Onramp Bitcoin Media

The Last Trade: an emergency episode. Jackson, Michael, and Brian break down the Cold Card exploit that has drained over 1,000 Bitcoin after a five-year-old flaw in the device's random number generation was found, reportedly with help from an AI model. They explain why the bug reaches beyond the MK3 to later models, why single-vendor multi-sig is not immune, and what Cold Card users should do right now. They make the case that AI has permanently changed the custody game, and walk through multi-institution custody as the fault-tolerant alternative.

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The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode
Brian walks the timeline: roughly 600 Bitcoin (about $38M) swept from 500 wallets almost instantly, a figure Block's security team says has since grown past 1,000 BTC, all traced to a flaw that let Cold Card's on-device seed generation default to far too little entropy, live since 2021 and unnoticed for five years. Coinkite first claimed only the MK3 was affected, then aligned with Block's finding that the MK4, MK5, and Q are exposed too, deprecating the MK3 and pushing firmware updates. Michael lays out the math, that a real key is 256 bits and effectively uncrackable while this exploit collapsed entropy into the 30 to 40 bit range, and warns that single-vendor multi-sig can be reconstituted from the wallet config, echoing Wizard Sardine's call to move to new devices within days. The hosts argue the deeper shift is AI: cheaper compute has lowered the barrier for digital, social, and physical attacks, so a 2012 setup no longer holds at today's prices, let alone at $250K. They close on Onramp's multi-institution model, a 2-of-3 design with sharded offline keys, Lloyd's of London insurance, and retained client title, now $100 a month under code TLT basics.

🧠 Chapters
00:00 - Introduction to the Cold Card Exploit and Its Impact
02:18 - Technical Breakdown of the Firmware Vulnerability
05:11 - Implications for Hardware Wallet Security and Industry Risks
08:45 - What the Exploit Means for Cold Card Users and the Industry
11:01 - The Changing Landscape of Bitcoin Custody and Security Strategies
20:18 - Potential Impact on Other Hardware Wallets and Industry-Wide Risks
22:39 - Adapting Custody Strategies: Multi-Sig and Distributed Security
33:22 - The Future of Bitcoin Security and Industry Evolution

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High-signal insights in bitcoin, macro, and custody.
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🎧 The Last Trade | Final Settlement | Scarce Assets

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Brian Cubellis, and Liam Nelson put four stories on the shot clock. They break down Leopold Aschenbrenner's Situational Awareness fund blowing up and getting scooped by Citadel as South Korea's market sheds roughly $2 trillion in 40 days, Elizabeth Warren and Donald Trump agreeing to scrap the debt ceiling, Fauci pleading the fifth before Rand Paul, and open source tools like Granola and Whoop getting reverse engineered overnight. Where's the signal, and where's the noise?

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🎙️ About The Show
Signal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.

🧠 Chapters
02:57 - Topic 1 - Situational Awareness Blows Up as Korea Sheds $2T
11:46 - Topic 2 - Warren and Trump Agree to Scrap the Debt Ceiling
17:19 - Topic 3 - Fauci Pleads the Fifth and the Information Crisis
25:53 - Topic 4 - Open Source Eats Software: Granola, Whisperflow, Whoop
33:50 - Lightning Round & Parting Thoughts

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🎧 More from Onramp Media: The Last Trade | Final Settlement

The Last Trade: Jackson, Michael, and Brian make the case that the worst Bitcoin sentiment they can remember is exactly the accumulation opportunity, with Bitcoin near $64K and down 50% from its highs. They break down why the Clarity Act stalling barely dented price, and how the SEC and CFTC are already building Project Crypto backups. They dig into Jack Dorsey and Block open-sourcing tools that make Bitcoin the scarce counterweight to AI. They close on an OpenAI agent escaping its sandbox, South Korea's crash, and the Fed holding as three officials push to hike.

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🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Get Back to Basics: 50% off trading fees + no-fee recurring buys — open your free account: https://go.onrampbitcoin.com/back-to-basics-tlt
📩 Schedule a consultation:
https://meetings.hubspot.com/onrampbitcoin/tlt

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode
The crew opens on brutal sentiment, Bitcoin near $64K and below its 2024 election level, arguing set-it-and-forget-it accumulators are getting a gift while the bear market washes out the excess (BitMEX, Bitmart, and 60-plus crypto projects gone this year). They frame the Clarity Act stalling in the Senate as a non-event for price, noting the SEC and CFTC are lining up Project Crypto backstops even without a law. Michael and Brian tie the bull case to Jack Dorsey and Block open-sourcing tools that make Bitcoin the scarce counterweight to AI's abundance, with Nostr underneath. They turn to the real-versus-nominal reality behind Magoo's chart of the S&P priced in gold, down 66% from its 2000 high, and why gold and Bitcoin are the honest denominators. The back half runs through South Korea's KOSPI collapsing 44% and $2 trillion on AI concentration, a Hugging Face report detailing an OpenAI agent that ran 17,600 actions and seized root access across 11 nodes, the wrench-attack and self-custody debate, the Pacing the Frontier AI-safety petition, and the Fed holding rates as three officials dissented for a hike.

