Good now revolutionaries—

Will is back from Mexico and the timing could not have been worse for DeFi. Over the weekend, KelpDAO was exploited for ~$293 million via a Layer Zero bridge — the attacker fraudulently minted RSE, parked it on Aave as collateral, and borrowed out legitimate dollars in roughly an hour. It's the biggest DeFi hack of 2026 so far, and Layer Zero is pointing directly at North Korea's Lazarus Group / "Trader Traitor." Aave froze RSE on V3 and V4, but not before the contagion kicked in: Aave saw ~$6.2B move out (~23% of locked capital), Morpho lost almost a billion in net outflows, Jupiter and Sky Protocol bled too.

Also on the show: Circle CEO Jeremy Allaire pushing back on protocol-level kill switches; Alex making the case that these aren't hacks at all — they're bridge exploits cascading into protocols that weren't built to absorb them; the Vercel / Shiny Hunters breach where $500K in Bitcoin is the asking price for Next.js supply-chain access; Bitcoin's top-heavy-but-grassroots case; and the White Whale's return post — plus the pump.fun copycat that tagged Evan within minutes. Evan closes with the sharp one: don't buy creator coins. Ever.

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