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Coldcard: firmware history, signatures and review questions — original source image
链上调查

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…

研究长帖/笔记8 min
MiCA authorisation: checking the legal entity behind an exchange — original source image
交易所与资产托管

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,…

研究长帖/笔记3 min
Crypto’s attention economy and the cost to useful work — original source image
意见领袖与推广

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.

研究长帖/笔记5 min
A map of the Solana ecosystem — original source image
网络与基础设施

A map of the Solana ecosystem

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

原创文章15 min
Tokenisation: the asset, the claim and the marketing — original source image
市场结构

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.

研究长帖/笔记5 min
An archive of centralised exchange closures — original source image
历史与时间线

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 -…

研究长帖/笔记2 min
BitMart: the history behind the wind-down — original source image
交易所与资产托管

BitMart: the history behind the wind-down

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

原创文章11 min
What Bubblemaps and token scanners cannot establish — original source image
研究方法

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.

研究长帖/笔记4 min
意见领袖与推广

From decentralisation to attention capture

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

原创文章23 min
Robinhood Chain: looking beneath the headline transaction count — original source image
链上调查

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.

研究长帖/笔记5 min
North Korea-linked theft and the first-half 2026 record — original source image
钓鱼攻击、漏洞与隐私

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.

研究长帖/笔记2 min
Ranking chain attention with an explicit proxy model — original source image
研究方法

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.

研究长帖/笔记4 min
TJR, ANSEM and LUKE: the shared-deployer investigation — original source image
链上调查

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.

研究长帖/笔记4 min
Coinbase’s AI costs and infrastructure dependencies — original source image
网络与基础设施

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.”

研究长帖/笔记3 min
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