π¨ SBF: Arrested π
In today's edition: SBF is arrested, Binance faces probe, and a new show on Silvergate!
New Pod Today!
How Will the FTX Collapse Affect Silvergate? A Bear and a Bull Debate
Ram Ahluwalia, CEO and cofounder of crypto-native investment advisor Lumida, and Marc Cohodes, individual investor and former hedge fund manager, have a heated debate about Silvergate, a crypto-friendly bank that plays a key role in integrating crypto with traditional finance and is currently under scrutiny due to its ties with FTX and Alameda. Both Marc and Ram have a vested interest in Silvergate. Marc is shorting the stock, while Ram is longing it. Show highlights:
why Silvergate plays such a vital role in the movement of money within the crypto industry
whether Silvergate runs proper KYC and AML practices
whether Silvergate has a $1 billion hole in its balance sheet
whether regulators will go after Silvergate as they are doing with FTX
why Marc thinks the FTX collapse wouldn't have happened without SilvergateΒ
whether Silvergate was complicit with FTXβs activities or simply negligentΒ
why Ram believes this case is different from JPMorgan's involvement with MadoffΒ
what regulatory actions might come in the near future for SilvergateΒ
why Ram thinks regulators will go to "great lengths" to avoid a bank failure
what would it take for Ram and Marc to change their minds
Whatβs Poppinβ?
Former FTX CEO Sam Bankman-Fried Arrested Amid US Indictment
byΒ Samyuktha Sriram
Sam Bankman-Fried has been arrested in the Bahamas as US authorities move to indict the former FTX chief.
New FTX CEOβs Testimony: User Funds Were Commingled With Alameda Assets
byΒ Samyuktha Sriram
FTXβs bankruptcy lawyer will soon offer potentially damning testimony against former FTX chief Sam Bankman-Fried.
Crypto Exchange Binance Faces U.S. Justice Department Probe: Report
byΒ Samyuktha Sriram
Binance, the worldβs largest crypto exchange, is the subject of a criminal investigation by the U.S. Department of Justice, according to a Reuters report on Monday.
Binance Withdrawals Exceed $900M in 24 Hours: Report
byΒ Samyuktha Sriram
Data shows that Binance recorded $902 million worth of outflows over 24 hours, exceeding all other centralized exchanges over the same period.
The Chopping Block streams live this Wednesday at 6pm ET/3pm PT!
What are they going to talk about? πΒ
Should be a spicy one πΆοΈ
In Other Newsβ¦βοΈβοΈβοΈ
Bahamian officials are attempting to determine whether FTX executives were aware of or involved in any customer withdrawals after the exchange's resources were frozen by authorities.
Argo, a bitcoin mining company, accidentally published a document that suggested it might file for Chapter 11 bankruptcy. The firm is actually looking to sell off assets and take out a loan in an effort to prevent bankruptcy.Β
Justin Sun, the billionaire founder of the Tron blockchain, mimicked Do Kwonβs infamous tweet and said he was βdeploying more capitalβ amid fears that Tronβs USDD stablecoin would depeg.Β
According to a report, crypto exchange Coinbase received 66% more requests from law enforcement agencies worldwide this year than in the previous year.
Ray Youssef, CEO of the peer-to-peer bitcoin trading platform Paxful, has urged customers to transfer their bitcoin off his own companyβs platform and store them in self-custody.
Today in Crypto Adoption...
Over 5 million NFTs have been minted through Reddit's Collectible Avatars project.
Entergy, an Arkansas energy provider, is offering a special tariff to crypto miners in the state in order to reduce costs and better support the industry.
MoonPay, a cryptocurrency payments app, has managed to obtain registration with the U.K.'s Financial Conduct Authority (FCA), an honor only given out to crypto companies that comply with anti-money laundering rules.
The $$$ Cornerβ¦
Investment firm Distributed Global led a $20 million seed funding round for Nillion, a startup building a decentralization platform without a blockchain.
Evertas, a cryptocurrency insurance firm, announced a $14 million Series A round led by Polychain Capital.Β
Bitcoin Group (ADE), has agreed to purchase German bank Bankhaus von der Heydt for 14 million euros ($15 million) in cash and 150,000 shares.Β
TeraWulf (WULF), a Bitcoin miner, has raised approximately $10 million to repay debts and purchase 8,200 new miners from Bitmain.
What Do You Meme
π Your Market Update π
BTC is up 1.28%, trading at $17,201
ETH is up 1.13%, trading at $1,268
BTC dominance: 37.73%
Crypto market cap: $877Β billion
*All data as of today, 5Β am ET
Recommended Reads
Kristin Smith, Executive Director of the Blockchain Association, on cryptoβs reputation.
βThe key to re-energizing the conversation on cryptoβs core benefits is the myriad merits of decentralization, which happens to be the core reason that many in this industry chose to embrace this technology in the first place.β
The DeFi investor on AI crypto projects:
Adam Cochran on EIP-1153:
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