
The Mark Moss Show You Don’t Own Any of Your Assets… Except For One | Chris Sullivan
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Jan 24, 2026 Chris Sullivan, hedge fund manager and co-founder of Hyperion Decimus, explains how modern finance stripped direct ownership and why Bitcoin may restore it. He dissects custody chains, dematerialization, and tokenization pitfalls. They also cover tokenized real estate experiments, ETF effects on Bitcoin volatility, and macro themes around money supply and asset valuation.
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Rehypothecation Creates Hidden Risk Chains
- Dematerialization enables rehypothecation and daisy-chains of collateral that amplify counterparty risk.
- In a custodial bankruptcy your claims become unsecured and you can lose assets you thought you owned.
Crypto Bankruptcies Exposed Custody Illusions
- Chris and Mark reference FTX, BlockFi and Celsius as real examples where custodial claims failed in bankruptcy.
- Those collapses revealed that platform-held assets were part of bankrupt estates, not customer property.
A Tokenized Miami Project Went Wrong
- Chris recounts tokenizing a Miami mixed-use development and hitting custodial/regulatory limits.
- The project lost money because the token couldn't freely trade in DeFi as they initially expected.


