🧠 Everything you missed this week in crypto

5 Minute recap of the biggest headlines this week

December 23, 2022

GM Seedphrase Nation 👋 In the holiday spirit, we've come up with a naughty & nice list for this week's round-up. Scroll to see why Santa's running low on coal this year.

#1: SBF, Duh.

SBF has royally f*cked us all. (Maybe he got carried away with the whole orgy thing?)

So he gets crowned with the #1 spot.

This week, he was extradited from the Bahamas to the US.

Just a few weeks ago, this guy told the whole world he has less than $100,000. Now, he's out on a $250M bond. Good work Sam.

#2: His Little Elves.

Of course, he didn't do it alone.

The former Alameda Research CEO, Caroline Ellison, 28, and FTX co-founder Gary Wang 29, both pleaded guilty to Federal charges on Wednesday.

  • Wang: pleaded guilty to conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud and conspiracy to commit securities fraud.

  • Ellison pleaded guilty to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering.

We wish we could say that's the worst of the naughty list but...

#3 The SEC.

This week, the SEC labeled FTT as an unregistered security according to a complaint they just filed.

While FTT was in-fact an air-token, the precedent the SEC is setting is disastrous:

  • They never investigated FTT or FTX prior to the implosion.

  • FTT was never available to the US.

  • They have not come out with any explicit regulation on crypto .

  • They've only established regulation via enforcement, aka after people get screwed over.

Here's what some of our favorite Twitter accounts had to say about it:

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Binance is the last string holding crypto together.

If you're going to use a centralized exchange, use Binance. You can buy and sell crypto with low fees and some peace of mind.

#1 Binance.

Binance has made it to the nice list this week, after enduring:

Binance is holding up strong against all odds. But what pushed them to the top of the nice list?

🏆 They are in the early stages of acquiring bankrupt Voyager's customers. For now, Binance is making a $20M transfer to Voyager's bankruptcy estate. These funds are meant to be redistributed to Voyager accounts that lost all their money.

We don't know what the future will hold, but for now we're sending love to Binance for keeping the ship from sinking and making customers the priority.

#2 Democratic PAC is Returning $3M in FTX Donations

We thought greed ruled the world of politics, but we're pleasantly surprised to see this news.

There are dozens of Democrats and Republicans who have not shown any intention of returning FTX donations, so we must give credit where credit is due.

#3 YUGA Labs

While everything has been looking bleak in the world of Web3, YUGA has been a consistent source of hope.

They're continuing to build and show signs of promising growth.

This week, they announced their new CEO will be Daniel Alegre. You know, they guy responsible for COD, World of Warcraft, and Candy Crush.

One word: bullish.

🍿 Quick Bites From this Week:

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NO MEME OF THE DAY:

Instead, we want you to start the holiday weekend with love, positivity, and gratitude.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research

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