dragonfly

On-chain lottery protocol Megapot announced that it will close the official application megapot.io and the Telegram application on December 1, shifting its focus to the enterprise-level lottery platform Prizerail, which operates independently of the protocol. Public information shows that the project has received support from Dragonfly and Coinbase Ventures. Megapot stated that the protocol itself will not change, remaining fully on-chain and permissionless, and applications or tokens built on this protocol can continue to operate. As of October 29, the official website and Telegram mini-program have stopped ticket sales; the liquidity supporter program, registration rewards, referral rewards, and guaranteed bonuses have all ended, and the points program is suspended. Bonuses that have been earned can still be claimed, and users can currently withdraw their balances without identity verification.Megapot explained that after December 1, on-chain lottery bonuses and referral fees can still be claimed through Basescan or third-party applications; guaranteed bonuses belong to off-chain projects and must be claimed before that date, with bonuses in the form of free lottery tickets available for claim in USDC. Accounts logged in with email, X, or Telegram must withdraw funds before December 1, after which the accounts will be unavailable; users who connect their wallets independently will still own their lottery tickets and bonuses. Liquidity providers can continue to provide liquidity or withdraw at any time, and the team stated that no new supporter programs will be launched. The data interface is currently considered deprecated, and the team will no longer maintain it, with services set to stop later.Regarding the reasons for the adjustment, Megapot stated that most applications use lotteries as rewards for deposits, transactions, and referrals, with the majority of the protocol's transaction volume coming from this usage. To serve larger-scale applications, the team launched the enterprise brand Prizerail, which generally requires compliance with U.S. regulations, provides legal memorandums to payment service providers, and does not wish to be associated with betting. The team stated that they have communicated with legal advisors and will provide the above capabilities independently of Megapot. Among the 20 potential clients generated after the introduction in Singapore, 19 chose Prizerail, and only 1 chose Megapot. There are already dozens of independent applications on the protocol, which have paid out over $1 million in bonuses, with ticket sales increasing threefold in the past three months, and the liquidity pool in the past month not relying on incentives for the first time.

Dragonfly Managing Partner Haseeb Qureshi stated that after Binance experienced a hacker attack exceeding $6 billion, the market reaction was completely different from the FTX collapse back in the day.Although the scale of funds involved in this incident is only about 25% lower than the funding gap left by FTX, the overall decline in Bitcoin and the cryptocurrency market was only a few percentage points, and market sentiment remained relatively calm, with bottom-fishing funds gradually entering the market; even with macro market pressures, capital outflows were relatively mild, and the directly affected tokens also showed some resilience.Haseeb believes that the market has strong confidence in Binance as a company, and with various industry parties quickly collaborating and providing mutual support, there is a general expectation that Binance will be able to repurchase related assets and make up for the losses. He stated that this incident reflects the maturity and progress of the cryptocurrency industry.

The managing partner of the cryptocurrency venture capital firm Dragonfly, Haseeb Qureshi, stated that Rob Hadick and Tom Schmidt have been promoted to managing partners.In the future, the two will co-lead Dragonfly with Haseeb Qureshi and Bo, forming a four-person management structure.

Dragonfly partner Haseeb Qureshi published a response to DFINITY founder Dominic Williams regarding the accusation of unauthorized use of threshold ECDSA signature technology by NEAR Intents. He shared screenshots of the relevant patent application, showing that the patent was not approved until the end of July this year and had been in "patent application" status prior to that. NEAR Intents modified the relevant algorithm in September this year. Haseeb Qureshi added that if what Dominic Williams claims is true, the so-called patent infringement may only involve about a month of time, and the relevant algorithm was originally published in an academic paper licensed under CC BY, which NEAR also cited in its implementation.

According to Onchain Lens monitoring, Dragonfly Capital (0xF70...3a5) transferred 30,000 hyperliquid to FalconX, worth 2.33 million dollars, possibly for over-the-counter sales.A month ago, this address transferred 41,400 hyperliquid to FalconX, worth 3.21 million dollars. It currently still holds 296,100 hyperliquid, worth 22.96 million dollars.

Dragonfly Managing Partner Haseeb Qureshi stated that there is a wave of attacks in the cybersecurity field that is "similar to the COVID-19 pandemic." He believes that on-chain hacking incidents are the "canary in the coal mine" for cybersecurity, as on-chain is the easiest place for cyber attacks to be monetized.He cited data from DefiLlama Research indicating that the number of on-chain hacking incidents has surged, but the annualized scale of stolen amounts is roughly equivalent to that of 2025, with losses per incident decreasing. He noted that most small protocols have been compromised, while large protocols are strengthening their defenses with AI tools. He anticipates that similar situations will also arise in the broader internet space.

