Crypto Talk Radio: Basic Cryptonomics
Leicester On The Collapse Of The #SHIB Ecosystem, K9 Finance Reaction To Recent Problems (OOC)
21 Dec 2025
Leicester On The Collapse Of The SHIB Ecosystem, K9 Finance Reaction To Recent Problems #Crypto #Cryptocurrency #podcast #BasicCryptonomics #LEASH #BONE #Shibarium Website: https://CryptoTalk.FM Facebook: @ThisIsCTR Discord: @CryptoTalkRadio
Chapter 1: What incident prompted the discussion about the SHIB ecosystem?
see i told you the cologne scented book wasn't gonna cut it folks crypto talk.fm my name is leister i am your host i stumbled across again i tend to do this on the weekend i stumbled across a very interesting post that is in response to an incident that happened a while ago And I'm going to briefly talk about the incident.
I didn't do deep coverage on the incident because in one of my older episodes, I said everything like it's a matter when the leash from the ship ecosystem, the leash started printing out of control.
I was one of the first to do the coverage about the supply having increased and the message that came out somewhere that claimed it was a one-time 10% increase and that not that it was increasing 10% per day. Well, that's been debunked.
leash was printing out of control we're now the billions of tokens on leash when at one point it only had a hundred thousand tokens it's printing out of control and so i did that high level and i was one of the first to talk about this tells me it's a matter of time because leash and bone had been connected on liquidity pools. Bone has been in a chaotic mess leash, this issue here.
And I said, ship's next ship's price is at all time low and dwindling. And then people were looking and seeing that a lot of the burn activity had dwindled. I don't really care about the burn activity. What I do care about is the root cause of why the burn activity went down, which is a liquidity crisis that points.
that told some analysis tools that what we're seeing is that a lot of the bow or excuse me, Shiv that's out there is largely in leverage trading. In other words, that there's not a lot of direct, you know, peer to peer decentralized. There's not a lot of real activity. There's not a lot of true activity and interest.
And when the leash situation happened, they were doing some updates talking about a V2. And I covered some of the posts on called Daria. He did a blog and that was back in October. Well, that, that blog hasn't been updated since October. There's been no, I just looked today. There's been no updates since October.
Maybe they're doing something in a discord somewhere, but I know they said that they were going to be pushing communications to public sites like their own and the blog. and the newsletter, the newsletter just gives a bunch of fluff crap that nobody cares about.
So I assume, I don't know, but I assume that things are not good in the leadership side of the whole Shibarium ecosystem, which might be a reason that Shytoshi scented book stepped down in the first place, because back in March, There was, he went silent. He went radio silent, dead silent. Nobody knew what happened. Even Lucy. And I'll get to that in a second.
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Chapter 2: How has the supply of LEASH affected the SHIB ecosystem?
Fast forward, I had to give you the preface because some people may not have been following this because they're not online all the time. You got lives, you got job, job, you got kids, you got things that matter, not this crypto crap. However, I've wanted to at least kind of catch you up that the shiv ecosystem has been in a chaotic mess for a very long time, very recently.
And I want to say this was a couple months back. So the story with this canine finance business.
March I want to say March 2024 is when the thing showed up and it was going to be an official project on Shibarium and I didn't go deep into everything that it was going to be doing the important points is that it was going to it was a validator it had its own token or has its own token it has a DAO it has all this framework but it was supposed to be offering these types of
you know, real products that were going to be powered by Shibarium, which people thought would add strength to Shibarium as a use case by having at least one that was proving out Shibarium as a blockchain, as a viable blockchain. That was at least the thought process back then. So there was a lot of hype and everything. And then they put out an announcement that said,
shatoshi scented book and call daria who i from what i could tell car still call is still in charge as of now i don't know because again the blog hasn't has been dead since october but these two were going to be you know advisors or whatever on their board or something for this canine now when i looked at that i i figured that was sketchy I think the community thought it was a good thing.
