My First Million
00:27:57 · Sam Parr, Shaan Puri
[00:27:57] S0: And who got it? Like, a a... No. Obviously, no one knows, but it was it like one wallet? [00:28:02] S1: Last thing I read was North Korea took it, and the way they did it was they had a a woman who was in a romantic relationship with an engineer and just physically got his laptop. [00:28:12] S0: Nice. [00:28:13] S1: And they had they had two... They had enough in their hot wallet to be able to transfer out, like, you know, that amount. And so I think, like, you know, a certain amount is certain amount is gone. A certain amount got frozen. They they got the other protocols to, like, freeze it. They they don't let them withdraw. But it's like, you know, the thing with crypto is the ethos and the the premise of the whole thing is it's like gold bars or dollar bills. Like, once you have it in your possession, it's yours. [00:28:39] S0: But but it's it's trackable. So, like, it seems like someone who does a heist or, like, it's kind of hard to get that into actual money you could spend.
00:28:48 · Shaan Puri
[00:28:48] S1: Yeah. Yes and no. So there's all kinds of things. There's these, like, tornado cash, which lets you kinda, like, wash the money a little bit. There's, you know, there's like offense and defense. Right? So there's like ways that they can split it into a bunch of different wallets. Transfer, transfer, transfer. You don't know what's going on. Like, there's... One of the things they did is they immediately took the money, put it into like a DeFi protocol. So the way that DeFi works, which is kinda like a... DeFi, by way, is awesome. And I think people are completely overlooking this, and it's gonna come back with the vengeance in the same way that prediction markets were a very common thing in crypto that people were working on, and lots of money got raised, and smart people tried to go build prediction markets back in, like, I don't know, 2015, 2016, 2017. And it was called, like, Augur. And there there's a bunch of prediction markets that are now all dead, and you never heard of them. But then Polymarket and Kalshi broke out, you know, eight years later doing the exact same thing. I think the same things that happened with DeFi. But what they did with the... What you do with DeFi is, like, it's like a bank, but you don't... There's no physical bank you need to go to. It's like a permissionless thing. So you put money in just like you would a bank, and then you could borrow some percentage of that, not like five times more than you have. You can borrow, like, up to 50% of what you put in as collateral. And if the price of that thing ever dropped, it'll automatically, like, sell it so that you're, like, you know, you're you basically cover your... Whatever you borrowed. You can't, like... You you you... It it can, like, self sustain that way. So what this hacker did was they put the money, and right away, they took the money, put it in a protocol, and borrowed a stablecoin and got the stablecoins out and left it. So now even if that money's frozen, you know, cool. Take that. You could take my collateral. I got the I got the stablecoins out on my side, and I, you know, washed it. You know?
00:30:28 · Sam Parr, Shaan Puri
[00:30:28] S0: Dude, we gotta interview the guy and figure out if it was worth it. [00:30:31] S1: The North Korean guy? [00:30:32] S0: Yeah. What was she like? [00:30:34] S1: Yeah. Oh, oh, the engineer. Yeah. He needed a PickSafe account. [00:30:42] S0: Yeah. This did not go well. Alright. That's it. That's a pop. Alright, my friends. I have a new podcast for you guys to check out. It's called Content Is profit, and it's hosted by Luis and Fonzie Camayo. After years of building content teams and frameworks for companies like Red Bull and Orangetheory Fitness, Luis and Fonzie are on a mission to bridge the gap between content and revenue. In each episode, you're gonna hear from top entrepreneurs and creators, and you're gonna hear them share their secrets and strategies to turn their content into profit. So you can check out content is profit wherever you get your podcast.