No, I don’t know why crypto prices are up.
FTX Updates:
SBF wrote a long Susbtack piece. The piece completely ignores that he misappropriated user funds
AP, Reuters and CNBC are pushing for the names of the two co-signers of SBF’s bond to be made public
Brett Harrison, former President of FTX US, released a Twitter thread attacking SBF
In a bankruptcy hearing in Delaware, an attorney for FTX claims that FTX has $5 billion in cash, liquid cryptocurrency and liquid investment securities. This excludes $425 million in crypto that is in the custody of the Securities Commission of the Bahamas. Claims are trading on secondary markets at ~15 cents on the dollar, barely moving after this news
117 parties are interested in buying four FTX businesses: LedgerX, Embed, FTX Japan and FTX Europe
Zac Prince, BlockFi CEO, withdrew $10m of his personal funds from BlockFi throughout 2022, as they were approaching bankruptcy
Senators don’t like that Sullivan & Cromwell (S&C) is representing FTX in its bankruptcy proceedings. FTX paid them $8.5m for non-bankruptcy work between July and November 2021. The US Trustee lodged a formal complaint against S&C representing FTX
The DoJ sized SBF’s Robinhood shares. It’s unclear how he can pay his legal bills
Alameda liquidators don’t know how to use the blockchain. They were liquidated for $72k on AAVE when trying to close a loan. See transactions here. Arkham estimates that the liquidators lost over $1m
Contagion Updates:
Cameron Winklevoss accused Barry Silbert of fraud in a lengthy letter, and demanded that he step down as DCG CEO. DCG responded. Gemini has since terminated the Earn program
Both Gemini and Genesis have been charged by the SEC for the unregistered offering of securities
Gemini is facing a class-action lawsuit for making misleading statements. The main plaintiff lost $13k there
Nexo processed $158 million of withdrawals in one day after their Bulgaria offices were raided
Crypto.com cuts 20% of workforce
Ethereum news:
Ethereum developers release devnet 2, ahead of the Shanghai hard fork that should allow Beacon Chain withdrawals
Ceremony for the Trusted Setup for Danksharding is under way. If you have an Ethereum address that has done more than 3 transactions, you can contribute!
Consensys zkEVM Beta Signup
Polygon PoS will undergo a hard fork on Tuesday.
Reducing sprint length by an order of four, which will hopefully reduce frequency of re-orgs
BaseFeeChangeDenominator will change to 16 from 8, which will reduce spikes in transaction fees
DeFi news:
Ondo Finance launches three tokenized U.S. Treasuries and bonds
Société Générale borrowed $7m DAI from MakerDAO, using real-world home loan bonds worth $40 million as collateral. Super cool. See here
NFT news:
Tiny Colony will move from Solana to IMX
An official Game of Thrones NFT collection sold out in just seven hours