Unchained - Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’? - Ep. 637

Starting point is 00:00:00 If our lawsuit is successful, my expectation is that a lot of this regulatory uncertainty that's really been detrimental, I think, to crypto companies in the U.S. would be cleared. And I think there would be potentially more activity, more businesses opening in the U.S., more development, more experimentation. So I think it would be a positive for everyone. Hi, everyone. Welcome to Unchained, you're no hype resource for all things Crypto. I'm your host, Laura Shin, author of The Cryptopians.

Starting point is 00:00:36 I started covering crypto eight years ago and as a senior editor of Forbes was the first major meteor porter to cover cryptocurrency full-time. This is the April 26th, 2024 episode of Unchained. With I Trust Capital, you can buy and sell crypto in a tax advantage retirement account. Enjoy significant tax advantages, 24-7 access, and the industry's lowest fees. Pocod is the original and leading layers. blockchain with over 2,000 plus developers, and the PogoDOT 2.0 upgrade

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Starting point is 00:01:48 So your experience before takeoff is a taste of what's to come. That's the powerful backing of Amex. Conditions apply. Today's guest is, Laura Brookover, Senior Council and Head of Litigation and Investigations at Consensus. Welcome, Laura. Hi. Thank you for having me. It's wonderful to be here. On Thursday, Consensus announced it is suing the SEC. What is your lawsuit about and why did you bring it? Yes, well, this is an

Starting point is 00:02:18 important case. I'm really glad to have the opportunity to talk about it with you. I, as a You know, former litigator, I never expected to one day be suing the SEC, but here we are. We've sued the SEC in our home state of Texas, which is actually where I'm joining you from now, to defend Ether and the Ethereum Network from Chair Ginsler's unlawful power grab. We've been forced for years now to defend against multiple secret SEC investigations, and it's really time they saw the light of day because these are important critical issues for, you know, our industry. In our investigations, the SEC wasn't only targeting our product team, Metamask. They weren't only targeting our finance team asking about our sales of ether.

Starting point is 00:03:03 They were actually targeting our wonderful Ethereum developers, you know, people who are doing the important work of innovating and improving the Ethereum network. And that's really a bridge too far. And if Chair Gensler gets away with misclassifying Ether as a security, it's really catastrophic in the United States. Because if ether is a security, then it can't be sold legally. It can't be sold and it can't be bought in the U.S. And ether is essential for access to the Ethereum network, right?

Starting point is 00:03:34 I mean, you need Ether to transact. So the end result of the SEC's actions seem to be moving toward unplugging the Ethereum network in the United States. And that's, you know, it's just something we can't stand for. And what are the goals that you have with this lawsuit? The goals are essentially, we're looking for judicial intervention. We're looking for a judge to review the issues and declare that Ether is not a security. We're also looking for a judge to agree with us and find that the SEC has no jurisdiction

Starting point is 00:04:09 to investigate Ethereum, to investigate DeFellivers, and to investigate code. We are also looking for a declaratory judgment that the SECD, SEC's threatened charges against our Metamask wallet. Specifically, the swaps and staking features are not unregistered securities brokers, and they're not distributors, which is the SEC's theory of an unregistered security. So we're essentially looking for our judicial referee to come in and take the reins here because the SEC's investigations have just gone too far. So from the bits and pieces that the crypto industry has been able to glean so far, it seems that the SEC's inquiries into ETH and the Wells notice that consensus received are centered around this notion that ETH is now a security because of its transition from a proof of work consensus mechanism to now proof of stake.

Starting point is 00:05:08 and that the people who put up ETH to stake it and receive yield back are engaging in some kind of investment contract. If there's more that you want to add on what you believe their theory is about how staking turns ETHs into a security, you can feel free to add that. But my question for you is, what is your argument about why staking does not turn Ether into a security? To your first question, I wish I knew more about the SEC's. specific theory, that's one thing we've asked them to provide information on. As we mentioned in our

Starting point is 00:05:45 complaint, they asked us to make a voluntary proffer explaining why consensus sales of ether were not sales of securities. That's a broad question. Obviously, we don't think they are, but when we ask them to provide more specifics, like, well, what's your theory? You know, what should we be addressing? They wouldn't say. Of course, it does seem that, you know, you the investigations captioned Ethereum 2.0. It does seem that their theory centers on the merge. But there's nothing about posting a bond, which is what validators do,

Starting point is 00:06:21 posting a bond of ether to secure the network. That's not participating in an enterprise. It doesn't somehow turn ether itself into a security. There's really no reason to distinguish between proof of work and proof of stake. And of course, the SEC has for many years said that Bitcoin is not a security. It's also previously said that Ether is not a security. And there's no reason to distinguish the two. And I imagine that's one of the issues that will come up in the litigation.

