Episode Transcript
Transcripts are displayed as originally observed. Some content, including advertisements may have changed.
Use Ctrl + F to search
0:00
I think if this thing goes well,
0:02
it's going to negatively impact my reputation
0:04
because it's with someone who's divisive.
0:06
And so there's going to be a lot of people who dislike
0:08
me just because of that reason. If it
0:10
goes poorly, it's going to negatively impact my reputation
0:12
because it goes poorly. There's
0:14
no way out of this. And so me just choosing
0:17
to do it one way or the other is going
0:19
to hurt me in some ways, but
0:21
I think it will help the likelihood
0:24
of this not hurting a lot of people. Hi,
0:30
everyone. Welcome to Unchained, your no-hype resource
0:32
for all things crypto. I'm
0:34
your host, Laura Shin, author of The
0:36
Cryptopians. I started coming crypto nine years
0:38
ago and as a senior editor, Forbes
0:40
was the first main-trade meter partner to
0:42
cover cryptocurrency full-time. This is the
0:44
September 17, 2024 episode of Unchained. Today's
0:48
episode is brought to you by Gemini,
0:51
a US-based crypto exchange built for new
0:53
and advanced traders. Gemini is offering new
0:55
customers $15 in BTC when they trade.
0:57
Sign up today to earn your Bitcoin.
1:01
If you're envisioning ways to make an
1:03
impact on transforming global systems through blockchain,
1:06
the Stellar Meridian 2024 conference is for you. Get
1:09
$50 off your ticket now
1:12
at meridian.stellar.org by using the
1:14
code unchainedpod. Mantle's
1:17
Emeth is now the fourth largest LST with $1.3
1:19
billion in TVL. Emeth
1:22
offers holders cumulative incentives and airdrops
1:24
in addition to native ETH POS
1:26
yields. It contributes to its exclusive
1:28
rewards like Eigen and Cook. Check
1:31
it out at emeth.mantle.xyz. Polkadot
1:34
is the original and leading layer
1:36
zero blockchain with over 2,000 plus
1:38
developers and the Polkadot 2.0 upgrade
1:41
will be a massive accelerator for the
1:43
ecosystem, making it faster, more
1:45
secure and adaptable. Perfect
1:47
for gamefi and DeFi to build, grow
1:49
and scale. Join
1:51
the community at Polkadot.network.ecosystem.com.
1:56
Today's guest is Ogle, crypto security expert,
1:59
founder of Glue. We
10:00
lost the negotiation, but I was just able to find them
10:02
physically. But in the next case, where it
10:04
was a 10% return, I did not know that person. Oh,
10:07
now I get it. Yes, sometimes we do. Sometimes
10:09
we don't. And that's the gamble the person has
10:11
to take. And that's actually part
10:14
of the game theory here is you don't know what we know.
10:16
And we're not going to tell you what we know. And
10:18
a lot of times we do know who you are. A lot of
10:20
times we don't, but we'll give you the flat. We'll give you the
10:22
offer that we give everyone else. It's 10%. Or
10:25
you can worry about what happens next week. You
10:28
know, it's up to you really. Well, so
10:30
something that was also interesting that
10:32
I heard you say was you said frequently
10:34
the hackers are Asian, like
10:36
from Asian countries. Why do you think that is?
10:40
Yeah, yeah, by Asian, I mean from like
10:42
from Asia. Exactly. I'm not. There's
10:44
not like more Asian Americans, you
10:46
know, it's
10:48
like Asian countries that
10:50
typically are. I mean, I'm not really sure.
10:53
I've thought a lot about this. I've talked
10:55
about this a lot. It's very
10:57
specific Asian countries, too. Generally, it's
10:59
Hong Kong a lot of times and it's Singapore a
11:01
lot of times like you don't see Koreans
11:04
doing this very often. You don't see
11:06
mainland Chinese doing this very often, not
11:08
to the Westerners anyway. It's
11:12
usually Hong Kong and Singaporean.
11:15
And my guess to
11:17
this is because, you know, if
11:19
you go to mainland China or if you
11:21
go to Korea, if you go
11:23
to Japan, even the amount of
11:25
people who speak English is very
11:28
low relative to if you go to Hong Kong
11:30
or if you go to somewhere like Singapore. So I think that
11:32
just the sort of East East
11:34
West there where you have understanding
11:36
of nuance, you have the understanding of Western sort
11:38
of ways of doing things, you know, how to
11:40
manipulate Western sort of psychology,
11:43
perhaps a little better because you're just more exposed to
11:45
that is probably it just makes it
11:48
just like an easier place for people to play
11:51
if they happen to be there. I don't think it's like something
11:53
in the blood of Hong Kongers, you know, that's making
11:55
them more likely to do this. I think it's just they just have a
11:57
better skill set. It's so interesting.
12:00
And out of curiosity, I also heard you
12:02
say that you speak Chinese and obviously appear
12:05
to be American. So
12:07
how did you come to speak Chinese? So
12:10
I studied when I was in school, I studied as
12:13
as one of my one of the
12:15
focuses of what I studied was Chinese history.
12:19
And in studying Chinese history, you have to learn some
12:21
Chinese language. And
12:23
then there was a program like
12:27
a like a what you
12:29
call it like an exchange kind of
12:31
program with Qinghua in Beijing. And
12:34
there was an opportunity for me to go
12:36
there and study. And that's a university. I
12:38
think that's right. That's right. Yes,
12:40
one of the one of the oldest universities in
12:42
China that are there
12:44
still around. So it's so
12:46
there was an opportunity there. But that's not
12:48
really like I could have done that entire thing in
12:50
English, to be honest with you. And so it was
12:52
really after the fact that that I learned most of
12:54
most of the solid Chinese I did a Asian language
12:57
concentration like a like a 13
12:59
hours a day thing for a while learning just
13:01
just Chinese for several months. And
13:03
then ever since then I have a Duolingo right now that's got,
13:06
you know, many hundreds of days of
13:09
streak on it. So
13:11
yeah, just I just like languages. It's not just
13:13
Chinese. There are a lot of languages that I just enjoy. Generally
13:15
speaking, I like I just like cultures, I like to understand them,
13:17
I like to be able to speak to them in the way
13:19
they speak to me, they speak to each other. So
13:22
that's really what it is. All right. Well,
13:24
some one other thing that I have to ask you about.
13:27
And this just reminded
13:29
me of when I wrote about the
13:31
White Hat hackers in the Dow incident.
13:34
It was pretty much a parallel experience. But you told
13:36
the chopping block that a lot of the work you
13:38
do on this is pro bono and you often don't
13:41
get paid and frequently the teams don't even thank you.
13:44
And I wondered if is that is that so
13:46
true? Or have you kind of like professionalized so
13:48
now you can charge for it? How
13:51
Yeah, how are you doing this work? I
13:53
mean, it's actually a net loser for me because I've got
13:55
to pay for security when I travel, you
13:57
know, and I have to do a lot of like extra stuff that
13:59
I would. wheel
18:00
necessarily if you look at it from that
18:02
perspective. But I think
18:04
that there are a lot of benefits potentially
18:06
that could come from this, especially given who's
18:09
backing it and who is running it. They
18:12
could make it get to the next level in terms of
18:14
new user adoption. Oh,
18:16
interesting. Meaning you feel that they can
18:18
onboard new crypto people. Right.
