A VC term we’ve never seen before in crypto. 👀 Jack Kubinec (@whosknave) joins @bitsandbips to break down: 💰 Berachain’s secret $25M refund clause 📉 What it means now that BERA is down ~66% ⚖️ The MFN + legal questions ahead Timestamps: 0:00 — Introduction 2:24 — What the documents reveal 5:17 — Why Brevan Howard’s refund is a big problem 9:21 — How refund clauses really work 14:09 — Jack’s interactions with the Bera team and how Smokey responded to the story 19:29 — Why the MFN clause is key 26:19 — How Brevan Howard Digital didn’t actually invest in Bera 30:18 — What investors should learn from a deal like this