*In crypto, “getting rugged” (short for rug pulled) refers to a situation where a project’s creators or insiders suddenly and deliberately remove liquidity or value, leaving investors with worthless or severely devalued tokens.
Episode 19 of the NFA Podcast with Nish & Frackers is available here:
- On YouTube
- On Spotify
- On Apple Podcasts (no video, why bother)
And of course on LinkedIn but in two parts, because for some odd reason LinkedIn does not allow videos longer than 15 minutes.
Here is part 1 and here is part 2 of Episode 19: Nish Got Rugged.
Summary
The NFA Podcast’s latest episode, hosted by Nisheta Sachdev and Michiel Frackers, covers recent developments in the crypto and tech world, while also featuring their ongoing trading competition. Nish and Michiel cover a whirlwind of crypto drama, political irony, and market twists.
They start with JP Morgan’s stablecoin launch, a $100M hack in Iran where the attackers burned the funds and BitGet’s partnership with UNICEF to fund girls’ education. Then they discuss Tron’s U.S. IPO following a possible presidential intervention and debate whether the SEC’s crypto probes are justified.
The episode heats up with a breakdown of Microsoft’s strategy to lock in OpenAI revenue while potentially blocking its IPO, and how Meta’s $100M AI sign-on bonuses reflect desperation in the AI arms race.
Nish shares a wild ride on PumpFun, turning $6 into $240 before getting rugged in a gamified token ecosystem that collapsed overnight.
The trading competition updates, personal AI cautionary tales, and a few sharp takes on egos (Trump, Zuck, and crypto bros alike) round out a packed episode.
Final score? Michiel’s steady portfolio beats Nish’s degen bets this week.
Links from this week’s stories
- JP Morgan is launching a stable coin
- Iran’s biggest exchange was hacked for $100m
- Tron to go public in the US, SEC pauses probe
- Bitget and Unicef have partnered to educate 300k girls across the world!
- OpenAI CEO Sam Altman says Meta offered $100 million bonuses to OpenAI employees
- Microsoft prepared to walk away from high-stakes OpenAI talks
- MIT studied Your Brain on ChatGPT and it’s not good
- The stock of Circle, the company behind USDC had a spectacular IPO (up 117%)
Keywords
NFA podcast, crypto news, market recap, JP Morgan stablecoin, Iran exchange hack, BitGet UNICEF partnership, SEC probe, AI in tech, market volatility, trading competition, Nvidia, Broadcom, Solana, PumpFun
Here are the key takeaways from the NFA S1E19 episode:
1. JP Morgan enters crypto (again)
Launching a stablecoin and possibly an ETF, JP Morgan signals deeper TradFi movement into blockchain though the market remains skeptical.
2. Iran’s biggest crypto exchange was hacked… and burned
Hackers allegedly discarded $100M in stolen crypto, not stealing it, raising questions about intent, ethics, and collateral damage.
3. Tron is going public in the U.S. after a Trump-era pardon
Justin Sun’s project makes a surprising comeback. The hosts question SEC consistency and the political influence behind enforcement.
4. BitGet & UNICEF announce a $10M CSR initiative
A rare positive headline: funding education for 300,000 girls globally. But the sudden appearance of an “extra” $100M raises eyebrows.
5. Meta’s AI push includes $100M signing bonuses
In its struggle to catch OpenAI, Meta acquires Scale AI but Nish and Michiel argue the money’s better spent elsewhere.
6. Microsoft’s real play: revenue, not equity
Satya Nadella blocks OpenAI’s IPO to protect Microsoft’s compute contract and 92B revenue clause, a smarter long-term win than owning 49%.
7. Using AI too early weakens your brain
An MIT study shows users who start with LLMs perform worse than those who write first. Nish shares a personal example from university.
8. Markets remain jittery but resilient
Despite global conflict signals and political noise, Bitcoin holds strong near 104K. Volatility persists, but dips are absorbed fast.
9. Nish gets rugged on PumpFun. Bigly.
Turning $6 into $240 trading gamified country tokens, then losing it all, she learns the old lesson: always take profits.