🧠 Chapters
00:00 - Market Opening and Bitcoin Trading at 64K
02:10 - Discussion on Clarity Act and Regulatory Outlook
03:08 - Market Sentiment and Accumulation Opportunities
04:05 - Economic Forces and Tech Innovation in Bitcoin
06:17 - Market Cleansing and Industry Consolidation
08:07 - Regulatory Backups and Bullish Sentiment
09:18 - Market Sentiment and Price Levels
12:00 - Bitcoin Mining and Treasury Strategies
16:44 - South Korea Market Collapse and AI Industry Top
17:50 - AI Market Dynamics and Geopolitical Risks
24:39 - Market Erosion and Real vs Nominal Value
27:28 - Understanding Money and Asset Scarcity
32:30 - AI Development and Regulatory Challenges
42:52 - Fed Interest Rate Decision and Market Implications
43:50 - AI Safety Petition and Global Coordination
48:54 - AI Escapes Sandbox and Market Disruption
50:52 - AI Impact on Society and Education
55:30 - Future of Education and AI Integration
57:14 - Fed Rate Decision and Market Outlook

💡 Subscribe & Stay Ahead

Get Onramp's weekly Research & Analysis:
High-signal insights in bitcoin, macro, and custody.
📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:
🎧 The Last Trade | Final Settlement | Scarce Assets

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis put four viral headlines on the shot clock, sparring over Anthropic slicing millions of print books from their bindings to train Claude, grocery prices climbing 33% since 2019 in the biggest jump in 50 years, big companies hiring again for AI-native skills after October's largest layoff month in over two decades, and Franklin Templeton calling agentic AI the killer use case for crypto.

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🎙️ About The Show
Signal vs Noise: a twice weekly show unpacking the five biggest stories across capital markets, technology, and people, with five minutes on the clock for each.

🧠 Chapters
02:17 - Topic 1 - Anthropic Destroyed Millions of Books to Train Claude
08:39 - Topic 2 - Grocery Prices Post Their Biggest Jump in 50 Years
15:11 - Topic 3 - Big Companies Hiring Again for AI-Native Skills
22:37 - Topic 4 - Is Agentic AI Crypto's Killer Use Case?
27:51 - Topic 5 - Lightning Round: Signals of the Week

💡 Subscribe & Watch Live:
▶️ https://www.youtube.com/@SignalvsNoiseLIVE
✖️ https://x.com/OnrampMedia

📰 Your 1-Stop News & Data Source:
https://onramp.media/

🔸 Buy, hold, and secure your bitcoin in one place. Open a free Onramp Finance account.
👉 https://go.onrampbitcoin.com/finance-svn

🎧 More from Onramp Media: The Last Trade | Final Settlement

Connect with Early Riders — https://www.earlyriders.com/contact
Connect with Onramp — https://onrampbitcoin.com/contact-us/
Presented collaboratively by Early Riders & Onramp Media…
Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.
This week Michael, Liam, and Brian open on the open-versus-closed AI debate: Jensen Huang's first-ever tweet and NVIDIA's letter backing open models, the new Security Alliance consortium, the researchers quietly wishing they could slow it all down, and NVIDIA's reported $250 billion financing for OpenAI's Ohio data center. They dig into Jack Dorsey's Buzz, the open-source workspace built on the same Noster and Bitcoin primitives as BitChat, and what shared compute and censorship-resistant protocols mean as BitChat downloads spike 32-fold in India. The guys run through a stack of payments deals: Stripe's talks to buy OpenRouter near $10 billion, Cursor, Ramp, and Meta building model routers, and Natural Pay's $30 million Series A for agentic payments. They get into their favorite topic, the DATs: Mallers exiting 21 Capital as Tether's XXI merger collapses, Strategy's first Stretch buyback, and the new Bitcoin security consortium taking on quantum. They close on Augustus's $180 million raise, Worldcoin, and Travis Kalanick's return with Adam.
Chapters
00:00 - Introduction and overview of AI and open models
02:10 - Jensen Huang's first tweet on open models and global cooperation
09:08 - Discussion on slowing AI development and game theory
18:03 - Jack Dorsey's Buzz: Open source workspace and primitives
24:55 - Shared compute, decentralized protocols, and open standards
35:02 - Regulatory landscape and geopolitical implications
45:11 - Impacts on privacy, security, and censorship resistance
54:03 - Recent deals and industry movements in AI and crypto
01:02:08 - The future of Bitcoin, open protocols, and decentralized data
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