SBF: Me, a Fraud? 😇

In today's edition: 🎙️ New podcast on the FTX collapse, 💥 a crypto bankruptcy, Sam blames it on the crypto market 🤔, and more!

May 09, 2023

New Pod Today!

Longtime crypto reporter Brady Dale has beat Michael Lewis to market with the first book on the dramatic collapse of FTX. In stores today, “SBF: How the FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy,” tells the tale of the outsized role that Sam Bankman-Fried played in the FTX-Alameda death spiral.

Drawing on years of reporting and interviews with SBF himself, the book charts the rise and fall of the one-time crypto wunderkind. “It became clear to me that Sam got really addicted to fame,” said Dale.

What’s Poppin’?

by Samyuktha Sriram

Lawyers for the former FTX CEO filed a motion to dismiss all but three charges against him.

Bittrex listed the U.S. Treasury’s OFAC as its largest unsecured creditor, with over $24 million owed to the department.

Spark Protocol is MakerDAO’s new lending marketplace designed to connect liquidity on the protocol with a DeFi solution.

Lido Finance will enable staked ETH withdrawals next week following a three day on-chain vote to deploy V2 on Friday.

Daily Bits…✍️✍️✍️

  • Apollo Global Management participated in NovaWulf's bid to acquire bankrupt cryptocurrency lender Celsius, according to an insider.

  • As tensions with US regulators rise, Coinbase's executive team visited the UAE to meet policymakers and explore the region as a strategic hub for the crypto exchange.

  • Belgium's oldest crypto exchange, Bit4You, faced potential loss of registration or prosecution before suspending activities due to its Estonian partner's insolvency, according to a regulator.

  • P2P bitcoin exchange Paxful resumed operations after a temporary suspension due to concerns about customer funds safety amid a lawsuit involving its cofounder.

  • Canto blockchain community members are prepared to vote on proposals reducing liquidity mining incentives by 38% and block rewards by 15%, potentially benefiting CANTO token holders.

Today in Crypto Adoption...

  • Liechtenstein plans to accept Bitcoin as payment for government services, with the cryptocurrency to be immediately exchanged for Swiss francs, according to Prime Minister Daniel Risch.

  • OrBit Markets introduced a Bitcoin and gold-hybrid derivative product, offering investors exposure to both traditional and digital assets during economic uncertainty.

The $$$ Corner…

  • Artifact Labs, a Web3 company focused on preserving historical events on the blockchain, raised $3.25 million in a funding round led by Blue Pool Capital and featuring participation from Animoca Ventures.

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In the span of three short years, Sam Bankman-Fried built up the FTX exchange to a valuation of $32 billion. It collapsed in five days.

📈 Your Market Update 📉

  • BTC is down 3.2%, trading at $27,961

  • ETH is down 2.5%, trading at $1,843

  • BTC dominance: 45.04%

  • Crypto market cap: $1.19 trillion

*All data as of today, 7 am ET

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