Busted by an Accounting Prof 📚
In today's edition: 🛑 Lido considers Polygon exit, 🚨 US sanctions hit Gaza crypto ops, 🛠️ Lightning Labs unveils Taproot Alpha, 🏦 ECB's digital Euro, and more!
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👨⚖️ Sam Bankman Fried’s Trial Coverage
SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole
On day 11 of the SBF Trial, a mix of financial experts and technical witnesses testified, including a notable testimony from accounting professor Peter Easton. His analysis revealed a staggering gap between FTX’s liabilities and assets. However, the day was not without controversy as the judge questioned the relevance of some witnesses.
How FTX Spent $9 Billion of Its Customers’ Money
Peter Easton, a Notre Dame accounting professor, used charts and graphs to show how FTX spent customer funds.
What’s Poppin’?
by Sam Sriram, Brandy Betz
Lido Community Mulls Shutting Down on Polygon
The Lido community is considering a proposal to sunset the staking protocol’s services on Polyon citing poor ROI and roadmap uncertainty.
Gaza-Based Crypto Exchange, Operator Among Those Sanctioned by US Treasury Department
The new sanctions applied to Buy Cash Money and Money Transfer Company for allegedly facilitating fundraising for the terrorist group.
Lightning Labs Brings Stablecoins to Bitcoin With Taproot Assets
The Bitcoin Layer 2 infrastructure firm has released Taproot Alpha mainnet in a move to bring stablecoins and Real World Assets to Bitcoin on the Lightning Network.
Digital Euro Project Enters Preparation Phase, Says Central Bank
On Nov. 1, the European Central Bank will start a two-year process of finalizing a rulebook and preparing infrastructure for the potential central bank digital currency (CBDC).
Financial Services Company Unchained Unveils Bitcoin Advisory Firm
The independent Sound Advisory will help BTC holders form an investment strategy and guide wealthy investors in adding the asset.
Daily Bits…✍️✍️✍️
📑 The New York Attorney General filed a complaint against Gemini, Genesis, DCG, and executives Michael Moro and Barry Silbert, alleging fraudulent activities related to Genesis' Earn program and a $1 billion financial shortfall.
🔧 The Aptos network resumed normal operations after a five-hour halt, leading exchanges like Binance to temporarily suspend deposits and withdrawals of APT tokens.
📊 Chainalysis suggested some reports may overstate the role of crypto in terrorist financing, arguing that the actual volume is a small fraction of illicit crypto transactions.
🚔 Jimmy Zhong is serving a one-year sentence for stealing over 50,000 bitcoins from the Silk Road marketplace, according to a new CNBC report.
🔚 SuperDao, a platform for building decentralized autonomous organizations (DAOs), is shutting down and plans to return the remaining funds to investors.
🔒 FDIC needs to better prepare for crypto-related risks, said an Inspector General report.
🗓️ Grayscale's Chief Legal Officer predicted a Bitcoin ETF is inevitable, just a matter of when. Mike Novogratz believes Bitcoin ETFs will receive approval within this year.
🛡️ Senator Elizabeth Warren and over 100 lawmakers inquired about Biden's plans to counter crypto-financed terrorism.
🔁 Coinbase introduced perpetuals trading for non-U.S. retail customers, offering contracts in BTC, LTC, ETH, and XRP.
The $$$ Corner…
🔄 DeFi protocol Elixir closed a $7.5 million Series A round to improve liquidity in decentralized order book exchanges.
What Do You Meme?
Recommended Reads
Bill Hughes on IRS's proposed broker rule's definitional composability
Prospect: Cracks in the Blockchain Eight
📈 Your Market Update 📉
BTC is up .4%, trading at $28,458
ETH is down 1.7%, trading at $1,553
BTC dominance: 49.48%
Crypto market cap: $1.12T
*All data as of today, 7:40 am ET
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