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A protocol that paid people to lose took away the exit. What's left?
@laurashin and @3xliquidated of Delphi Digital on Papertrade, mercenary capital, and whether a team can rewrite a token's rules after users paid in.
Live 9am ET.
nitter.siddz.com/i/broadcasts/1qxvveNZO…
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"Return the money to investors. Like an ethical person would." 💸
@3xliquidated tells @laurashin what crypto teams should do when a venture fails.
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Catch the full conversation here 👇
PaperTrade Attracted $140M, Then Changed the Rules. Was It a Bait and Switch?
🎰 1,000x leverage, no fees, trades against the house, and a token for losing. PaperTrade drew $140M in pre-deposits.
Then it shelved plans to make PAPER transferable. I asked @3xliquidated whether @PaperTrade_xyz can come back from that.
Timestamps:
🎬 00:00 Intro
⚡ 02:01 What PaperTrade is and why it briefly flipped Nasdaq's daily volume
🎰 06:46 How PaperTrade's house pool pays winners and mints PAPER for losers
🚀 10:32 Launch week: $140M in pre-deposits and a price-feed play on day one
💰 15:12 Nexo: Generate daily interest on your crypto or borrow funds against your assets at unchainedcrypto.com/go/nexo-…
🔒 15:59 Why promise transferability if the risk was already in the docs?
🔄 17:31 Why PaperTrade shelved plans to make PAPER transferable
📉 24:07 Is PaperTrade over after a 93% one-day drop in staking revenue?
🧱 27:52 Why Jason says tokens should be judged like equity in a real business
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Two more central banks are in BLOOM: Bank Negara Malaysia and the Bank of Thailand joined MAS's cross-border digital money program on Oct. 23. No token, pilot or go-live date was named.
unchainedcrypto.com/singapor…
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An Argentine federal judge has cleared President Javier Milei, Secretary-General Karina Milei, Kelsier's Hayden Davis and eight others in the LIBRA memecoin probe, holding that nothing alleged amounts to a crime. The order is not yet final.
unchainedcrypto.com/judge-sh…
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D2 Finance says the Initia attacker sent unbacked tokens back through LayerZero, draining 71% of an Ethereum AUSD adapter and 96% of an ETH adapter. Agora froze the attacker's address roughly 89 minutes after the AUSD was swapped.
unchainedcrypto.com/initia-h…
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Rules set. Money in. Rules changed. 🔄
@3xliquidated tells @laurashin why @papertrade_xyz's reversal on PAPER is "a bad look," even if it keeps the protocol alive.
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Catch the full conversation here 👇
PaperTrade Attracted $140M, Then Changed the Rules. Was It a Bait and Switch?
🎰 1,000x leverage, no fees, trades against the house, and a token for losing. PaperTrade drew $140M in pre-deposits.
Then it shelved plans to make PAPER transferable. I asked @3xliquidated whether @PaperTrade_xyz can come back from that.
Timestamps:
🎬 00:00 Intro
⚡ 02:01 What PaperTrade is and why it briefly flipped Nasdaq's daily volume
🎰 06:46 How PaperTrade's house pool pays winners and mints PAPER for losers
🚀 10:32 Launch week: $140M in pre-deposits and a price-feed play on day one
💰 15:12 Nexo: Generate daily interest on your crypto or borrow funds against your assets at unchainedcrypto.com/go/nexo-…
🔒 15:59 Why promise transferability if the risk was already in the docs?
🔄 17:31 Why PaperTrade shelved plans to make PAPER transferable
📉 24:07 Is PaperTrade over after a 93% one-day drop in staking revenue?
