The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - HUGE Ledger Data Leak, TrustWallet Hacked, Circle K ATM Hacks | The CBP 246 Pt 1

Episode Date: January 6, 2026

In this week's biggest Bitcoin and crypto stories, we break down the regulatory earthquake happening in 2026. SEC Chair Paul Atkins confirms the "innovation exemption" for crypto firms is coming in January, while Canada's central bank pushes for "good money" stablecoins and the UK launches an unprecedented tax crackdown that affects 48 countries.But it's not all regulation—we cover the incredible story of a solo Bitcoin miner who turned $86 into $271,000 using rented hashpower on NiceHash, while Bhutan commits $1 billion in Bitcoin to build its "Mindfulness City."On the darker side, a CNN/ICIJ investigation reveals how Circle K has profited MILLIONS from crypto ATM scams, with 150+ victims losing over $1.5 million since January 2024.Plus: Trump signals he may pardon Samourai Wallet's Keonne Rodriguez, Russia proposes up to 5 years prison for unregistered Bitcoin miners, and Canada's refugee asylum crisis hits a historic milestone of 504,000+ claimants.⁠Discord:   / discord   A part of the CBP Media Network: ⁠www.twitter.com/CBPMediaNetworkThis show is sponsored by: easyDNS - https://easydns.com EasyDNS is the best spot for Anycast DNS, domain name registrations, web and email services. They are fast, reliable and privacy focused. With DomainSure and EasyMail, you'll sleep soundly knowing your domain, email and information are private and protected. You can even pay for your services with Bitcoin! Apply coupon code 'CBPMEDIA' for 50% off initial purchase Bull Bitcoin - ⁠⁠https://mission.bullbitcoin.com/cbp⁠⁠ The CBP recommends Bull Bitcoin for all your BTC needs. There's never been a quicker, simpler, way to acquire Bitcoin. Use the link above for 25% off fees FOR LIFE, and start stacking today.256Heat -⁠ https://256heat.com/ ⁠ GET PAID TO HEAT YOUR HOUSE with 256 Heat. Whether you're heating your home, garage, office or rental, use a 256Heat unit and get paid MORE BITCOIN than it costs to run the unit. Book a call with a hashrate heating consultant today.

creating it like a threat. And one of the things that can't be attacked is your self-custody Bitcoin. And one of the things that can be attacked is the ETF. Can't be exposed to that. That's my view. It's not a good idea. And by the way, that'll hit MSTR too. It'll probably hit other stuff as well.

Friends and enemies. Welcome back, Canadian Bitcoiners podcast. Friends and enemies, welcome to the CBP. Want to be better informed. Listen to Levin Joe E. Spots is taking care off right off the top. Oh, Bitcoin and Easy DNS. The media is feeding a slop.

it doesn't matter what topics discussed quality entertainment and information you can trust that's being planned or at least discussed you know we're not going to allow people to buy the guys some value boost them with some stats bitcoin is the scarcity asset i mean it's just a fact geopolitical national down to the local clouds friends and enemies welcome back to the canadian bitcoiners podcast happy new year merry christmas You know who I am. You know who that is in the other panel. What's going on, man?

How you been? I haven't talked to you in about a week here. So, Merry Christmas. Oh, yeah. We have a couple of weeks off from the show. It was refreshing. Thanks for coming, everyone. See you next week.

Joy, I'm still trying to process. I'm still trying to process what's happened today, right? We had Bitcoin not dump when it hit 90. Huge. I'm shocked Yeah, I thought we were I thought we lost that capability entirely To be honest with you

I thought we were dead in the water Another Bitcoin funeral The Z man plucking one of our very best Again that's something It's hard for me to process right Like I'm just now Getting to the bottom She's still a sitting MP

Over there right She says she's gonna leave her seat You know post haste But so far she is not done so So good for her I guess Christy feel it anyway We're gonna talk about all that stuff We're going to talk about 500,000 new asylum claims.

We're going to talk about stable coins today. We're talking about whether or not you should be buying Bitcoin at Circle K. Probably not. But first, as always, the sponsors, Easy DNS, the best place for you to do basically anything when it comes to name service and virtual private server stuff. Whether you want to bring a domain over, you got one already, or you want to buy one from Mark, some combination of the two, you can help you with that. if you want to run a virtual private server, do some Bitcoin work, do some other work.

Easy. We've had some people in the recent past who had that need. They've been sent to our friends at EasyDNS. And of course, Len, for a couple extra bucks, domain shirt, easy mail. Make sure that all your stuff is locked down, locked down. As you hear from us on Access of Easy, many people looking to snipe your data, your client's data, and other stuff too, actually. The amount of things that we hear about in terms of stuff being stolen, data being stolen during hacks and break-ins and leaks and whatnot, very, very alarming. But not something you have to worry about over at Easy DNS.

So go there, use the promo code CBP media, tell Mark we sent you, whatever, and get 50% off your first cart, which is outstanding. I meant to meet up with Mark over the break. We never had time. Maybe in the next little while we'll get some lunch and record something here in the studio. Would be nice. it would be well bitcoin they're still a sponsor

so we better be talking about them yeah that's a good idea let's talk about it that's where i do my buys that's what i would do myself if i were to sell them why the hell would you want to but if you'd still want to sell it they'll be happy to facilitate that transaction for you not custodian right so it's not like you're going to get rugged so many other exchanges out there you use them

have them hold on your bitcoin by the time you want to get it it's gone Not bold Bitcoin, because in order to do the buy, you've got to provide an address. It may not be a correct address, but you've got to provide a Bitcoin address. That is the only way to do with non-custodial exchange. This is what you want. They have your safety, your privacy in mind when you do the buys. You could not only buy, not you can sell, you can do it on chain, you can do it on lightning. When fees are getting high, they're not yet.

