Why the Biggest Hacks Skip the Smart Contract

Kain Warwick, Taylor Monahan, and Steven Goldfeder discuss the 2026 crypto bear market, the shutdown of BitMEX and divergent reactions to tokenized vs non-tokenized startup failures, a wave of bridge hacks, Uniswap’s new permission pools with Superstate, and the Kyle Samani-Multicoin split over Hyperlid investments. - Crypto bear market driving startup shut downs; BitMEX closes with nostalgia rather than anger because it never launched a token. - Tokenized project failures provoke vicious backlash from retail bagholders, while traditional VC-backed shutdowns draw indifference. - Bridge hacks resurge as DPRK attackers compromise validator keys; Arbitrum native bridge stays secure while third-party bridges remain vulnerable. - Uniswap V4 introduces permission pools with compliance checks baked into pool contracts, enabling tokenized securities via Superstate and Dalgo. - Superstate aims to bring investor rights and disclosure to crypto tokens, potentially unlocking institutional demand. - Kyle Samani publicly accuses Multicoin of working against Solana builders after the firm bought HYPE, signaling a rift over conflicting ecosystem loyalties.