I didn't think it's a good thing because when you think about, I have this product over here, let me give you a good analogy here. Could you imagine if the government entities that created the freeway infrastructure, the original freeway infrastructure, if you could think that on that government agency that oversaw the construction of the freeway, you took two people who were in high authority
in that government agency and you put them on the board for Ford, that rhymes. Can you imagine the conflict of interest there? Think about it, right? You have I'm building a freeway infrastructure for your cars, and I'm going to take these people who are in charge of everything it takes to make that freeway happen, including safety.
including number of lanes etc and i'm going to take them and put them on the board for ford and we say now these people are guiding or advising or directing or whatever they're doing for the very cars that are going to ride on the freeway what's going to happen naturally you're going to have some sort of influence over the direction of the freeway system
Then what happens means the freeway system is aligned towards one bias, which isn't that kind of, let's say cars, right? And not trucks and not bikes and not buses, right? You're not thinking in everybody's interest. You're thinking in your interest. Now, if we, Take that analogy or any variant of that analogy. You can flip it. You can do the same thing. You can flip it around.
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Chapter 3: What liquidity crisis is impacting the SHIB ecosystem?
She's performed worldwide. She's put out label at the, she does nonprofit. So she has notoriety on a wider scale, but only credibility in music. she might share an opinion about politics. She doesn't have credibility because she doesn't, she hasn't been in it. She hasn't done political science, et cetera. Right? So same thing applies.
If you do not have credibility for the topic or whatever the subject matter is, it's going to be harder for you to make a case that people should buy into what you're doing to buy into your product. Nobody in this had any sort of credibility
outside of basics of cryptocurrency shib was basics by their own admission basics of cryptocurrency it didn't do anything it didn't have reflections it didn't have any of these pieces those were added on by third-party entities the yield farm things the ability to transact at the welly burger whatever the hell that is these were third-party interactions that any crypto could have done
They used notoriety to sell you on Shibarium being the future without the framework to ensure that it was going to be. There are strong parallels with this and BlockDAG because BlockDAG is doing the same thing. They're using though, people that have credibility. And they're saying that because we have credibility in these topics, we're going to be successful over here.
But none of the people on this, have ever led this kind of a project. None of the people like this have ever led a DAG. None of the people on this, talking block DAG, none of the people on this have ever contributed to this degree, to a pre-sale of this size. They lack credibility. Because they lack credibility, they must be questioned.
Such is the case then with SHIB, when Shytoshi put out the scented book, people were questioning, maybe this is not the guy. I've been telling you that for years that he wasn't the guy I've been telling you that for years that you were following when I did the Laker coverage, he's it's, it's the God complex.
Again, just like with idiot Vidalik, you're following people who happened to achieve something at one point in time, outside of that one point in time success, they have not been able to deliver. That's true.
if we look at what's going on with shib the token shib still doesn't do anything nothing was achieved beyond it people can call out the shivers and you know doggy dow and all this crap that's crypto bubble back to canine finance
shibarium gets breached the breach was around the bridge the bridge used bone the bridge gets breached by way of the breach canine gets affected its own tokens as well as other tokens that are part of this the ship team chose not to do a bounty this is what i'm reading chose not to do a bounty
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Chapter 4: How did the leadership changes affect the SHIB ecosystem?
It reminds me of Ryoshi vision.
old school they this too close you're too close on that ryoshi vision unification fund too close like all of these they keep doing and then canine did the whole we're gonna burn 400 trillion tokens like like uh who a vidalik did stop like stop well these people were inspired by them so we're gonna do this stop create your own thing and then do your own thing independent of them
Stand on your own. Stop hooking in these people. Stop creating God complexes. I argue, as op-ed I am, that them doing that contributed to them getting breached. The breach was not their fault. I'm saying that them doing those decisions, because think about it.
