"Microsoft's revenue went from 198 billion to 332 billion in the last four years, while staff only increased by 2,000 people." @chamath on AI productivity gains at Microsoft.

A strong indication for systemic risk contagion in the world of DeFi.

"That $80 billion loss is a phantom number." @DavidSacks on why Anthropic's $80 billion loss was not real.

Trump DOJ backs OpenAI against the New York Times in court. The filing calls training LLMs on copyrighted texts 'extraordinarily transformative' and fair use, and rejects any argument that it violates copyright law.

Riot police are deployed around the Constitutional Tribunal in Warsaw. President Karol Nawrocki went inside, and scuffles broke out at the entrance. Protesters and police are facing off outside Poland's top court.

"There's no single company in the world that is doing more to race towards full RSI than anthropic." @DavidSacks on Anthropic and the coming split with the doomers.

"The AI complex has gotten so big that it now competes with U.S. Treasuries." @chamath on the systemic risk of AI competing with Treasuries.

"The entire United States economy is levered to the AI complex." @chamath on AI companies competing with the US Treasury for capital.

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Binance lost roughly $6.3 billion, and the failure looks like one signing system that a single compromised laptop may have been able to reach. TRM Labs puts the total at $6.36 billion, about four times the $1.5 billion that walked out of Bybit in February 2025. Most of it left on ten blockchains within roughly 20 minutes of the first transfer at 20:05 UTC. Binance's initial investigation suggests a compromised DevOps engineer's laptop let an attacker into a service container and submit unauthorized withdrawals. Co-CEO Richard Teng later said the investigation "uncovered additional points of breach." TRM's best explanation is that the attacker could make Binance's hot wallet signing system sign whatever it wanted. TRM attributes the theft with high confidence to TraderTraitor, the North Korean unit most people lump in with the Lazarus Group. This is not a Bitcoin failure. TRM puts bitcoin outflows at 18,270 BTC, about $1.47 billion. The address Rob Hamilton pointed to as Binance's cold storage still holds roughly 248,600 BTC and hasn't moved. Tether froze 971 million USDT 37 minutes after the main sweep, and TRM counts about $2.67 billion in stablecoins frozen overall. If Tether can freeze a hacker's dollars that fast, it can freeze yours. Nobody could freeze the 18,270 BTC. Expect regulators to say the fix is letting Big Tech and the banks hold your keys. A bigger company is just a bigger single point of failure. Get your coins off exchanges.

French lawmakers approved a tax of €0.055 (5.5 cents) per gigabyte of data that companies like Netflix and YouTube send to French users. The vote was 11 to 10. Only 35 of 577 lawmakers were present. Supporters say it could raise up to €10 billion a year. The tax falls on the companies, not users directly, but the cost could be passed on to subscribers. The French government opposed it, warning it would hit smaller French companies hardest. VLC says it would cost it over €1 million a year.

Lummis to Amanda Fischer: "What you fail to understand about the Clarity Act is that it would classify Binance as a covered person because it is a digital asset service provider." Her read: Fischer cited a savings clause, not the whole section.

Trump says he is looking into the $6.3 billion Binance hack, as Binance says it has the situation pretty much under control.

CFTC proposes a federal registration option for crypto exchanges. Selig: "Markets are best protected when regulated in the U.S."

"She was stuffing her bag with chickens, just literally stealing chicken for dinner because it's that bad." @BrokenCountry_ director Mira Metter on Canada's food bank crisis.

Chainalysis, the firm that tracks crypto hackers, has been hacked itself. In a customer email seen by @IntCyberDigest, the company says an external attacker used "offensive agentic techniques" to gain unauthorized access to its systems. Exposed data: user IDs, full names, email addresses and organization role labels. Chainalysis says there is no indication that investigation content, passwords, MFA secrets or session tokens were accessed. It also says the incident is unrelated to the $6.3B Binance heist. The notice has circulated as a shared customer email. There is no broad public statement from the company yet.

Avenger air defense systems armed with Stinger missiles are now deployed near Mar-a-Lago, per the Palm Beach Post. They sit on a barge next to the estate and near the airport where Air Force One parks, at the Secret Service's request.

Binance lost $6.36 billion across ten chains last night, the largest theft this industry has ever seen. Its co-CEO now admits an EIP-7702 delegation "did not pass through our normal approval controls." Tether froze funds in 37 minutes. Nobody could freeze the 18,270 BTC. tftc.io/binance-hack-hot-wal…

.@theragetech says only about $2.7 billion of the $6.36 billion stolen from Binance has been frozen. Tether, Circle, Ripple and World Liberty Financial froze about $2.67 billion in stablecoins. Arbitrum's Security Council froze 8,426 ETH and 74.6 million ARB. The attacker raced the freezes, selling USDT to market makers and borrowing ETH against USDT on Aave. It still holds more than 420,000 ETH and 18,270 BTC, about $2.4 billion beyond any issuer's reach. TRM Labs attributes the theft to North Korea's TraderTraitor.

"Sanction... the Iranian banks and crypto exchanges. And then the external banks, financial institutions, crypto exchanges... doing business with those internal Iran factions. Like you knock out all of those." @LeveredUSTs on the order of operations against Iran.