Starting point is 00:06:53 On that point, if I may just a little bit longer, I listened to the Coinbase hearing before Judge Fela. And I was very interested to hear the SEC attorney in responding to Judge Fills question about why Bitcoin's not a security, say, well, Bitcoin has no ecosystem. I am, my career is a rebuttal of that. I mean, I don't know exactly what the SEC means when they say ecosystem, but my prior role before coming to consensus was at a Bitcoin payments company built on a Bitcoin layer to the Lightning Network. So there are people and companies building on Bitcoin, just like there are people and companies building on Ethereum, and there's really no reason to treat them differently. It's arbitrary. And so I, you know, I think that that's

Starting point is 00:07:40 one of the things will probably point to as showing that the SEC really has no basis here. So another part of your lawsuit concerns issues regarding consensus specifically. And it was revealed in this lawsuit that the SEC earlier this month issued a Wells notice to consensus. Can you give us your best understanding of what that is about? Yes. So the Wells notice We've had three investigations of which consensus has been a target, and two of them have culminated in the Wells notice. That's charges that metamask swaps on the one hand and metamask staking on the other are acting as unregistered securities brokers.

Starting point is 00:08:28 Metamask staking is essentially a way of communicating with liquid staking protocols. Lido and Rocket Pool. And the SEC's theory also is apparently that Lido and Rocket Pool themselves are unregistered securities offerings, and that somehow, through Metamask staking, consensus is distributing securities, unregistered securities. So the Wells notice is focused on two of the three investigations. It doesn't address, or it didn't address the third investigation, Ethereum 2.0. And so one thing the SEC is doing is proceeding piecemeal, which is really unfair. And that's something else we're addressing by bringing our lawsuit in Texas. These are all issues that the SEC has pushed to the forefront when it comes to consensus.

Starting point is 00:09:17 And we deserve a full and fair airing of all the issues at once. So as you mentioned, some of the issues that the SEC has had with consensus concern metamask. And Fortune reported that the SEC told your company that MetaMass was operating as an unlicensed broker dealer. What functions were they citing? I guess it was the staking in, I think, swaps. But what is consensus's position on this allegation? And in their Wells notice, well, I don't know. Did the Wells notice happen before or after the Coinbase decision?

Starting point is 00:09:56 Because basically, Judge Fela said that the Coinbase wallet, which is, you know, know, probably quite similar to the Mende-Mas wallet, does not act as a broker. That's right. And the Wells notice came after that. So they are not, they are not taking the guidance that Judge Fela gave and all her wisdom, which is that defy wallets that connect users to third-party protocols that essentially allow users to communicate with those protocols are not brokers. They're still pursuing this theory. And you're right to draw that connection, because Judge Felaile is ruling as to Coinbase wallet, you know, it's a defy wallet, should apply with equal force to metamask swaps. And, you know, I mean, it seems that they're pursuing based on

Starting point is 00:10:43 reporting a similar theory against uniswops wallet. So obviously, they don't feel themselves checked by Judge Failist ruling. In a moment, we'll talk about other aspects of consensus's lawsuit against the SEC, but first, a quick word from the sponsors you see make this show possible. Pocodot is the original and largest layer zero blockchain with over 2000 plus developers. The anticipated Pocodot 2.0 upgrade will be a massive accelerator for the ecosystem. Upgrading the infrastructure with 8 times higher transaction throughput and twice as fast block times, tailored court time for the needs of every protocol, trustless bridges to multiple chains, and revise tokenomics with a token burn to reduce inflation.

Starting point is 00:11:26 Perfect for GameFi and Defi to build, grow, and scale. Get your Web3 ideas to market fast. Think big, build bigger with Pocod. Join the community at Pocodot.network slash ecosystem slash community. Back to my conversation with Laura. One of your arguments is also centered around the major questions doctrine. And I wondered if you could explain what that is and how it applies in your complaint. Sure.