If you put Shatoshi's scented book and call Daria on the board, what's to say that they did not steer you into decisions that made the breach worse? What's to say that they did not steer you into making decisions that exposed you to the risk in the first place? Something to think about. Once again, I don't have the data.
I'm saying it was already a risk that you put them in front to begin with because they were on the inside. And Shytoshi ain't been seen since. And now call's gone quiet.
after leash where they told you including shatoshi and call that leash was they killed the rebase it's not going to rebase then it turns on then they tell you it was a one-time thing which wasn't true they lied to you multiple times you made the mistake to canine you made the mistake of the god complex of following god complex on these idiots That was your mistake.
You still could have been on Shibarium, but you should have insulated yourself from risk. Don't trust like that. Like all these other, you didn't learn from Ryoshi vision. You didn't learn from unification fun. Here we are. So this person, I'm not going to read what they said, but bottom line, they're expressing disappointment. What happened?
I wanted to just simply go down some of the bullets of the action plan of what they were talking about. First, they were concerned about the downplay of what happened with Shibarium's breach, as well as the leash issue. They were being downplayed, yes, by the SHIB team themselves. We're downplaying both situations. They downplayed the Shibarium breach. It's a one-time deal.
We reached out to the developer. They downplayed it. Can we just move on? Same thing that Blockdeck does. With the leash deal, they said it's a one-time thing. That's FUD. There's a tweet. I read it. It's straight up. I documented. They're telling you this is FUD and it's a one-time thing. Again, at the time, the supply was 150,000 tokens. We're now at, I think it's high side of 4 billion tokens.
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Chapter 5: What role does K9 Finance play in the current situation?
documentation of decentralization of the validators in custody. We need to make sure that there's no capability for single person control. So essentially mitigate the risk that any one validator can bring the thing down or risk of 51% attacks or et cetera. And then documentation of chain upgrade authority and governance and who can do it, right?
Because who is the one that's actually pushing this stuff and why are they authorizing and document all that? You would ask the question then, well, why wouldn't we always have that, right? And that's what you should be asking. These are things fundamental that should always have been there. The flaw, as Binance stuff has called out, is you hear, well, we're audited.
And they say that's good enough, that the auditors would have caught those things and auditors would know that data. That's not their job. You as an investor, it's your job really to oversee and ensure that they're doing the things that are going to be fundamentally, you know, appropriate for the chain.
If they, if you don't, if you're not holding them accountable, it's on you because you're the one that gave them the money in the first place. People on social media have been conditioned not to take accountability. So by when I told you I was a whale in bone and then I told you I was not right. And I'm not a damn sure I'm not. That's because that's my accountability.
That's me holding them accountable. That is me saying, I don't trust you with my money, right? And then I do coverage as op-ed. Some of it, it's documented, but some of it's op-ed. That's my accountability. That's me holding them accountable saying, I don't trust you with this much money anymore. Do I still have some bone? I think I got two.
And the only reason I have two is to watch price movement so I can do coverage on it. That's about it. I don't have confidence in it. I never, I haven't since I dumped out, which was a long time ago. And I didn't buy back in even when it dipped. Like this is one of those where I'm like, I've said bone should be way higher, but that assumes certain fundamentals that aren't there.
Bone being tied to those. What is it? Shiboshi NFTs on the liquidity side. That's chaos. bone being tied to leash on liquidity. That's chaos. You're creating a house of cards. It's essentially a fancy pyramid scheme, house of cards, where things are tied to this and tied to this and tied to this. And the whole thing was going to crash. That's what we're seeing.
And that's what the person is talking about. At the end of the day, there's no documentation of if somebody pushes a malicious code, like let's say the house of cards was fine. I don't suggest it's a good thing. I'm saying, let's say it was stable until you push this code.
He's saying, well, who has let's document who has the authority to do that and why they had the authority to do that and have transparency into who's doing what, when to try to connect the dots to the, you know, this validator that had too much authority to be able to push it through is what they're basically saying. Well, I got a couple of concerns with what they're saying.
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