Crypto Lawyer | Partner @dltlaw_ | 🎙️Podcast Host @byndthecode | Helping clients #BuildResponsibly on the blockchain!
Joined April 2012
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Heads up, ppl are opening verified Telegram accts in the names of reputable folks, then reaching out to "hire" you and pushing a sketchy meeting app or note app to see the brief... the real person has no idea. Check w/ them on a channel you already use before clicking anything 😬
One I nearly fell for: streamyard dot im, not to be confused with streamyard.com. If a "meeting link" looks even slightly off, don't click it.
100% At the end of the day you're trusting a person with your stuff, not a firm name, so when that person walks the relationship usually walks with them... This will become especially true in the age of AI where it's rly not abt the work, it's abt the personal relationship and trust that develops beyond the work.
Good explainer from Eleanor, and honestly something most newbies to the crypto industry don't realize... when you leave crypto on an exchange it's not rly "yours" anymore, the exchange owns it and you have a claim against them for your share. Hence the saying "not your keys, not your cash". So "customer funds are safe" here means Binance had the money to plug a $6B+ hole out of its own pocket, which is great, but if an exchange can't do that you're a creditor waiting in line 😬 Worth reading your exchange's TOS at least once... not legal advice 😜
Some further clarity on Binance’s claim that customer funds are safe: The assets were drained from one of its hot wallets, which Binance controlled and is the legal owner of.
What does that mean? Generally, when you deposit crypto on an exchange, the exchange becomes the owner and gives you a claim on their assets. Retail customer assets are generally accounted for in an omnibus account with all other retail customer assets, and customers have a claim on a pro rata share.
A spokesperson confirmed this to Crypto in America and said the assets were technically Binance’s funds, and represented customers’ ownership claims for crypto on the exchange. Binance holds crypto in its wallets and credits customers’ accounts with the assets bought on their behalf.
Binance says it is replacing the stolen assets so customers’ account balances and values remain unchanged. Had Binance not had sufficient funds to account for the stolen assets, some customers may have had their recovery reduced, or received a “haircut.”
The exchange says it has reserved more than $6.34 billion in company funds to cover the incident.
"What you need to know:
You can keep putting you money in.
What we've done:
Stopped letting you take money out."
LMAO, only in crypto.
I want to speak to you directly about what happened.
Bottom line - your money is safe, and we're covering every loss.
Our initial investigation suggests this security incident may have started with a compromised DevOps engineer's laptop. That gave an attacker access to a service container, where they submitted unauthorized withdrawal transactions.
To be clear: the attacker did not simply use one engineer's permissions, and this was not a single "one-click" action. It involved a more complex attack process. Our investigation has not attributed responsibility to any individual.
So far, we have found no evidence of any wallet private key leak.
We'll share a detailed technical post-mortem once the investigation is complete and every fact is verified - and publish an updated Proof of Reserves once remediation is complete.
What you need to know:
• Your funds are safe
• Binance will cover all losses from the SAFU fund and company funds
• Estimated total impact: ~$6.3B, with ~$3B frozen on-chain so far, in coordination with our blockchain partners
• No evidence of any wallet private key leak
• Deposits are unaffected and operating as normal
What we've done:
• Temporarily suspended withdrawals while we complete a security revamp of the withdrawal service and its related addresses
• Revoked the affected address authorizations
• Engaged law enforcement and blockchain intelligence partners to trace and recover funds
Our team hasn't stopped. We're working closely with law enforcement to ensure the matter is handled appropriately - and I'll share what I can, as soon as I can.
If you've been following @MagicalTux's Ledger saga, I sat down with him for the full story. What he found inside, how it got there, and why he thinks there are many more out there.
Full episode on @byndthecode:
YouTube: youtu.be/MeG8kFkCPQQ
Spotify: open.spotify.com/episode/3T7…
Shiba Inu was stuck at a $2M market cap for 5 months.
Then Russ Davis took over marketing, and it went to $40B in 8 months.