18:22
Right. And this is exactly why this
18:25
is the reason that I agreed
18:27
to come and help on this, is because I think there's
18:29
going to be a lot of new people come in because
18:31
of the people who are running it who
18:33
have known for a while. And because of the people
18:36
who are backing it, such as the Trumps,
18:38
for example, almost certainly this
18:40
is going to bring in a whole new breed of people who
18:42
are going to have no idea what they're doing. Right.
18:45
And so onboarding, like
18:47
from a UX perspective, is super complicated
18:50
for most people. And
18:52
it's really, they're prone to make mistakes. And
18:54
I think that one place where I was
18:56
really hoping that I'll be able to be
18:58
helpful with this is advising
19:00
them on ways to make sure that the people
19:02
who are coming on board, the new people who
19:04
have no idea what they're doing can do so
19:06
as safely as they possibly can, can be as
19:08
not as confused as they possibly can. And when
19:10
the money's in there, that it can be stored
19:12
and managed in a safe as possible way. What
19:15
I would really hate to happen, of course, is
19:17
people bring it on, they follow the president
19:19
or whatever, and they say, you know what, I don't know what
19:22
this crap is, but boy, I'm excited. And they
19:24
bring in 250 bucks or 500 bucks
19:26
or whatever is important to them. And then, you
19:28
know, six weeks later, it's gone. Like, first off,
19:30
it's bad for them. Right. But
19:32
secondly, it's awful for the industry. You know, these
19:34
are a lot of people who are their first
19:37
impression is going to be complete crap. And
19:39
if I could help at all to stop that, and we
19:41
can actually build some believers out of these people, I think
19:43
that's an awesome net win for crypto. And
19:46
it sounded like from the way you
19:48
worded one of
19:50
your sentences earlier that they approached you about
19:52
becoming an advisor. Is that the case? That's
19:55
correct. Okay. And
19:57
so Yeah.
20:01
You're an interviewer. So when I started talking, you're
20:03
like, yeah,
20:07
so basically the story is one
20:09
of the other advisors called
20:11
me, I was walking around and he called me and he
20:14
said, hey, can I, or he messaged me and he said,
20:16
can we do a quick call? Because I'm going to be
20:18
announced soon for this thing. I said, whoa, holy smokes, really?
20:20
That's incredible. Yeah. Feel
20:22
free to call me. He said, yeah, I just want to go
20:24
over some details of how to keep myself safe, how to keep
20:26
my family safe, because there's going to be some eyeballs on this,
20:28
then, you know, some hate on this that maybe we don't want
20:31
to be susceptible to. And I said, not
20:33
a problem at all. Give me a ring. So we got
20:35
on the phone like five minutes later, and we talked for about 35
20:37
minutes, and I just went through a list of like what you should
20:39
do to keep your Twitter account safe.
20:41
How do you lock down your Discord? You know,
20:43
just basic stuff, but just making sure that everything's
20:45
aligned. How do you use different phones to stay
20:47
safe, different phone numbers, 2FA, multi,
20:49
you know, all this other stuff. And
20:52
by the way, I didn't know who
20:54
was involved at that point besides him. I said, hey,
20:56
look, if anybody else on the team, if they need
20:58
some assistance on this, if they need input, I don't
21:00
want to have 40 30 minute calls. But I'm happy
21:02
like if you get everyone on the call one time,
21:05
give some some input on this just because if you're telling
21:07
me you're doing this, and it's gonna be a bunch of
21:09
new users, now I'm starting to freak out worry about new
21:11
users are going to be they're going to have vulnerabilities. So
21:13
I said, look, if anybody else wants
21:15
this, I'm happy to do like a group call and
21:18
give us an input. He said, thanks
21:20
so much. Well, fast forward a couple
21:22
of days. And I saw that I
21:24
saw I kind of heard through the grapevine that
21:27
the people who were running
21:29
the thing, so Chase Harrow and
21:31
Zach folkman that, well, I
21:34
heard they were running it. And I was like, Oh, wait a minute. I've
21:37
known these guys for over 10 years, like
21:39
from a prior industry, like this is kind
21:41
of crazy to hear. They
21:43
had asked that advisor to bring
21:45
me to talk to them, but didn't know who I
21:48
was because my name online is not my real name.
21:50
And they know me as my real name. And
21:52
so once we kind of got in the same group, we got on
21:54
a call and they're like, Wait, what is you?
21:57
Whoa, what? Oh, and I'm like, Yeah,
21:59
it's me. the
26:01
likelihood of this not hurting a lot of people.
26:04
I know it sounds like BS probably to a lot of people
26:06
out there who's like, oh, you can't possibly look at things in
26:08
that light, but that's actually literally how I'm looking at this.
26:11
The same reason that I do things like glue, like I
26:13
think maybe incorrectly, maybe
26:17
correctly that my contributions
26:19
here will help to keep it and make it a
26:21
safer situation for a lot of people. And if I
26:23
can do that, then I'll do it. I'll just eat
26:25
the reputation. I'll eat these stupid posts like today came
26:28
out with some nobody who has
26:30
a lot of things to say, but not a lot of
26:32
things to back it up. I'll just eat it. It doesn't
26:34
stress me out. It doesn't bother me. And
26:36
yeah, the show must go on, I
26:38
guess. Yeah,
26:40
spoken like a true crypto believer, I guess
26:43
I would say. It's like you sound very
26:45
dedicated to just growing the crypto pie. I
26:48
did want to ask though, so
26:51
as we mentioned about Lauren, Tiffany Trump's
26:53
ex-accounts being hacked, I
26:55
imagine that this project just has so many
26:57
more hackers and security attacks
26:59
aimed at it than a normal
27:01
project. So how do
27:04
you think about security for something that has such
27:06
a large target painted on its back? Yes,
27:09
there's a few things. First off, I just want to be clear.
27:11
I'm not like the head of security at this thing. I'm not
27:13
on the team, so I'm not the
27:15
one making the decisions for security. I'm advising. I
27:19
can give advice all day long. If it followed, then that'd
27:21
be great. If it's not, then that's just how life goes.
