To be clear: North Korean hackers infiltrated LayerZero Labs’ centralized infrastructure and stole $290M
Rather than explain how that happened, LZ put out a statement carefully worded by lawyers to minimize their liability and threw KelpDAO under the bus for trusting them
It’s happening right now.
Const just registered a validator on SN3. Forked the Templar repo. Called back the miners. Tegridy is already running subtensors.
The subnet only needs stake and validators to run. The old owner controls hyperparameters but not the network itself.
Const’s words: “Forget the subnet owner key. All we need is stake to get the subnet going again.”
30 minutes. That’s all it took. Validator registered. Repo forked. Miners showing up. 100% emissions coming back.
Let’s train 1 TRILLION🔥
The top 20% of Americans now own the majority of US real estate:
The top 1% of US earners hold a record $6.1 trillion in real estate, followed by the next 19% who hold $21.0 trillion, an all-time high.
This means the top 20% own a combined $27.1 trillion, or 56.4% of total US real estate wealth.
By comparison, in the mid-1990s, this percentage stood at 47.6%.
Meanwhile, the bottom 20% hold just $2.5 trillion, or 5.1%.
At the same time, the 60th-80th percentile of US earners own 18.7% of real estate wealth.
The US wealth divide is at record highs.
I am a Web3 Ambassador at World Liberty Financial.
There are 12 of us on the team page. 4 are named Trump. 3 are named Witkoff. The page calls us "the passionate minds shaping the future of finance."
600,000 wallets bought our memecoin. They lost $3.87 billion. The family collected $350 million in trading fees. It launched 3 days before the inauguration. 80% of the supply went to CIC Digital LLC and Fight Fight Fight LLC. I did not choose the names. I designed the allocation, the vesting, the timing, and the distance between the product and the President.
The distance is my best work.
I am the reason these events are unrelated.
World Liberty Financial sends 75 cents of every dollar to DT Marks DEFI LLC. That is the family entity. Zero capital contributed. Zero liability assumed. I wrote this into the Gold Paper. Page 14. The lawyers bound it in white leather. The binding cost more than the due diligence.
Justin Sun invested $75 million. He was facing SEC fraud charges. The SEC dropped the case. He is now our advisor. These events are unrelated.
Changpeng Zhao pleaded guilty to federal money laundering violations. He received a presidential pardon. The SEC dropped its lawsuit against his exchange the same week we listed our stablecoin. Then the exchange settled a $2 billion deal entirely in that stablecoin. These events are unrelated.
Arthur Hayes, Benjamin Delo, and Samuel Reed of BitMEX pleaded guilty to Bank Secrecy Act violations. All 3 received presidential pardons. Then the company itself was pardoned. $100 million in fines. Gone. An American first. These events are unrelated.
Sheikh Tahnoun of Abu Dhabi paid $500 million for a 49% stake that was never publicly disclosed. Then the administration approved semiconductor exports to his companies over national security objections. These events are unrelated.
Everything is unrelated. I track the unrelatedness on a dashboard I built. The dashboard has 7 columns now. I am proud of the dashboard.
On May 22nd, 220 people paid a combined $148 million to eat dinner with the America First president. Over half were foreign nationals. Justin Sun paid $18.5 million for the first seat. He visited the Executive Office Building the day before. I designed the seating chart. I put it on the Investor Confidence page. That page is doing well.
The team page lists 3 Witkoffs. All 3 are Co-Founders.
Steven Witkoff is the President's Middle East envoy. He testified as a character witness at the President's fraud trial.
His son Zach runs the crypto operation. His son Alex is also a Co-Founder. I have not been told what Alex co-founded.
The father runs the diplomacy. The sons run the platform. The family runs both. That is organizational efficiency.
Barron is 19. His title is Web3 Ambassador. The same as mine. Donald Jr. called the conflicts of interest "complete nonsense." Eric launched a Bitcoin mining company called American Bitcoin. America First. The mining partner is Hut 8. Hut 8 was founded in Canada. America First means the name.
