FTX’s Ridiculous Tax Bill 😯

In today's edition: 😬 $44 billion!?, 💰 Tether's profits, 🦄 Uniswap fees, and more!

May 11, 2023

On the Pod…

Author Brady Dale takes us inside the process of chronicling the rise and fall of FTX.

What’s Poppin’?

by Samyuktha Sriram

The IRS’ claims against the crypto exchange could take precedence over claims of other FTX creditors.

The Uniswap community is weighing a proposal to direct trading a portion of liquidity providers’ trading fees to the Treasury.

Tether’s massive quarterly profit has led to an all-time high of $2.44 billion in surplus over reserves.

Community-labeled wallet addresses inaccurately marked as the U.S. government signaled large amounts of BTC were moved on-chain.

Daily Bits…✍️✍️✍️

  • 🏦 Bankrupt cryptocurrency exchange, Bittrex, was granted court approval to borrow $7 million in bitcoin to initiate its Chapter 11 proceedings, with intentions to return customer funds and halt its U.S operations.

  • ⛏️ The U.S. Securities and Exchange Commission (SEC) issued a new subpoena to Marathon Digital, a U.S.-based Bitcoin mining company, pertaining to a potential investigation into possible violations of federal securities laws at its Montana mining facility.

  • 💹 The Aragon token (ANT) saw a sharp rise in its value after Aragon cofounder Luis Cuende proposed token buybacks as a solution to the ongoing governance crisis.

  • 📊 Liquidity in Bitcoin trading pairs has seen a significant drop, with market makers Jane Street and Jump Crypto reducing their U.S. trading activity.

  • 🚀 Developers launched Uniswap's smart contracts on the Bitcoin network to leverage the growth of BRC-20 tokens, with the new protocol, Trustless Market, already attracting over 2,000 users and $500,000 in daily volumes.

  • 🗣️ In a joint U.S. House hearing aiming to address legislative measures for digital assets, Rep. Stephen Lynch expressed skepticism about the need for distinct crypto regulations, fearing it may encourage financial sectors to shift their products into the digital-assets space.

  • ⚖️ The European Banking Authority (EBA) Chairperson José Manuel Campa suggested that central banks should have the power to veto large stablecoins that could potentially disrupt monetary policy, as he prepares to detail the rules for the European Union’s Markets in Crypto Assets regulation.

  • 🎨 Elon Musk's tweet featuring a Milady NFT escalated the collection to the top trending spot on OpenSea, with the floor price momentarily peaking at an all-time high of 7.3 ETH.

The $$$ Corner…

  • Robinhood experienced a substantial 30% drop in its cryptocurrency trading revenues in Q1 2023, amounting to $38 million, compared to the $54 million generated in the same period in the previous year.

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What Do You Meme?

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A look at fractionalized NFTs, a clever way to trade shares of otherwise prohibitively expensive digital art.

📈 Your Market Update 📉

  • BTC is down .7%, trading at $27,444

  • ETH is down 1.3%, trading at $1,822

  • BTC dominance: 45.03%

  • Crypto market cap: $1.18 trillion

*All data as of today, 7:30 am ET

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