27:24
And I think this is actually to the
27:26
point that you make about risk. I think this is where my
27:28
risk actually lies, is if I
27:30
make particular suggestions and they're not taken, then
27:33
people are going to say, oh, but you're
27:35
the security guy, why not? And they're going
27:38
to conflate head of security position with security
27:40
advisor. But the way you would
27:42
actually approach this is first off, you would do something
27:44
comprehensive, which I hope I'm able to do for these
27:46
guys. I'm hoping I'm able to come in and say,
27:49
look, these are the 78 things that you should be
27:51
doing every single person on this team
27:54
to make sure there are no weak links. That
27:56
includes putting 2FA on your Twitter accounts, using
27:58
all the stuff I would go into. big
28:00
long list about, you know, for them to do. Hopefully,
28:02
everyone will do them. This would include
28:05
doing, doing other things. So for example, one
28:07
of the founders hit me up a couple days ago, and he said,
28:09
Hey, oh, we've been thinking about it. We
28:11
want to make sure this is as secure as it
28:13
possibly can be. What can we do to make sure
28:15
that that a situation like dough doesn't happen again? Because
28:18
they because they had a hack before, right? And
28:20
they didn't know I was Ogle. So they didn't ever hit
28:22
me up for help. So but I guess they probably would
28:24
have if they had known
28:26
that. But they said, What can we do? I
28:28
said, Okay, I'm glad you're asking that. That's a proactive question to
28:30
ask. So what we need to do is do a
28:33
run through a dry run. And so basically,
28:35
we'll, we'll pretend like it happens, go
28:37
through several different things that could pretend like they happen,
28:39
set aside several hours on a Saturday, and then we'll
28:41
go through it, we'll make mistakes, we'll figure out who's
28:44
going to be the person who does the communications, who's
28:46
going to be the person who, you know,
28:48
who, who corrals all the helpers, who's going to be the
28:50
person who's doing the blockchain sleuthing, who's going to be the
28:52
person who locks down the tech, whatever, we'll
28:55
figure that out during that process. And
28:58
that way, this fire drill, as they call them,
29:00
we'll have a little bit of muscle memory there.
29:02
So if something does happen, it can be closed
29:04
down fast, right? And so there's lots
29:06
of these sorts of things that you can do proactively.
29:08
Then there's other things to you can be audits, which
29:10
they have, for my understanding, they've
29:13
been audited four times now, the new code that
29:15
they've done is got four audits, which
29:17
is great. But you can do continuous
29:19
audits, you can use companies, there are companies
29:21
out there that actively look for, for
29:23
exploits that are happening on chain on a per
29:25
transaction basis. I know things
29:28
like like, like Ironblocks, aka Vin,
29:30
has this sort of real time monitoring and
29:32
transaction, they call it like a firewall. So
29:34
you can do that you can implement things
29:36
like that. There's all sorts of different things
29:38
we could do. I'm hoping their appetite is really
29:40
large, because I've got a lot of food to give them,
29:43
if it turns out that it is. Alright,
29:46
so in a moment, we're going to talk a little
29:48
bit more about world liberty financial, as well as crypto
29:50
security in general. But first, a quick word from the
29:52
sponsors who make this show possible. Gemini
29:54
is a crypto exchange with tools for
29:56
all traders. Cameron and Tyler
29:58
Winklevoss founded Gemini in 2014 and have
30:01
been pioneers for the crypto industry for over
30:03
a decade. Fun fact, they submitted
30:05
the first spot Bitcoin ETF application and were
30:07
one of the first exchanges to receive a
30:10
trust license in New York. Gemini
30:12
operates with a security first mentality.
30:14
From being a licensed full reserve
30:16
exchange and custodian to offering leading
30:18
security features like pass keys, Gemini
30:20
continues to set the bar for
30:22
compliance and innovation. Head over
30:25
to gemini.com/unchained and start trading to
30:27
earn $15 in Bitcoin. Mantle
30:32
LSP is a permissionless and non-custodial
30:34
ether liquid staking protocol deployed
30:37
on Ethereum and governed by Mantle. Emeath
30:39
serves as the value accumulating receipt token
30:41
of Mantle LSP and is
30:44
now the fourth largest ETH LST with $1.3 billion
30:46
in TVL. In
30:48
addition to native ETH POS staking
30:50
yields, Mmeath holders can access various
30:53
yield opportunities across dApps on Mantle
30:55
Network L2 integrations and more. Mmeath
30:57
holders have previously received over $1
30:59
million in Eigen token airdrops. With
31:01
the upcoming October 2024 launch
31:04
of Cook, the new governance token of
31:06
Mantle LSP, Mmeath holders can start accruing
31:08
powder rewards under season 1, Methamorphosis,
31:11
which will be convertible to
31:13
Cook. Visit mmeath.mantle.xyz slash campaigns
31:16
to learn more. Polkadot
31:19
is the original and largest layer
31:21
zero blockchain with over 2,000 plus
31:23
developers, and the anticipated Polkadot
31:25
2.0 upgrade will be a massive accelerator
31:27
for the ecosystem. Upgrading
31:29
the infrastructure with 8 times higher
31:31
transaction throughput and twice as fast
31:33
block times, perfectly tailored core
31:35
time for the needs of every protocol, trustless
31:38
bridges internally and into Ethereum, Cosmos,
31:41
Near, Binance Smart Chain, and
31:43
revised tokenomics and the implementation of a
31:45
token burn to reduce inflation. Perfect
31:48
for GameFi and DeFi to build, grow, and
31:50
scale with one of the most active crypto
31:52
communities in the space. Polkadot
31:55
recently announced a partnership with Mythical Games,
31:57
bringing top games like NFT Rivals. with
31:59
over 650,000 players and 43 million transactions
32:04
to pave the way for GameFi and the
32:06
Polkadot ecosystem. Get your Web3
32:08
ideas to market fast with economics that work for
32:10
you. Think big, builds
32:12
bigger with Polkadot. Join
32:15
the community at Polkadot.network.ecosystem.community.
32:20
Stellar invites you to join the Discourse
32:22
at the 6th edition of Meridian, a
32:24
Web3 conference hosted by the Stellar Development
32:26
Foundation in London, England. From
32:28
October 15th through 17th, 2024. Meridian
32:31
is where developers, builders, policymakers and
32:34
business leaders convene to discuss the
32:36
present and future of everything from
32:38
tokenization to DeFi. Get
32:41
$50 off your ticket now
32:43
at meridian.stellar.org by using the
32:45
code unchainedpod. Back to my
32:47
conversation with Ogle. CoinDesk
32:51
reported that at least an early version of
32:53
the project's code that later went offline, it
32:57
did seem that that code had been lifted straight
32:59
from DO Finance, which as we mentioned had already
33:01
been hacked. So I don't
33:03
know what you can say about the current
33:05
state of things. You
33:07
know, apparently they're launching just in a few days.
33:10
What's your confidence level? I
33:12
can't have a comment on the confidence level of the code because
33:15
I haven't seen it. But I
33:17
can say that something being forked from
33:19
something else with, that
33:21
was at once problematic is not an issue.
33:23
Like this is how everything works. You
33:26
fork it and then you fix it. And then now you have
33:28
a working product with a fixed bug. You don't
33:30
need to reinvent everything and rewrite every line of code
33:32
for it to be good. So if there was a
33:35
DO Finance hack, which it was apparently, there
33:37
was one thing that was wrong with it. Fair
33:39
enough. They fixed that. Should be fine.