On March 6th, the President signed Executive Order 14233 creating a Strategic Bitcoin Reserve. The order directs the government to hold Bitcoin. The President's family holds billions in Bitcoin. The executive order appreciates the President's assets by presidential decree. I did not write the executive order. I made sure it looked unrelated to the portfolio.
Trump Media put $2 billion of Bitcoin on its balance sheet. The ticker symbol is DJT. His initials. The press secretary said it is absurd to insinuate the President profits off the presidency. Forbes calculated his crypto holdings exceed the combined value of Mar-a-Lago and Trump Tower. I would call that absurd too. That is my job.
600,000 wallets bought in. 1 of them asked why she could not withdraw her funds. I told her the protocol was experiencing dynamic market conditions. She asked what that meant. I sent her the Gold Paper. She said she had read the Gold Paper. I muted her channel. Dynamic means the conditions change. The condition that changed was her access.
A congressman called us the world's most corrupt crypto startup operation. We put it on a coffee mug. Ironic merchandise. $45. The revenue split on the mug is also 75/25.
My own tokens vest on a different schedule. I wrote that schedule. That is not in the Gold Paper.
The memecoin funds the family. The family funds the platform. The platform funds the stablecoin. The stablecoin funds the deals. The deals require the pardons. The pardons free the partners. The partners fund the platform. The President signs the executive orders. The executive orders inflate the assets. The assets fund the family.
I am the reason these events are unrelated.
I've been in #bittensor ecosystem since the early days. I've watched this network grow from a fringe idea to something @chamath talks about publicly.
I need to say something, not as a commentator but as a early subnet co-founder and as someone with skin in the game.
This is not the crisis it looks like. This is Governance Debt - the compounding friction that accumulates when a protocol's social layer fails to keep pace with its technical genius. #Bitcoin went through the block size wars. #Ethereum went through the DAO wars. Both emerged more legitimate, more anti-fragile, and ultimately more valuable. Not despite the conflict - because of how the community responded to it.
The question isn't who is right. The question is whether the $TAO community has the maturity to convert this moment into structural progress.
I believe it does. But only if we're honest about what this dispute actually revealed.
To @const_reborn: You built something genuinely rare. The #dTAO architecture is elegant — using alpha token markets to allocate emissions through price signals rather than committee decisions is one of the most honest incentive designs in crypto. Stepping down from the Opentensor CEO role was a rare act of intellectual honesty that most founders never show. I genuinely respect it.
But the community asks for one more step. Not because you're wrong on the technical facts of this specific dispute. But because the gap between technical correctness and community trust has become a liability for the protocol itself. When your alpha token sells - however small relative to your holdings - read as governance actions, that is a structural problem, not a perception problem.
Champion a neutral audit layer. It costs you nothing and gains the protocol everything.
To @DistStateAndMe: What your team proved with Covenant-72B cannot be unproved. A 72B parameter model trained permissionlessly across dozens of contributors on commodity hardware - cited by #Anthropic's co-founder, noticed by @chamath. That proof lives in the research, not in any one network's infrastructure. Build wherever you build next. But don't let the exit become the headline that overwrites the evidence.
The temperatures are high because the stakes are genuinely historic. Grayscale has filed for $TAO spot ETF. Serious institutional capital is now watching this ecosystem with real intent. The worst possible thing we can do at this exact moment is look like every other #Web3 project that imploded over informal power disputes.
Now here is what I actually want to say because this moment is too important to spend entirely on the flame war.
The dispute exposed #Bittensor's most critical missing layer: there is no neutral, on-chain mechanism for subnet evaluation, governance arbitration or accountability.
Subnet quality is vibes-based. Emissions integrity is vibes-based. Miner collusion detection is vibes-based. When conflicts arise, they resolve on #Twitter - not through transparent, verifiable process. That is not a criticism of any individual. It is a design gap that this community can fill, permissionlessly, without asking anyone's approval.
Specifically:
① A Neutral 'Moody's for Subnets' - an independent Research Validator Node producing academic-grade subnet audits. If a subnet is on 100% burn code and not running, the data makes that case. Not a founder's alpha sell. Not a Discord moderator action. The data!
This also solves the cold start problem and enables a base model for weights initialization.