Starting point is 00:11:52 So the major questions doctrine, you know, at a very high level is the principle that when it comes to major areas of policy that really should be Congress's purview to legislate. It shouldn't be the role of any agency. And we believe that applies with quite a lot of force to what the SEC is doing in the crypto industry. You know, they're taking laws that were passed in the 1930s and applying them to the, you know, the next generation of the internet. And it just doesn't fit. And it's, and it's stretching the laws and the regulations beyond their legal boundaries. So that's certainly something that we're drawing on and have done in our complaint. Your complaint also spent some time on a speech by former SEC Director of Corporation Finance Bill Hinman.

Starting point is 00:12:47 What did he say in that speech and why is that significant for your cause? So we do. And in 2018, Director Hinman gave a speech in what? which he said explicitly that even if a digital asset was initially offered as part of a securities offering, with a passage of time and decentralization of the protocol, you know, of the network, it can lose its security status. And Director Hemman said that is, you know, he didn't weigh in on whether ether was a security when it initially was offered. But he said certainly today, and that was, and that was six years ago now. He said certainly, you know, in 2018, it's no longer a security.

Starting point is 00:13:34 It couldn't be called a security. And one of the things, one of the reasons he gave was that a decentralized protocol is open. It's open to everyone. It can be audited. Anyone can participate. And really, the reason the investor protection and securities laws are there are to correct information imbalances. But when you have an open protocol like Ethereum or Bitcoin or or,

Starting point is 00:13:58 many of the other protocols, there's no need for the SEC. There's no information imbalance. Everyone has access to the same information. And so Director Hinman's observation then, I mean, is even more true today. There's no reason, there's no policy reason to declare ether security. There's also no legal basis to do so. Consensus founder, Joe Lufin, told Fortune that he believes that these moves by the SEC and chair Gary Gansler seem to be laying the groundwork to deny spot ether ETFs in the and a deadline to approve or deny those is coming up in about a month. This was the same theory that was as espoused on my show by Sam Enzer, a lawyer at Cahill, Gordon, and Rindell.

Starting point is 00:14:39 And I wondered what your take is on that theory. I absolutely agree. I think that's right. You know, there hasn't been the activity you would want to see if we were moving towards approval. And actually, my legal team, we submitted a comment in response to the SEC's request for comments because one of the thing they wanted commenters to weigh in on was, are there any aspects of proof of stake that make it uniquely susceptible to fraud and manipulation? That seems to be one

Starting point is 00:15:10 potential basis for denial they're setting up. I mean, absolutely not. There's nothing about proof. In fact, proof of stake makes Ethereum more secure than proof of work. And that's something we addressed in the comment letter. So it does seem that the SEC is gearing up for a denial, but it also, there's no basis for that. So, yeah, I would certainly agree. And something else I feel like has kind of flown under the radar is that the SEC approved Ether Futures ETFs already. They approved those in late 2023.

Starting point is 00:15:45 And those ETFs are based on Ether commodity futures that were approved by the CFTC. So in approving the Ether Futures ETFs, the SEC endorsed the SECD endors. the CFTC's view that ether is a commodity. And this is just another sign that the SEC's actions in this area are just arbitrary. There's no rhyme or reason and there's certainly no logical basis to them. Yeah, and that approval came more than a year after Ethereum switched to proof of stake as well. So that would have been an opportunity to flag staking as an issue. Well, so with this time, we have actually seen that there's a whole bunch of lawsuits that the crypto industry has filing against the SEC. In recent weeks, we've heard about a lawsuit from Lodgilex, the Defi

Starting point is 00:16:35 Education Fund, along with Beba. Obviously, we have this Coinbase SEC fight, you know, playing out already in court. You are now another one that has joined this. I don't know if you have a commentary about just why there are so many. I don't even know if it, you know, I don't know if it's coordinated in any respect or if you guys all talk to each other or just why you think there's so many all of a sudden. Well, so the complaint that we took, we put together, I mean, it didn't come together in a matter of weeks. You know, we've been working on this for a long time. So I think what you're seeing is some spontaneous action that seems to be converging, but I think it reflects that the industry is tired of this, you know. I mean, it's enough is enough.

Starting point is 00:17:19 For us, you know, we moved to Texas because it's, a wonderful laboratory for innovation. Texas celebrates individual freedom, celebrates technology. And it's a great opportunity for us being headquartered here to draw, to call on the courts and to say, you know, please help us because what the SEC is doing is unlawful. And when did consensus move to Texas? Because, you know, for a long time, it was headquartered in Brooklyn. That's right. We moved to Texas after the pandemic.

