Unchained
Unchained
Laura Shin
Uneasy Money: Why the Broken Pre-IPO Secondary Markets Won't Be Fixed Anytime Soon
1 hour 16 minutes Posted May 13, 2026 at 6:41 pm.
Intro: the Anthropic/OpenAI SPV daisy chain and the 'rocks with Anthropic written on them' problem
When Luca faced a situation similar to Anthropic’s with Pudgy Penguins
Why this shows the secondary SPV market is broken, even catching legit platforms like Forge
How onchain synthetic pre-IPO markets, like PreStocks and Ventuals on Solana, work
The end game for Anthropic/OpenAI with these secondary SPVs
Why pre-IPO companies have no incentive to IPO — and why that breaks markets
⛓️ : Multichain Advisors: Get help navigating TGEs, go‑to‑market, BD and partnerships, capital markets advisory, PR, media placements, KOL activations and more at multichainadv.com.💙 38:40 Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained.
Google disrupts AI-mediated attack and how local Gemini APIs have greatly increased surface attack area
Why Kain is bullish on continuous monitoring by agents for slow drain attacks
Why members of the crew are confused/bullish/skeptical on Circle's $220M Arc token presale
Is Arc bullish Ethereum? Kain says Circle equity holders win, not ETH bags
Gerstein lawyers' absurd argument in the Aave/Arbitrum/KelpDAO case
0:00
1:16:11
Download MP3
Show notes
Anthropic is voiding secondary market trades. Who gets hurt — WhatsApp scammers, Forge buyers, or the founders? Plus: why continuous synthetic pricing is coming for every pre-IPO company.
Thank you to our sponsors!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
Multichain Advisors: Get help navigating TGEs, go‑to‑market, BD and partnerships, capital markets advisory, PR, media placements, KOL activations and more at multichainadv.com.
Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained.
Anthropic and OpenAI are moving to void secondary market trades — and Kain, Tay, and Luca think that's only going to work if they're serious about it, which means a lawsuit is probably coming.
This week on Uneasy Money they trace the full anatomy of the pre-IPO SPV fraud wave, explain why synthetic perpetual markets will eventually price every in-demand private company continuously whether founders want it or not, and dig into the latest AI hacks. Tay breaks down how attackers are now using local on-device Gemini APIs to construct malware on the fly, and Kain shares the story of an agent that caught a slow-drain attack in 90 seconds that humans missed for 12 hours.
Luca explains why Circle's Arc token is a brilliant move for Circle equity holders even if it changes nothing for ETH or Solana. Plus: the Aave/Kelp court update and why the Gerstein lawyers' argument that every victim needs to show up in court is fundamentally incompatible with how onchain recovery works.
Hosts:
⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix
⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert
⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠⁠, CEO of Pudgy Penguins
Timestamps
📉
📋
🧱
🔗
🕹️
🚫
💥
🤖
📈
⚖️
Learn more about your ad choices. Visit megaphone.fm/adchoices