10. Trading comp: Risk vs. Restraint
Michiel’s steady strategy outperforms Nish’s high-volatility bets. They reflect on what makes a smart (or lucky) trader.
Chapters
00:00 – Crypto Chaos Incoming
Nish tees up the big stories: JP Morgan’s stablecoin, a major Middle East hack, Tron’s redemption arc and a wild trading week.
00:55 – JP Morgan Enters the Chat
Nish explains the stablecoin move, ETF rumors and why it signals a shift in TradFi’s crypto posture.
01:30 – Hack & Burn: Iran’s $100M Crypto Ghost
A pro-Israeli group hacks Iran’s biggest exchange and burns the tokens. Ethics, retaliation, and questions of civilian impact follow.
03:19 – BitGet x UNICEF: Finally, Some Good News
A rare feel-good headline: crypto helps educate 300,000 girls. But where did that extra $100M come from?
03:59 – Trump, Tron, and the Big D Energy
Tron goes public after a presidential pardon. What happened to the SEC probe? And why is Eric Trump an advisor?
05:09 – Corruption or Capitalism?
Michiel defends policy neutrality while Nish calls out open profiteering in every administration.
06:44 – AML, MetaMask & Who’s Responsible?
The SEC’s crackdown on crypto: fair regulation or policy overreach? Metamask, Binance, and double standards.
08:50 – Meta’s AI Faceplant
Meta tries to catch up in AI by buying Scale. But is a $100M sign-on bonus desperation or genius?
10:25 – WhatsApp AI: Cake, Confusion & Cringe
Why searching for “Nish” brings up Dutch cake recipes. A chaotic UX rant we all relate to.
11:12 – Microsoft v OpenAI: The SoftBank Ultimatum
Satya Nadella plays chess while the rest of tech plays checkers. The real reason Microsoft doesn’t want OpenAI to IPO.
13:30 – Who Needs 49% When You Own the Pipe?
Michiel explains how Microsoft gets $92B in revenue before any equity upside. It’s not about the shares, it’s about the compute business.
14:13 – Elon vs Zuck: The Ego Wars
Meta isn’t about data or AI, it’s about one-upping Musk. Zuckerberg’s Threads, rockets and rage.
15:28 – Short Man Syndrome & Global Instability
From Lord Farquad to Trump’s attention hunger: a comedic but sharp reflection on power, height and headlines.
16:31 – AI Is Making Us Dumb (Seriously)
An MIT study shows AI use reduces cognitive engagement. Nish shares a personal lesson on using AI in school.
18:15 – Market Check: Bombs, Bitcoin & BitVol
Ted Cruz “breaks” the news on U.S. war posture. Markets wobble. Anonymous drops a new video. BTC hangs around 104K.
20:43 – Bitcoin Up, Alts… Meh?
Predictions time. Bitcoin’s holding, alts are inconsistent, but both hosts expect an uptick.
21:09 – Trading Comp: Michiel Plays It Safe, Nish Goes Full Degen
Michiel’s portfolio edges up +2.69% with Nvidia and BTC. Meanwhile, Nish starts at $6 and hits $240 before getting rugged.
23:09 – Rugged After 40X: Nish’s PumpFun Epic
A gamified token with global domination vibes hits $4M cap… then vanishes. Telegram gone. Twitter gone. Devs gone.
25:40 – “Crypto Chad” vs The Exit Scam
How fake Twitter accounts, battle tokens and viral narratives fooled everyone. Could it have made top 100?
26:28 – Final Wallet Check: Michiel Wins This Round
Nish ends at $55, Michiel at $102.69. Lessons: take profits, don’t YOLO everything, and maybe skip PumpFun next week.
28:15 – Degens Gonna Degen
Nish embraces her degen roots. Michiel calls out hypocrisy: “You always tell me to sell half!” And yet…
28:59 – Next Week: Crypto Education & Viewer Questions
A light wrap-up. The team asks for token ideas and teases a segment on where to get real crypto education.
The NFA Podcast is Not Financial Information.