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

Page: https://stenobird.com/podcast/unchained-728975/uneasy-money-why-the-broken-pre-ipo-secondary-markets-won-t-be-fixed-anytime-soon
Text version: https://stenobird.com/podcast/unchained-728975/uneasy-money-why-the-broken-pre-ipo-secondary-markets-won-t-be-fixed-anytime-soon.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-728975)
Published: 2026-05-15T00:08:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML1117668986.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML1117668986.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-728975/episodes/uneasy-money-why-the-broken-pre-ipo-secondary-markets-won-t-be-fixed-anytime-soon
Duration seconds: 4571

## Resource

Anthropic is voiding secondary market trades. Who gets hurt — WhatsApp scammers, Forge buyers, or the founders? Plus: why continuous synthetic pricing is coming for every pre-IPO company. Thank you to our sponsors!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Multichain Advisors: Get help navigating TGEs, go‑to‑market, BD and partnerships, capital markets advisory, PR, media placements, KOL activations and more at multichainadv.com. Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained. Anthropic and OpenAI are moving to void secondary market trades — and Kain, Tay, and Luca think that's only going to work if they're serious about it, which means a lawsuit is probably coming. This week on Uneasy Money they trace the full anatomy of the pre-IPO SPV fraud wave, explain why synthetic perpetual markets will eventually price every in-demand private company continuously whether founders want it or not, and dig into the latest AI hacks. Tay breaks down how attackers are now using local on-device Gemini APIs to construct malware on the fly, and Kain shares the story of an agent that caught a slow-drain attack in 90 seconds that humans missed for 12 hours. Luca explains why Circle's Arc token is a brilliant move for Circle equity holders even if it changes nothing for ETH or Solana. Plus: the Aave/Kelp court update and why the Gerstein lawyers' argument that every victim needs to show up in court is fundamentally incompatible with how onchain recovery works. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠⁠, CEO of Pudgy Penguins Learn more about your ad choices. Visit megaphone.fm/adchoices

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