Surviving Myanmar’s military crackdown with crypto
'The military dictatorship used the traditional banking system to mine data and seize assets'
When Myanmar’s military coup turned banks into surveillance tools, Loring Harkness found hope in blockchain. For him, crypto wasn’t just an investment – it was a lifeline. Now, he’s on a mission to make digital finance fairer and safer for everyone.
As the military seized control, ordinary citizens faced the threat of losing their assets to an oppressive regime. “The military dictatorship ended up using the TradFi banking system in order to mine the data, identify people who were engaged in pro-democracy activities, and then either seize their assets or arrest them,” Harkness told The Crypto Radio.
His path from financial inclusion work to blockchain advocacy reflects a practical response to the failures of traditional systems. Harkness now focuses on how decentralized technologies can offer real protections in environments where financial institutions are compromised.
Blockchain as a tool for freedom
Harkness’s transition into cryptocurrency wasn’t a typical Silicon Valley startup story. Based in Yangon, Myanmar, he witnessed firsthand how traditional banking systems could be weaponized against citizens. “This is actually what blockchains and crypto were built for,” he said. “If you look at the values and the ethos which underpin blockchains and crypto, it’s really about things like permissionlessness, censorship resistance.”
Reflecting on his experience, Harkness emphasized the importance of decentralization. He believes that traditional financial systems often fail the people they are meant to serve – especially in politically volatile environments. Blockchain, by contrast, offers a way for people to hold onto their wealth without relying on centralized authorities that might act against their interests.
After the coup, Harkness was introduced to Brainbot, a German blockchain company that would become his professional home. They collaborated on humanitarian projects, providing financial services to internally displaced people using cryptocurrency. This experience fundamentally transformed his understanding of financial systems and inspired him to advocate for a more inclusive approach to digital finance. Harkness believes that blockchain can be a force for good when designed with fairness and transparency at its core.
Explaining the challenge of MEV
Photo: Pexels / Pavel Danilyuk
One of the most significant challenges Harkness highlights is the concept of “maximal extractable value” (MEV) – a technical term that sounds complex but represents a very real problem for everyday crypto users. In simple terms, MEV represents how sophisticated computer bots can manipulate cryptocurrency trades to their advantage.
To explain MEV, Harkness uses a brilliantly simple rock-paper-scissors analogy. Imagine playing a game where one player can see the other’s move before choosing their own – it’s fundamentally unfair. Similarly, in cryptocurrency trading, some bots can “see” a user’s intended trade and manipulate the market before the trade happens.
The financial impact is staggering. “Malicious MEV has essentially stolen $1.38 billion from normal crypto users since the year 2020,” Harkness revealed. “That’s about $750 per attack” – a number that would make any casual investor sit up and take notice.
Harkness also discussed how the rise of automated trading systems has made it increasingly difficult for regular users to compete. These bots, driven by complex algorithms, often have an unfair advantage, leading to losses for everyday investors. To counteract this, he believes in building tools that can level the playing field and restore fairness to trading.
Solutions for fairer trading
But Harkness isn’t just describing a problem; he’s working on solutions. Through Shutter, a blockchain initiative, he’s developing ways to make cryptocurrency trading more transparent and fair. The goal is creating “information symmetry” – ensuring everyone has the same information at the same time.
His broader mission reflects a deep philosophical commitment to technological neutrality. “We need tools which are decentralized, permissionless, censorship resistant, and also, importantly, incredibly neutral,” he explained. This isn’t just technical jargon – it’s a vision of technology as a great equalizer.
Harkness is particularly passionate about open-source technology, believing that transparency is key to building trust. “We should always be preferring open source software to closed source software,” he emphasized. For Harkness and his team at Brainbot, the code itself is the ultimate arbiter of trust.
Crypto as a tool for resilience
What makes Harkness’s story stand out is its practical relevance. His journey from Myanmar to Germany shows how digital tools can offer real protection in unstable environments — not just for investors, but for anyone seeking financial independence.
“For people who nail down those basics — understanding blockchains, understanding self-custody of digital assets — they start to get more adventurous,” he said.
To Harkness, crypto isn’t about quick profits. It’s about building systems that work when everything else fails.
Listen to the whole interview on The Crypto Radio's live player or in the Crypto Curious podcast, part one and part two.