33:42
I mean, this is theoretically how it works. That's what the
33:44
audits are for, right? But
33:46
how confident people should be coming into it is
33:48
really a personal decision. It's not one that I
33:51
haven't seen the code, so I can't comment on it myself and I
33:53
can't vouch for it. Okay.
33:56
And can you give us a sense of the organizational structure behind World Liberty
34:00
Financial, Barron Trump is listed
34:02
as the DeFi visionary. But
34:04
apparently it's really more the other
34:06
sons, Eric Trump and Donald Jr.
34:08
who play a bigger
34:11
role. But can you just give
34:13
us a sense of how involved they all are?
34:15
And, you know, who else is
34:17
part of this? Chase and
34:19
Zach are pretty much the ones who are running it.
34:21
And they're quite successful in the past. I know you've
34:23
mentioned some stuff, you know, some kind of more embarrassing,
34:27
seemingly named businesses like
34:29
Pick It Up Hot Girls, LLC, or whatever,
34:31
some have run. But I know that Chase
34:33
and Zach have both run very successful companies.
34:35
They've done very, very well. Neither
34:37
one of them, I can very confidently
34:39
say are doing this for the deck to
34:41
make cash. That's not the situation. I feel
34:43
very confident about that just knowing their backgrounds.
34:46
But I think they're the business people
34:49
here. That's the way it feels to
34:51
me. And then it
34:53
comes with the support and
34:55
ideation of the Trump. This is what
34:57
I understand. And so I wasn't
34:59
involved in the early days. So I can't say like how
35:01
everything happened. But what I do understand there to
35:03
have been happening is a lot of conversations, a
35:06
lot of buy in over the course of a
35:08
long period of time to make sure
35:10
there was a lot of education on the part of the
35:12
Trump side. And there was a lot of alignment on the
35:14
part of the guys who are running it. But
35:16
what I've been told, the
35:19
Trump's get it. And they believe
35:21
it. And it's not BS. And
35:23
because what I was worried about, I'll be honest, my
35:25
concerns, okay, you know, here's same concern. I think a
35:27
lot of other people have is okay, look, there's a
35:29
quick way to make a few, you know, to get
35:31
a lot to get a few, few hundred million dollars
35:34
of donations or whatever. And like, that's going to be,
35:36
you know, that's just that's just what it is. And
35:38
they don't really care about crypto, like, you know, this
35:41
is kind of where I was, what I was
35:43
worried about. But from having discussions with people who I've known for
35:45
a long time, who I trust to tell me the truth, they
35:48
said, Oh, listen, like these, these
35:50
guys really believe in this, that we've talked to
35:52
them over the course of a long time,
35:54
we've sold them a vision of how this could
35:56
actually solidify and strengthen the United States dollar period.
36:00
how this could solidify and strengthen the United
36:02
States tech sector, period. They believe in
36:04
it, and they see it as the future, and they want
36:06
to be a part of that process, and that's why we are where we
36:08
are. When you talk about
36:10
their, quote-unquote, belief, this is
36:13
a family that has made its money off
36:15
of centralized ventures.
36:18
Are you talking about a
36:20
belief in decentralization and in
36:22
decentralized projects and decentralized finances?
36:25
Is that what they're on board
36:27
with? I
36:29
believe they're on board with the idea. I
36:34
think there's personal frustration on the part of
36:37
at least a couple of the Trump sons
36:39
with being de-banked or unbanked.
36:43
They were made where they can't do banking
36:45
in the traditional sense because of their ties to
36:47
their dad. This is an
36:49
understanding that I've gotten from some things
36:51
I've read. I think they like
36:54
the idea that people can have in
36:56
their own control, the opportunity and
36:58
the option to do as they wish with their
37:00
money. They can lend
37:02
or borrow with their own money, no matter
37:04
if people like them or not. I
37:07
think that this
37:10
is just conjecture. I
37:13
imagine that's probably what's most exciting. I don't know
37:15
if decentralization per se is the most exciting thing.
37:17
I don't know necessarily like exactly
37:19
philosophically where they land on that from
37:21
a DeFi point of view. But
37:24
I think they really believe in the fact
37:26
that you shouldn't be kept
37:28
from doing something you want to and you should have
37:31
a right to just because someone doesn't like you on
37:33
a personal basis, which is a decentralization in a certain
37:35
sense. It's like a less centralization. I don't know if
37:37
it's like a totally decentralization. I don't know. It's like
37:39
we have we have 2000 nodes that are confirming things.
37:44
I don't know how decentralized they want to see it because
37:46
they are making a platform. So there's like a
37:48
certain level of centralization by
37:50
making your own platform. But what
37:54
I said is what I think is probably the case. The
37:57
philosophy is in line. I understand.
38:00
Well, speaking of decentralization, the project
38:02
also has a governance token WLFI,
38:04
which is non-transferable,
38:07
at least for launch, hilariously
38:09
on the chopping block when
38:11
they were discussing this. Tarun
38:14
Chitra of Gauntlet said something like,
38:17
oh, it should be tied to
38:20
an oracle that makes it
38:22
transferable if Trump wins the election,
38:24
which I thought was a
38:26
funny comment on, you know, obviously the
38:28
issues that the crypto industry has with
38:30
SEC under Biden,
38:32
the SEC under Biden, or
38:35
under Gensler, I really should say. But
38:37
anyway, can you talk a little bit about, you
38:39
know, what they're planning in terms of governance, you
38:42
know, why this is transferable? You
38:44
know, what are their plans? So generally, you
38:46
know, these types of projects start centralized and
38:48
then become more decentralized over time. So
38:51
can you talk a little bit about that? I
38:53
can't talk a whole lot about it. I mean, there is an
38:55
NDA in place and I've been told a little bit of how
38:58
things will probably work or how they might work. I
39:01
think, if I'm being honest, I think some of
39:03
this is still TBD a little bit. Like, I mean,
39:05
I know some of the, I saw Danny Nelson and
39:07
the other authors, I thought, saw their article in Queen
39:09
Desk. And I think that a lot of
39:12
the, I think
39:14
the draft that they got is, has
39:16
a lot of TBD information in it. It
39:18
was a very premature draft. I've
39:22
asked specific questions like what you're asking me
39:24
and I've asked specific questions around tokenomics, like
39:26
you probably would ask me to. And
39:29
the answer is that I'm getting is like, what
39:32
you've seen online is not correct completely. We're
39:34
working through this. We're still pivoting. We're still
39:36
pulling. We're still pushing. We're trying
39:38
to figure out, you know, what levers need
39:40
to go where and time will tell. So
39:43
governance, I think is exactly what the thing is meant to
39:45
be for in the beginning. I
39:48
don't know if that's a forever thing or if it's going to
39:50
be just a short term thing. But I do know
39:52
that's the goal. I don't think that,
39:55
you know, it's necessarily wise to pick
39:58
a fight with, with. Gisler
40:00
on things being securities. So
40:03
if I were to look at this from one
40:05
angle, I think that Tarun has a
40:08
fair point. But that's just
40:10
my own personal opinion here. Maybe you're a
40:13
little bit safer depending upon certain outcomes than
40:15
others. All
40:17
right. And actually, just from the way
40:19
you're answering these questions, it really does
40:22
feel to me like your primary role
40:24
has been advising them maybe
40:26
on how to do security, but you're
40:28
not necessarily advising them on like the
40:30
nuts and bolts of the project itself.
