⛓️ SBF Faces How Much Prison Time? 😱
In today's edition: Ethereum's "Shanghai" upgrade has a date, SEC wants more disclosures, GBTC discount hits all-time low, Ren's upgrade, and more!
New Show Today!
Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years
TuongVy Le, partner and head of regulatory & policy at Bain Capital Crypto, discusses how the legal process for Sam Bankman-Fried in the wake of the FTX scandal could play out. Show highlights:
the allegations that Bankman-Fried manipulated the market during the Terra crash
the motivations for Bankman-Fried's media appearances
what the selection of Mark Cohen as a lawyer says about the potential charges and the case
why SBF hasn't been arrested yet
how the US investigating the potential involvement of Bahamian government officials could complicate cooperation and arrest of SBF in the Bahamas
why this case is very different from Bernie Madoff's
what evidence would be needed to say, legally, that SBF committed fraud
the potential outcomes of the legal case for SBF and how many years of prison time he could face
What’s Poppin’?
Staked ETH Withdrawals Tentatively Planned for March 2023 With Shanghai Upgrade
by Samyuktha Sriram
Ethereum developers will prioritize allowing stakers to withdraw in a coming upgrade, even if it means delaying critical scalability solutions.
SEC Asks U.S. Firms to Disclose Crypto Exposure and Risks
by Samyuktha Sriram
The U.S. Securities and Exchange Commission has advised all publicly listed companies in the country to disclose risks associated with cryptocurrencies following the FTX collapse.
GBTC Discount Hits All-Time Low of 47%
by Samyuktha Sriram
Shares of the Grayscale Bitcoin Trust (GBTC) are now trading at the lowest discount to Bitcoin in the asset’s history.
Ren Protocol Warns That Wrapped Tokens May Be Lost in Upgrade to 2.0
by Samyuktha Sriram
Amid FTX chaos, the Ren Protocol team urged users to unwrap their tokens before the blockchain upgrades to Ren 2.0.
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In Other News…✍️✍️✍️
Sam Bankman-Fried, former CEO of FTX, said he is willing to testify before the House Financial Services Committee in Washington, D.C. during the following week.
Additionally, SBF accused Binance CEO Changpeng Zhao of lying about how FTX’s buyout of Binance’s stake in the exchange played out.
In text messages before FTX filed for bankruptcy, CZ accused SBF of trying to destabilize the price of Tether and further damage the industry.
John Ray III, who is overseeing the bankruptcy of the cryptocurrency exchange FTX, held talks in Manhattan with federal prosecutors investigating the exchange’s collapse.
OpenSea launched the Creator Ownership Research Institute (CORI) to improve royalty schemes for creators.
Democrats presented a bill requiring U.S. environmental authorities to evaluate the greenhouse gas emissions of cryptocurrency miners and provide reports to Congress.
Nomad, a cross-chain bridge protocol, is preparing to return from the ashes and partially reimburse users affected by the $190 million hack that occurred earlier this year.
A member of Nouns DAO canceled the plan to donate 100 ETH to crypto sleuth ZachXBT.
The parents of former FTX CEO Sam Bankman-Fried will no longer be teaching at Stanford next year.
Gnosis Chain successfully transitioned to a proof of stake consensus mechanism.
Today in Crypto Adoption...
Starbucks launched its Web3 initiative and NFTs are now available to beta testers.
Osmosis, a decentralized exchange based on Cosmos, launched a “stableswap,” a protocol for trading stablecoins.
Payments giant PayPal expanded crypto services to Luxembourg.
The $$$ Corner…
NFT platform Shibuya raised $6.9 million in a seed funding round co-led by a16z and Variant Fund.
Bitcoin miner 360 Mining closed a $2.25 million new funding round.
What Do You Meme
📈 Your Market Update 📉
BTC is up 2.33%, trading at $17,237
ETH is up 4.0%, trading at $1,284
BTC dominance: 37.22%
Crypto market cap: $891 billion
*All data as of today, 5 am ET
Recommended Reads
Viktor DeFi on the Arbitrum ecosystem:
Chris Burniske’s optimistic view on the future of the Web3 space:
WinterSoldierxz on GMX, a decentralized perpetual exchange:
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