# Strategy's Preferred Stock Is Now a Stablecoin. And DeFi Has a Security Problem.

Page: https://stenobird.com/podcast/unchained-5662698/strategy-s-preferred-stock-is-now-a-stablecoin-and-defi-has-a-security-problem
Text version: https://stenobird.com/podcast/unchained-5662698/strategy-s-preferred-stock-is-now-a-stablecoin-and-defi-has-a-security-problem.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-5662698)
Published: 2026-04-22T17:33:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML2676052975.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML2676052975.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-5662698/episodes/strategy-s-preferred-stock-is-now-a-stablecoin-and-defi-has-a-security-problem
Duration seconds: 3627

## Resource

The $290 million Kelp DAO hack, attributed to North Korea's Lazarus Group, has DeFi TVL down $13 billion in 48 hours. Do DeFi's foundational assumptions need to change? --- Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. ---- DeFi TVL fell from $99.5 to $86.3 billion in 48 hours after the $290 million Kelp DAO exploit — the latest nine-figure attack attributed to North Korea's Lazarus Group, this time via a compromised Layer Zero bridge. Meanwhile, a new class of yield-bearing instrument is staking a claim on capital fleeing private credit: Apyx's APY USD, backed by Strategy's STRC preferred stock, launched on Kraken this week with a 12% yield target and $180 million in supply after just seven weeks. Is STRC-backed yield a legitimate financial primitive, or a Bitcoin derivative with extra steps? And as DeFi absorbs yet another devastating security failure, is the industry's core assumption — that incoming transactions should be treated as legitimate — finally due for an overhaul? Austin Campbell, Ram Ahluwalia, and Chris Perkins dig in with Parker White of Apyx and Michael Bentley of Euler. Hosts: ⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Hosts: ⁠⁠⁠⁠⁠⁠Parker White — @TheOtherParker_ — Founding Contributor, Apyx. ⁠⁠⁠⁠⁠⁠Michael Bentley — @euler_mab — Former CEO, Euler Labs Learn more about your ad choices. Visit megaphone.fm/adchoices

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