40:33
Am I getting that correct? Yeah.
40:35
I mean, if they had asked me to come and be an
40:38
advisor for the project in general, I would have said no, because
40:40
I just don't have time. Because I have my own projects and
40:42
I'm working on it. I simply don't have time for that. I
40:44
can't run another project, but I
40:47
do have time to give advice a couple hours
40:49
a week on security related topics. So yeah, you're
40:51
correct. Okay. I'm
40:53
sorry, because I know it's not quite as useful. It's
40:55
not quite as interesting. I did
40:57
that, but that's all I got for you. All
41:00
right. Well, one thing that you might have gleaned,
41:02
which I am also curious about, is whether or
41:04
not it seems to you
41:07
that the family expects that this
41:09
crypto project will help Trump's presidential
41:11
campaign because they are launching it
41:13
before the election. So I
41:15
don't know if you have any insight into that. My
41:18
understanding is that former President
41:20
Trump is extremely excited about this, like
41:22
very excited about it. And I
41:25
can tell you, I went to the NFT
41:27
gala down in Mar-a-Lago the first time, the
41:29
second time I was supposed to go, but
41:31
I got sick. Wait,
41:34
the first time? Are you talking about the one
41:36
last fall or the one this May?
41:38
Yeah, the one last fall. Okay, got it.
41:41
So I went to that one. I was supposed to
41:43
go to the second one as well, but I did not make it
41:45
because I was unwell. But I went to it
41:47
the first time and I
41:49
very briefly got to talk to
41:51
President Trump. And I
41:53
was surprised. You never know
41:55
what's BS and what's not, whatever you're talking to a politician. And
41:58
so I was very... surprised
42:01
at what he
42:03
seemed to understand about NFTs in general. Now it
42:05
could have been he was just memorizing things, but
42:07
he doesn't seem like a memorizer. He seems like
42:09
someone who just sort of BSes or he actually
42:11
knows something and sort of comes out. And
42:13
he didn't seem to memorize. He seemed like he actually knew
42:16
what we were talking about when we were
42:18
talking about NFT related stuff. And I was
42:20
like, wow, that's actually really surprising. And we
42:22
left from there. I brought my grandpa with
42:24
me and a friend of mine. And
42:27
my grandpa, after we left from there, he
42:29
got to meet President Trump and shake his hand and all that. And he
42:31
goes, boy, that man's older than
42:33
me. And he seems to know all this about technology.
42:35
I should probably look into that. And
42:37
I was like, God, man, that's incredible. Trump
42:40
is a bridge to a whole group of
42:44
people who otherwise would probably be
42:46
like, God, this is all too complicated for me.
42:48
Anyway, I'm not answering your
42:50
question. I'm just telling you something else right now. So
42:53
I was surprised at that point, and this was about a year
42:55
ago almost now. And then evidently,
42:57
in the one that happened in the
42:59
spring, he was even more adept. And
43:02
then at BTC
43:04
Nashville, he seemed even
43:06
more adept and more understanding of
43:08
this stuff. And now he's
43:11
backing a project that's in it. And
43:14
so if you look at me,
43:17
only the person who has in their heart what their
43:19
motivation is would know what their motivation is. But
43:21
I think that you can see the amount
43:24
of donations that are coming in from the crypto
43:26
sector. What I read online was right now for
43:28
Trump is the second biggest sector giving
43:31
donations on a dollar per dollar basis.
43:33
And so if that's true, then how do you
43:35
ignore that? You're talking about the new teachers union
43:37
here. You have to pay attention. You
43:39
have to at least pretend like you
43:42
care. And if pretending like you care is
43:44
enough to get people to come into crypto and actually
43:46
give our whole slice of the world a shot, then
43:48
that works for me. Yeah,
43:50
honestly, I actually think this week I read
43:52
that crypto is the biggest donor so far
43:54
in the election. I
43:57
think it keeps flip-flopping back and
43:59
forth. first and second, but
44:02
the other thing that I thought was so
44:04
funny was when you said he didn't seem
44:06
like a memorizer because we're recording after the
44:08
debate where that was the commentary that he
44:11
probably practiced a lot of answers and didn't actually
44:13
give them during the debate. Anyway,
44:17
so, you know, as
44:19
I mentioned, we are recording before the launch, but
44:22
I did wonder, do you have any prediction
44:24
for what the TVL of World Liberty Financial
44:26
might be on the first day? If
44:29
it's, if it, if
44:32
it ends up being less than, then she but
44:35
you knew, then that'll be a weird thing. Wait,
44:37
a less than she but you know now or
44:39
less than she but you know, like at some,
44:42
you know, like all time high.
44:45
She but you know, but I mean she knew as it is today.
44:48
Wow. Because I think I
44:50
think the height behind I think people underestimate
44:52
how much mobility of funds, this
44:55
is probably going to probably going to have offline,
44:59
like, like, like when I talked to like, when
45:02
I talked to, you know, family members and so
45:04
forth who have no idea what this is. They're
45:06
like, I don't know what it is, but
45:08
I heard he's going to do it. So I'm going to put
45:11
5000 in, you know, everyone's like, okay,
45:13
there's people. Well,
45:15
okay, so just just for the audience at
45:18
the time of recording the sheep at Enos
45:20
market cap is $8 billion. So
45:22
you're saying on day one, you think the
45:24
TVL in this will be $8 billion. If
45:27
you mean day one in like the literal
45:29
day 24 hour period, I'm talking more biblical,
45:32
you know, the biblical day one, but, but,
45:35
um, okay, so like within
45:37
the first month ish. Yeah, yeah, yeah, yeah,
45:39
yeah. Like whenever, like when people have had time to get
45:41
their money from the bank and put it into Coinbase and
45:43
send it onto the chain, you know, do whatever they got
45:46
to do. I
45:48
think that that first flow what you know, like, like the
45:50
first inflows, I think they're going to be significant probably. Oh,
45:53
wow. Okay. Which would put
45:56
it on par with like wrapped Bitcoin
45:58
higher than like chain link. Uniswap,
46:01
die, near. Okay,
46:03
interesting. Now, this, by the
46:06
way, is going to depend heavily, I think,
46:08
on it getting a little more traction because right now it's
46:10
got a little bit less traction than I thought it would,
46:12
if I'm being honest. And there has
46:14
been some fud even in the crypto sphere, like you said.
46:17
But I think in a few
46:19
days, like you were saying, so it will be a couple days ago,
46:21
once this airs, President
46:23
Trump will have said his piece. He'll have debuted
46:25
it. And I think if that lands, it's going
46:27
to super land. If it doesn't
46:30
land, then I take back everything I've just said
46:32
and we'll figure it out. Okay.