🧱 27:52 Why Jason says tokens should be judged like equity in a real business
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Phantom began opening prediction markets to its US users on Friday. Orders go to Kalshi through an account users create or link in the app, and Phantom said access will widen over the next few weeks.
unchainedcrypto.com/phantom-…
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Tokenization, a word missing from the SEC exam division's 2025 and 2026 priority lists, is now on examiners' clearing-agency agenda for fiscal 2027.
unchainedcrypto.com/sec-exam…
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Swell has halted swETH and rswETH deposits and withdrawals until NAV is back "to the correct value." "All funds are safe," the team wrote. No reopening date yet.
unchainedcrypto.com/swell-fr…
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Austin Griffith put about $1 in an Ethereum wallet whose private key was the number 6969. He said three theft attempts were pending as soon as it landed. On-chain records show the funds left 12 seconds later.
unchainedcrypto.com/austin-g…
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a16z Crypto is now a16z Frontier. Chris Dixon says its new fund will reach "beyond crypto startups," and general partner Ali Yahya has confirmed he is leaving the firm to start a company.
unchainedcrypto.com/ali-yahy…
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New York's attorney general asked a state court on Thursday to set the judgment against NovaTech founders Cynthia and Eddy Petion at $1.37 billion. More than 11,000 New Yorkers invested in the scheme.
unchainedcrypto.com/new-york…
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How did one trader move @papertrade_xyz's prices on launch day? 📈
$5M to $20M market orders on @HyperliquidX. @3xliquidated and @laurashin on the oracle risk behind it.
piped.video/DZ6FpZ4HORs
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Delphi Digital's Jason Pagoulatos said on Unchained that Papertrade's choice to keep PAPER non-transferable is "not exactly a rug," but that the team is "kind of bait and switching" users who deposited under the old rules.
unchainedcrypto.com/delphis-…
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Users kept sending crypto to CoinDCX deposit addresses compromised in its July 2025 hack. The exchange says its process for sweeping those funds failed for a period, and it is absorbing the losses and crediting affected users.
unchainedcrypto.com/coindcx-…
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Matthew Modabber, Polymarket's marketing chief and a friend of CEO Shayne Coplan since high school, is out after an internal review, unnamed sources told the New York Post. The company declined to comment.
unchainedcrypto.com/polymark…
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Catch the full conversation here 👇
How eMudhra Signed for a Year With a ‘4’ as a Private Key: Uneasy Money
What happens to security schemes that quietly assumed nobody would try? 🤖
According to @kain, AI agents now will, and that thread ties together a weak CA key, two PHP bugs, and the @papertrade_xyz launch.
@tayvano_ and @austingriffith weigh in on Uneasy Money.
Timestamps:
🎬 00:00 Intro
🌐 02:07 Why a burst of unrelated internet-breaking bugs landed in the same 48 hours
🔑 05:13 How a certificate authority's private key turned out to be the number 4
📧 17:47 Why revoking bad certificates runs on a literal email thread
🤖 22:52 Kain on why schemes built on human laziness are unraveling against AI
🐘 25:34 PHP to shell: two remote code execution bugs in the language behind the web
🛡️ 33:21 How Cloudflare is shielding unpatched PHP admin panels during the rollout
🎣 36:04 Austin's $1 test: how fast bots drained a weak Ethereum private key
💼 37:44 Nexo: Generate daily interest on your crypto or borrow funds against your assets at unchainedcrypto.com/go/nexo-…
🪣 38:25 papertrade's 1,000x 'bucket shop' and the token you earn by losing
📚 48:55 The mechanism design lessons hidden under DeFi Summer's degeneracy
🐋 52:35 How DeepSeek keeps getting smarter while Kain's API bill fell to $3 a month
🏛️ 57:06 Why DHS banned DeepSeek and why Austin says local models are the safer bet
♾️ 01:05:13 Why Kain says Anthropic gives off SBF vibes and could be 'worth infinity'
🎯 01:14:23 The drained-key update: bots grabbed 10-digit keys, but 12 digits held
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"It's worth infinity if you control the world's intelligence." 🧠 @kain on what happens if Anthropic stops burning cash.
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"They can get in and do what they want." 🔓
@austingriffith on the PHP bugs, with @tayvano_ and @kain on why researchers, including a team from OpenAI, had to widen the disclosure circle slowly.
piped.video/SfuSvK9EmrQ
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