So on-chain is still a thing to do. But still things you could do with them, pay your bills, send money, limit orders, lots of different options. do they are continually expanding offering more services they have the new app out there joey i think you've tried it out and you are very happy with the bull bitcoin app but you've been blowing it's awesome the bull wallet is awesome recover bull is awesome super easy uh you know without going in too much detail i've been using the dca feature right bowl liquid dca bull wallet flow over the last uh i don't know more than a month now i think and it's been it's been awesome it's like a really really good really, really good sort of product.

It's a good product alignment. And the buy to the wallet, to the, like it's outstanding, completely seamless, set it and forget it. You love to have it. And like you said, how many places can you DCA non-custodial, barely any? This is, this is one. On top of that, if you need some handholding along the way, they have an excellent team. They actually fly Guillaume to your house. I don't know, maybe not to that degree, but they,

They are fine enough, they'll do it. I promise you, Kevin Matt, they will send Guillaume anywhere you need to be. He's there. So if you have a little bit of extra of these, the Canadian version of, they'll be happy to take it and give you some Bitcoin in exchange. So check them out. Use our link below if you haven't already signed up. If you do, then all your buys and sales moving forward will be a little bit cheaper. Check them out.

They are the best. Yeah, we like that. So, I mean, housekeeping, I guess we could do first. We don't have any. been a couple of weeks off here really enjoyed the break land and i got together in the meat space for the first time in a while with the show sponsored twan at his place that was fun man you guys like we talk about twan usually in the in the back half of the show we do hamilton man brand demand but let me tell you twan takes no breaks okay he made us stakes and we were talking about you know

in between solving all the world's economic and political problems all the iterating he's doing over a 256 heat he's got a new 3D printer in-house you see him tweeting about some of the stuff he's working on guy never sleeps so we did that over the break and man that's basically like it i didn't do like anything else related to this podcast did you i was always still checking out the news stories and some of the sure and some of what i've been reading it's going to help make up the body of today's episode so Um, yeah, so there may be a little bit of information here that could be for a couple of weeks ago, but I think it's still noteworthy stuff we should discuss, including Joey, one particular item is, I've learned a zero point one Bitcoin is enough to retire on. So I'm going to be hopefully.

I'm shutting it down. If that's the case, we're, we're good here. Well, maybe you are. I still haven't reached that magical 0.1 Bitcoin. And when I do, then you will see me just shut it down and say enough is enough. So when this chair is empty, I've reached my stacking goal for my life, 0.1 Bitcoin. Get there because if you do not, you will never retire. It's according to a whole bunch of podcasts that I see out there.

Yeah, yeah. Funny, I see a couple comments here from the chat. Torup, bro, you got to get into the 256 seat. Don't worry about what your wife thinks. And then dab there, I see a 0.01 Bitcoin to retire. Boomer underneath 0.15 to be safe. it's amazing the pod slop never ends i've said this many times i you know these guys are my friends don't get me wrong but it's just it's shitty content if you're making videos every two

weeks about how much bitcoin you need to retire it's time to start thinking about another line of work i would say that's my personal view don't uh don't shoot me on about that but i think that's probably the case another thing i think it should be very concerned about if you're a ledger user. Have you seen what happened? Are we going into this here? You want to hop into the news? Sure.

I mean, let's hit him with the ledger thing. It's a pretty important story. We talk. Do you have boos? We have boos? We have no boos. Okay, okay. No boos.

We talk fondly of products from Coin Kite. And the reason why is I use it. Joey, you use it. You have the cue. I don't have a cue. I'm happy with my Mark 4, cold card. I'm not going to upgrade it because it does exactly what I want it

to do for me. Not to say that the Q's a crappy product. It's a better product but the Mark Ford does everything I need. Why do I like coin? They don't sponsor it. I just like their fucking thing. When you buy something from them, from what I understand is they destroy those records

after a period of time. So in terms of having your information tied to a particular buy like a signing device, it's not going to happen through CoinCite. They're not going to get that information, but Ledger time and time again this happens, right? You buy

something with them. Information they keep forever, their attention is infinite. They destroy this fucking stuff. They have their payment processor today, GlobalE unfortunately

they suffered a breach. Now, information that was taken from there is the typical stuff. You got the names, the addresses, the content, the information, everything. And if you're buying something from ledger, you probably have some digital assets associated with it, right? It's not like you're going there to buy the fucking hat

that you can put the Ledger Nano in it. But you're getting the Ledger Nano plus the hat. So they know that you have it. So when this information gets leaked out there, now you're risking the $5.00 wrench attack. You're risking getting all these fucking emails out there because they have this information. You make it calls.

You make it whatever just to try to scan. you in one way or another how many people up there use ledger for nfts or shitcoins they are just ripe to get fucking owned out there they're they're gonna fucking get absolutely owned it's fucking bullshit you see this kind of stuff happen time and time again they do not they do not do anything for you and your privacy if they would they would destroy this information shortly after processing the buy and sell or the sell of the product but the fact keep it forever it's bullshit go somewhere else to buy your fucking signing device don't give ledger your money they're gonna fucking just rug you in the end if not your shit quins you're gonna get

run they can think of all this then then not just that like think of what they fucking offer in terms of yeah those devices they service all that garbage fuck ledger fuck it all together it's still better than leaving on an exchange i'll have to give it that can you uh can you not much these days answer answer this question okay how many more data leaks before the end of the decade from Ledger over under two and a half over over I would say over to why we saw four years

given day right like it's such an enough time that's the thing that's the one thing but I think the other thing too like the key sort of the key feature here of this and other leaks from them is what they're not learning their lesson on third parties like they just keep going through they just keep going through these like you know, these phases where they're, oh, well, it was a vendor. It was a, uh, an email provider.

