Busted by an Accounting Prof 📚

Unlock your application’s full potential with the LayerZero interoperability protocol. Connect to 40+ blockchains. Enable cross-chain contract execution and native asset transfer. Secure by Google Cloud, Polyhedra and more.

VaultCraft by Popcorn is your no-code, DeFi toolkit for building automated, non-custodial yield strategies. Learn more on vaultcraft.io about how you can supercharge your crypto portfolio!

Get the easiest KYC for crypto – privacy-safe and fully compliant for 165+ markets with JS/SDK/API integration. Conversion increase guaranteed. Submit your site for an interactive demo!

👨‍⚖️ Sam Bankman Fried’s Trial Coverage

SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole

On day 11 of the SBF Trial, a mix of financial experts and technical witnesses testified, including a notable testimony from accounting professor Peter Easton. His analysis revealed a staggering gap between FTX’s liabilities and assets. However, the day was not without controversy as the judge questioned the relevance of some witnesses.

How FTX Spent $9 Billion of Its Customers’ Money

Peter Easton, a Notre Dame accounting professor, used charts and graphs to show how FTX spent customer funds.

What’s Poppin’?

by Sam Sriram, Brandy Betz

Lido Community Mulls Shutting Down on Polygon

The Lido community is considering a proposal to sunset the staking protocol’s services on Polyon citing poor ROI and roadmap uncertainty.

Gaza-Based Crypto Exchange, Operator Among Those Sanctioned by US Treasury Department

The new sanctions applied to Buy Cash Money and Money Transfer Company for allegedly facilitating fundraising for the terrorist group.

Lightning Labs Brings Stablecoins to Bitcoin With Taproot Assets

The Bitcoin Layer 2 infrastructure firm has released Taproot Alpha mainnet in a move to bring stablecoins and Real World Assets to Bitcoin on the Lightning Network.

Digital Euro Project Enters Preparation Phase, Says Central Bank

On Nov. 1, the European Central Bank will start a two-year process of finalizing a rulebook and preparing infrastructure for the potential central bank digital currency (CBDC).

Financial Services Company Unchained Unveils Bitcoin Advisory Firm

The independent Sound Advisory will help BTC holders form an investment strategy and guide wealthy investors in adding the asset.

Daily Bits…✍️✍️✍️

• 📑 The New York Attorney General filed a complaint against Gemini, Genesis, DCG, and executives Michael Moro and Barry Silbert, alleging fraudulent activities related to Genesis' Earn program and a $1 billion financial shortfall.

• 🔧 The Aptos network resumed normal operations after a five-hour halt, leading exchanges like Binance to temporarily suspend deposits and withdrawals of APT tokens.

• 📊 Chainalysis suggested some reports may overstate the role of crypto in terrorist financing, arguing that the actual volume is a small fraction of illicit crypto transactions.

• 🚔 Jimmy Zhong is serving a one-year sentence for stealing over 50,000 bitcoins from the Silk Road marketplace, according to a new CNBC report.

• 🔚 SuperDao, a platform for building decentralized autonomous organizations (DAOs), is shutting down and plans to return the remaining funds to investors.

• 🔒 FDIC needs to better prepare for crypto-related risks, said an Inspector General report.

• 🗓️ Grayscale's Chief Legal Officer predicted a Bitcoin ETF is inevitable, just a matter of when. Mike Novogratz believes Bitcoin ETFs will receive approval within this year.

• 🛡️ Senator Elizabeth Warren and over 100 lawmakers inquired about Biden's plans to counter crypto-financed terrorism.

• 🔁 Coinbase introduced perpetuals trading for non-U.S. retail customers, offering contracts in BTC, LTC, ETH, and XRP.

The $$$ Corner…

🔄 DeFi protocol Elixir closed a $7.5 million Series A round to improve liquidity in decentralized order book exchanges.

What Do You Meme?

Recommended Reads

1. Bill Hughes on IRS's proposed broker rule's definitional composability

2. Prospect: Cracks in the Blockchain Eight

📈 Your Market Update 📉

• BTC is up .4%, trading at $28,458

• ETH is down 1.7%, trading at $1,553

• BTC dominance: 49.48%

• Crypto market cap: $1.12T

*All data as of today, 7:40 am ET

On Unchained Premium 💎

👯‍♀️ Refer Unchained with a friend and earn a Premium subscription

⛓️ Join Unchained Premium to get access to:

• 🎙️ Behind-the-scenes interviews, in which I talk with crypto experts and entrepreneurs to learn all about the latest developments in the industry.

• 💬 A subscriber-only Telegram group, where you can talk with the other members of the Unchained community, build a network in crypto, and talk directly with me and the Unchained team!

• 📰 Transcripts of all the shows, for subscribers only.

Thank you for reading Unchained. This post is public so feel free to share it. 📩📤