Crypto tokens weren’t the only thing that saw a major pump yesterday. The total value locked in DeFi ascended to new heights. While part of this can be explained simply by the rise in ETH price, it also reflected traders turning to DeFi platforms as a way to get more exposure to the market action without selling their core assets. 

For all the exciting price action, not everything is pointing in a positive direction. These market moves don’t seem to reflect new market participants, for example, and, anecdotally, times remain tough for projects trying to fundraise. 

In our final segment, we look at a blockchain conference in North Korea that the UN suggests simply attending may violate international sanctions, and an Iran-focused hedge fund that uses cryptocurrency to get around international restrictions.

Does this variety of "rogue state" activity present a narrative risk to the crypto industry as a whole? Listen to find out.