It was a whatever. But like, man, Bitcoin's worth the $100,000, dude. You can't leak that information from people now. You're seeing crime, although there is like very suddenly a major push from all the Canadian and American media to say that crime in big cities is going down. Like, you must think I'm fucking retarded if you think I'm going to believe that. that aside. You know, the idea that this sort of increasingly dangerous time is the right time to be leaking customer data to third-party providers, to darknet, to Twitter, to whatever,

you know, at the same time when vigilante activism is raging, we just had Luigi Mangione kill a guy, you know, six months ago. It seems like a decade ago that happened. Charlie Kirk, people are emboldened, you know, by, I don't know, are they emboldened by like 4chan forums or whatever the case is? The fact of the matter here, yeah, the fact of the matter here is that, you know, whether they're getting MK Ultra or just watching too many YouTube videos, people are taking bolder and bolder action against people they don't like, disagree with, think have some undeserved wealth or fame or fortune or whatever.

And the idea that you're going to be like, okay, let's keep, giving all this information to third parties is insane to me. These are the same guys, by the way, that will say to you in, you know, tweets or whatever, the new ledger safest hardware wallet. It doesn't matter how good the hardware wallet is if you tell people where the hardware wallets are being, like, domiciled. That's the same thing, you know? That's like part 1A and 1B of customer safety and data safety. But they're really failing at this.

I have also never heard of this payment processor presumably they're European but can we not use someone a little more I mean recognizeable whatever like there's the fact of the matter is there's more secure payment processors than World E. By the way Global E is headquartered in Israel

just never stops like you just never stops get you watch out. Hopefully you don't have a beeper in your pocket because you can't say that on You too, but like, it's like one thing after another here. This is crazy, man. Oh, my God. I had no idea about that.

I was breaking news here. Oh, my God. What an embarrassment, man. What embarrassment. I don't think these people are like, you know, they're not serious people when it comes to security. I can't imagine continuing to give my data to them. Just, it's mind-numbing.

But, Len, until NVK and the cold card guys, start worrying about UI for new Bitcoiners, this is going to keep happening. And, you know, I've been critical of MBK, like I said, this to D over the break, too, probably during a heated round of arc graders, that one of the problems we're having now is Bitcoiners who are starting, you know, to buy in the last, let's say, or we started to buy in the last like two years, okay, they see it at 100K and they're going, man, I got to get some of this. So they start buying. They never experienced 2017, 2016 and before user interfaces in Bitcoin, whether it was on the hardware side, whether it was

on the wallet side, the client side, whatever, they never experienced this. And so for you and me using the coal car queue or the MK4 with Sparrow is like, oh my God, what a breath of fresh air. This used to be brutal to use. The sending and receiving was brutal. The fee structure is brutal. Now people don't have that point of reference. In fact, everything they're using is really dumbed down. It's, you know, for the lowest common denominators I used to say on the show all the time. And so until, until Cold Card or Coin Kite, if they want to, if they really want these customers, if they really want to help these customers, I dare say, you know, tweeting at Ledger or about Ledger every time they fail is one thing. But there's a way to kind of draw these

people in and, you know, to be a bit critical here of MBK and the team. There's not, there's not been so far an effort to produce a device for the new epoch era, whatever, of Bitcoiners. And until there is one that's secure and friendly to look at, you're going to keep having this problem. So it's not an NBK's problem to solve, but there is, you know, potential at least that he could really poach a lot of these people who are looking for hardware wallets because he does have the best product. You're right.

The question is one only of UI and ease of use and nothing else. I have nothing to add to that. All right. Let's just go on. Trust wallet. You've heard of them. I have. Don't trust them.

Yeah. Hardly ever. It's like when you put, when you have to put science in the name of a discipline, it's not a science. Like political science is not really a science. Same as if you have to put trust in the name of your wallet. It's not really trustworthy.

So don't trust. Trust wallet. Like I said, I don't know if they do Bitcoin. Let's assume they don't. It doesn't really matter if you do that. But anyways, there was a Chrome extension for Trust Wallet that apparently drained about 2,500 people, $8.5 million worth of, presumed shit coins. And what they were doing, they were using a malicious JavaScript bile on the Trust Wallet

Chrome extension, Chrome of all things, right? That's another thing that, you know, there's better browsers out there. Better browsers, better signing devices. But this is a hot wallet, right? Like, this is something people should avoid. Leaving your money in exchange, your Bitcoin in exchange is bad. Leaving your Bitcoin in a hot wallet, like a vast amount of Bitcoin on a hot wallet that's just readily available is bad.

You don't want to have your keys on a device that is on the internet, that is online that could potentially get rugged. it's use something better I wouldn't even dare say use a fucking ledger over this stuff but then if you're going to go down and down path use something else to mention even tap signers another one

but anyways there's so many different things you could use out there don't use the fucking the trust wallet but still people don't learn all the time you hear stories like this it's always web wallets it's always web wallets chrome extensions yeah I don't get how people

just continually trust these I understand a name, but let's be honest. This shit happens frequently enough that people get their shit drain from them, but they continually do it because they're fucking lazy. They think that their system, their setup is impervious to an attack. No fucking wait. No system is with enough time and effort, they could get into anything they wanted to.

Now, in this case, they're using a malicious JavaScript that's part of a compromise set of tools out there. It's in the GitHub. They compromise the GitHub. Yeah. So think about this. Talk around you. Find out, man. Exactly. FAPO, hardcore example here. Think about this. You're using Trust Wallet. You know, it's in the name, like we said. People use this thing. It's a commonly used hardware or sorry, software wallet. Think about the ways you can attack this thing. The GitHub is one. Happened here.

