Life in Prison? 🤯
In today's edition: Coinbase's new tool, SBF is in "good spirits", Microsoft's bans, and a new podcast with Ari Redbord!
New Pod Today!
How Much Prison Time Is FTX's Sam Bankman-Fried Facing?
Ari Redbord, head of legal and government affairs at TRM Labs, discusses all the charges that Sam Bankman-Fried is facing and their potential outcomes. Show highlights:
the charges against SBF and why the criminal indictment is the most important
whether SBF testifying in Congress would have complicated the DOJ's criminal case against him
why it is complicated to state how much prison time Sam is facing
the ways in which Bankman-Fried can reduce his sentence by cooperating with authorities
why it's so unprecedented that the indictment came only one month after the collapse of FTX
whether other senior FTX executives are providing prosecutors with information to reduce their charges
the reasons why SBF is being held in The Bahamas and the likelihood of him being extradited
how much the case will be delayed if SBF's lawyers fight the extradition
Ari's thoughts on whether this case will go to trial
What’s Poppin’?
SBF ‘In Good Spirits’ at Bahamas Maximum Security Prison Sick Bay
by Samyuktha Sriram
Sam Bankman-Fried is in good spirits and receiving no special treatment at Fox Hill prison, said the Bahamas Acting Commissioner of Corrections on Thursday.
FTX Is Looking to Sell Embed, LedgerX, Japan and Europe Branches
by Samyuktha Sriram
Insolvent crypto exchange FTX is seeking permission to sell some of its recently acquired subsidiaries, including Embed, LedgerX, FTX Japan and FTX Europe.
Coinbase Launches Recovery Tool for ERC-20 Tokens Sent Accidentally
by Samyuktha Sriram
Crypto exchange Coinbase has created a new tool to help users recover lost ERC-20 tokens.
Microsoft Bans Crypto Mining From Online Services
by Samyuktha Sriram
Technology giant Microsoft has banned cryptocurrency mining on its online services without written pre-approval.
In Other News…✍️✍️✍️
Bankrupt crypto hedge fund Three Arrows Capital (3AC) was estimated to have $1 billion worth of assets in July.
Investment bank Jefferies estimates that FTX creditors may receive a recovery rate of 20-40% of their money after administrator fees are applied, though the rate could go as low as 10-35%.
Mazars, an auditing firm working with various crypto exchanges including Binance, paused all work for its crypto clients.
The New York State Department of Financial Services released new crypto rules for banks, which must submit a business plan 90 days in advance before being allowed to deal with cryptocurrencies.
Rep. Patrick McHenry, incoming Chair of the House Financial Services Committee, asked Treasury Secretary Janet Yellen to delay implementing tax reporting rules whose purview is still unclear.
A committee has been set up to represent the unsecured creditors of FTX and more than 100 related companies in the U.S. bankruptcy process, providing a unified voice for those affected by the proceedings.
Donald Trump launched a collection of 45,000 fantasy non-fungible tokens (NFTs) for sale on Truth Social.
Today in Crypto Adoption...
Warner Music Group signed a deal with DressX, a startup that creates digital fashion wearables both on and off the blockchain.
The $$$ Corner…
Amber Group, a Singapore-based crypto lender, announced a $300 million Series C round led by Fenbushi Capital US which comes after a series of layoffs and restructuring at the company. It also acquired Singaporean exchange Sparrow.
Investment firm a16z led a $100 million Series B funding round for Aztec Network, a privacy-focused firm building on Ethereum.
CSOP Asset Management, a subsidiary of China Southern Asset Management, is set to list the first bitcoin and ether ETFs on the Hong Kong Stock Exchange and managed to raise over $74 million in initial investments.
Blocknative, a Web3 infrastructure company, raised $15 million in a Series A-1 round.
NFT infrastructure protocol Decent garnered $3.5 million in a seed funding round led by Archetype.
Polygon Studios, Not Boring Capital, and HashKey co-led a $3 million funding round for NFT project Onlybots.
Jack Dorsey donated 14 BTC (worth $245,000) to fund the development of Nostr, a decentralized social network.
Unchained in 2023
Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether on the podcast, our newsletter, premium content, or anything else!
What Do You Meme
📈 Your Market Update 📉
BTC is down 3.0%, trading at $17,050
ETH is down 3.93%, trading at $1,209
BTC dominance: 38.19%
Crypto market cap: $859 billion
*All data as of today, 5 am ET
Recommended Reads
Alex, researcher at Friktion Labs, on GMX:
hangry on the future narratives of crypto:
Viktor DeFi on free Web3 resources:
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