The newsletter details Lichen, a single‑issuer layer‑2 design that lets users exit to on‑chain Bitcoin without the issuer’s cooperation by using 2‑of‑2 contracts and on‑chain dispute resolution. It also covers a proposal to embed hash preimages in output script descriptors and regular updates on Bitcoin software releases.
Our full brief of this report is being written. Here is the short summary for now.
Chainalysis examined North Korea’s fake‑interview recruitment scams that culminated in Binance’s $6.4 billion theft. The report finds a series of smaller attacks let DPRK actors refine a playbook that now targets high‑value crypto firms.
The a16z crypto report examines how AI‑driven cost reductions are shifting the focus from reusable code to reusable networks in crypto. It finds that network scarcity—liquidity, reputation, identity—will become the primary moat for builders.
The Chainalysis report details its role in responding to the Mercado Bitcoin hack that stole roughly $49 million, highlighting how it helped freeze close to $10 million of the illicit proceeds. The key outcome was the rapid coordination that locked down $4 million in stablecoins early and later secured over $9 million via Tether.
The report analyses Bitcoin’s week‑45 market dynamics, noting a 2% price dip to around $78k driven by perpetual sellers while spot buyers remained resilient. It highlights elevated leverage, rising spot CVD, and increased long‑side funding despite modest declines in futures open interest.