🔥 Winklevoss/Silbert Drama 👀
In today's edition: Cameron Winklevoss' open letter, SBF's RAY tokens, SushiSwap's shutdowns, BTC's wallet exploit, and more!
New Pod Today!
Could the Crypto Markets Revive in 2023? Two Researchers Discuss
Lucas Nuzzi, head of R&D at CoinMetrics, and Larry Cermak, VP of research at The Block, discuss the current state of the crypto market, including the potential for contagion effects and the challenges faced by VC companies. They also delve into the mining industry and the issues surrounding MEV and Ethereum. The conversation also touches on stablecoins, DeFi activity and NFT trading, and the potential dangers of Binance's dominance in the industry.
Show highlights:
how the collapse in 2022 of FTX and other behemoths will affect the industry in 2023
why there's been a lot of forced selling in the markets recently
why the industry could still be headed to more contagion effects
the characteristics of the current bear market, how it differs from previous ones, and the role of the macroeconomic environment
why VC firms will have to focus on long-term projects rather than speculation
what's going to happen in the Bitcoin mining industry in 2023 considering the current tough situation
why MEV is a concerning issue and how it represents a single point of failure for Ethereum
why stablecoin issuers have a very good business model given the interest rate environment
how Binance's dominance is "terrifying" and whether it could hurt the industry
What’s Poppin’?
Gemini Co-Founder Accuses DCG’s Barry Silbert of ‘Bad Faith Stall Tactics’
by Samyuktha Sriram
Cameron Winklevoss, cofounder of Gemini, accused DCG CEO Barry Silbert of avoiding resolution and engaging in "bad faith stall tactics" in regard to the $900 million that Genesis owes to Gemini's Earn users.
SBF’s Wallet Received 2M Raydium Tokens Before FTX Listing, Says Coinbase Director
by Samyuktha Sriram
Conor Grogan, Coinbase Director, claims that former FTX CEO Sam Bankman-Fried received 15% of the circulating supply of Raydium's native token, RAY, before it was listed on the exchange in 2021.
SushiSwap Shuts Down Lending Protocol and Token Launchpad Citing ‘Lack of Resources’
by Samyuktha Sriram
SushiSwap will close down its lending protocol Kashi and token launchpad Miso, due to design flaws and a lack of resources.
Luke Dashjr Warns Users About Bitcoin Knots Expiry After Losing $3.6M in Hack
by Samyuktha Sriram
Bitcoin core developer Luke Dashjr, who recently had $3.6 million worth of BTC stolen after his PGP (Pretty Good Privacy) key was compromised, advised Bitcoin Knots wallet users to not upgrade old versions of the software.
Bitcoin’s Price Is 85% Below Stock-to-Flow Model Prediction
by Samyuktha Sriram
The Stock-to-Flow (S2F) model for predicting Bitcoin's price has seen its largest deviation from reality to date, with BTC trading $90,000+ lower than the model's estimates.
In Other News…✍️✍️✍️
The Securities Commission of The Bahamas disputed statements made by the new CEO of FTX, John Ray III, calling them "unfounded" and based on incomplete information.
Three users of crypto exchange Gemini's Earn program filed a request for class-action arbitration against Genesis and DCG, alleging that the terms of the Earn program's master agreement were broken.
According to blockchain audit firm CertiK, the amount of cryptocurrency lost to theft, scams, or attacks in December was $62 million, the lowest amount for any month in 2022.
Lee Jung-Hoon, the former chair of South Korean cryptocurrency exchange Bithumb, was found not guilty of fraud by the Seoul Central District Court.
What Do You Meme
📈 Your Market Update 📉
BTC is up .02%, trading at $16,789
ETH is up .01%, trading at $1,220
BTC dominance: 38.52%
Crypto market cap: $839 billion
*All data as of today, 5 am ET
Recommended Reads
Tripoli on blockspace demand in 2022:
“Caroline Ellison wanted to make a difference. Now she’s facing prison” by Gerrit De Vynck from The Washington Post
Udi Wertheimer on crypto custody:
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