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Coldcard: firmware history, signatures and review questions — original source image
Onchain investigations

Coldcard: firmware history, signatures and review questions

There are too many details here that deserve a closer look: the firmware vulnerability itself, the "switck" identity, Peter D. Gray / @DocHex, the GPG signatures linking the accounts, the integration of "libngu", the development history, and…

Research thread / note8 min
MiCA authorisation: checking the legal entity behind an exchange — original source image
Exchanges & custody

MiCA authorisation: checking the legal entity behind an exchange

It does, however, mean that a specific European legal entity has passed an authorisation process and is subject to regulatory supervision, governance rules, prudential safeguards, client-asset protection requirements, complaints procedures,…

Research thread / note3 min
Crypto’s attention economy and the cost to useful work — original source image
KOLs & promotion

Crypto’s attention economy and the cost to useful work

Crypto is starving while directing an absurd share of its attention toward disposable tokens, manufactured narratives and products designed to monetize impulse before anyone has time to ask what they actually bought.

Research thread / note5 min
A map of the Solana ecosystem — original source image
Networks & infrastructure

A map of the Solana ecosystem

A detailed map of Solana’s infrastructure, from validator clients and RPCs to wallets, liquidity, security and payments.

Original article15 min
Tokenisation: the asset, the claim and the marketing — original source image
Market structure

Tokenisation: the asset, the claim and the marketing

I want to take a closer look at the tokenization hype and explain why most of what is being marketed as “tokenization” in this space is completely pointless garbage.

Research thread / note5 min
An archive of centralised exchange closures — original source image
History & timelines

An archive of centralised exchange closures

BitMart: January 31, 2027 - BitMEX: September 23, 2026 - AscendEX: July 1, 2026 - Knaken: June 2026 - March 31, 2026 - ProBit Global: February 26, 2026 - OceanEx: December 5, 2025 - Payeer Exchange: October 23, 2025 - Felixo: July 18, 2025 -…

Research thread / note2 min
BitMart: the history behind the wind-down — original source image
Exchanges & custody

BitMart: the history behind the wind-down

A review of BitMart’s earlier disputes, security incidents and withdrawal concerns alongside its 2026 closure announcement.

Original article11 min
Onchain and exchange volume: what can actually be compared — original source image
Market structure

Onchain and exchange volume: what can actually be compared

However, the claim that DEXs already represent more than 35% of all crypto trading volume is misleading, or depends heavily on the selected dates, provider and measurement method.

Research thread / note3 min
What Bubblemaps and token scanners cannot establish — original source image
Research methods

What Bubblemaps and token scanners cannot establish

The problem is that many traders treat a colourful cluster or a green security score as the result of an investigation, when it is merely the starting point.

Research thread / note4 min
KOLs & promotion

From decentralisation to attention capture

How financial incentives, manufactured attention and platform design shape participation in crypto, with the original evidence and source list.

Original article23 min
Robinhood Chain: looking beneath the headline transaction count — original source image
Onchain investigations

Robinhood Chain: looking beneath the headline transaction count

To be honest, Robinhood Chain is not a serious financial network at the moment. Right now it is mostly a fresh liquidity venue being stress-tested by memecoins, bots, volatile pools and speculative volume.

Research thread / note5 min
North Korea-linked theft and the first-half 2026 record — original source image
Phishing, exploits & privacy

North Korea-linked theft and the first-half 2026 record

They are organised, patient, funded, technically serious and fully aware that crypto still runs on weak humans, lazy security, rushed integrations and teams that spend more on marketing than on infrastructure hardening.

Research thread / note2 min
Ranking chain attention with an explicit proxy model — original source image
Research methods

Ranking chain attention with an explicit proxy model

I tried to rank the major chains using a proxy model instead of pretending there is one perfect public dashboard for X mentions, web reports, on-chain activity, TVL and trading noise combined.

Research thread / note4 min
TJR, ANSEM and LUKE: the shared-deployer investigation — original source image
Onchain investigations

TJR, ANSEM and LUKE: the shared-deployer investigation

This is not some anonymous wallet accidentally touching one ticker. This is the same creator identity repeatedly showing up around recognisable CT names, memes and public figures.

Research thread / note4 min
Coinbase’s AI costs and infrastructure dependencies — original source image
Networks & infrastructure

Coinbase’s AI costs and infrastructure dependencies

I went through Brian Armstrong’s own numbers and the follow-up reporting around Coinbase’s AI costs, and the story is much bigger than “company saves money on tokens.”

Research thread / note3 min
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