For anyone who CAN get visa-free access (or can get a visa or whatever), Japan is actually the ideal place to do a "network school 2.0". Yes, this screws people from India/Arabia/Africa/etc., but Japan has so many advantages otherwise to make it worth it.

Network School is not shutting down; that’s fake news. We received two notices. The first tells us to change the text of a sign. The second says that our coworking site, which was created by joining two adjacent units, evidently has a valid license on the left hand side but not the right hand side. We have a remedial period for both issues, and will remediate them shortly. But our members are otherwise unaffected.

A bold but costly move. The last time someone tried this in Malaysia was 1965. He got kicked out in tears. Anwar has lost two state elections, Johor this month and Sabah before it. The non-Malay votes are gone (he may well blame DAP for that), so his only play now is proving he has Malay rights at heart. Anything with a hint of Zionism gets removed with a passion. NS may be wrongly tagged as Zionist, but in an election year, that costs NS dearly. And tweeting a showdown? Unwise. It reads as “meet me or I leave.” Anyone with lieutenants versed in Southeast Asian mannerisms knows that’s suicidal here. Unless that was the gameplay all along: force the exit, walk out the door. Just like Lee Kuan Yew in 1965.

Should the global tech community continue investing in Malaysia? Given recent events, I raise this question respectfully for the consideration of Prime Minister Yang Amat Berhormat Dato’ Seri Anwar bin Ibrahim (@anwaribrahim), for the people of Malaysia, and for our friends in the Malaysian tech community. The answer will be of interest to anyone in global tech that’s considering building, investing, or expanding in Malaysia, including executives at Google, Amazon, Apple, and Microsoft, founders of tech unicorns like Coinbase and Solana, and investors at the world’s largest venture capital funds like a16z and Polychain. As context, I am the former CTO of Coinbase and former General Partner at a16z. In October 2024, I opened a startup society called Network School in Malaysia, because I felt I’d been invited in by the government’s pro-tech policies. Specifically, the KL20 initiative set out Malaysia’s ambition of becoming a top 20 global tech hub. Their MDEC digital nomad visas and MM2H investor visas were created to facilitate an influx of global talent and capital. And the Johor-Singapore Special Economic Zone was announced to facilitate the flow of capital and talent between Malaysia and Singapore, where I live. When taken in combination with Malaysia’s datacenter buildout and its policy of welcoming visa-free visits for 98% of the world, it seemed like Malaysia might be a great place to build a global tech hub that was simultaneously inexpensive and easy to visit (especially for non-Westerners). And that’s what we did, by creating Network School. It’s an international tech community with its first node in Forest City, Malaysia. We picked Forest City because it had millions of square feet of empty space, because it was one hour from Singapore’s capital markets, and because it was within the Johor-Singapore Special Economic Zone. Then, within 18 months, without a single penny of government money, we built Network School into a global attraction that brought thousands of engineers, investors, and builders from 70+ countries to learn technology, burn calories, earn online, and have fun, integrating with the local Malaysian economy along the way. Indeed, in terms of quantifiable contribution to the Malaysian economy, we’ve already invested 100M+ MYR in our campus to make it startup-friendly. For perspective, that’s about 4% of the budget of Johor, the Malaysian state where Forest City is located. We employ dozens of Malaysians directly and indirectly at every level from executive to staff. We’ve backed Malaysian tech startups like Collektr, hosted events for local teams like Superteam Malaysia, and are major customers of many local businesses like barbers, laundromats, and restaurants. We’ve also revitalized the multibillion-dollar Forest City project, causing millions of MYR in real estate appreciation. And, as the video below describes, we were on the cusp of a 500M+ MYR expansion to grow our community, as well as a global merit scholarship with my friend Amjad Masad of Replit. However, that emerging multi-billion dollar success story — which should rightfully have been hailed as a huge victory for the pro-tech policies of the Malaysian government — is at risk of being derailed by a fake story spread by an anonymous account named MP4P. In short: on the day before the July 11 Johor elections, MP4P posted an Instagram post falsely accusing Network School of harboring illegal aliens. The sensational accusations caused a tizzy in Malaysia, until Malaysian authorities came to our campus on July 14 to investigate. (I should note that the officers were very polite and professional.) After checking hundreds of physical passports from 40 countries, including dual passport holders, the authorities confirmed to the press on July 15 that all travel documents were in order. During the process, we cooperated fully; in the thread below you can see a photo of the men, women, and children of Network School smiling and holding up their passports in the bright daylight. Our faces are shown and our names are known; we have nothing to hide. With that said, the process is the punishment. What MP4P did is very similar to the American crime of “swatting”, because MP4P created a hoax report of a serious threat, thereby forcing the Malaysian police to take time away from protecting the Malaysian people towards investigating a nonexistent issue. Moreover, this anonymous MP4P account has also called for Malaysia to boycott Apple, Google, Amazon, and Microsoft…a move that would cost ordinary Malaysians thousands of jobs…even while MP4P’s own Instagram collaborators promote their Apple and Google apps! I mean, we aren’t talking about a credible accuser, but just someone screaming inconsistently at the top of their lungs on social media for traffic, an all-too-common phenomenon these days. Anyway, at this point, all further investment we were planning to make in Malaysia is on hold until we get sufficient assurance that such issues won’t recur. So are the investment plans of many of our friends, including the execs and investors at global tech firms that we brought to Forest City. Because to put it very plainly: we have invested 100M+ MYR in Malaysia, while creating jobs for dozens of Malaysians, and our faces and names are known. Our Malaysian executives and employees deserve the benefit of the doubt over anonymous internet trolls. There are two paths forward. In the first case, if Malaysia still wants continued global tech investment, if it wants to be a top 20 tech hub, if it wants us to revitalize Forest City, then we request an audience with the Prime Minister’s office to discuss the terms of a memorandum of understanding between Network School and the Malaysian government, similar to the document recently signed between the Solana Foundation and the Kazakhstan government. Specifics can of course be discussed, but we would publicly commit to abiding by all Malaysian laws (we already do) and respecting Malaysia’s sovereignty (never in question). In return, they’d get to know our friendly community, and realize that we actually chose Malaysia because we thought it was a great place to build a tech hub where engineers from the global South, investors from the West, and builders from Malaysia itself could meet new people, build cool things, and perhaps create millions of dollars in economic growth in the fullness of time. That vision of peace and trade, internationalism and entrepreneurialism, is still on the table. We aren’t asking for any money — just a meeting, to help restore confidence in Malaysia as an investable jurisdiction. Alternatively, if you don’t want our investment, or those of our colleagues at billion dollar funds and trillion dollar companies, we will of course respect your wishes, and reallocate our capital to other countries instead. Either way, we will remain friends and abide by your decision. Please let us know.