Starting point is 00:17:58 And we wanted, you know, we've admired the policies here. We've admired the sort of the wonderful reception they give to technology companies. And so we moved here after the pandemic. So as you mentioned, Consensus did file the complaint in Texas. And that's actually also where some of these other lawsuits are being filed, the ones against the SEC. is there anything especially advantageous about that particular jurisdiction? Well, I think, you know, for us, it's our home jurisdiction, so it's a good reason to file. I mean, it's also a jurisdiction where I think courts, you know, are responsive to concerns about government overreach.

Starting point is 00:18:44 Although, you know, I mean, I can't prejudge how they're going to come out. But I think, you know, I mean, certainly for us, we want to be here. We want to be suing here. This is our home state. And this is where we want to meet the SEC in court. So if your lawsuit is successful, then what would the wider impact be on the industry? Do you expect that it would set precedents? And if so, what kinds of precedents would those be? Yes. If our lawsuit is successful, my expectation is that a lot of, lot of this regulatory uncertainty that's that's really been detrimental, I think, to crypto companies in the U.S. would be cleared. And I think there would be potentially more activity, more businesses

Starting point is 00:19:31 opening in the U.S., more development, more experimentation. So I think it would be a positive for everyone. And, you know, I do think that there's a path for, you know, if we're successful, a path where there's going to be some clarity on Howie and how it applies to the digital assets that would be beneficial for the industry at large. And so what's the timeline from here and out? You filed this today and what are the next steps that we could expect to see in over what timeline? So we filed our complaint. The next step is that the SEC will answer it. And, you know, I expect they aren't going to necessarily agree with our move of suing them. So I wouldn't be surprised if they try to dismiss the case.

Starting point is 00:20:21 But we are prepared to argue fiercely for our position, and we look forward to meeting them in court. And from there, you know, I mean, litigation is unpredictable. So it could take, sometimes cases take years. but hopefully we can get a resolution soon. And how would that intersect with that May 23rd deadline to approve or deny the spot ether ATFs? Well, I mean, as far as that goes, the SEC is going to do what the SEC is going to do.

Starting point is 00:20:53 I think a lot of industry observers have noted there's just not the activity, the back and forth with the applicants that one would expect if the SEC were poised to approve. So I think everyone's pretty much expecting denial. at this point. And I also would expect the SEC's, the SEC has already known which way it's going to go. So I don't think this lawsuit impacts that. All right. Well, Laura, this has been a very fascinating discussion and I appreciate you sharing all about your lawsuit against the SEC. Thank you so much for having me. It was great talking with you. Don't forget. Next up is the weekly

Starting point is 00:21:31 news recap. Today, presented by Wondercraft AI. Stick around for this week in crypto after this short break. Did you know you can buy and sell crypto with tax benefits in an individual retirement account? I trust capital makes this possible. But what does this mean? When you buy crypto outside an IRA, like on an exchange, you face taxes on gains. But in an IRA, like a Roth IRA, gains can be tax-free. I-Trust Capital also has some of the lowest fees in the industry and 24-7 accessibility. Start now and maximize your retirement savings with I-Trust Capital.

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Starting point is 00:23:10 In today's recap, we delve into the DOJ's crackdown on Samurai Wallets founders for alleged money laundering and significant shifts within the SEC following sanctions over procedural misconduct. We also cover the dramatic depegging of Renzo's EasyEath, proposed severe penalties against Binance founder Changping Jiao, and grayscale's launch of a cost-effective Bitcoin mini-ETF. Additionally, we discuss Hong Kong's upcoming debut of Bitcoin and Ethereum spot ETFs, the Blockchain Association's legal challenge against the SEC's new dealer rule, the NYSE's consideration of 24-7th trading, and the IRS's introduction of a new crypto tax reporting form,

Starting point is 00:23:50 plus a security breach in El Salvador's Chivo wallet rounds out our packed week. Let's begin. DOJ cracks down on samurai wallet founders. In a significant operation against crypto mixing services, the U.S. Department of Justice, has arrested Keon Rodriguez and William Lonnergan Hill, the founders of Samurai Wallet. The arrests carried out on Wednesday highlight ongoing government scrutiny over crypto tools that enhance privacy, but are also alleged to facilitate illegal activities. Samurai Wallet, known for its privacy-preserving features, executed over $2 billion in transactions,

