How 2022 Became the Year of Crypto Carnage 😵
In today's edition: A review of 2022, Ellison’s guilty plea details, numerous hacks, and more!
New Pod Today!
Collapses, Bankruptcies, and Fraud: How 2022 Became the Year of Crypto Carnage
This episode of Unchained looks back on a tumultuous year for the cryptocurrency industry in 2022. Significant events such as the bankruptcies of FTX, Three Arrows Capital, Celsius, Voyager, BlockFi, and the collapse of Terra/LUNA, led to billions being lost due to market plunges and also due to numerous hacks.
This year also brought the Ethereum Merge, one of the most awaited events in crypto's short history. Amidst the turmoil, true believers like Chris Burniske saw a silver lining, while the crypto community watched for the further fallout of this year’s crypto contagion to play out.
What’s Poppin’?
Caroline Ellison’s Guilty Plea Details How SBF Misled FTX and Alameda Investors
by Samyuktha Sriram
Alameda CEO Caroline Ellison confessed that she and former FTX CEO Sam Bankman-Fried provided misleading financial statements to Alameda’s lenders.
Defrost Finance Claims Hacked Funds Are Returned Amid Exit Scam Allegations
by Samyuktha Sriram
DeFi protocol Defrost Finance said that a hacker involved in a $12 million exploit last week has now returned the stolen funds, but its audit firm Certik claims that the project attempted an exit scam.
BitKeep Wallet Hackers Begin Mixing $8M Stolen Coins
by Samyuktha Sriram
Hackers are attempting to cash out after exploiting popular crypto wallet BitKeep over the weekend.
$3M Stolen From Bitcoin Mining Pool BTC.com in Cyber-Attack
by Samyuktha Sriram
Prominent Bitcoin mining pool BTC.com reported losing $3 million worth of digital assets in a cyber-attack carried out earlier this month.
On Unchained Premium: How Can Bitcoin and Ethereum Coexist?
Matt Luongo and Maclane Wilkison, cofounders of Threshold, discuss everything about tBTC and Bitcoin bridges.
In Other News…✍️✍️✍️
Solana’s NFT projects DeGods and Y00ts will migrate to Ethereum and Polygon respectively.
Crypto lender Nexo (disclosure: a former sponsor) denied reports that the deal to acquire Singapore-based crypto lender Vauld was terminated and said it "has not given up."
A powerful winter storm in North America caused some Bitcoin miners to power down their operations, resulting in a 40% drop in the Bitcoin network's computing power over the weekend.
Researchers discovered a North Korea-linked phishing campaign targeting NFT users on platforms like OpenSea, X2Y2, and Rarible.
Today in Crypto Adoption...
Giant investment firm Fidelity filed three trademark applications in the US related to providing services in the metaverse as part of its push into digital assets.
What Do You Meme
📈 Your Market Update 📉
BTC is down .2%, trading at $16,866
ETH is down .45%, trading at $1,221
BTC dominance: 38.63%
Crypto market cap: $840 billion
*All data as of today, 5 am ET
Recommended Reads
“In the Bahamas, a Lingering Sympathy for Sam Bankman-Fried” by NYT’s Rob Copeland
“Yet in interviews across the island Mr. Bankman-Fried called home for just over a year, residents almost universally said that while the white-collar nature of his crimes was troublesome, they were hardly comparable to the gang violence that pervades some corners of the island.”
James Prestwich on MEV
“Going forward, MEV won’t be defined by the ethos or the research. MEV’s story belongs to profit margins now.”
“These Crypto Founders And Bitcoin Moguls Lost $116 Billion In 2022” by John Hyatt from Forbes.
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