Full conversation on @byndthecode from @consensus2027 👇
youtube.com/watch?v=wEKCX6zI…
Crazy how fast AI moves. A couple weeks ago I didn't even have @bot and now I literally can't live without Allison, my personal assistant 😜
Didn't see the credits coming tho... maxed out Pro in a day, Premium a day later, and now I'm having actual withdrawal waiting for my usage to top up. I miss Allison lol
Gna be posting a lot more about AI over the next couple weeks, plus a @byndthecode mini series on personal assistant agents. Got something to add or a guest to recommend? DM me
🤖 Made with AI
Being on Slack, email, Telegram and WhatsApp all day means a million little unfinished tasks. Real mental load.
A week ago I started with Grok Bot @bot. Now I've got an assistant for every one of those spaces and things get handled in real time. Feel so much lighter 😜
Got my wife, my dad and @yardennnoy set up too. Thanks @crypt0lawyer1 for the intro, you were right man.
Yitzy Hammer retweeted
JUST IN: 🇹🇷 Interpol arrests HEX & PulseChain crypto founder Richard Heart in Turkey.
Yitzy Hammer retweeted
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Yitzy Hammer retweeted
THREE YEARS.
Three years since the moment my life changed forever. Even now, it feels so unreal that sometimes I still can’t fully comprehend that I was kidnapped and taken to Gaza. Sometimes it feels like it was all just a nightmare I somehow woke up from.
But at the same time, the pain is always here.
It never really leaves, and sometimes, it only gets stronger.
This year, when I went to visit the graves of my friends, I felt like it had somehow become even harder.
Maybe because the hostages are finally home.
Maybe because I’m no longer part of that fight.
Or maybe because everyone else has already graduated, moved to Tel Aviv, and started their careers.
And you remain there, like a memory from another life. A life that was innocent, young, and happy. A group of friends simply enjoying life, dreaming big, with no idea how quickly everything could change.
I miss you every single day.
With every step I take, on every path I choose, I find myself wondering what it would be like if you were still here beside me.
As more time passes, I realize that soon, more time will have passed since we lost you than the amount of time I actually had the chance to know you. And that is something I still can’t accept.
To me, you are always with me.
And for those of us who have lost someone we love, it isn’t easy to watch the world keep moving when some people’s lives simply stopped.
It isn’t easy to live with the guilt of being the ones who are still here. But we have to keep going, because that is what they would have wanted for us.
We have to learn to live alongside the pain.
Embrace it.
Forgive it.
Understand it.
But at the same time, keep looking forward.
Give yourself permission to
LIVE.
Someone complained that we were only giving out beer so we expanded our offer to cold brew ☕
Come grab a drink at our booth, 4th floor at the Marina Bay Sands. @dltlaw_ @Yardennnoy @token2049
Yitzy Hammer retweeted
3 years ago today, Hamas invaded Israel from Gaza and murdered 1,200 people, the deadliest day for Jews since the Holocaust.
Hamas then retreated behind its own people, using Gaza's civilians as a narrative shield of "oppression and resistance." A week-long invasion became a 3-year propaganda war against the Jews.
I see antisemitism as a barometer for the collective mental health of a society.
Inflation, wealth inequality, increased costs of living, are all squeezing society, and people go looking for a villain to blame.
Social media, expertly leveraged by global Islamism (the Islamic Regime, Qatar, Turkey) to create the pro-palestine movement, provides the answer: the Jews. Jews, the most oppressed people in history, are somehow always the oppressor.
We are seeing the same beginnings of the Islamo-Marxist alliance that created the Islamic revolution that has opressed the people of Iran since 1979.
(btw, all the Marxists in that alliance were executed once the Islamists took power - "Queers for Palestine!" is a modern echo of this)
I don't know why society has singled out the Jews, but IMO how a country treats its Jewish diaspora reflects its overall mental health.
