Dip Detected: Will You Dive In? 🤔
In today’s edition: 🏛️ SEC sanctioned in Debt Box case, 🚫 SEC's concerns on Binance.US, 💡 CZ teases educational project, 🎉 JUP reaches all-time high, 🔐 ETHFI token rollout, and more!
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Few crypto figures have been as vilified as Kyle Davies, the co-founder, along with Su Zhu, of crypto hedge fund Three Arrows Capital, which imploded in mid-2022, losing $3 billion and bringing many pillars of the crypto industry down with it. Davies and Zhu have been accused of, among other things, lying about 3AC’s assets as the firm was imploding, trying to borrow money when the firm was insolvent, and seeking funding from the Mafia, all of which Davies denies.
But he remains unapologetic about 3AC’s demise, saying most, if not all, companies eventually go bankrupt, and that 3AC had a “pretty spectacular” ten-year run. He joined Unchained to explain why he and Su Zhu were ordered to prison in Singapore for non-compliance with the liquidation proceedings, Zhu’s “six weeks meditating” (in prison), where he’s living now, why he and Zhu went to Bali after the bankruptcy, his $25,000-a-month fee for consulting for crypto bankruptcy exchange OPNX, his and Zhu’s current work advising crypto derivatives platform OX.FUN, and what he wishes he would have done differently in terms of 3AC’s wind down.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Sage Young, Jacob Oliver, Kollen Post and Sam Sriram
Bitcoin Price Briefly Dips to $8,900 on Crypto Exchange BitMEX
BitMEX says it is investigating unusual trading activity on its BTC/USDT spot market after large sell orders saw the price of bitcoin momentarily fall to $8,900.
SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
A U.S. District Court has sanctioned the U.S. Securities and Exchange Commission (SEC) for misleading the court in relation to its lawsuit against crypto firm Debt Box, with the judge concluding that the securities regulator’s actions constituted a “gross abuse of power entrusted to it by Congress.”
SEC Is Still Worried About the Security of Binance.US’s Assets, Filings Show
Recent filings show the SEC is still suspicious of the independence of Binance.US’s assets from those of its global parent.
Binance Cofounder Changpeng Zhao Teases New Educational Project Ahead of Sentencing
Changpeng Zhao took to X on Monday to tease the launch of a new project, but offered little detail beyond revealing that there would be no token.
Jupiter’s Token (JUP) Soars to All-Time High Before Retreating; Market Cap Now Stands Near $2 Billion
The decentralized exchange aggregator Jupiter is the second-largest DeFi protocol on Solana by the amount of gas it consumes — a sign of substantial trading on the platform.
Ether.Fi’s Newly Airdropped Governance Token Already Has a $360 Million Market Cap
Ether.Fi has rolled out its governance token ETHFI in a move intended to decentralize the liquid staking protocol.
Daily Bits…✍️✍️✍️
🚫 OKX ceased support for USDT trading pairs for users in the European Union, hinting at regulatory changes with the advent of new EU stablecoin rules.
⚖️ FTX claim holder Attestor Capital sued a creditor for reneging on a deal to sell two FTX accounts after the value of claims surged.
🇺🇸 Binance tightened KYC measures to exclude US nationals, reinforcing compliance efforts after its legal settlement.
🇳🇬 A Nigerian court mandated Binance to provide comprehensive user data to the country's anti-graft agency, escalating regulatory scrutiny.
💸 Solana's Slerf meme coin saw $1.7 billion in trading volume after the developer accidentally burnt all presale funds.
🗳️ Almost $100 million are staked on Polymarket for the US presidential election, showing a preference for Trump over Biden as well as optimism for Ethereum's ether hitting an all-time high in 2024.
💼 Fidelity revised its Ethereum ETF proposal to incorporate staking, offering a novel approach to crypto investment.
🔐 The dYdX community is set to vote on a proposal to stake 20 million DYDX with Stride to bolster the network's security and redistribute stake weight among validators.
Today in Crypto Adoption...
📈🔍 Japan's state pension fund GPIF explores bitcoin for portfolio diversification, signaling interest in crypto amid broad financial and technological shifts.
💳 Southeast Asia superapp Grab introduced cryptocurrency payments in Singapore, enhancing user flexibility with digital asset topups.
The $$$ Corner…
🚀 Figure Technologies garnered $60 million for a new decentralized exchange, aiming to challenge major centralized players and offer a stablecoin alternative with its blockchain tech.
💰 Keyring secured $6 million in funding to offer institutional investors regulatory-compliant access to DeFi, recently testing a compliance solution with Nomura's crypto arm Laser Digital.
What Do You Meme?
Recommended Reads
The Block: Solana memecoin presales continue to see interest despite industry leaders expressing concerns
DL News: This layer 2 is the biggest winner from Ethereum’s Dencun upgrade so far
📈 Your Market Update 📉
BTC is down 8.6% trading at $62,508
ETH is down 11.2% trading at $3,203
BTC dominance: 50.1%
Crypto market cap: $2.46T
*All data as of today, 07:31 am ET. Source: CoinGecko
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