their own code, and it's not being read by any peers.
I get it that in the past few months LLMs have enabled people to do so much more, but call me old fashioned, a luddite, or whatever, I just don't feel comfortable using any of this new stuff you guys have been shipping. I like using software that is used by a large crowd. Bitcoin Core is used by tens of thousands of people. I like software that is peer reviewed. I don't want to be on the frontier. If you want to use that wallet that somebody you met at a bitcoin meetup spent $23 dollars of Claude tokens on, go ahead, but I'll stick to what I'm most comfortable with, which is Bitcoin Core + Sparrow Wallet + an airgapped device.
True, but that's not really what I object to. I remember last year everybody (incl. rearden) was shitting on Knots for really just being Luke writing and merging code, with very few peer reviewers. I guess that's not a flaw anymore, but actually a selling point now because LLMs have gotten better?
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This is now the second executive from $NAKA to join Winklevoss's new Zcash treasury company
If you haven't noticed, this management team is knee deep in shitcoins. Dan Hillery, Steven Lubka, David Bailey, all 3 also have a history of incubating shitcoins. Take that how you will.
Excited to join the board of @cypherpunk and be part of what comes next. They have a great team, strong momentum, and plenty more to come. 🚀
@will__mcevoy @SinoCrypto @khingoei @deonsi
prnewswire.com/in/news-relea…
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Doesn't seem right to be holding a senior executive role at a bitcoin treasury company, while simultaneously serving on the board of another public company whose entire shtick is spreading lies and FUD about bitcoin to boost their altcoin
.@zooko: "Bitcoin is not a payment system that can empower individuals the way Zcashers and Hal Finney would have wanted."
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This Anson convertible note is some of the most incompetent shit I've seen in the BTCTC space.
I see @_Adrian, @Crypto_Mags, @BitcoinAIGuy and @TimKotzman are credited as formal advisors for this awful bitcoin treasury company. What the fuck are you guys even doing? Seriously?!
The Other Side of Every Trade: DDC
$DDC trades at a $12.7M market cap against $251M of bitcoin (2,899 BTC). 0.05x.
I've spent some time looking at the details and working out why. What's happening:
• A July 2025 convertible that converts at 94% of the lowest close of the prior ten days, no floor, first lien on the bitcoin. ~$17M is still outstanding. At Monday's price that's 83M new shares against 59M in issue. The holder converts, sells, waits for the low to reset, converts again.
• The share count went 8.3M → 56.8M in thirteen months. The bitcoin went 3.3x. Bitcoin per share is down 43%.
• Stock down 66% since an H1 print that cut liabilities by $50M. On Monday bitcoin rose 6.6% and DDC fell 9.6% on 72M shares. The balance sheet improves and the equity doesn't notice, because it isn't the equity's balance sheet anymore.
Management's side of the table:
• 875,000 Class B shares issued to the CEO at par for $14,000, eight weeks after the note. Vote raised from 10 to 100 a share. 75.5% of the vote for less than a used car.
• A warrant pool that resets every year to 25% of the count, strike at the board's discretion. Grants struck at $0.16 while the stock was at $10.
• A second evergreen registered in August. A $10M buyback with zero shares bought.
• Norma Chu ran equity research at HSBC before this. The three independent directors are the entire audit, compensation and nominating committees. They approved all of it!
They either didn't understand what they signed in the summer of 2025, or they understood it and built themselves a position the terms can't reach. Both are bad and disqualify the equity for a minority holder.
Subscribe to the Pharaoh Brief for the full piece: thepharaohbrief.substack.com…
$DDC $BTC
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The baseline volume of “Bitcoin” mentions on social media has stayed so high, been sustained for so long, that the algorithms now treat it like an ordinary English vocabulary word. That makes it much harder for "Bitcoin" to break into trending sections than it is for most other shitcoins.
That’s not a bad thing...it means bitcoin has reached escape velocity and is now deeply embedded in internet culture. It’s joined the small and exclusive group of ubiquitous technologies people use every day without thinking about it, and that’s bullish
How long has it been since #Bitcoin was trending?
Ever since Elon took over, it's basically never.
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I'm not sure if this is a hacked account or legit, but @SaniExp worth investigating further.
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