You also have Chrome Web Store API access. Number two. You have malicious build uploads from either internal or external factors or contributors, I should say. And then you have the other one that's big too, the auto, like the auto update auto release feature, right? If you have something on your computer like in a Chrome, a Chrome extension, Chrome will ask you to just auto update that stuff. How many people are looking at their extensions before they update? My guess is not many. So you get that, that hazardous piece of software right away. And then by the time you realize it, it's way too late. You think Trust wallet has a way to roll back the chains and get your NFTs back?

and they don't. They don't. No one does. Telecon speed dial? Yeah. If they do, then it's possible. You never know. Yeah, it's just like, it's dumb.

Not to mention that, you know, one of the things we talk about all the time in Bitcoin, especially, again, on the harbor side. And to give NBK and Coal Card, Coincut guys credit, this is not a problem that they have, but there are wallets that have these problems with UI compromises in terms of what users see compared to what's actually happening in the background.

Because if you can manipulate a UI element without manipulating the back end, then you can change, or I have that inverse action. If you can manipulate the backend without manipulating the UI, then you may send to an address that's not the address that you see.

You know, in this case, that didn't happen. But when you introduce these complications, yeah, you are bound to run into problems. And this is a good example of that. So, yeah, I see this question, are people in the chat from Torup, are people draining, quote unquote, draining their own wallets,

to pretend they got rugged. Well, don't forget. I did say that that was possible one time with a guy who got nabbed and said that he had 5 million in Bitcoin stolen from him I think there was a guy in, he might have been in France

but a year ago maybe a little more than a year ago I forget but if it's a one-off it's possible yeah like this we have 2,500 people playing like this different story yeah different story yeah for sure yeah those one-offs definitely it's possible especially

with the NFT bullshit back in the day with the watch trading and all yeah anything is possible. They're just buying it from themselves to try to bring shit up the price things higher. Totally.

Finance apparently is using their Sapphu fund to help people with this, by the way. If you're into that sort of thing. I know some of you guys are still dabbling in the dark side, even though you listen to this show. So if you are, see if CZ can help.

He's out of jail now, so maybe he's got time for this. Can you use Binance in Canada? I don't think so. I don't think so either. You got to jump through some serious hoops. You could VPN it or whatever, right? But you have to provide some identity documents, right? Like, you really got to jump through hoops to use Binance.

Depends on how much finance cares, right? I guess. I mean, we used to have trade over back in a date. We used to live in a society, you know? We used to live in a society. Trade over. This piece by CNN, they did an investigation, but people being scanned by the Circle K, Bitcoin ATMs, right?

is it in Circle K they have these Bitcoin ATMs that the people that are running in Circle Ks they want them there is attracting customers it's a new form of revenue that they can generate from people and well people are getting calls like mostly is boomers and they're getting shit about you know taxes need to be paid or you have an unpaid fine

something outstanding that needs to be paid any way that you could get it quickly getting paid off while you can go directly to this Bitcoin ATMs, buy some Bitcoin to the address that the scammer says to send it to it. Obviously, this is a total bullshit. And so they had a piece they're doing. In fact, when they were there filming, one guy was just about to send the money over, right? He was just about like $22,000.

He put it in the machine, $22,000. What a fucking fine. He thought to have to pay. Like, nobody's going to call you up and say you have to use Bitcoin to pay for something. It's bullshit. We still live in a Fiat environment. If you have to pay any sort of bill, it's going to be still, use your bank account, you use your credit card, shit like that.

Nobody's going to tell you to send a Bitcoin, sorry, send money to a Bitcoin address to pay off something. It doesn't happen. That's not the way this total fucking scam. But they're painting these Bitcoin ATMs as a place where a lot of scammers are doing business and making people rich. It's just really another place to buy Bitcoin. That's what it really is.

if people are too fucking dumb to understand what's a scam and what's not a scam yeah like what the fuck like let's be honest it's not the bitcoin ATM that's a problem it's people's mentality they're fucking too trusting too fucking dumb they are dumb let me give you some

let me give you some stats here context about this this is an interesting story to me because I've seen more and more ATM is popping up including by the way of a convenience store in town has a Bitcoin ATM now, which they did not have, I think, you know, six months ago. Last time I was in there from milk. How many FBI reports for crypto ATM scams do you think came through in 2025 in the States? I will say 1,500. 12,000. It's a lot. The estimated losses, how much you

think? Give me your, give me your best guess for those 12,000. 1.5 million. 330 million. people are so dumb okay now here's the thing that's interesting keb the individuals who are getting i know but the people getting clipped by this they're all seniors they're three times more likely to be seniors which is weird because if you were a senior if if i ever told the senior in my life like would you ever think to pay a fine or like go to a bitcoin 18 like none of them would do it i would guess you're probably the same now maybe we're not the average sort of you know you're a gen axon millennial but are we like are we in the right demographic where our seniors like our parents our parents friends whatever our neighbors kind of know that yeah anytime

someone calls you to go to an ATM it's obviously a scam there's some demographic out there that's not understanding this and by the way it's not it's just over 60s so it's not like it's over 75 it's not like it's over 50 it's over 60 it's not that old okay these these are people who have use the computer and printer. And I see you guys in the chat saying boomers are gullible. I know, but this is a lot. How about this? What responsibility do you think Circle K has in this story?

Do they have any at all? No. Okay. I agree with that. And do you know why I think they don't want to have any? Because I think there's probably a significant amount of traffic. $330 million, that's significant amount of traffic for, what is it, Bitcoin Depot, I think, is the company in question here.

They operate 8,000 of these ATMs across the United States at about $700 per month in rent. Do the math on that? Five and a half million. Do I have that right? It's quite a bit. So, you know, when you have that much money on the line, not only does the Circle K not want any responsibility, but you know who else doesn't want any? Bitcoin Depot. Nobody wants any responsibility here.

