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What’s Poppin’?
by Juan Aranovich
In response to U.S. Trustee’s objections, FTX’s debtors revise their settlement proposal, lowering the maximum claim value in the ongoing bankruptcy case.
The U.S. Securities and Exchange Commission’s request to appeal a ruling on Ripple’s XRP token could set a precedent for the classification of cryptocurrencies.
FTX cofounder Sam Bankman-Fried petitions for weekday release from detention to collaborate with his legal team.
On the Pod…
Lawyer Brian Klein joins the show to explain why Sam Bankman-Fried being locked up makes it “much tougher” for his legal team. This week, the judge presiding over the case said SBF went too far in attempting to intimidate key witnesses – chief among them former Alameda Research co-CEO (and ex-flame) Caroline Ellison. Will a jail cell change SBF’s defiant tune ahead of a hotly anticipated October trial date? Klein weighs in.
Daily Bits…✍️✍️✍️
💲 Social app Friend.tech generated over $1.4 million in protocol fees in the last 24 hours, ranking third in fee generation behind Ethereum and Lido Finance.
🔒 Singapore-based crypto exchange Bitget will tighten know-your-customer (KYC) requirements in response to regulators' concerns over fraud and money laundering.
🛠️ Offchain Labs clarified that Arbitrum's recent transaction processing issues were due to a batch poster not posting, not because the network was down.
⛔ NFT platform Recur announced its shutdown less than two years after raising $50 million in Series A funding, with all site functions ceasing by Nov. 16, 2023.
💳 Payments processor Checkout.com ended its partnership with Binance over regulatory and money laundering concerns, with Binance considering legal action in response.
🚫 OpenSea ended support for BNB Smart Chain (BSC) NFTs, citing the need to align resources with more promising efforts within the ecosystem.
🎨 Yuga Labs plans to cut ties with OpenSea's Seaport by February 2024, citing disagreement with OpenSea's shift to a royalty-optional model for creators.
🔓 Avalanche, Lido, and Yield Guild Games are set for significant token unlocks this week, releasing more than a combined $120 million worth of tokens into circulation.
👨💻 Ethereum core developers are planning to launch a new testnet called Holesky next month, aiming to enhance testing support and address supply challenges.
📈 Coinbase's offshore derivatives exchange experienced a surge in daily trading volumes, reaching $287 million on August 18, amid global expansion efforts.
🚨 After losing nearly $12 million in a Curve exploit and paying a $1 million bounty to recover most of it, NFT-backed loans protocol JPEG’d is now voting on next steps to fill the gap.
What Do You Meme?
Learn 🤓
Discover the power of SocialFi, how it works, and why it is important to the world of social media in this guide.
📈 Your Market Update 📉
BTC is down .8%, trading at $25,945
ETH is down .4%, trading at $1,667
BTC dominance: 46.23%
Crypto market cap: $1.09 trillion
*All data as of today, 7:00 am ET
Recommended Reads
Paradigm: The Open Problems of Onchain Games
Maven11 Research on Cross-Domain Thesis
DaanCrypto on SocialFi platfotm friend.tech
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