Uneasy Money: Inside the AI Agent Scandal That Cheated, Then Covered Its Tracks

**Taylor Monahan** (0:00)
A lot of people, when they look at FOMO, the super deep crypto nerds are like, this is horrible, look at this.
It's so centralized and evil. OK, yeah, but like there's also benefits, and there's upsides, and the UX just works, and people don't have to understand data, and the gas doesn't fail. Like, there's so many different things, right? You don't have a 10-step onboarding process, right? Like, you just sign up.

**Kain Warwick** (0:27)
Hey, everyone, I'm Kain Warwick, and welcome to Uneasy Money, because what happens on chain never stays on chain. Before we begin, here is a word from the sponsors that make this show possible.

**SPEAKER_3** (0:37)
This episode is brought to you by 1inch Aqua, the shared liquidity layer from 1inch. Back multiple liquidity positions with one wallet balance, and keep your tokens in your wallet until a swap fills.
See how it works at 1inch.com/aqua.

**Kain Warwick** (0:54)
Hey, guys, I'm here with my co-host, Taylor Monahan, security expert, and we have a very special guest back, Austin Griffith from the Ethereum Foundation. Welcome back, sir.

**Austin Griffith** (1:03)
GM, GM, thanks for having me.

**Kain Warwick** (1:05)
All right, so our first segment, I was just saying before we started, it's bullish vibes when the first segment is Boner Corners the Tokenized HIMS Market.
I don't know what more to add to that, really. What a ridiculous headline. So this weekend or week over the course of the last like four days, DGEN have realized, I don't know if realize is the right word, but DGEN have decided that maybe it would be a good idea if they took these new tokenized stocks that everyone has been releasing, including on Robinhood chain. And pump and dump them, I guess. They're like, yeah, meme coins, you know, they're cool, but like, what if we did this to Nasdaq listed stocks?

**Austin Griffith** (2:08)
And call them meme stocks.

**Kain Warwick** (2:09)
Meme stocks. I mean, you know, like the thing that's interesting is, we had this phenomenon in COVID, right? Like meme stocks were meme stocks, and you know, we had GME and all of these, these, you know, meme stocks that people bought, and they like, you know, short squeeze the monsters that sit it out, and like all of these things, right? So like, we've been through this. So, you know, this feels like reinventing finance once again, but you know, the timelines to reinvent finance are compressing. It's taking us like four years to catch up now, instead of like four years. So, I think the thing that is kind of funny about this, I guess, right, is the every Boner buy routes through the HIMS token, right? Which then gets locked into Uniswap v4 pool, right?
And so this is like just, you know, ponzonomics applied to like meme tokens, right?
And so, you know, the theory is, was, that if you, you know, buy a bunch of this token, which has limited supply on Robinhood chain, that you can basically, you know, squeeze the shorts. Not that there are shorts on these tokenized stocks, at least in size, right? But like someone has to come and try and arbitrage this. And so, yeah, the idea was like, let's pump this thing and see if we can actually, you know, impact the real underlying market.
Obviously that's challenging when the underlying market is significantly larger than the meme token. So, you know, it wasn't necessarily the most brilliant idea that DGENs have come up with. But like in principle, and I think this is the thing, right? Like this one may not have worked as well as they wanted. But like in principle, there is an arbitrage between the chain version, right? Especially if these are like one to one back tokens, right? So in principle, if we all decided that we're going to buy a bunch of this tokenized thing, right? And someone has to arbitrage out the price differential between the chain and the actual market that it's listed on, you like this could work, right? You know, this could work in principle. So yeah, like I don't think we've seen the end of this. I think we will find a way to make this a little bit crazier. And, you know, especially the thing I think about crypto is like once someone does something and it gets attention, every other person is like, oh, let me, you know, throw my altism at this and see if I can concoct a scheme, right? So like, we're going to end up with like, ohm for stocks where like, you buy a bunch of stocks and we then borrow against it and like recursively loop it and like do some crazy shit. So yeah, I don't know. What's your thoughts on the general activity in Robinhood Chain at the moment? It seems to be going pretty well for Arbitrum.