Somewhere between 10 and 25% of everything we look at is North Koreans.

That's the really scary thing that came up and drift is like they had real people with real resumes that worked at real tech companies and got the developers to download malware.

Every time we find a company and we ask them about them, we're like, hey, do you know these guys are like, yeah, they're pretty good devs.

And then you like sort of show them the red flags for DPRK IT workers and they're like, oh, shit. You ask them about where they live. You know, you're like, oh, you're in Houston. What's a good restaurant in Houston? And they say, oh, there are no good restaurants here. It's like, come on, man. This episode is brought to you by Nexon. Step into a new era of digital wealth. Earn interest on your digital assets. Borrow against them without selling and trade all in one platform. Get started at nexo.com slash breakdown. Nothing said on the breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only and interviews expressed by anyone on the show are opinions, not financial advice. Host and guests may hold positions in the company's funds or projects discussed.

Crypto is really going through it.

On one hand, we have traditional finance finally starting to operate on chain.

Hyperliquid is also gaining steam, and it's now quickly becoming a primary and central venue

for weekend price discovery, particularly through oil perps.

So on the surface, crypto seems to be evolving past its perception as some degenerate internet casino. What's grown

into a weird mess of blockchains, protocols, exchanges, bridges and tokens actually has morphed

into its own legitimate tech stack that has the world's biggest institutions practically

one-shot it over the potential benefits of a tokenized financial system.

We're just at the beginning of the tokenization of all assets, from real estate to equities,

the bonds. So we look at that as the next wave of opportunity for BlackRock.

But the crypto-native vision of an on-chain environment filled with Defy opportunities to

earn yield, to activate capital and trustlessly hedge all sorts of different risks,

is actively under attack. Can Defi survive? Let's see if we can figure it out.

I'm your host David Canellas and this is the breakdown. Let's get to it.

Over the last few weeks alone, we've had a new cluster of incidents across

D-Fi and adjacent crypto infrastructure, including major hits on protocols like Drift, Silo, Aether,

Hyperbridge, Rhea, Zeryon, and then Kelpdow, which at roughly $292 million was reported

as the largest exploit of the year so far.

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