Well, it's beyond what they should be able to do, right? Bitcoin Depot just sets up the Bitcoin ATM. Like what more, do they have to have a person stand there at every device? Well, the Circle Ks are sending warnings to their employees about the scams. During the investigation, I don't know how long the investigation went on for. I couldn't see that. But 17 of the 30 Circle K employees that they talked to had witnessed the scams firsthand. And 13 of those had the training on how to prevent scams in the stores.

So they're preventing them maybe on like the money transfer side, like presuming you can do some other kind of financial transaction at a Circle K, whether it's like gift cards, you know, if someone comes in and buys up $500 in iTunes gift cards, the guy's 65 years old, the guy at the counter will say, hey, buddy, you know, you can't pay parking fines in iTunes gift cards. But if the same 65 year old goes to the ATM with $20,000 in cash, like you said, what was the number, 22K, that Circle K employee doesn't bat an eye. so so is it like where is the uh you know where's the line here i'm not 100% sure but it's there's something here you know what's going to be talked about over the next few years as these things become more i i don't know if it's become more active because obviously the like law enforcement doesn't want you using ATMs but there's some there's some responsibility here some social that same fucking idiot is going to lose his money on a fiat scam right like somehow like if he didn't do it on this, somebody would have

came to him and he would have paid a bill with it. And he could have went to the bank and get it reversed or he could use the credit card. But when you do that, sometimes the money that was sent to the scammer, they already spent it. So they have to somehow create more money. And this through this creates more money in circulation.

We all pay for it as a result. I refuse. I'm opting out. I'm opting out. And that's what you should do. You should exchange this. Oh, maybe not exactly this one, but you should exchange your Canadian dollars for Bitcoin. That's the off

you know like just today I was talking to my wife when I was mentioned and I'm going to go into the Z-Men story but just briefly I was just saying man it's just fucking embarrassing you know that's just fucking embarrassing what's going on over there but you know what we are the largest donor to the Ukraine

per capita right after the most recent $2.5 billion loan it's a loan it will be paid back just like the COVID ones it's going to be hard to claw back the loan from from Ukraine a little harder

than the COVID loans were flying back right now. Interestingly enough they have a lot of gold. Yeah. Why,

you know, if somebody has an asset they could liquidate and they choose not to do it, I don't know. I know that. We're asking me questions. What's going on?

We were talking about scams. Let's talk about this other scam. Somebody was posting, posted on the crypto scam subreddit. I can't believe that was a fucking. This is a subreddit? Wow. Crypto scam.

It's beautiful. This guy, I know this is an XRP story, but it does believe itself in a Bitcoin. This guy, he said that he lost $200,000 of his family money, $200,000 worth of XRP, right? Fucking XRP, essentially lost nothing. But he says this was the life savings of the family that was lost. Apparently somebody in the family had access to the keys. He trusted the individual to have the keys, right? That person gave the keys to the scammer, right?

So, this shit could even apply to Bitcoin, right? As long as somebody has... Is this in the show notes? Did I miss this? I don't know. You might have made them. I don't know. It's just an evolving document and I have here.

They're evergreen. But the gist of this is, fuck the XRP part. Focus on the keys part. Yeah. Don't trust giving your keys to anybody. If you're going to give them up to somebody, make sure, make sure damn fucking sure you trust them. Because there is no way that you could have this reverse. Once is gone.

it's gone. Maybe not in the XRP world because it's very centralized and they could go to ripple and have this reverse. But with Bitcoin, it's not the case. Be very careful with your keys. I know you think you're cheering with somebody and they might have the best of intentions initially,

but once they have it, they could do everything, anything they want. In this case, they gave it to a scammer, and a scammer rugged it, the whole family of the family fortune 200K. God, that is brutal, man.

That's pathetic. Brutal. It's a learning. Fortune's an XRP. Like, how many brutal parts of the story can there be? This is a good learning experience, not just don't invest in that XRP, but the fact you don't want to give your keys to anybody, they suffered this massive loss. And if you learn from it, you won't have to suffer this massive loss. So learn from somebody else's stupidity and don't do what they do.

Do the right thing. Secure your keys property. Don't give them up to anybody else you could get rugged. Hard to believe that, again, like, I don't, I don't have the background on this, but it's, in the year of our Lord 2026, there are still people who are placing their faith in the XRP token to give themselves financial opportunity and financial freedom. How can this be? How can this be? Crypto scams sounds like a great subreddit, by the way. I'm going to go check that out.

Is it all one word? Is there an underscore in there somewhere? No, just one word. Crypto scams. Yeah, here it is. Oh, this is going to be a banger for sure. Yeah, this is good. 840K stolen.

My hacker is swapping to Monero. Wow. Jeez, man. It's gonzo at that point. Yeah. So a couple of weeks ago, we had this very big story that came out in Canada. It was the Canadian tax court. They overturned a CRA decision to deny Bitcoin loss right off.

And the story here is somebody opened an account with Quadriga back in 2017. And in 2019, Quadriga famously went tits up because Gerald Cotton, well, he died from Crohn's in India. So the taxpayer in question here claimed a non-capital loss of $505,000 in her 2017 T1 tax report. And she said that that was the cumulative amount placed with Quadriga plus interest and other costs. So I would assume she probably had $400,000. She bought in 2017, Joey. That's a fortune now, an absolute fortune. That's Canadian dollars, by the way.

And she's claiming it as a non-capital loss, and this would allow her to deduct against her income. And so I was hoping her intention was to retire in her early 60s. If you want to hear a bitcoiner here, Joey, this is it. She hoped to benefit from all the days. and she ended up borrowing $2 million. She borrowed against her, took a second mortgage on her house, took advances on her credit card,

did a whole bunch of shit. She did a lot over here. So she really went balls deep into getting into, but with respect to what was lost, she tried to use that loss from Quadriga as a way to improve her tax standing. So you already didn't like it initially, but the judge concluded that she likely incurred expenses

that she's claiming to the purchase of the Bitcoin in 2017. The judge said her activities fell within the definition of a business and therefore her loss was properly characterized as a non-capital loss deducted against all sources of income. The boating attack or boating loss story could potentially be used moving forward. I think that a lot of people lost money in quadripe. A lot of Canadians lost money, and they didn't do this type of thing.

