SBF's $100M Political Bet: A Risk Too Far? 🎯

In today's edition: 🎙️ New episode on Bitcoin adoption, 🗳️ Celsius' users to decide company's fate, 🕹️ Game On for Immutable's zkEVM, 🚨 Prime Trust's fall, and more!

August 15, 2023

Dive into Overtime, explore your onchain web3 sportsbook. 40+ leagues. Token rewards. Smart contract security. Join thousands and get in the game today.

What’s Poppin’?

by Samyuktha Sriram

A new superseding indictment against the FTX founder includes allegations of violating campaign finance law as part of an existing wire fraud charge. 

The bankrupt firm estimated liabilities between $100 million and $500 million, with the firm’s top five unsecured creditors having claims of around $105 million. 

The bankrupt crypto firm plans to send ballots to account holders who will vote on a proposal to restart Celsius as a user-owned company.

The new Layer 2 blockchain will be a first of its kind chain dedicated to Web3 gaming products building on Ethereum.

by Juan Aranovich

Bitcoin as a lifeline in struggling economies: Anita Posch speaks about how the cryptocurrency is more than an investment, serving as a tool of liberation in countries facing authoritarianism and inflation.

On the Pod…

Educator Anita Posch has spent months on the ground in Africa onboarding new users into the world of Bitcoin. In the West, bitcoin may seem extraneous; but in her telling, bitcoin in Zimbabwe, Zambia, and other African countries is essential. “Bitcoin can be one of the solutions for people who are disempowered, who are outlawed, the misfits,” says Posch. “Bitcoin is for them because no one can take it away from you.”

Daily Bits…✍️✍️✍️

  • 🚫 Former FTX executive Ryan Salame will not testify at Sam Bankman-Fried's criminal trial regarding alleged illegal campaign donation schemes, as he plans to invoke his Fifth Amendment right against self-incrimination.

  • 🛑 Binance filed a motion seeking a protective order against the SEC, accusing the regulator of conducting a "fishing expedition" and requesting limitations on depositions and discovery requests.

  • 💰 A $140 million dispute between DeFiance Capital and Teneo over assets managed by DeFiance will be heard in Singapore, concerning their inclusion in the Three Arrows Capital estate.

  • 🏛️ Senator Cynthia Lummis and other lobbying organizations urged a New York district court to dismiss the SEC's lawsuit against Coinbase, arguing that the agency's treatment of crypto contradicts ongoing legislative efforts and oversteps its bounds.

  • 📰 CoinDesk laid off 45% of its editorial staff (20 people) as part of its parent company Digital Currency Group plans to bring in strategic investors and potentially sell the firm.

  • 🇨🇳 A Chinese court began the trial of Shenzhen Shikongyun Technology and its four executives, including the founder, for allegedly orchestrating an $83.3 million pyramid scheme related to Filecoin mining.

  • 🚫 Netherlands-based cryptocurrency exchange Txbit is shutting down, citing uncertain regulatory conditions and "adverse market shifts" that have made profitable operation difficult; the website will close on September 14, 2023.

  • 🎨 The NFT project DeGods experienced a 530% spike in trading volume last week, reaching $16.1 million, with the floor price of a DeGods NFT now at over $13,000.

  • ⚖️ Jeffrey "Machi Big Brother" Huang withdrew a defamation lawsuit against crypto investigator ZachXBT, following amendments to an article that had alleged Huang embezzled 22,000 ETH from Formosa Financial.

Today in Crypto Adoption...

  • 🚀 Coinbase is launching the "Stand with Crypto Alliance," an advocacy organization aimed at mobilizing the crypto community for legislative involvement, as the U.S. Congress prepares to vote on key crypto-related bills.

  • 📜 The Monetary Authority of Singapore (MAS) finalized new rules governing stablecoins, aiming to ensure value stability.

The $$$ Corner…

  • 📈 Kraken Ventures, the venture capital unit of crypto exchange Kraken, is actively engaging with potential investors to raise $100 million for its second fund, aiming to support startups through their journey from initial capital to IPO.

What Do You Meme?

Learn 🤓

Learn what a cryptocurrency rug pull is, how they work, and how to avoid falling victim to a crypto rug pull.

📈 Your Market Update 📉

  • BTC is down .1%, trading at $29,338

  • ETH is down .4%, trading at $1,838

  • BTC dominance: 46.97%

  • Crypto market cap: $1.22 trillion

*All data as of today, 7:55 am ET

Recommended Reads

ICYMI: On Unchained Premium 💎

⛓️ 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.

If You Like What You Read: