This Week on Unchained: Binance's Settlement, Financial Advisors' Optimism, Tiffany Fong, and More!
We hope you had a happy Thanksgiving!
Tiffany Fong has had an unusual route to crypto fame. After losing most of her life savings in the Celsius bankruptcy, she began posting on YouTube about her experiences and eventually received some leaked documents, which she shared with The New York Times and on her channel. The leaks gave her some visibility, and that’s when Sam Bankman-Fried began following her on Twitter.
Fong unexpectedly managed to carve out a relationship with the one-time crypto mogul, and after he was arrested last November, she chatted often and even met with him while he was under house arrest. From there, she became known for posting details of her conversations with Bankman-Fried and documents he shared with her, and went on to attend every day of his trial in person and do videos on them.
On this episode of Unchained, Fong shares why she thinks SBF opened up to her, whether she ever had a romantic relationship with him, her unpleasant encounter with Sam Bankman-Fried’s mother at the trial, why she doesn’t really consider herself a crypto influencer, and what her plans are now that the trial is over.
According to surveys of financial advisors, only 12% are currently recommending that clients invest in Bitcoin, while 47% of advisors personally own Bitcoin and a whopping 77% say they are waiting for a spot Bitcoin ETF to become available so they can offer it to their clients.
On this episode of Unchained, Ric Edelman, founder of the Digital Assets Council of Financial Professionals and author of “The Truth About Crypto,” explains how this should all lead to high demand once the first spot Bitcoin ETFs become available, although it will take some time for them to allocate. Edelman also discusses how FTX’s implosion impacted advisor perceptions of crypto, why investors have not been that excited by crypto futures ETFs, and which Bitcoin ETF issuers he believes are likely to be the big winners.
This week, the gang breaks down the record $4.3 billion settlement between Binance and the U.S. government — whether it was fair, the chances CEO Changpeng Zhao will face any jail time, whether it was ultimately a good thing for Binance and for the U.S., and what this changes for the industry going forward. They also delve into the SEC’s lawsuit against Kraken, and the drama around Sam Altman’s firing from Open AI and what it says about corporate governance and crypto companies.
In Case You Missed It 👀
Here are some of the most important news of this week:
The U.S. Court of Appeals rejected Sam Bankman-Fried’s request for a release on the grounds that he attempted to tamper with witnesses leading up to his trial.
On-chain fees for Bitcoin transactions have surpassed those on Ethereum for the first time in three years.
The filing is the latest against a major exchange as the SEC ratchets up its efforts to regulate the industry.
In collaboration with the DOJ, Tether and OKX enforced the largest-ever stablecoin freeze, targeting $225 million in USDT linked to a Southeast Asian human trafficking syndicate.
Crypto exchange Bullish, led by former NYSE President Tom Farley, acquired CoinDesk, a major player in crypto-focused media, events, and indexing.
Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges
The DOJ charged the world’s largest cryptocurrency exchange with operating as an unlicensed money laundering business and violating securities law. Richard Teng will replace Zhao as CEO.
Binance CEO Changpeng Zhao was released from custody on a $175 million bond – the conditions of which permit him to leave the US until his February sentencing.
Citing flight risk concerns, authorities request Changpeng Zhao to stay in the U.S. ahead of his February 2024 sentencing following a guilty plea.
Grayscale executives have sat down with the SEC to discuss the details around converting GBTC into a spot Bitcoin ETF.
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