But now this judgment came out, they may be able to go retroactively fixed their taxes. It's going to be really hard. It's going to be really hard. Because this lady, okay, so we're just going to steer off the path here for a second and talk about this ruling where the judge said that the woman demonstrated the indicia indicia of commerciality. What does that mean? when you are trading stocks, for example, in your TFSA, okay, so just put on your Fiat

hot for a second. If you're buying stocks in your TFSA and selling stocks in your TFSA, you know, most of the time if I sell in my TFSA, I do it for the sake of rebalancing, for example. So if I'm heavy in one for certain equity, what I usually do is slide out, you know, part of that stack to an index fund, okay? There's some non-investment advice from your favorite Canadian podcaster. If I was ever to try and claim a loss with that activity, pretend it's outside the TFSA, because TFSA is kind of a separate entity. But let's say you were doing that kind of trading activity in a non-registered account,

and you wanted to claim a tax loss. And actually, you know, we'll stay in the TFSA. Let's say you're doing that activity and you wanted to claim. And the CRA says, yeah, we think you're trading here too often for this to be a, quote, and quote, like personal account. We think that you're demonstrating commerciality in Dacia and Disha of commerciality. There's too much activity here. You're spending too much time and you're treating it like a business, basically, is like

Glenn said, the standard. If that's the case, then there's a different set of rules that apply in terms of what your tax exemptions are, what your efficiencies are, and most importantly, what you can claim in terms of gain and loss at the end of the tax year, what you're required to claim in terms of gain and what you can claim in terms of. the loss. On the side of Quadriga, this lady had 100 plus Bitcoin purchases. She was on the account every day and was spending multiple hours per week plus had leveraged positions. So for her to claim that loss was a little easier. For people who lost money on Quadriga,

you're not going to, most people, 99% of people are not going to be able to say, I was using this in a commercial fashion. And so that loss, is actually a loss that I should be able to claim on my taxes. There's just no way. So what sort of documentation does one have to provide it? Well, this is the thing. So the CRA doesn't really have good rules about this. Like we've talked about before, the CRA makes the rules based on how they feel the morning that they review these things.

So there is no standard. But like pornography, you know a commercial or business account when you see it. You know, there's no way to someone with a regular account. Yeah, go ahead. Think of an individual now because Quadriga is gone. there's no documentation to be had so if one just makes the claim I was doing this as a business

I was actively doing trade I mean they'll have to show they'll have to show it well how could you not show it how can you it's basically it's word it's your word versus there well good luck yeah I wish you the best of luck yeah for me I wasn't there for the quadriga

I had money on quadriga a bunch of my friends had money in quadriga we didn't lose it but you know we were smart enough to transfer to our then ledger nano s devices back in 2017-18 I never got a ledger till much later on I got one pretty early I got one pretty early I'd burned that motherfully I was listening to the right podcast early on I guess which one uh Marty and Matt I was listening to a lot um who else were they recommend and bit seen yeah they may have talked

but somebody I was listening to talked but I don't remember who but yeah There you go. If they had a ledger apparel that you could wear, would you have done it at that time? Is that... I don't think so. I don't think so if I had to guess. Hear about the Kioni or Kionni?

Yeah, Kionni. There's things that he might get a pardon? Well, I don't think that's going to be. Did you hear Trump talk about it? Yeah, he doesn't know. But I mean, you can't expect the president to know everything that he's doing. Well, well, well, he at least had a little bit more information about CZ

than he did about this one he was more familiar with it. Barron told him the release CZ yeah so yeah and that's what CZ has he's got in in with the trumpet clan this guy Rodriguez I don't think he's got the same type of connection he had

this guy Rodriguez I don't know much about him you guys can look into the the UTXO info storage that they were doing at Samurai and decide whether or not that constitutes a crime that the state is claiming, it may, in my opinion. I think a lot of Bitcoin is so a blind spot for that. But apart from that, again, in terms of the sort of winds of the morning on which these cases are reviewed by law enforcement and by the president, if there is an anti-Rodriguez individual in that office when they're reviewing hardens, they are going to show every picture of him wearing the dumb t-shirts, every tweet of him telling people that he's doing this stuff

for Russian entities and skirting terrorism laws, whatever else he's tweeting about, it's a masterclass in how not to carry oneself should you be operating in what was obviously a legal gray zone and obviously going to cause you issues given the sort of political landscape of the day. So, he has an uphill battle. Look, he, he, He's got a five-year sentence, right? If this is going to be a grassroots movement like Ross, by the time they gather enough support to get whatever presidents in power that time to change this decision, the five years will have last.

It won't matter, yeah, it's exactly it. CZ, from what I remember, Binance did help out the World Liberty Phi with their stable coin providing them with code with the luck so there was a connection between finance which zy obviously is very much attached to and world liberty five which the trump family is attached to so you can see the connection here in which you're going to have cez at least get an in for potentially being parted rodriguez no hope and how that's the way i see i could be wrong i think you're right lan i think you're right just like You know, we've been as Willard, dude.

You're going, you're going this direction, too, with, like, stable coins and stuff. And that's why I have my tag tonight is senior Panopticon correspondent. Like, there is no place in modern governmental strategy guidebooks for samurai. Sorry, there's just not. So, yeah, good, good luck with this. There's other ways to be private that are a lot less in your face, a lot less, insulting, I would say, a lot less grading to the people in charge. Stuff like lightning, you know, there's ways to obfuscate if you want to.