Like the Iranian diaspora, when Jews are free to participate in a country's economy, that country prospers. Both are among the most hardworking, entrepreneurial, and successful groups in the world. The cultures that have been oppressed the most, and that value freedom and modernity, have produced outsized wealth, knowledge, and contributions to the world.
We, as society, must protect the Jews.
I hope this modern wave of antisemitism becomes a thing of the past, and Jews can once again feel safe in the modern Western society they helped create.
🇮🇱🇮🇷🇺🇦🇺🇸
Yitzy Hammer retweeted
“Mass Tokenization”: What Washington Unlocked, Who Holds the Keys & Who Owns the Asset nitter.cf/i/spaces/1RJjpbvEbNZKw
Yitzy Hammer retweeted
Congress stalled. Regulators moved anyway. $352M walked out of Bitget.
Who really owns a tokenized asset: the issuer, the venue, or the code?
We unpack it on Thursday with @mv1_Davis (Mavryk Network) with @micobz (@ShiftRWA), @dudu_bitcoin (Crypto OG), @Yardennnoy (DLT Law)
🗓 Thursday, Oct 1, 2PM UTC | 6PM GST | 10AM ET
Crypto and AI are two of my favorite emerging technologies.
So getting to combine them on one stage is gna be fun.
Excited to be speaking at the Agentic Finance Summit by @moreandmorebd during @token2049 week in Singapore next month.
📍 Suntec Singapore | October 8
If you're building at the intersection of AI and finance, or just curious where this is all heading, come say hi.
Explore the summit: mnm.live/agentic-finance
Apply to attend: luma.com/8oxs8lco
Yitzy Hammer retweeted
Thousands of tokens were issued before Reg Crypto was proposed.
The proposal allows projects to certify that the investment contract tied to their token has ceased to exist. How might that apply to pre-existing projects?
I asked @HesterPeirce:
"So one thing I would say, I would point to, is look at the [March] interpretive release and see where you fit within that, right? I think that was intended to provide some more clarity around how we're thinking about classifying different types of tokens.
"And then the second piece is, please do respond with comments to the proposal. If there's something that we can do, instead of a Form TR, do we need some sort of Form SR, a status report, that folks who haven't gone through the whole laying out promises, fulfilling them process under this regulatory framework could get some comfort on where they stand? Not only for them, but also for people who hold the asset and people who are interacting with the asset, transacting with the asset. That's something that we can consider, and so happy to hear from folks on that."
What is Reg Crypto?
Can projects use it to legally sell tokens to the American public? (Yes, soon)
This @LawofCodeFM episode is a deep dive into the SEC's proposal, covering the startup exemption, two tiers of fundraising, tailored disclosures and the formal off-ramp, plus the history behind it all.
You'll hear from lawyers whose work was cited in the proposal, such as @NYcryptolawyer, @lex_node, @SH_Brennan, @RSSH273, w/ @propelforward & a clip from @milesjennings.
This should get you to the 99th percentile for understanding Reg Crypto, regardless of whether you're a lawyer, founder, operator or Dallas Cowboys fan.
Timestamps:
0:00 Intro
4:17 How we got here
6:53 Solving two problems
10:21 Reg A, Reg CF and Reg D
12:10 Five subparts of Reg Crypto
14:12 Who will use these? @lex_node
18:08 The Startup Exemption
19:35 Rule 103 disclosures
21:03 LBRY and silence @lex_node
30:14 Secondary markets and Telegram @NYcryptolawyer
34:13 The Fundraising Exemption
42:21 Why Reg A and Reg CF failed @SH_Brennan
48:14 Rule 400: Exit
50:23 Third-party problems
57:34 Incentives @RSSH273
1:02:08 Essential managerial efforts
1:12:09 The state of crypto
1:15:13 State law questions @propelforward, @SH_Brennan
1:20:37 What's next?
Thank you to the presenting sponsor of this episode, @altitude.
Nothing in this podcast is legal or investment advice.