Starting point is 00:24:29 purportedly laundering more than $100 million from illicit sources, according to federal prosecutors. The service, which started in 2015, is designed to obscure the origins of digital assets, which the DOJ claims has become a conduit for criminals. Rodriguez, the CEO, was detained in the United States and is expected to appear in court. Meanwhile, Hill, the CTO, was apprehended in Portugal, with U.S. authorities seeking his extradition. Following their arrests, the Samurai Wallet website and mobile application were seized and are now inaccessible. The DOJ has charged both individuals with conspiracy to commit money laundering and operating an unlicensed money-transmitting business, bringing potential penalties for Rodigez

Starting point is 00:25:14 and Hill of up to 20 years and five years in prison, respectively. The case forms part of a broader crackdown on crypto-mixing services, as the DOJ prepares for upcoming trials involving the likes of Roman Storm of Tornado Cash. SEC lawyers stepped down after court sanctions agency for misconduct. Two attorneys from the SEC, Michael Welsh and Joseph Watkins, have resigned following a Utah District Court judge sanctioned the SEC for gross abuse of power in its handling of the debt box case. The court's criticism centered on misleading statements made by the SEC in its attempt to secure a restraining order against the Utah-based cryptocurrency firm, which undermined the integrity of judicial proceedings. The judge also ordered the SEC to cover debt boxes legal

Starting point is 00:26:01 fees, highlighting the severity of the agency's procedural failures. Sudden Depeg of Renzo's E's Ease-Eath shakes restaking ecosystem. Renzo Protocol's liquid restaking token, EZEath, faced a drastic drop in value following a poorly received air drop announcement, plunging from over $3,000 to just $688. Originally pegged to Ethereum, EZEath's price tumbled on decentralized exchange uniswap, reflecting a significant deviation from its intended one-to-one correlation with ETH. The incident emerged right after Renzo concluded the first season of its points program, which incentivizes ETH staking on its platform.

Starting point is 00:26:42 This program's closure led to a rushed sell-off as EZ-Eath holders attempted to convert their tokens back to ETH amid the upcoming Airdrop of Rez, Renzo's new governance token. The market's reaction was fueled by discontent with the airdrop's eligibility criteria and the distribution plan for RES tokens, particularly criticizing the transparency and fairness of the process. Financial repercussions were severe, particularly for users engaged in leverage trading on platforms like gearbox and Morpho, where EZith was extensively used as collateral. Despite a partial recovery, EZith continues to trade at a discount to ETH, signaling lingering

Starting point is 00:27:19 doubts about the token stability and Renzo's strategic decisions. After the community backlash, Renzo increased the initial airdrop allocation from 5% to to 7% of its tokens, with distributions set for the end of April and a subsequent phase planned. DOJ proposes hefty sentence for Binance founder Changping Zhao. U.S. federal prosecutors are advocating for a three-year prison sentence for Changping CZ Zhao, the founder and former CEO of cryptocurrency giant Binance. Zhao's proposed sentence doubles the federal guideline maximum of 18 months, reflecting the severity of Zhao's violations of U.S. anti-money laundering laws.

Starting point is 00:28:00 Zhao pleaded guilty in November 2023 on charges related to money laundering and the evasion of U.S. sanctions. His plea was part of a broader settlement that also included Binance paying a historic $4.3 billion in Finesto Continuance U.S. operations. Meanwhile, C. Z apologized for his decisions in a letter to a U.S. judge ahead of his sentencing, and 161 letters of support were filed on his. his behalf. In other Binance news, Exchange Executive Tigran Gambarians' bail hearing in Nigeria has been postponed to May 17th, following his arrest on charges of money laundering and tax evasion on February 26th. Grayscale launches new low-fee mini-bitcoin ETF. Grayscale investments announced

Starting point is 00:28:45 the launch of a new Bitcoin mini-trust with a notably low annual fee of 0.15%, positioning it as the most affordable option among spot Bitcoin ETFs. This new product is designed to attract long-term investors by offering a more cost-effective alternative to higher-fee competitors. The BTC trust will be seated with 10% of the assets from Grayscale's existing Bitcoin Trust, GBTC, which has an annual fee of 1.5%. This transfer grants GBTC shareholders, automatic shares of the new ETF, without triggering potential capital gains tax. Grayscales's introduction of the BTCs, mini-trust comes as the company adapts to growing market demand for lower cost investment products and reflects an effort to stay competitive against other firms offering similar products,