I'm not recommending it, but this is not the way to carry yourself. And again, look into the information retention that these guys were doing and decide whether or not you feel the same way about the sentence and about the man. Are we going to look at Gensler's days as something that was positive? Maybe. I am more, I lean much more toward laissez-faire, SEC, and just general and, you know, in general three-letter agencies than I do what I'm, what I saw from Gensler. My other view on Gensler and his regime in general is that he was being dishonest but what he

knew and understood and didn't know and didn't understand. everyone saw those clips of him lecturing at MIT he understood exactly what we were trying to accomplish and then got to the SEC chairperson seat and completely forgot you know he's pretend that he didn't didn't know we were talking about and that this whole thing was a scam or whatever like that's frustrating if you have an opinion like have the nuts to stick by it and and articulate it and be clear about it and open up debate on it he did none of those things he chased a business offshore and put American consumers in jeopardy, I think, in a lot of ways. And, of course, don't forget that he stifled American innovation.

And now America is, you know, trying to catch up in a lot of different sectors and silos. We'll see if they're able to do it. I think they probably will be able to do it. But, yeah, he's a clown in my books. What's he doing now, by the way? He hasn't been heard from. that's what you want that is what you want but it's very rare

that that's what actually happens 100% yeah you're right like where's his op-ed in the New York Times you know when Trump launches World Liberty Phi where was it like it wasn't there there's nowhere to be found maybe he's just doing the smartest thing

and just he's sitting on a beach somewhere and living the life that he wants to live maybe away from everything he's made his money and he's able to sustain himself with no bullshit no pressure sure right it doesn't have to answer anybody could be i don't but i don't know maybe he's he's

fucking living in new york and amongst the chaos over there the cc chair right now what's his name atkins aitkins i don't even fucking knows it happens yeah yeah so did you see this crypto task force roundtable that came out not so long ago the name just a fucking red flag right the crypto task force roundtable it is it is what it is yeah it is what it is but there's going to be some some things that come along with yeah for sure because the the you know came away with that and he said he wants to assure people that the regulators have the best of intentions for the end users that's what they're trying to say here i would say give me a break because let's be honest they want to use this in ways that you maybe don't want it to be used

they say that they could deliver a framework that protects individual privacy at the same time trying to deter illegal activities when using stuff like bitcoin or maybe a stable coin and he does say that privacy is a core american value and he also says that stuff like crypto is what he says could be a powerful financial surveillance tool he's correct about that yeah hmm so when you have privacy then you have surveillance those two things don't seem to mix very well to me it's like oil and water. But look, we just had the tornado cash guys, right? I think he's Rodriguez is now in jail. Right. Like, okay, maybe it's because they rub people the wrong way, but, you know, I think

that there's going to be something coming out from all this. And I think a lot of people are not going to be pleased if they're going to be using this as a surveillance tool. And KYC-free Bitcoin for people that have it, I think this is going to be something that could be potentially very valuable to them in the future because it's theirs nobody knows you have it and you can do whatever you want with it yeah i i like the idea of this guy making these statements this is refreshing honestly um so he mentions uh bentham's panopticon you know what a panopticon is no panopticon is like uh it's like a let's consider consider like a circular room okay and all up and down there's

prisoners in this jail that we've built here. And in the middle, there's a guard tower. And the guard tower has windows that are tinted and are all around the tower. So you got the guard tower here and then all around the tower are prisoners all facing inward toward the guards tower. Essentially, the guard or guards inside the tower can watch all prisoners at all times, but never actually let the prisoners know when they're watching. And so that has a psychological effect. People always think they're being surveilled, even if they're actually never being surveilled

because the possibility exists that someone is looking at your transactions or your actions or your behaviors or whatever, right, your tendencies. And so it's a sort of a sociological chiller on the way people think and act. And for him to come out and criticize what really was a Republican, creation, this old consolidated audit trail program that they came up with after the 2008

crisis where they started basically watching everything. They have tons of data collection, barely any regulatory oversight because people were clamoring for more, you know, quote unquote accountability. They never got it, of course, except for their own transactions, unfortunately. There's huge compliance costs for institutions and banks who want to do this, but they have no choice but to do it and where do those costs go then they go to you and me right you know the government stores data it doesn't even use for him to say this by the way it's kind of a whistle to uh the i think the patriot act is that the thing snowed uncovered what was that that whole deal i forget snowed and uncovered uh god i really should know this as a bitcoiner but anyway um

these guys store a bunch of data they claim to not even be using but i'm not 100% sure and And then obviously the expansion of this program just continued unabated. It was like this cancer spreading inside the Fed or the federal government. And the expectations continue to become more and more cumbersome. And like people always talk about, much like the TSA, you have these expansive programs and erosion of privacy with very little results. How many, you know, what are you stopping from happening, right? The TSA makes a similar argument that the CAT used to make that, well, the reason nothing is happening is because we know we could catch them. Well, you know, it's not entirely true.

And also, it's not provable. So, like, you can't really say this stuff. But it does show a little bit of guts on his part to criticize something that was, that was, you know, a product of the party that he's representing. Now, I don't know if what we're going to see. You know, are we going to see this government really embrace anonymity in finance? Because really, Bitcoin can give you anonymity, if used correctly. That's a bit of a bridge still across. But, I mean, this is kind of a step in the right direction, a little bit.

