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Was the Bahamian Government the FTX 'Hacker'?! šŸ˜±

November 18, 2022

On the Podā€¦

This Fridayā€™s episode of Unchained features Wassielawyer, who, after listening to a short description of some of the security, financial and operational practices at FTX and Alameda, said, ā€œThe comment on all of those is the same, which is ā€˜What the fuck.ā€™ā€

Thatā€™s an apt way to describe the twists and turns in the FTX saga, which continues to offer up absurdities and shockers not just every day, but even by the hour. In this Friday interview (to be distinguished from Wassieā€™s Tuesday appearance with Thomas Braziel of 507 Capital), he unpacks the first day declaration in the bankruptcy. 

After declaring it a ā€œdumpster fire,ā€ which basically echoes the sentiments of new FTX CEO John Ray, Wassie then explains why the Bahamasā€™ unitā€™s chapter 15 bankruptcy filing in the southern district of New York sets it up for a jurisdictional battle with the chapter 11 bankruptcy proceeding. 

Plus, he goes in-depth in explaining why it might be that the Bahamian government may have directed SBF and FTX cofounder Gary Wang to ā€œhackā€ the exchange after the chapter 11 filing was announced. Be sure to tune in to this canā€™t miss episode! 

On Unchained Weekly: FTX Files for Bankruptcy, Triggering Contagion Across the Lending Industry

Want to get the links to the stories you hear in the weekly recap? Get them all in the Unchained Weekly, where we bring you a recap of the past seven days in crypto.

Whatā€™s Poppinā€™?

The Bahamas Securities Commission ordered Sam Bankman-Fried to transfer FTXā€™s crypto to their digital wallet last week.

FTX CEO John Ray III published his first declaration in the companyā€™s bankruptcy case. He called it the worst of his career and confirmed some of the rumors and theories.

Decentralized exchange Uniswap has launched two new smart contracts to increase token swap flexibility and aggregate ERC-20 and NFT swaps.

Bitcoin miners are now selling more coins than they are mining as revenue per Exahash falls to an all-time low.

Help us improve on Unchained! We want your feedback on the podcast, the newsletter, our premium offering, YouTube shorts, and more. Your feedback will help us give you more of what you want. 

In Other Newsā€¦āœļøāœļøāœļø

  • Genesis sought an emergency loan of $1 billion from investors after halting withdrawals. 

  • Binance.US is reportedly preparing to bid for bankrupt crypto lender Voyager.

  • Troubled crypto exchange Vauld held $10 million of funds in FTX.

  • The Block revealed that, back in July, crypto lender Nexo made an offer to acquire BlockFi in a deal worth $850 million.

  • US Senators Elizabeth Warren and Dick Durbin sent a letter to SBF demanding information on the ā€œshocking collapseā€ of FTX.

  • The UK Parliament committee investigating the collapse of FTX is not satisfied with Binanceā€™s cooperation in the case.

  • Crypto exchange Binance temporarily suspended deposits from Solanaā€™s USDT and USDC. 

  • Bankrupt Bitcoin mining hosting provider Compute North will sell 11 containers for around $1.55 million to Crusoe Energy Systems.

Today in Crypto Adoption...

  • Fintech firm TrueLayer partnered with Coinbase to power payments in the UK.

The $$$ Cornerā€¦

  • Arkon Energy, a startup that uses renewable electricity to mine Bitcoin, raised $28 million in a funding round led by Blue Sky Capital.

  • Upfront Ventures led a $6 million seed round for Heroic Story, a web3 gaming and entertainment studio.

  • Zulu, a crypto wallet provider startup based in Colombia, raised $5 million in a seed round led by Cadenza Ventures.

  • Anode Labs, a company that wants to pay people for their energy storage assets, garnered $4.2 million in a seed round.

What Do You Meme

šŸ“ˆ Your Market Update šŸ“‰

  • BTC: $16,709

  • ETH: $1,213

  • BTC dominance: 37.21%

  • Crypto market cap: $863 billion

*All data as of today, 5 am ET

Recommended Reads

  1. Raoul Pal, founder of Global Macro Investor, on a model for BTC:

  2. Adam Cochran on FTX:

  3. Arjun Chand, from LI.FI, on bridges and trust:

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