Uneasy Money: Why the Broken Pre-IPO Secondary Markets Won't Be Fixed Anytime Soon

Unchained

Laura Shin

Business News, News, Tech News

4.6 • 1.3K Ratings

🗓️ 15 May 2026

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everyone, I'm Kane Warwick and welcome to Uneasy Money because what happens on chain never stays on chain.
0:06.0	Before we begin, here is a word from the sponsors that make this show possible.
0:10.0	Multi-Chain Advisors is an emerging technology growth firm that has helped create 50 plus million dollars in enterprise value for 80 plus clients over the past four years.
0:21.5	They're the partner to help navigate markets. Build real traction today at multi-chain ADV.com.
0:31.3	Hey everyone. I'm here with my co-host Taylor Monahan security expert and Lucanette's CEO of Ponzi Penguins. Welcome guys. How are we doing?
0:40.3	Hey, hey. All right. So our first segment is one that is a slightly different angle on the AI war.
0:56.9	So Anthropic and Open AI are now saying that they are going to void the trades that have
1:05.7	been happening on secondary markets.
1:07.4	So for context, for the last year, there's been this like raging, roaring
1:14.9	trade of people putting Anthropic and Open AI as well as other free IPO shares, but
1:25.4	you know, Anthropic has been one of the big ones, right?
1:29.0	And they basically put the shares into a special purpose vehicle or some other entity,
1:35.5	and then they slice them up and then they sell them.
1:38.3	And then the people that buy those put them into a different SBV and then then they slice them up, and then they sell them,
1:45.4	et cetera, and so on.
1:47.8	SBVs all the way down.
1:56.0	Now, the interesting thing about this is I've been, as I'm sure everyone in the world has been via email or WhatsApp or whatever, offered these opportunities, you might say, many times.
2:04.0	And while I am retarded, I have a sense sometimes when something is a little bit off.
2:11.6	And the reason why this trade felt not great to me is I kind of had this sense that's like
2:22.8	they're selling you something that will only go up right like now of course there's
2:28.2	risks with any with any company but like these pre-IPO businesses are not like the olden days pre-IPO
2:39.1	business.
	...

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