We'll see. We'll see. At the end of the day, like privacy on chain is sort of like illusory, right? If you have like passive IP monitoring and you don't take care of. with your transactions plus KYC exchanges and it's not like you have to be really careful to have a private Bitcoin transaction you know what I mean so it you know does it really matter long term whether they decide to quote unquote monitor you I don't know people are are seem are seemingly sloppy with the way they use Bitcoin anyway oh well if one has KYC free Bitcoin

I would assume they would know how to use it in such a way that is charter to track. But of course, I have to suggest or say that you have to pay your taxes. I don't want to say skirt the tax system. CRA, if you want to come up to me, I'm not suggesting you every time you spend your Bitcoin, make sure you report that to the tax authorities, right? But yeah, if you're going to use it, if you have K.YC free Bitcoin, I think that you're, you don't have to jump through hoops. You know.

Yeah, but when you use it, like, for example, okay, you and me, if I have KYC free Bitcoin and you're a vendor, I'm going to. Like, I say to you, yeah, I'll send you X, X, Y, by Zsats from my private wallet. You go, okay, sure. And now you know that I got it. And so now you're a security hole for me. Okay.

Yeah. Like there's really, like you're using it or you're losing it. And in either case, like you're kind of, you kind of burn, right? No. The fact that somebody, all you just, I mean, all you can tell. will you tell me how how do you use kyc free sats without the second party being a security hole the only thing that you're saying is that you own k yc free bitcoin you don't say how much you have you say you just own it and that's that is it now you're just closing it to the person that

fundamental disagreement about what the nature of what the government cares about and what they think they like what you think they have to prove is different than what i think they have to prove so that's exactly it so we we agree to disagree at this point you know They think that you have 500 Bitcoin, the KYCV, whatever. Pick a number. It's just, you know, it's not the truth, right? Like, all you could go on base is what you could present. That's it.

If somebody asked me how much I had, and they really push it, I can present what I have. And if you say, no, you have more. Oh, how do I fucking have more? I'm not going to fucking create more. I have what I have. That's it. Right? So, like, that's basically it.

I hope it works for you. I do. I hope it works. I think it will. I think it will. The UK, let's talk about them because they're hurting for cash and they've started to crack down on people who are trying to use shit like Bitcoin and to get around taxes paying for it. So January 1st, 2026, the government began enforcing the crypto asset reporting framework. And these are rules to prevent crypto tax evasion and improve transparency in the market.

This goes well with the previous story we talked about. And a new system requires crypto exchanges and platforms to collect and share detailed information such as wallet activity, transaction history, and details for their taxes, such as national insurance number with the tax authorities. I think that UK might be trying to fund the Z-Men's new yacht. That's not guessing. And this is all part of data collection system that has started in 40 countries. and 40th country started 2027. Canada's not in there, but they're in there for 2028. So we will be subjected to that.

And so, yeah, interesting stuff. So if you're, if you have bought from an exchange in Canada, they could ask for this information. CRA is going to have exchange data starting in 27. Starting 2027 January 1. Yeah, that's when they'll get that. that collection. Yeah, you have one to two years to voluntarily disclose unreported gains.

Not unreported and unrealized, of course. So I would say just if you're not selling, then don't worry about it. And by the way, like you're seeing these services pop up more and more of these retained custody of your Sats and use it for a loan. like that that's going to become a big deal for a lot of these countries because we're going to use the same services that you know equity rich people are using real estate rich people are using I don't want to sell right I want to use what I got and use it as collateral and that's going to come over the next few years I wouldn't worry about this

this is this is sort of uh like they're trying they're trying to catch again it's it's politically popular because people don't like like that bitcoiners and to be honest with these crypto token holders in general are getting wealthy and they feel like again it's locked up capital they're not paying their fair share like pick your slogan whatever but they're not going to get the people that are the whales because the whales know how to know how to transact privately know how to use the bitcoin without selling no how to moment ago that once you started transaction I know I know I know but I'm saying like lightning walls and stuff, like, you know, there's ways to do this that make, that makes sense.

And whether it's like XMR, for example, or whatever else, like, there's, there was so many, there was so many opportunities over the years to, to get this right from a privacy standpoint, if you were a frequent user. Now, in Canada, in Canada, you know, you know, what I'd be curious about. Like, you know, in Calgary, uh, Ben Parent sessions, you know, hosts market thing, right? where people are taking Bitcoin and using Bitcoin for retail transactions or these guys who are living on a Bitcoin standard, right? They're paid all in Bitcoin.

They transact all on Bitcoin. Like, what's the CRA going to say about those people? What's that tax bill going to look like? This is why, like, you know, I love the idea of living on a Bitcoin standard. But, you know, you basically traded the headache that you're going to incur over the next few years, if you spent the last, you know, let's say five years as the Bitcoin price ran up, living on a Bitcoin standard. If you spent that five years trading Bitcoin for services and goods, you know, because you wanted to post on Twitter or go on podcasts and talk about

how you were living the Bitcoin ethos, I wish you luck. You're going to fucking need it when these guys come knocking. The first person through the wall is always the bloodiest. Yeah. Yeah. Always. Yeah. They're the ones that are going to take it the hardest. And it's reality. look if you have been only buying and just stacking yeah you're okay because according to the laws you've done you it's not a taxable event i'm still trying to get to my 0.1 well 100% they can change the laws but up i mean up until now nothing has been so i'm still trying to get to my 0.1 bitcoin so i got to fucking retire but until then i'm just always going to continually buy right and that's the way to do it I think for now.

I mean, if you want to spend all the more power to you, it is, right, it is a meaning of exchange as well. But depending on which jurisdiction you're in, there could be some sort of reporting requirement.

I'm not sure which is free. Is that fucking Portugal? I don't think so. I don't think so. I've always, I think I've read that numerous times that you're able to spend Bitcoin over there and have a tax free. But I don't know.

I have no intention to live there. No. I think that's it for is we got a is it now we're in yeah it's now we're in man all right all right just let's move on we're going to uh the notable stories hang with us if you're on video if you're on audio come back tomorrow and of course don't forget about ranzan hamilton man coming up in the back half too yeah don't be a cuck