Dragonfly partner Haseeb Qureshi posted on X that the claims regarding Polymarket CEO Shayne Coplan using company funds for expenses such as private jets, discovered by Peter Thiel's Founders Fund, are untrue. Qureshi stated that Dragonfly is one of Polymarket's largest early investors.He mentioned that Coplan was not receiving a salary at the time, disclosed all expenses, which amounted to an annual salary roughly equivalent to that of a software engineer, and that the flight tickets were not for personal use. He stated that the accounting and reimbursement process was initiated by Coplan, and the relevant amounts have been fully reimbursed to the company, after which Coplan began receiving a normal salary. Qureshi believes this is an accounting issue, not a matter of integrity.

Dragonfly Managing Partner Haseeb Qureshi posted on platform X, referring to the "obfuscation mode" warning proposed by Ethereum researcher Justin Drake as "crypto doomsday theory." He stated that migrating tokens to a new address is not a real solution under the threat of artificial intelligence potentially cracking cryptographic signatures. The "obfuscation mode" can only provide protection if investors do not transfer tokens out of the new address, and once other tokens are hacked and sold off in large quantities, these tokens will also become worthless.Qureshi then called for blockchain networks to take proactive protective measures and proposed the "crypto recovery mode" plan: a hash-based backup signature mechanism that users can map to their own addresses. If cryptographic signatures are cracked, validators can force the recovery of assets based on this. According to Glassnode data, there are currently 6.26 million Bitcoins stored in at-risk addresses, accounting for over 31% of the total Bitcoin supply. Among them, approximately 4.33 million are exposed due to address reuse, and another 1.94 million are exposed due to address format; about 1.8 million exposed Bitcoins are stored on exchanges, accounting for 57% of the total balance on exchanges.Previously, Ethereum researcher Justin Drake warned that the rapid advancement of artificial intelligence could crack the Elliptic Curve Digital Signature Algorithm (ECDSA) protecting crypto wallets sooner than expected. He cited a report from OpenAI regarding AI's mathematical advancements, stating that in the worst-case scenario, ECDSA could be compromised in "months rather than years," and advised users to gradually migrate funds to new wallets where the public key is not exposed.

Dragonfly Managing Partner Haseeb Qureshi stated during his speech at the TOKEN2049 summit today that the narrative from earlier this year that "agents will fully adopt cryptocurrency payments" has been debunked; the reality is that traditional channels like credit cards are already prepared.The real shift is that------agents do not need cryptocurrency; you do. Agents will make cryptocurrency reliable (like banks preventing your foolish actions), while in an era of panoramic prisons where AI significantly reduces monitoring costs and physical attacks surge, cryptocurrency and private AI become the last line of defense for individuals against state power and the reclamation of privacy.

Former Dragonfly partner Omar Kanji announced his official joining of the alternative investment management platform Brevan Howard, serving as the Head of Growth Investments for its digital asset business and Portfolio Manager, and will continue to be based in New York. Previously, Omar Kanji announced his departure from Dragonfly on September 1, concluding a four-year term.

Dragonfly Managing Partner Haseeb Qureshi commented on the controversy surrounding the Zcash development fund, stating that the Zcash community has positioned itself as "the crypto version of Bitcoin" and has refused to continue adding more features to the protocol. To become a reliable store of value, Zcash ultimately needs to achieve protocol finality, but it still needs to advance Tachyon, quantum resistance, and comprehensive formal verification required to address AI network attacks, making it unsuitable for finality in the next one to two years.The development fund has played a necessary role during the phase of lacking private funding to support Zcash development, and under current rules, it will expire in 2028. However, as the price of ZEC has surged significantly, the scale of the fund has expanded by an order of magnitude; once the fund exceeds 100 million dollars, it will inevitably move towards institutionalization and face the risk of the allocation mechanism being politicized.He advocates for the continued retention of the development fund at this stage to complete the remaining technical work before protocol finality, but this round should be the last round of the development fund. Once Zcash meets the conditions for finality, the fund should gradually wind down rather than continue seeking new funding projects; future development needs can be spontaneously funded by holders and ecosystem supporters, similar to Bitcoin.In terms of governance, Haseeb does not support voting solely by token holders, believing that a store of value asset requires policy predictability, and pure token governance is too volatile. He supports limited participation by holders and believes that committee governance, while flawed, may be a more feasible solution. Haseeb also disclosed that Dragonfly holds ZEC and that he himself is a ZODL investor, but ZODL will not directly benefit from the development fund.