② Proof-of-Intelligence as Protocol Standard (PoIP) - mandating Chain-of-Thought traces that validators can mathematically verify, combined with ZK Proof-of-Compute. If we cannot verify the reasoning, we should not reward the work. This transforms #Bittensor from a market of claims into a market of verifiable intelligence. That is what Jensen #nvidia is actually betting on.
③ Shapley Value Rewards: restructuring miner compensation around unique contribution to consensus, not consensus-matching. This kills collusion incentives at the protocol level. Structurally. No moderator required.
④ Cross-Subnet Schemas - Bittensor's ERC moment - #Ethereum's equivalent of ERC. 128 isolated subnets is a fragmented network. 128 subnets on shared interoperability standards is a composable intelligence economy. The difference is enormous and buildable right now.
None of these require a multisig. None require the Opentensor Foundation. None require Const's approval or Sam's blessing. They require builders who understand the protocol deeply enough to ship them - and a community that demands them loudly enough to make them unavoidable.
The $TAO community has been celebrating but we have been too passive on governance. We outsourced the decisions about what this network becomes to a very small number of people and then expressed surprise when informal power concentrated exactly where formal power was absent.
Revolutionary technology demands unprecedented governance. We cannot import Web2 power structures onto #Web3 rails, call it decentralization and then act shocked when the gap shows.
Build the Bittensor Protocol Infrastructure & Research Lab - a permissionless, replicable innovation hub. I am proposing an International AGI Reasoning Competition targeting the top 0.1% of global reasoning architects, beginning in emerging economies that this network was always supposed to serve.
I am working on the synthetic dataset archive that captures miner reasoning as a commercial asset and turns it into a Process Reward Model - making AI safe by design, not by policy.
The goal is a self-sustaining model accountable to no single person. Governed by the community. Funded by validator revenue & dataset licensing.
This is the Protocol Memory that will outlive all of us - and the conflict that sparked it will be a footnote.
I've been quiet for a while but not anymore.
If you're a serious builder, researcher, validator or investor who wants to work on this - my DMs are open.
Forward!
$TAO #Bittensor #DecentralizedAI
One piece of news from the Thorchain pod this morning:
Thorchain is working on a Bittensor integration.
This means that native Bitcoin (and other chains / assets) will be able to swap into native $TAO via DEX -- no centralized exchange required (!)
$BTC in Bitcoin wallet --> $TAO in Bittensor wallet.
One step.
Big volumes, no problem.
They really have to fix the algo here. You share or view one meme about Black Snape (because hilarious) and the entire algo is 24/7 Black Snape for two days straight. The algo thinks because someone interacts with one thing they want infinite of that thing. It’s wrong. It forces people into bubbles they don’t want to be in. Sometimes people want to share a meme, and then go back to normal. Or sometimes they are sent a meme, open it up, and now the feed thinks they want more of that content. No, they were just sent a link and clicked it. It really ruins the experience. Not every detour needs to become the main path. It’s a flawed system. It’s hypersensitive and doesn’t realize just because (I.e. you saw a car wreck on the feed and were shocked) that you want infinite more car wrecks. No. Obviously your eyes are going to linger on the shocking thing, but that doesn’t mean you want to seek it out. X doesn’t discern that.
Needs to be fixed. Ruins the experience. And there’s no way to reset the feed back to normal. You just have to try to interact your way back into normal somehow.
All-in with this pair! ♦️♠️❤️♣️
ESPN & World Series of Poker (@WSOP) reach multi-year deal to bring Main Event back to ESPN this summer
• Aug. 3-5 | 3-night live finale for Main Event Final Table
• 100+ hours of multi-platform coverage
Details: https://t.co/TXWSr3TWuB
@OGDfarmer Its very obvious who put a fraction of time in understanding. Echoes the bigger picture of the industry collectively as a whole. If anyone is looking for a glimmer of light, that the tech is inevitable, getting to relive the Bitcoin movement again, and the cope that will ensue
With so many new eyes on Bittensor over the last few weeks, we highly recommend checking out the Incentive Layer Documentary to begin exploring this vast open ecosystem! 🧠
https://t.co/4uiDLQ42Mp