46:35
And actually, I realized one other thing I'd forgotten to ask you
46:38
is, so which chains will it be on? What
46:41
I've read is it'll be Ethereum. Okay.
46:44
Okay. And do you know if
46:46
it's on any L2s as well? I
46:48
don't know anything else about that. I mean, I would
46:51
love, there are specific places where I would love
46:53
for it to be, but all I've heard about
46:55
is Ethereum. Okay. Yeah. And
46:58
it would probably help juice
47:00
it if it was on
47:02
base, arbitrum, optimism. I
47:05
think especially base, yeah. Because you shoot for
47:07
checking Coinbase and the base, boom. Yeah, I
47:09
think you're right. Yeah.
47:12
Yeah. Okay. Well, we'll
47:14
have to see. This is, yeah, it's going to be an
47:16
interesting thing to watch. Well,
47:18
at the same time, you are yourself working
47:21
on your own layer one, which is glue.
47:24
So just describe that for us. How is
47:26
glue going to be different from other layer
47:28
ones and why did you decide to launch
47:30
it? Sure. So we've been
47:33
building this for almost three years now, actually. So
47:35
it's been around, we've been building it for a
47:37
while. We're just about to go live with our
47:39
testnet and the mainnet will be not too far
47:41
from now, but it's an
47:43
L1 with L2s actually, and
47:46
non-adversarial L2s. And
47:49
the idea basically was to try to
47:51
accomplish some of the same things. And this is a
47:53
little bit why there's an alignment with World Liberty, is
47:56
try to figure out ways to onboard lots
47:58
of new people. but keep them
48:00
really safe whenever we do it. And so
48:02
right now the onboarding experience is complete trash
48:05
in crypto. User experience is complete
48:07
trash in crypto. If you look back at
48:09
projects that you interviewed six years ago, and
48:11
you look at the UX and you look
48:13
at the UX of projects you interviewed two
48:15
months ago, not a whole lot of difference.
48:17
I mean, it's pretty much just as complicated
48:20
as it has been the whole time.
48:22
And that's a major barrier. It reminds
48:24
me of in the 90s when
48:26
you had to use consoles to use
48:29
links to do text-based browsing. You
48:31
had eventually someone in
48:35
recent comes up with Netscape and you have
48:37
nice visual ways of doing stuff, but we
48:39
haven't got there yet. And so the UX
48:41
is complete trash in crypto
48:43
almost across the board. Most of what's
48:45
being done, in my view, in crypto
48:48
is, how should I say it, is
48:51
being done to show off how smart people are,
48:53
basically. And so it's
48:56
like a lot of like, oh, you have
48:58
this particular algorithm with this particular way of
49:00
blah, blah, blah, like re yada, yada, and
49:02
this and well, I have a separate way
49:04
to do this. And I can do it
49:06
blindly, in fact, using zero knowledge. Oh, but
49:08
I have a faster zero, who freaking cares?
49:10
Like, it just doesn't matter. Like, if you
49:12
talk to like a regular person, no one
49:14
cares about that. That's not how people are
49:16
going to come into crypto. And so
49:19
the way you're going to come into crypto is you say, hey, look, there's
49:22
a place where you can put your money, you
49:24
can make money on that, you can safely
49:26
do that. And if you have a problem,
49:28
there's somewhere to call. That's how people come
49:31
on to crypto. Simple that there's
49:33
nothing more to it. And so we've designed
49:36
a thing called glue glue.net
49:38
as the URL. And the
49:40
onboarding experience, like you can sign up with Google,
49:42
you don't have to have a MetaMask wallet, you
49:44
can sign up with Google SSO, it abstracts away
49:47
a lot of the complicated crap that goes on
49:49
in crypto. And people can see their money, they
49:51
can track their stuff. There's a coin market cap
49:53
competitor inside of there. There's essentially a D bank
49:55
competitor, a portfolio viewer, there's a way for you
49:57
to buy stuff, you can sell stuff, you can.
50:00
lend things, but you can't borrow things unless you
50:02
go into advanced mode. So there's lots of these
50:04
things that take away some of the choice for
50:06
regular people unless they go into advanced mode. It
50:08
takes away some of the choice, but makes it
50:10
simple. So another example I'll give
50:12
you on that is right now, let's say you own
50:15
Apple stock, and you want to own some Google stock.
50:18
Can you sell Apple for Google? It doesn't
50:20
work like that. You go Apple to USD,
50:22
and then you go and you buy some
50:24
Google with that, right? So these
50:26
things are great if you really, really know
50:28
what you're doing. If you can trade BTC
50:30
to eat, it's fine because there's all these
50:32
moving numbers and decimals everywhere. But for regular
50:35
people, it's too complicated. They want to know,
50:37
okay, I get a hundred dollars back. Great.
50:40
Now I feel clean. What do I
50:42
do with my hundred dollars? Okay. And so in our
50:44
system, it's a lot more
50:46
familiar to people who are just regular
50:48
folks. Last thing I'll say
50:50
there is we built in a lot of security stuff
50:54
for what I call the buns of the
50:56
burger. So we have institutional people,
50:58
and we have regular folks coming in. There's a lot
51:00
of barriers there too. And so if
51:03
you were to send me 500 bucks, which I hope
51:05
you do, then nothing would get triggered. But on the
51:07
other hand, if you were to send me $5 million,
51:09
or if you were to send me all of your
51:11
money at one time, you would
51:14
require 2FA. And so it's sending you
51:16
a text message and say, hey, did you mean to send
51:18
every dollar of your money to Ogle? Did you mean to
51:20
send $50,000? And these are
51:22
parameters you can set that if it goes
51:24
outside the parameters, if what your wallet does
51:26
outside the parameters, you get double checked. So
51:28
now we get rid of rugs. We get
51:30
rid of money
51:33
being pulled from your account without you knowing it. We get rid
51:35
of front facing hacks that
51:37
put a different version of PCS on top
51:39
of PCS. Now a lot of these things
51:41
are fixed by a lot of these sorts of
51:43
things we put into the platform. This
51:45
is super random. But as you've been talking, I
51:47
just keep thinking about Taylor Monahan. Have you chatted
51:50
with her or worked with her? Because I
51:52
feel like she's I don't
51:54
know, I feel like if you two got together, you could
51:57
really jam on some idea. I've worked with
51:59
Taylor. Taylor 50 times
52:02
on different hacks and stuff. We're in war rooms
52:04
a lot of times together. We've never met in
52:07
real life, which is too bad because I feel
52:09
like we'll be able to really riff
52:11
through. Actually, so I'm gonna be speaking at token 2049
52:13
here soon. And I
52:15
was talking to Alex Fiskin. I said,
52:17
hey, who do you think should moderate me? And
52:19
he said, have you ever met Taylor
52:21
Monahan? I think she'll
52:23
be a great moderator for your panel.