Starting point is 00:29:34 like Franklin Templeton's Bitcoin ETF, which charges a 0.19% fee. Hong Kong set to debut Bitcoin and Ethereum spot ETFs, SEC's comments. Hong Kong is gearing up to launch its first ever Bitcoin and Ethereum spot ETFs next week on April 30th. The products will feature in-kind subscription and redemption mechanisms. This approach allows investors to directly exchange the underlying crypto assets for ETF shares, offering an alternative to cash redemption models typically seen in U.S. funds. In related news, the SEC has called for public comments regarding BlackRock's amended proposal for a spot Ethereum ETF. Initially delayed in January, the proposal was amended on April 19th,

Starting point is 00:30:19 with changes made to the ETF's creation and redemption processes. Blockchain Association challenges SEC's new dealer rule. The blockchain association, in collaboration with the Crypto Freedom Alliance of Texas, has filed a lawsuit against the SEC over its recent rule expansion, contesting the SEC's broadened definition of a securities dealer, which now includes liquidity providers on decentralized finance protocols. The rule, enacted in February, categorizes any market participant controlling over $50 million and providing liquidity as a dealer.

Starting point is 00:30:53 This adjustment aligns the regulatory obligations of defy liquidity providers with those of traditional securities dealers for the first time, marking a difficult operational transition. Kristen Smith, CEO of the Blockchain Association, criticized the SEC's move as an overreach of its statutory authority and a threat to digital asset innovation. Smith said, this is the latest example of the SEC's blatant attempts to unlawfully regulate outside its authority. NYSE explores shift to 24-7 trading. The New York Stock Exchange is considering a shift to 24-7s trading operations, prompted by growing demand for continuous market access, and perhaps influenced by profitable around-the-clock crypto exchanges. Traditional NYSE stock trading operates from 9.30 a.m. to 4 p.m. ET, but the

Starting point is 00:31:45 proposed expansion could see trading activities available around the clock, just like cryptocurrencies. This initiative is supported by technological advancements and an increased investor appetite for more flexible trading hours, especially from regions like Asia and Europe. The NYSE has launched a survey to gauge market participant interest, asking for feedback on logistical considerations such as overnight staffing and measures to protect investors from price volatility. IRS previews new crypto tax form for brokered asset reporting. The U.S. Internal Revenue Service has released. a draft of the new form 1099 DA designed for the reporting of brokered cryptocurrency transactions. This early glimpse into the form shows spaces for wallet addresses, individual token codes,

Starting point is 00:32:34 and transaction locations on blockchains aiming to track taxable gains or losses from digital asset transactions. The form also categorizes brokers by type, such as kiosk operators and wallet providers, to streamline reporting processes. With the IRS still finalizing the rule that necessitates this form. Industry stakeholders are awaiting further clarity on how these new reporting requirements will be implemented. CC demands $5.3 billion from Terraform Labs and Kwan following guilty verdict. The SEC is seeking a substantial financial penalty from Terraform Labs and its founder Do Kwan, totaling $5.3 billion. This follows a jury's decision earlier this month that found both Kwan and his company guilty of defrauding investors. The SEC's

Starting point is 00:33:21 proposed penalties include $4.7 billion in disgorgement and $546 million in prejudgment interest, plus additional civil penalties of $520 million. And the SEC has requested that Kwan be barred from serving as an officer or director of any public company. Meanwhile, Kwan is contesting a Montenegro High Court decision that potentially allows his extradition to the U.S. or South Korea labeling the interpretation as unfounded and illegal. El Salvador's Chivo wallet compromised as hackers leak source code. The Chivo wallet, El Salvador's government-backed crypto wallet, suffered a security breach with the release of part of its source code by Cybercrime Group Cyberintelligentsia SV. This leak disclosed on a notorious black hat hacking forum, also included VPN credentials tied to the Chivo Bitcoin ATM network.

Starting point is 00:34:14 The hackers publicly declared the leak a response to unspecified grievances against the Salvadoran government. This incident follows closely after the same group released personal data of over 5 million Salvadorans earlier this month. And that's it. Thanks for joining us today. Unchained is produced by me, Laura Shin, with all from Matt Pilchard, Juan Oranavich, Mechangavis, Shishak, and Marka Curia. Thanks for listening. Unchained is now a part of the Coin Desk Podcast Network. For the latest in digital assets, check out markets daily five days a week with host Noel Atchison. Follow the CoinDesk podcast network for some of the best shows in crypto.

Unchained - Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’? - Ep. 637

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