Late (in NYC) but a new story from me: @tradexyz started offering pre-IPO perps tied CXMT, China’s SK Hynix. Not surprised given the demand, but interesting and new product done by crypto - something we haven’t seen in the space for a bit

@TheOneandOmsy Stablecoins are fiat currencies tokenized onto blockchain. Unlike crypto, they are backed 1:1 by underlying reserve assets, making them fundamentally different from unbacked crypto tokens.

1/ Today is the final day to support the quadratic funding round for Internet Freedom by @torproject and @FundingCommons. Donations go to 10 organizations working across privacy, anti-censorship, and secure-journalism projects.

After my sabbatical, I have decided to step down as co-executive director and board member of the Ethereum Foundation (@ethereumfndn), effective today. That time gave me space to reflect on my priorities and the kind of life I want to build next. During my break, Bastian (@aerugoettinea) guided the transition with care and thoughtfulness, and I appreciate the work he and many others have put into that process. Over time, I've come to feel that this is the right moment for me to step back. Serving as EF co-executive director let me see the bigger picture of how the Ethereum community collaborates. I'm proud of what we've accomplished, not only at the EF, but across the builders, researchers, educators, node operators, validators, users, and many other contributors who have helped build, maintain, secure, and use the infrastructure and applications on top of it. What I will remember most is the people behind the work. We come from different places, speak different languages, and build different things. But the purpose that brought so many of us here remains the same: building a world that no one can shut down, making systems more open, resilient, and more access to anyone, anywhere. Ethereum has always been bigger than any one role, any one organization, or any one moment. Its strength comes from those who keep building permissionless infrastructure across the ecosystem to unlock freedoms that didn't exist before. To everyone at the EF and across the Ethereum community who made this journey meaningful, memorable, and often unexpectedly fun: thank you. I'm grateful for the dedication, integrity, and care so many people have brought to this work. I'm still working out what comes next, though I expect to spend more time closer to home. I remain a proud member of this community, whether contributing from inside the EF or beyond it. What we've built was handed to us by those who came before, and it is ours to carry forward. I'm grateful to have been one runner among many, and I'll continue to cheer for what comes next. Thank you, all of you. Hsiao-Wei Wang