Crypto Giant Halts Withdrawals 😰

Unchained Daily feat. Genesis Trading, Gemini, El Salvador's plans, and more...

On the Pod…

Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In

DonaXica @realDonaXica

Extremely useful podcast to give some legal perspective in the midst of the storm.

Laura Shin @laurashin

.@wassielawyer and @ThomasBraziel join Unchained to unpack the FTX bankruptcy “dumpster fire.” Topics: 💸 the alleged interloan agreement b/w FTX & Alameda 🤔 whether customers could take control with a token +more! 🔥 https://t.co/jdXuAEewBF https://t.co/bybd7nK2M0

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What’s Poppin’?

Crypto Lender Genesis Trading Halts Withdrawals

by Juan Aranovich

Genesis Global Capital, the lending arm of giant crypto investment bank Genesis Trading, has paused withdrawals over “unprecedented market turmoil.” How does it impact Gemini?

FTX Wasn’t Authorized to File for US Bankruptcy: Bahamas Liquidators

by Samyuktha Sriram

The liquidators overseeing FTX’s liquidation in the Bahamas challenged the validity of the exchange’s Chapter 11 bankruptcy filing.

El Salvador Plans to Buy One Bitcoin Every Day

by Samyuktha Sriram

El Salvador’s president, Nayib Bukele, said that the country plans to buy one Bitcoin every day.

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In Other News…✍️✍️✍️

• In a tell-all interview with Vox, Sam Bankman-Fried said: “f*ck regulators, they make everything worse.”

• A group of investors filed a class action suit against FTX, Sam Bankman-Fried, and many celebrities that endorsed the exchange, including Larry David and Tom Brady.

• Crypto exchange OKX is planning a $100 million recovery fund to support projects in need of liquidity.

• US authorities are investigating the role of Binance in the collapse of FTX.

• The House Financial Services Committee called on Sam Bankman-Fried to testify before on the fallout of FTX.

• Three Arrows Capital cofounder Kyle Davies said that “FTX/Alameda colluded to trade against clients.”

• Temasek wrote down a $275 million investment in FTX.

• Team SoloMid (TSM), an esports club, suspended its 10-year $210-million sponsorship agreement with FTX.

• In addition to its financial troubles, Bitcoin miner Core Scientific is being sued for allegedly providing false information to shareholders.

• Circle, the issuer of USDC, said in an SEC filing that it holds $10.6 million in equity investments related to the FTX Group.

Today in Crypto Adoption...

• Global entertainment giant Sony applied for a patent to use NFTs in video games.

The $$$ Corner…

• Matter Labs, the entity behind Ethereum scaling solution zkSync, raised $200 million in a Series C round led by Blockchain Capital and Dragonfly co-led.

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What Do You Meme

kierang.eth🥃🎶🐇 @KGeorgee

@SBF_FTX

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Laura Shin @laurashin

Thanks for having me, @RealVision! 🙏

Real Vision @RealVision

What's the main lesson of the #FTX debacle? @laurashin, crypto journalist & host of the @unchained_pod 👇 https://t.co/mLJnBefD2S

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📈 Your Market Update 📉

• BTC: $16,7526

• ETH: $1,188

• BTC dominance: 37.18%

• Crypto market cap: $854 billion

*All data as of today, 5 am ET

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Recommended Reads

1. Sekure D, founder of the Roghbosts, on Dot Swoosh, Nike’s digital platform:

   Sekure D 🇦🇺 (🤖👻) @SekureD

   Everything you need to know about the DOT SWOOSH announcement and why it matters from the perspective of someone with almost 20 years in Sportswear Fashion. A 🧵

   

2. Keyboard Monkey on how to play this market:

Keyboard Monkey -KBM- @KeyboardMonkey3

Crypto now enters the slow bleed of death. Confidence completely gone, no buyers left, no positive catalysts. On the flip side, probably no forced sellers… so the market will be low volatility, but also illiquid. It will sit and stair step lower Over long duration.

3. Astral Codex Ten on the psychopharmacology of the FTX crash:

The Psychopharmacology Of The FTX Crash

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