🚨 The Consequences of a Historic Fraud
In today’s edition: ⏳ From the courthouse: SBF's sentencing timeline, 📉 FTX begins selling $7.5 billion in SOL, 🚫 Polygon exec disqualified, and more!
👯♀️ Refer Unchained with a friend and earn a Premium subscription
Union is the first sovereign interoperability layer pioneering trustless bridging between appchains, L1s, and L2s without depending on trusted third parties, oracles, multi-signatures, or MPC. Looking to future-proof blockchain bridging, it is the only protocol that fully addresses the sovereign bridging trilemma, unlocking a horizontally-scaled future.
Sam Bankman-Fried (SBF), FTX’s co-founder, was sentenced to 25 years in prison and $11 billion in forfeiture for massive fraud, marking a historic moment in the crypto industry. Judge Lewis Kaplan emphasized the sentence’s necessity due to Bankman-Fried’s risk-oriented decision-making philosophy known as “expected value” and lack of remorse.
Sam Enzer joined Unchained to unpack the sentencing, discussing the fairness of the length, explaining how the $11 billion forfeiture would work and how it’s different from the bankruptcy proceedings. Additionally, Enzer provided insights into the kind of prison SBF would end up in and into the three-year supervised release SBF will face after his prison term. The conversation further delved into the broader impact of the sentencing on the crypto industry, suggesting it could signify the end of a dark chapter.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Nelson Wang, Sam Sriram, Jacob Oliver and Sage Young
FTX Founder Sam Bankman-Fried Sentenced to 25 Years for Historic Fraud
Judge Lewis Kaplan said he felt Sam Bankman-Fried needed to have a long sentence because of his approach to viewing actions in terms of “expected value.”
Is Sam Bankman-Fried Really Expected to Pay Off an $11 Billion Judgment?
As part of his sentence, SBF was ordered to forfeit a whopping $11 billion in assets, but what will he really end up paying? And how much time will he actually spend in prison?
How Sam Bankman-Fried’s Sentencing Went Down: A Timeline of Events
Unchained reports on Sam Bankman-Fried’s sentencing from the Daniel Patrick Moynihan United States Courthouse in New York City.
Crypto Community Reacts to Sam Bankman-Fried’s 25-Year Sentence
As the disgraced co-founder of FTX is handed a quarter of a century behind bars, the crypto world debated the fairness of the sentence and its implications.
FTX Initiates Selling of $7.5 Billion Locked Solana: Report
Neptune Digital was the first firm to confirm acquiring SOL from the FTX estate at a 67% discount to market price.
Polygon Executive Disqualified From Arbitrum Security Council Elections
Polygon’s chief information security officer says he was disqualified from Arbitrum’s new Security Council election despite having the highest number of votes due to conflict of interests.
Daily Bits…✍️✍️✍️
👥 The Ethereum network now hosts over 13,900 nodes running more than 1 million validators, with about 26% of the total ether supply currently staked.
🚨 Fidelity Digital Assets expressed concerns that Ethereum's growing validator count, which increased by 74% following the Shapella upgrade, could complicate future network upgrades and pose centralization and bandwidth risks.
🏛️ Tigran Gambaryan, a detained Binance executive, sued the Nigerian government over alleged human rights violations following his detention and the seizure of his passport.
🔝 Spot bitcoin ETFs in the US witnessed a fourth day of net inflows, reaching a total of approximately $12.13 billion, while the Grayscale Bitcoin Trust saw $105 million in net outflows.
🧑💻 Vitalik Buterin encouraged Ethereum developers to aim for applications that can serve millions of users, following significant fee reductions from the Dencun upgrade.
🔍 The US and UK are investigating $20 billion in USDT transactions through the sanctioned Russian exchange Garantex, potentially the largest violation of sanctions against Russia since the Ukraine war began.
💳 Prisma Finance suffered a security breach with an ongoing exploit resulting in a $9 million loss, affecting Prisma mkUSD and wrapped stETH.
💾 Filecoin protocol Glif announced the distribution of 75 million points to participants ahead of its token launch, aiming for a future 1:1 conversion from points to its native token.
🎮 Call of Duty gamers who cheat are being targeted by malware that steals their bitcoin, affecting hundreds of thousands of players.
Today in Crypto Adoption...
💱 Over $1 billion in US Treasury Notes has been tokenized on public blockchains, marking a significant increase in tokenized Treasuries amid rising interest rates globally.
🇹🇼 Taiwan's Ministry of the Interior authorized the creation of a cryptocurrency industry association, signaling a move towards regulated self-supervision within the sector.
The $$$ Corner…
🧠 FLock, a startup focusing on decentralizing AI training through federated learning, secured $6 million in seed funding to expand its team and develop its platform.
What Do You Meme?
Recommended Reads
A16z Crypto’s general counsel Miles Jennings on the top four takeaways from the Coinbase ruling
The Defiant: Memecoin Frenzy Arrives On Base As Tokens' Market Cap Crosses $1 Billion
📈 Your Market Update 📉
BTC is down 1.3%, trading at $69,743
ETH is down 1.5%, trading at $3,533
BTC dominance: 49.74%
Crypto market cap: $2.76T
*All data as of today, 06:07 am ET. Source: CoinGecko
We Are Hiring!
A Sponsorships Manager to grow sponsorships across all its platforms as the publication itself grows. See the details and apply here.
A Bitcoin Reporter to cover all things Bitcoin. See the details and apply here.
A Regulatory Reporter to cover regulatory topics in the space. See the details and apply here.
A Senior Editor to help assign and edit daily news stories, as well as work on features and other editorial projects as needed. See the details and apply here.
An Audience Development Director to broaden the reach of the publication’s content, whether through the web, social media, newsletters, podcast platforms, or videos. See the details and apply here.
🔝 Are you hiring and want to promote the postings in the Unchained newsletter? Let us know!