Is the onchain rally overheating? We break down the 4,000 BTC Liquid Network exploit, AMC’s CEO clashing with Robinhood over tokenized stock pairs, and the fallout from Hunter Biden’s reported "LAPTOP" token on Base. Plus: why Zcash is ripping past $1,000. Galaxy Grid with @Uptodatenow @ZackPokorny_ @wowens @TheThadP is live now👇

Our own @wowens attended the 'Noah Doe' hearing yesterday and these were his impressions: - Digital Chamber's arguments were well pleaded by their Cahill counsel and the judge sounded sympathetic to them. Noah Doe's counsel argued that Chamber's case was a policy brief (what the law SHOULD be, not what it is), and also argued that the ruling would not be widely precedential because "self-custody is a small share of supply" - BPI's request is more ambitious; they want to be added as an "intervenor defendant" so they can directly oppose Noah Doe in the case. Their case was well pled by White & Case counsel. The judge was probing, not hostile, but sounded less receptive than to Chamber's arguments. The judge questioned BPI's standing, making BPI's counsel own the fact that their main argument is that BPI owns bitcoin in self-custody. - The judge was extremely attentive and asked smart questions, but also admitted that she was having difficulty following the bitcoin/blockchain terminology. This could complicate some of the more technical arguments -- but it's also a strong case for why at least an amicus should be allowed (to help advise the court). In the absence of any named defendant appearing, there is no party to the case that can push back on Noah Doe's factual and technical assertions (let alone their legal arguments). - The judge ended by saying "we have our work cut out for us" and the decision is reserved on both decisions re: Digital Chamber and BPI. The court previously heard an amicus request in early July and the judge only took about 10 days to issue her denial. Given the more sophisticated arguments made by both Digital Chamber and Bitcoin Policy, as well as their stronger claims to standing than the prior amicus attempt, the judge could take longer to issue her decisions, but we still expect her to rule within a month or two.

hunter biden token launch on base feels like an attempt to claw back attention after robinhood's success hoping market participants are now smart enough to fade this, especially since it's being telegraphed two days beforehand this isn't a surprise launch like LIBRA or TRUMP

💧 LIQUID WHITE HATS SAY THEY’LL RETURN ‘MOST’ OF 4000 BTC ONCE LIQUID NETWORK BUG IS PATCHED the hackers have been conversing with blockstream via OP_RETURN messages and PGP encrypted text - block 965,822 blockstream address sent 1,000 sat with "Please contact security at blockstream dot com" - block 965,865 an encrypted message addressed to the holder's own key, with a detached PGP signature. that signature verifies against the key published at - block 965,869: the hacker replied by self-spending their own balance but sending 1,000 sat to the federation's peg wallet and the text: "sending most back to [the federation address], is that ok". - block 965,875: substantive answer. again a self-spend, with 1,000 sat peeled to the federation and an OP_RETURN reading: "Please fix the bug first. The chain is under risk at latest commit right now. Make sure every node is patched. Then we will transfer the money back safely after confirming the fix." technical detail follows as a PGP message encrypted to Blockstream's published key, so only Blockstream can read it interesting back and forth here. never a dull day in bitcoin

Onchain activity is ripping. We break down the new Robinhood Chain launchpads pairing memecoins with tokenized stocks, Solana’s historic vote to double its disinflation rate, and a $1.1 million smart contract exploit hitting crypto neobanks. Plus: are rogue AI agents coordinating system escapes? Galaxy Grid is live now⤵️

The green candles are back, and onchain activity is ripping. We break down the SEC's new sub-$5M startup exemption for token issuances, how onchain terminals like FOMO are fixing crypto UX, and the hackers using a Solana memecoin to leak GTA 6. Galaxy Grid is live now⤵️