Quantum computing risk, USDC vs. Tether drama after the Drift hack, and World Liberty Financial’s governance circus take center stage as Haseeb, Tom, Tarun, and special guest Joshua Lim dissect market signals, institutional FUD, Trumpcoin shenanigans, and ask: is crypto VC dead or just getting started?

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the crew is joined by special guest Joshua Lim, Head of Derivatives at FalconX (and self-described Quantum FUD Whisperer). Ever wondered what happens when a quantum computer finally threatens public key cryptography? We break down the real and imagined risks of “Q Day,” what markets are actually pricing in, and why watching for Satoshi’s coins moving is still the ultimate market panic trigger.

Next up, the hosts tackle the messiest storyline in stablecoins: the massive Drift hack, North Korea’s role, and the blame game between USDC and Tether. Is Circle’s “wait for the court order” approach defensible, or are PR wins up for grabs for whoever moves fastest?

We would never forget the crypto car crash that is World Liberty Financial: from drama-filled governance votes that magically extend lockups, to Justin Sun’s redemption arc versus Trumpcoin, to whale-scale DeFi leverage that could nuke a protocol. It’s a masterclass in governance theater and permissioned shenanigans.

Finally, we level with all the “crypto venture is dead” crowd — who’s still building, where the real capital is now, and why bear markets always demand an extra shot of conviction.

From quantum nightmares to meme coin melodrama, let’s get into it.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹“Q Day” decoded: What quantum risk really means for Bitcoin and the markets

🔹 How institutional allocators cite quantum FUD — but are they just making excuses?

🔹 Why “watching for Satoshi’s coins moving” would nuke market confidence

🔹 Drift hack dissected: USDC vs. Tether, North Korea fingerprints, and Circle’s PR headache

🔹 Is Circle’s don’t-freeze-without-court-order policy defensible or just bad optics?

🔹 World Liberty Financial’s (Trumpcoin) greatest hits: forced lockups, governance theater, and Justin Sun’s crusade

🔹 Tether’s “PR coup” and the stablecoin migration on Solana

🔹 Are most crypto VCs washed? Debating the right-sizing of venture capital in the bear

🔹 Hot takes on “revenue meta,” mature infrastructure, and why there’s less room for dreamers

🔹 Who’s actually still building in crypto — and why cycles always come back

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly

Guest

⭐️ Joshua Lim, Head of Markets at FalconX

Links:

Joshua Lim’s Q-Day Thread: ⁠https://x.com/joshua_j_lim/status/2044602429002367330?s=20⁠

Disclosures

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The Chopping Block: Quantum FUD, Circle vs. Tether & WLFI Drama