News emerged this week that the U.S. Internal Revenue Service (IRS) placed $44 billion in claims on the FTX bankruptcy estate. Now creditors of the defunct crypto exchange are worried that the taxman is going to gobble up funds that would otherwise be used to make users partially whole. Wassielawyer, a lawyer specializing in restructuring and insolvency, joins the show to explain what’s going on, how that huge number is even possible, and why the so-called “trust argument” is not going to be the silver bullet that some FTX customers are dreaming of.
Coinbase’s chief legal officer issued an apology on Twitter following backlash over the exchange’s labeling of PEPE as a “hate symbol” co-opted by alt-right groups.
The U.S. subsidiary of Binance is reportedly looking at ways to cut down Changpeng Zhao’s stake in the company.
Daily Bits…✍️✍️✍️
As part of its ongoing liquidation process following FTX's downfall, Silvergate announced it will significantly downsize, laying off 230 employees and leaving only 80 staff members to manage the company's affairs.
The U.S. Chamber of Commerce has criticized the SEC's handling of ether, Coinbase, and the wider digital asset industry, and is supporting Coinbase's lawsuit against the SEC for a response to a request for crypto-specific regulation.
MakerDAO, the entity behind DAI stablecoin, unveiled a comprehensive upgrade plan known as "Endgame,” which intends to incorporate AI tools for enhancing efficiency and resilience, ultimately leading to the formation of a new blockchain.
The IRS and Chainalysis are collaborating with Ukraine to identify Russian oligarchs potentially using cryptocurrencies to bypass sanctions, providing Ukrainian investigators with blockchain analysis tools and training to enhance their digital investigative skills.
Despite Bitcoin's soaring transaction fees and ongoing Ordinals debate, miners are reaping substantial benefits with daily revenue hitting a high of $40 million, as per Glassnode data.
The $$$ Corner…
Blockchange Ventures led a $7.5 million funding round for Odsy Network, a layer 1 blockchain developing decentralized crypto wallets, bringing the firm's valuation to $250 million.
Artizen, a crowdfunding platform focused on Web3 culture, secured $2.2 million in a bid to support creators working on projects that merge art, technology, science, and design.
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