52:26
And it's not gonna work out. I'm
52:29
getting interviewed by someone else. But yeah,
52:32
she had a similar thought to you, I think, in that. Yeah,
52:34
yeah. Well, so also as you were
52:37
talking, you described the
52:39
Google sign-on and all these different things. It
52:42
does sound obviously like
52:44
it resolves a lot of the issues that we've
52:46
seen over the years, but it also sounds more
52:49
centralized in a way it reminded me kind
52:51
of like AOL back in the day. So
52:56
what elements of this are centralized? Like
52:58
what are the trade-offs that you're making?
53:01
I love the analogy of AOL because that's exactly
53:03
what I was thinking about from
53:05
the get-go. I'm thinking of my childhood when I had
53:07
that experience and then you could also open up internet
53:09
explorer and get around all the parental controls. You have
53:11
your way to get to advance. You have your way
53:14
to get to the advanced mode if you know how
53:16
to, but if you don't, you stay inside of
53:18
the silo and you can't really do a whole lot
53:21
that it's gonna mess you up. The
53:23
glue system itself is not centralized and
53:25
that's actually what makes it safer than
53:29
something like Coinbase. What we're trying to shoot for is
53:31
the Coinbase crowd and they
53:33
don't know it, but it's safer. We want to
53:35
prevent issues that came from Myshinsky and Celsius. We
53:38
want to prevent FTX issues. We want to prevent
53:40
your money being locked in the system because your
53:42
money was taken and something else
53:44
was done. We want to prevent that stuff. And
53:46
whether users know why or not, we
53:49
just want it to actually be safer. But
53:51
we want the user experience to be good,
53:54
better, the way that it is on Coinbase, the way that it
53:56
is in a Mysh app. And so all of
53:59
that that I would. was describing to you, with
54:01
the exception of the multifactor and stuff, all
54:03
of this lives in what's called the hub.
54:05
So it's hub.glue.net. It's live right now, parts
54:08
of it are anyway. But
54:10
if you don't ever want to go to the hub
54:12
and you just want to interact on our L2s and
54:14
just do regular DeFi stuff and trade on Uniswap and
54:16
like do all the other stuff outside of this, you're
54:18
totally free to. And there's a lot of benefit to
54:21
it. We built this in a way that DeFi people
54:23
should be super stoked. But our
54:26
focus is not on that. Like that exists. That
54:28
is decentralized. That is the way that everyone hopes
54:30
it'll be. That's like clicking in an
54:32
explorer and getting out of the silo. But
54:35
for the people we're shooting for, it's the hub. That's
54:38
our UX that we want them to experience. Okay,
54:41
got it. So I'm assuming that when
54:43
people create an account on Glue, they
54:45
don't need to write down a seed
54:47
phrase? They don't
54:49
need to. It will not be necessary to. Okay.
54:53
Now, they don't have to create a hub account to
54:55
begin with. You never have to interact with the hub.
54:57
You go in there, just add our RPC, and
54:59
you can interact with stuff just normal. You
55:02
don't ever have to even go to the hub. I
55:05
can't control the UX of other apps and the network.
55:07
So then what do I say is my differentiator there?
55:10
Why am I different than Optimism or Arbitrum or
55:12
whatever else? There are reasons. I can
55:14
give you tech reasons. I can
55:16
talk about our services layer and our security fund
55:19
where I go chase down bad guys if they
55:21
do stuff, which by the way is exactly what's
55:23
going to happen. You come rug on Glue. We
55:25
will chase you down with every bit of effort
55:28
as we possibly can because the
55:30
idea is we can't make it foolproof, but
55:33
we can make it where you'd rather go somewhere
55:35
else. If you had two stores and
55:37
one of the stores is called a
55:39
Ethereum store, you can walk in and you can steal something
55:41
and you can walk right back out and no one's going
55:43
to do anything. Most of the time, you
55:46
can just steal the food. On the other
55:48
side, you have the Glue store, which has turrets and
55:50
guns and bodyguards on the outside of it. Maybe they
55:52
miss every shot they take. You never know, but is
55:54
that really the risk you want to take? Just
55:57
go somewhere where it's a little bit safer. We want to make
55:59
our place in Gems. can
1:06:00
attribute or whether anyone can reasonably attribute that for
1:06:02
sure to Korea, I think is tough
1:06:05
to say. Okay,
1:06:07
but do you have any tips
1:06:10
that you feel like people should
1:06:12
be following to prevent
1:06:14
being hacked by them or those
1:06:18
moments when you are suspicious that it
1:06:20
is likely them? Are there new
1:06:22
behaviors you're seeing from them or new trends you're
1:06:24
seeing and how they're trying to attack crypto
1:06:27
projects? Yeah, they're just so clever now,
1:06:29
like socially, they're so clever. You know, a lot of this
1:06:31
is like they they are
1:06:33
doing basically to the attack, what
1:06:36
I tried to do to the recovery, which
1:06:38
is to like humanize it and
1:06:40
personalize it. Oh,
1:06:42
wait, they do. You're saying they do
1:06:45
social engineering, like where they Oh,
1:06:48
wow. And that's why they're so good now
1:06:50
because they're getting so good at that. Like
1:06:52
that's actually what they're doing. It's not like, oh,
1:06:54
they seem like a PDF and people people are
1:06:56
people are not opening PDFs as much as they
1:06:58
used to. They're not opening exe files and running
1:07:00
them on their system with admin privileges. They're not
1:07:02
doing that so much anymore. Most of the big
1:07:04
companies have, you know, your own your own laptop
1:07:06
that doesn't allow that kind of stuff. But
1:07:09
what they're doing is they're spearfishing, they call it.
1:07:12
And so they'll look for, you
1:07:14
know, they're not going to target you, Laura, they're going to
1:07:16
target your assistant, right? And they're going
1:07:19
to spend three weeks learning everything about your assistant.
1:07:21
They're going to look at them on Facebook, they're
1:07:23
going to look at their Instagram, they're going to
1:07:25
memorize all the stuff, they're going to have a
1:07:27
whole dossier about the assistant, then they're going to
1:07:29
hit up your assistant and say, Hey, look, assistant,
1:07:31
assistant, I haven't talked to him forever. It's been
1:07:33
so long. But do you remember this is Zach
1:07:35
from blah, blah, blah, blah, blah, we went and
1:07:37
did this and this together. Was that crazy? Anyway,
1:07:39
if you're still around, hit me up. I haven't
1:07:41
talked to your driver. And if it's, if
1:07:43
it's a person that that person Yeah, I remember Zach,
1:07:45
but then we weren't really close friends. But
1:07:48
I do remember Zach, then they'll actually
1:07:50
engage. And when they engage, they, they
1:07:52
spend weeks on building out a personal
1:07:55
relationship, they'll bring in friendship, they'll even
1:07:57
make sometimes videos or pictures that
1:08:00
that are fake a lot of times, but it's not
1:08:02
very hard to do these deep fakes these days. They'll
1:08:05
build a whole relationship with this person and they'll
1:08:07
say, hey, look, I've actually got a
1:08:09
job. I'm over here working at blah, blah, blah.
