Why Jack Mallers Walked Away From Twenty One

In this episode, Nik welcomes Jack Mallers, founder and CEO of Strike, for a conversation on his exit from Twenty One. Jack describes the guilt and humility of stepping away from a company whose vision he says did not work, and where Strike sits between an operating company like Coinbase and a conviction vehicle like Strategy. He shares his reaction to the Coldcard vulnerability, which he calls a horror because the victims did everything right, and why he still does not think self-custody is dead. Jack also covers the red team of AI agents now testing Strike's code, and why he calls America's AI strategy shameful next to China's open-source push.