Venture capital firm Dragonfly managing partner Haseeb Qureshi posted on X that the IPOs of Anthropic and OpenAI will represent the largest liquidity transfer from global institutions to San Francisco futurists in history.He anticipates that the most concentrated beneficiaries of this funding will be San Francisco real estate and cryptocurrency. Employee lock-up periods typically expire 180 days after the IPO. Anthropic is expected to IPO in mid-October, so this process is anticipated to begin in April 2027 and continue with OpenAI's IPO the following year.

Cryptocurrency venture capital firm Dragonfly partner [Omar Kanji](https://www.rootdata.com/zh/member/Omar Kanji?k=MTg0NjA=) stated that after 4 years, today is his last day at Dragonfly. Omar thanked Rob Hadick, Haseeb Qureshi, Feng Bo, and Tom Schmidt, and expressed gratitude to his colleagues and co-founders, stating that he is excited about the next steps, with more news to be announced later.

According to Bloomberg, the new regulations on cryptocurrency asset financing proposed by the U.S. Securities and Exchange Commission (SEC) this month aim to restart the ICO financing model. The proposal allows startups to raise up to $5 million within four years and large projects to raise up to $75 million annually without full SEC registration.However, the market environment has fundamentally changed: in January 2018, ICO financing reached $3 billion, but now VC token trading volumes have significantly declined, and speculative funds have shifted to perpetual contracts, prediction markets, and AI stocks. Dragonfly partner Tom Schmidt stated, "Having something is better than having nothing, but it would have been more useful if launched a few years ago." Pantera Capital partner Cosmo Jiang pointed out, "Previously, meme coins that were legal but had actual value were illegal, which is completely contrary to the way capitalism operates." Analysts believe, "The ICO of 2026 is not the ICO of 2018; the era when white papers and dreams could attract capital has ended."

According to official news, the on-chain structured product infrastructure City Protocol announced the completion of seed and Pre-A round financing, with a total financing amount reaching 11 million USD. Investors include Dragonfly, Jump Crypto, CMT Digital, Stratified Capital, Adaverse, Mirana, and others.City Protocol is committed to bringing structured products on-chain, providing integrated infrastructure for the issuance, operation, and acquisition of structured products through the tokenization layer, vault layer, and issuance operation layer. Its flagship product is the on-chain structured product platform Venzo, which has currently launched 4 strategy vaults with a TVL of 40 million USD, covering strategies such as quantitative hedging, cross-exchange arbitrage, and private credit, which were previously mainly aimed at institutional and professional investors. Venzo will also soon launch thematic vaults, divided into character tracking and sector themes, where a basket of underlying assets will be directly purchased and adjusted in users' wallets by the program according to public rules.

According to Business Wire, the AI agent infrastructure platform Sapiom has completed a $35 million Series A funding round, led by Dragonfly, with participation from Accel, Gradient, Coinbase Ventures, Operator Collective, Formus Capital, and VanEck Ventures. Existing investors Okta Ventures, Menlo Ventures, Anthropic, and Array Ventures continue to invest.Founded just 11 months ago, the company previously completed a $15 million seed round, bringing total funding to $50 million. Sapiom aims to eliminate infrastructure barriers for AI agents from demonstration to production environments. Sapiom simultaneously launched three products: Router, Agent Studio, and Runtime. Dragonfly managing partner Haseeb Qureshi will join the Sapiom board.

According to Fortune magazine, stablecoin payment infrastructure startup Velocity announced the completion of a $38 million Series A funding round, led by crypto investment firm Dragonfly, with participation from institutions such as Coinbase, Capital One Ventures, and Wintermute. Velocity CEO Eric Queathem did not disclose the latest funding valuation.Founded in 2025, Velocity focuses on providing stablecoin payment solutions for businesses, payment service providers, fintech companies, and financial institutions, helping them optimize cross-border payments, fund settlement, and fund management processes using dollar-pegged tokens. Currently, Velocity has covered markets in the United States, parts of Europe, and Australia, with plans to use the new funds to apply for licenses to expand into Africa and Latin America, while also investing in building a more secure asset custody infrastructure and developing new features, including stablecoin yield products.

Dragonfly partner Haseeb responded on Twitter to OpenZeppelin co-founder Manuel Aráoz's previous pessimistic view on DeFi security, stating that with models like GLM 5.2, Fable, and GPT 5.6 now online and actively used by attackers, DeFi has not experienced the anticipated "hacker apocalypse."Chart data shows that based on current year-to-date figures and operating rates, the annualized amount stolen in DeFi by 2026 is approximately $1.89 billion, with a cumulative theft of about $986 million this year, which is lower than the levels of 2025 and still within historical ranges.Haseeb believes that the deeper change currently is that while the number of hacker attacks has increased, the scale of individual attacks has decreased more rapidly, with attackers increasingly targeting smaller protocols and abandoned projects, while larger protocols have completed more security enhancements, thus the overall safety of funds has not significantly worsened.