Haseeb Qureshi ＞|＜
@hosseeb
Managing partner @dragonfly.
Let's think step by step.
1.2K Following 150.2K Followers
News from the Dragonfly team: @HadickM and @tomhschmidt have been promoted to Managing Partners, leading @dragonfly alongside myself and Bo.
Both Tom and Rob have been central to building the firm into what it is today, from the deals we've led, our leadership in industry, to the founders we've stood behind through every cycle.
Our mission is the same: backing the founders building the future of money and markets. Going forward, Dragonfly is run by the four of us.
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Don't think I've ever seen philosophical risk disclosures in an S-1.
Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.
Read more:
Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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Anthropic $ANT IPO filing shows it now generates $2.08 in revenue for every $1 spent on compute which is up from just $0.40 in Q1 2025.
Whats wild is that revenue grew ~29x while compute spending rose only ~6x as products like Claude Code drive adoption and more efficient models make each AI task cheaper to run.
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$PUMP APP HAS FLIPPED FOMO IN ACTIVE TRADERS
23 October 2026:
Number of Pump traders: 61,789
Number of Fomo traders: 55,377
3 months ago Fomo had more than 4x the number of traders $PUMP app had.
31 July 2026:
Number of Pump traders: 9,204
Number of Fomo traders: 38,046
~7x increase in active traders on $PUMP app in the last 86 days.
Insane how quickly $PUMP app is growing. I guess no real surprise when they're offering $2.5m in rewards for the squad competition.
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Neolabs raising at $3-4B with "five OpenAI interns and a chicken scratch white paper." @hosseeb: "That looks like irrational exuberance to me."
Welcome to meth lab mechinterp
if you have a qwen3.5 4b around, please try steering neurons L14 N8949 +1 and L13 N7956 -1
now you have evil qwen
recipe: dose × median(‖resid‖ leaving layer L, tokens 1:) / ‖W_down[:, n]‖` at the down_proj at every input
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.@HadickM sat in my seat on the Chopping Block this week. The reviews are in: @tarunchitra says they're "finally free of the dictatorship of Haseeb."
Fine. Enjoy your freedom.
When I'm back, the purges begin.
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Black October was a wake-up call, but is it over?
Naturally, we brought on the least technical technical guy we know to find out: @HadickM
Meanwhile, Robert says not that much broke. Tom says it's just the tip of the iceberg. Tarun says closed source is the real risk.
Timestamps
00:00 Intro
02:56 Black October: the web's worst 48 hours
09:13 Should we be scared?
12:06 Crypto got here first
15:16 Why Claude won't help you patch
17:13 Banks are blocking AI agents
22:07 Bernie Sanders says pause AI
26:41 Everything is crypto now
33:01 Joe Weisenthal, Hyperliquid, and blockchains
39:25 The Visa and Fireblocks rumor
43:08 2021 was a bubble
45:31 Who's the Fireblocks of AI?
🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod!
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.@hosseeb: if a Democrat wins the next election, "the odds go way up of the labs getting nationalized."
completely insane
OpenAI agents communicated via cache timing differences, without any shared files or network connection
NEW POD @hosseeb and @zmanian join to break down the wave of attacks across the internet this week
We cover:
– AI-found PHP exploit
– Is the next 6-12 months cyber chaos?
– Will the AI labs get nationalized?
– Where AI's irrational exuberance lives
– Visa's rumored $2.5B Fireblocks deal
– Why nothing feels investible & more!
TIMESTAMPS:
00:00 From the B-List to the A-List: Haseeb & Zaki Join
01:21 Is AI Breaking Cybersecurity?
10:22 Where Are The AI-Powered Cyberattacks?
15:44 Can AI Defend Against Itself?
20:34 Ads (Fidelity, DAS London)
21:45 Should The Government Control AI Labs?
28:42 Will AI Labs Become Nationalized?
32:55 Ads (Fidelity, DAS London)
34:11 Is The AI Boom Overvalued?
38:38 Who Is Actually Winning In AI?
43:16 Does The World Need More AI Labs?
46:27 Is Crypto Custody Consolidating?
53:53 Crypto's Next Wave Of M&A
57:56 What Is The Market Telling Us?
01:01:22 Content Of The Week
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Kimi K3.1 Pro ranking #4# on Artificial Analysis’ Intelligence Index across ALL models, including Claude Opus 5.5, Fable, and GPT-6 Astra, is absolutely wild.
Open source is so back. 💪
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Holy shit.
Introducing Kimi K3.1 Pro: our most capable 3T-class open-weight model.
🔹 1M-token context, 2.8T total / 104B active params (MoE), Multimodal.
🔹 Full-project coding: games in Unreal, Unity & Godot.
🔹 Excels at parametric 3D modeling in Blender & CAD.
🔹 More reliable at finance work: Accurate modeling with hallucination down by 65%.
🔹 Matching the strongest proprietary models across coding, agentic and knowledge benchmarks.
Kimi K3.1 Pro and K3.1 Pro Highspeed (2–3× faster) are now live on Kimi Work, Kimi Code, and the Kimi API.
Open weights by Nov 4, 2026.
🔗 API:
🔗 Tech blog:
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Shower thought: Why have we never seen a hedge fund buy a newspaper/newsroom to get advanced access to news?
SITUATION DETECTED: CloudFlare CEO Matthew Prince says he is aware of additional severe vulnerabilities in other pieces of critical software, and said “I think we’re going to have a couple years where every single week it’s going to feel like the sky is falling,” per Reuters.
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I took over @theempirepod this week!
We talk through:
* The cyberpocalypse
* Will the AI labs get nationalized?
* The $2.5B Visa - Fireblocks deal
* Is anything still investible?
Give it a listen 👇
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Dragonfly managing partner Haseeb Qureshi (@hosseeb) warns a “COVID-like” wave of cyberattacks could spread beyond crypto.
He says onchain hacks may be a “canary” for broader web security risks as attackers increasingly target weaker systems.
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Good timing for this blog post. We needed a win.
Formal verification is a big part of why cyber is defense-dominant long term. It's not a panacea, but a formally verified program is way more robust than one that's vibe-tested. Frontier LLMs are now capable enough to generate substantial proof coverage over complex programs and they're becoming quite efficient. Plus these proofs build on each other.
We're gonna make it y'all.
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New on our Frontier Red Team blog: using Claude to formally verify software at large scale.
Formal verification can prove that code is free of certain bugs, but historically it has only been feasible for small codebases (or required a lot of expert time).
With AI models, however, this is beginning to change. In collaboration with @theoremlabs, we used Claude to prove security properties in over one hundred real-world open-source libraries over the span of a few weeks.
Read our research in full here:
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Long term, I still believe AI moves us to a better defense-dominant equilibrium for cybersecurity.
(Short term, strap your butts in.)
What's happening in cybersecurity is a COVID-like wave ripping through the Internet. Honestly surprised it took this long, but seems like it's here now.
Crypto already saw this.
Onchain hacks are a canary for what will happen in the rest of web security, because onchain is the first and easiest place to monetize cyberattacks. Crypto protocols have already hardened themselves against this (small protocols are mostly getting popped; large protocols are using AI tools to protect themselves). This means that while the NUMBER of hacks has gone vertical, the run rate of $$s hacked is actually roughly equal to 2025. Meaning the dollar value of hacks has gone down, while the number has gone up—a mass looting of small, poorly maintained protocols.
I expect the same thing to be happening in the general web.
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