‘An Outright Scandal’ 💣
In today's edition: 🎙️ New podcast on the banking crisis, 🫵 FTX debtors have strong claims, 🛟 Coinbase wanted to rescue Circle?, and more!
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On the Pod…
Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US
Caitlin Long, founder and CEO of Custodia Bank, and Meltem Demirors, chief strategy officer of CoinShares, share their concerns about crypto in the U.S. following a wild week in the banking sector. With Signature Bank’s takeover looking like a targeted takedown and crypto-friendly upstarts like Custodia being shadowbanned by the Fed, the two longtime experts look ahead at the fights to come. Is USDC next to land in regulators’ crosshairs?
What’s Poppin’?
by Samyuktha Sriram
FTX Says Bahamas-Based Entity Was ‘Offshore Haven’ for Fraud
The FTX debtors are claiming that the Bahamas firm was merely a corporate shell to facilitate fraud carried out at Sam Bankman-Fried’s discretion.
Coinbase Offered Circle $3 Billion to Stabilize USDC During SVB Turmoil
Coinbase was willing to lend Circle the full amount required to guarantee liquidity for USDC’s reserves.
Euler Finance Enters Talks With Hackers to Return Stolen Funds
On-chain messages between Euler Finance and the protocol’s exploiters suggest a resolution between the two could be underway.
Hacker Gains Access to 2,400 Wallets to Sweep ARB Airdrops
A sweeper bot is sending ETH to several wallets, in order to unlawfully claim at least 3 million ARB tokens for the upcoming airdrop.
📖 Learn With Unchained 🤓
What Is ‘Britcoin’? A Contentious Digital Clone of the British Pound
The Bank of England is gunning for a digital pound—dubbed “Britcoin”—by decade’s end. But not everybody sees the point.
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Daily Bits…✍️✍️✍️
Florida Gov. Ron DeSantis proposed legislation to ban the use of a national central bank digital currency (CBDC) within the state, aiming to protect consumers and businesses from potential surveillance and stifled innovation while urging other states to follow suit.
DefiLlama confirmed on Twitter that it has no current plans for a LLAMA token, stating that any potential airdrop would be discussed with the community, along with other significant decisions.
In January, short seller Marc Cohodes warned the FDIC that Signature Bank was involved in illegal crypto transactions and lacked proper controls, leading to its collapse and raising questions about its risk management and regulatory oversight
In the Core Scientific bankruptcy case, the judge approved a settlement involving a $20 million transfer of electrical equipment to the energy contract negotiator, stemming from a dispute over two west Texas facilities that failed to deliver the expected power load.
Origin Protocol plans to rebalance its tokenomics by using ether and OGN subsidies from its budget to support its staking program.
The U.S. Supreme Court is set to hear its first crypto-related case, involving Coinbase's attempt to halt two class-action lawsuits and direct the disputes to arbitration, as per their user agreement.
Today in Crypto Adoption...
Hong Kong is progressing towards its ambition of becoming a global crypto hub, with over 80 interested companies, including crypto exchanges and blockchain-related firms, looking to establish a presence in the city.
Immutable and Polygon Labs are partnering to expedite Web3 gaming development by utilizing Polygon's zero-knowledge technology to streamline onboarding for game studios and developers.
The $$$ Corner…
Auros, a crypto market maker, raised $17 million from investors including Vivienne Court, Bit Digital, Trovio, Epoch Capital, and Primal Capital to mend its balance sheet following FTX's collapse.
Metatime, an upcoming Turkish crypto exchange, secured $11 million in seed funding from Turkish investment firm Yildiz Tekno GSYO and several undisclosed angel investors.
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📈 Your Market Update 📉
BTC is down 1.7%, trading at $28,144
ETH is down 1.9%, trading at $1,766
BTC dominance: 46.25%
Crypto market cap: $1.18 trillion
*All data as of today, 6 am ET
Recommended Reads
Julien Bouteloup on web3 gaming:
Davide Crapis: MEV Resilient Ethereum
Ram Ahluwalia’s experiment with ChatGPT:
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