Unchained

The Chopping Block: ETH Denver, EF Silviculture Society, Lazarus Group Has Skills - Ep. 792

Mar 2, 2025

A stunning $1.5 billion hack of Bybit is unraveled, revealing North Korea's Lazarus Group and their laundering methods using THORChain. At ETH Denver, an unsettling identity crisis is highlighted with the Ethereum Foundation's eccentric 'Silviculture Society' drawing community outcry. Meanwhile, memecoins face a severe downturn, as they're declared collectibles, and a bizarre bankruptcy auction involving a meme coin adds to the chaos. The discussion captures the evolving dynamics and ethical dilemmas within the cryptocurrency realm.

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Quick takeaways

Bybit's $1.5 billion hack underscores the sophistication of the Lazarus Group and raises questions about multi-signature wallet security practices.

The SEC's classification of memecoins as collectibles highlights a shift in regulatory landscape, significantly impacting market enthusiasm and new token launches.

The backlash against Ethereum Foundation's Silviculture Society signals a need for clearer communication and direction within the Ethereum community, especially amid recent challenges.

Deep dives

Market Sentiment and Conference Vibes

The current sentiment in the crypto market is notably negative, marked by substantial losses and a significant amount of liquidations, amounting to about one billion dollars recently. Attendees at the ETH Denver conference have reported mixed feelings, with some describing a sense of camaraderie and support amidst the downturn, while others point to pervasive complaints regarding infrastructural issues. A contrast emerges between the atmosphere at ETH Denver and previous events, with many feeling it's less chaotic and more subdued, allowing for easier networking and socializing amongst peers. However, others note a decline in attendance from international participants and casual attendees, suggesting a shift in interest and engagement in the cryptocurrency space.

Intro

2min

Reflecting on the Evolving Energy of ETH Denver

2min

Navigating Crypto Security: The Bybit Hack Analysis

9min

Unraveling the Strategies of Cryptocurrency Laundering

2min

ThorChain and the Ethics of Decentralization

12min

The Rise and Fall of Meme Coins

19min

Bets, Beverages, and Blockchain

5min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week: Recapping how Bybit lost $1.5B to North Korea’s Lazarus Group—how did it happen, and why did they use THORChain to launder the money? Meanwhile, Ethereum is facing an identity crisis at ETH Denver, with the Foundation’s bizarre “Silviculture Society” raising eyebrows across the ecosystem. And if that wasn’t enough, memecoins are in freefall, with Hayden Adams admitting the game was rigged all along. It’s a wild week—let’s break it all down.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Bybit’s $1.5B Hack – Largest crypto heist ever, pulled off by North Korea’s Lazarus Group. Attack exploited Gnosis Safe’s front end, not Bybit itself.

🔹 THORChain: The New Laundromat? – Lazarus Group uses THORChain to launder stolen funds, sparking backlash. Some THORChain members celebrated the volume spike.

🔹 Memecoins Declared ‘Collectibles’ – SEC says memecoins aren’t securities—right as the bubble bursts. New token launches are down 60%, and pump.fun is drying up.

🔹 InfoWars Bought With a Memecoin?! – Alex Jones supporters use Wars token to outbid The Onion for InfoWars.com in a bankruptcy auction.

🔹 Ethereum’s Cultural Crisis – EF’s ‘Silviculture Society’ announcement triggers community backlash. Hayden Adams calls it “peak Ethereum dysfunction.”

🔹 SEC’s Crypto Pivot – Enforcement shift: Uniswap, OpenSea, and Consensys investigations dropped. Is the SEC losing its war on crypto?

🔹 Richard Heart’s Case Dismissed – The SEC’s lawsuit against the HEX founder gets tossed on procedural grounds, but the agency has a chance to refile.

🔹 The Hyperliquid Question – Is Hyperliquid the next frontier for crypto liquidity, or a regulatory time bomb waiting to go off?

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly

Disclosures

Timestamps

00:00 Intro
00:48 ETH Denver
06:16 Bybit Hack & Its Aftermath
14:52 Lazarus Group Has Skills
16:52 THORChain and Ethics of Decentralization
24:49 Role of KYT Services in Crypto Security
28:40 SEC's Stance on Memecoins
37:19 EF Silviculture Society
46:43 Ethereum Scaling Bet

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Unchained

The Chopping Block: ETH Denver, EF Silviculture Society, Lazarus Group Has Skills - Ep. 792

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Market Sentiment and Conference Vibes

Bybit Hack Analysis

Meme Coins and Regulatory Landscape

ETH Conference Announcement Controversy

Ethereum Scaling Developments

Hosts

Disclosures

Remember Everything You Learn from Podcasts