Lone Star Bitcoin Buy, Klarna's Stablecoin, a New Crypto Money-Laundering Playbook & the $11M Mission District Heist | November 26, 2025

Texas officials have begun purchasing Bitcoin ETFs, laying the groundwork for a formal state-level strategic reserve and potential future self-custody (1:05). Buy-now-pay-later powerhouse Klarna enters the crypto arena with a new stablecoin, KlarnaUSD (2:36).

A new analysis reveals how criminal organizations are modernizing their financial pipelines, utilizing distinct "chain-hopping" techniques and underground brokers to bypass traditional banking stops (4:19). And San Francisco authorities probe a targeted home invasion reportedly linked to an $11M crypto theft, underscoring the rising intersection of wealth, visibility, and physical security (6:05).

More on stories and articles discussed or referenced in this episode:

Burn, Joe and Dana Sauchelli. "ChatGPT Boss's Ex-Boyfriend's House Targeted in $11M Crypto Heist by Fake Delivery Man." The New York Post, 25 November 2025, https://nypost.com/2025/11/25/us-news/sam-altmans-ex-boyfriends-san-francisco-home-targeted-in-crypto-heist/.

Dotson, Kyt. "Digital Bank Klarna Launches Stablecoin Amidst Rising Crypto Adoption." SiliconANGLE, 25 November 2025, https://siliconangle.com/2025/11/25/digital-bank-klarna-launches-stablecoin-amidst-rising-crypto-adoption/.

Hamilton, Jesse. "Texas Buys $5M in BTC ETF as States Edge Toward First Government Crypto Reserves." CoinDesk, 25 November 2025, https://www.coindesk.com/policy/2025/11/25/texas-buys-usd5m-in-btc-etf-as-states-edge-toward-first-government-crypto-reserves.

Kay, Bruce. "How Industrial-Scale Crypto Laundering Sustains Mexico's Synthetic Drug Trade." InSight Crime, 24 November 2025, https://insightcrime.org/news/us-court-cases-mexico-organized-crime-digital-money/.

Nawrocki, Tom. "Once a Crypto Skeptic, Klarna Announces Its Own Stablecoin." Payments Journal, 25 November 2025, https://www.paymentsjournal.com/once-a-crypto-skeptic-klarna-announces-its-own-stablecoin/.

Zimmerman, Micah. "Texas Becomes First U.S. State to Buy $5M of BlackRock's Spot Bitcoin ETF." Bitcoin Magazine, 25 November 2025, https://bitcoinmagazine.com/news/texas-buys-5m-of-spot-bitcoin-etf.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.