1:08:12
I'm sure Laura's great, but have
1:08:14
you ever thought about working at Paradigm? Someone's
1:08:17
like, oh, shoot, fricking Paradigm. Oh, man,
1:08:19
I've always dreamed of working at Paradigm. How do they know that?
1:08:21
Because they've done all this research on this person. This person followed
1:08:23
Paradigm from day one. So they know
1:08:25
they love Paradigm. And so they say, oh, yeah, well,
1:08:28
you know what? I'm going to get you an in
1:08:30
on this. I'm going to take care of you because
1:08:32
we are old classmates from 2003 or whatever. Tell
1:08:35
you what, though, my computer security doesn't allow
1:08:37
me, these guys are really, really hardcore about
1:08:39
security. They don't let us use Zoom and
1:08:42
whatnot. We have to use Zincaster
1:08:45
in this case. And so
1:08:49
what you want to do is you want to download
1:08:51
Zincaster and then join me and we'll talk about it
1:08:53
tomorrow. So the person downloads it. Now they trust them.
1:08:55
They get downloaded on the computer. Maybe
1:08:58
the app actually works. They do have a conversation.
1:09:00
They talk. The video doesn't work on
1:09:02
the other side. Unfortunately, something's wrong. But now there's
1:09:05
a virus in the system. Now
1:09:07
there's a virus inside of the large
1:09:09
network. So now they can read your emails
1:09:11
that you send. Now they can send emails
1:09:13
on your behalf. Now they can learn more about whoever else
1:09:16
their next target is and now they can do bad stuff.
1:09:18
So if you're an ETF that
1:09:20
actually has to have assets, they're backing what it is
1:09:22
you're trading. That's access potentially to a
1:09:24
lot of money. If you're a big crypto company that
1:09:27
has users information that's very valuable,
1:09:30
now there's access. So this is how they do
1:09:32
it. And they're really clever about it. They're really
1:09:34
good at being patient and playing this long game.
1:09:40
Oh my God, I have so many questions. But one
1:09:42
of the things that really surprises me is that their
1:09:45
English is good enough to do all those things. But
1:09:49
the impression that I've had is their
1:09:52
English tends not to be great, which is how
1:09:54
a lot of people clue in that they're dealing
1:09:56
with a North Korean hacker. Yeah,
1:09:58
so. Yeah,
1:12:00
I'm just realizing I So
1:12:03
I get a lot of similar
1:12:05
messages But I just never
1:12:07
respond to them because I'm always like so they
1:12:09
say like oh we're raising money You know we're
1:12:11
looking for investors, and I'm like don't you know
1:12:14
I don't invest so I just don't respond I'm
1:12:16
like like that's not my role But
1:12:18
I'm realizing now yeah some of them might be
1:12:21
fishing things Um so I mean
1:12:23
you're so public are like you probably get
1:12:25
fishing attempts every day I would
1:12:27
bet you know and and there's ways especially if
1:12:29
someone pretends to if someone seems like they're your
1:12:31
friend But they're asking you a question That's you
1:12:34
know one tip I would say is to have
1:12:36
a way that you always do this Right
1:12:39
so like like like if someone like
1:12:41
you select let's say the girl college friend messages
1:12:43
you and or your friend from childhood or whatever
1:12:46
Always have like a thing this in your head
1:12:48
for something you're gonna ask them that someone just
1:12:51
couldn't possibly know or is contemporaneous
1:12:53
so like hey do you remember at What
1:12:56
was that book we talked about during dinner last week? Because
1:12:59
this can't be online it can't be
1:13:01
online no one could have possibly done that recon right and
1:13:04
so if the person says oh You
1:13:07
know they don't have an answer then you have a reason to
1:13:09
believe they might be fake But if they say oh we talked
1:13:11
about you know still magnolias or whatever then not
1:13:13
now you know this is a real person on the
1:13:15
other side Yeah,
1:13:17
I will say one thing which
1:13:20
is um I Get
1:13:23
many many many many many many
1:13:25
many many hacking attempts Near
1:13:28
daily definitely every week Some
1:13:31
of them are extremely sophisticated. I
1:13:33
send them to you know the
1:13:35
original source because they want to
1:13:37
investigate But yeah, let's
1:13:39
just say that You guys
1:13:41
you can try it But it's not gonna work because
1:13:43
I have gotten so many of these and I've never
1:13:45
fallen for a single one So you know give up
1:13:49
Guys you're wasting your time Laura alone
1:13:55
But anyway, I did want
1:13:57
to ask you though because in addition
1:13:59
to the after FBI's warning about North
1:14:01
Korea. They also issued a crime report
1:14:03
that said, quote, while the number of
1:14:06
cryptocurrency related complaints represents only about 10%
1:14:08
of the total number of financial fraud
1:14:10
complaints, the losses associated with these complaints
1:14:12
account for almost 50% of total losses.
1:14:14
So I just wanted to ask you,
1:14:16
you know, you see all kinds of
1:14:18
things and I thought you probably have
1:14:21
like a soapbox worth of tips that
1:14:24
you'd like to give to the crypto
1:14:26
community. So, you know, just here's
1:14:28
your here's your opportunity. If you could save
1:14:30
the crypto community from all these potential hacks,
1:14:32
what are some of the tips you'd like
1:14:34
to see them implement? Oh,
1:14:37
gosh. So first off, do
1:14:39
what I said a minute ago, if you're talking to someone and
1:14:41
there's even a 0.1% chance that it
1:14:43
might not be who you think it is, get on
1:14:45
a video call or ask a question that there's
1:14:47
no chance of them being able to answer this.
1:14:49
This couldn't be online to
1:14:53
try your try your very best to
1:14:56
not do anything without seeing someone in real
1:14:58
life. Even it's getting to a point where
1:15:00
even video calls and stuff can be screwed
1:15:02
with. There was a situation that I had
1:15:04
a long time ago, well, six
1:15:06
months ago, with a port code where we
1:15:08
thought we were talking to Binance got on
1:15:10
a video call with someone from Binance. I
1:15:13
screenshotted the person on there just just for
1:15:15
future reference. I said, who knows maybe just
1:15:17
who knows. A few weeks
1:15:19
later, it seemed like a scam. So I looked them
1:15:21
up, found out who they are went to the Binance head
1:15:24
of head of investigations. I said, Hey, one of your
1:15:26
guys inside is scamming. Here he is. I found him this
1:15:28
is him. He goes, that's not our guy. That was
1:15:30
our guy. This is a deep fake. This has been
1:15:32
used now three or four times. We've heard about this and
1:15:34
someone's just deep faking this fella trying to get people
1:15:36
to give money. So well, if you can
1:15:38
get in real life with someone and give
1:15:40
them a nice hug or something, make sure
1:15:42
they're really a human, not like they're not
1:15:45
sure about walking. That'll actually be a good
1:15:47
thing. Just use common
1:15:50
sense. Don't keep all
1:15:52
of your money in a hot wallet, all the same things
1:15:54
you've heard a million times. Whenever
1:15:57
the FBI talks about the greatest...
Podchaser is the ultimate destination for podcast data, search, and discovery. Learn More