🧠 SBF is coming home, to Congress.

December 12, 2022

GM Seedphrase Nation👋

Today, it’s YOU vs Crypto. If you can survive this Monday run down, there’s a little surprise for you at the end. 👀

🥊 Today's catalogue:

  • Round 1: 🎙 New Podcast w/ a famous Bitcoiner.

  • Round 2: 🧑‍⚖️ SBF testifying in front of Congress.

  • Round 3: 😰 Justin Bieber, Snoop Dogg, The Weeknd, and more sued for Yuga Labs promotion.

  • Round 4: 💸 What’s happening with exchanges?

  • Round 5: 😉 (ALPHA) Could the new Kaws NFTs be like Takashi’s?

Round 1: 🎙New Podcast with Bitcoiner Natalie Brunell

This week on the pod, we had one of Bitcoins strongest soldiers, Natalie Burnell. A respected analyst turned journalist covering the world of tech, finance and Bitcoin.

We dove into:

  • 🤔 Why Bitcoin is different from "crypto."

  • 😉 Why Bitcoin is sound money.

  • 💰 Printing money and problems with fiat.

  • 🧠 What is the petrodollar?

  • 🥊 Bitcoin vs Other assets.

Watch it all for free 👇

Also on Spotify & Apple Music!

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Together with Ledger 

We are once again asking you to switch to self custody. Ledger won't pull an FTX on you- it's just a hard drive that manages your crypto access, NOT a creepy sociopath. That sounds like a breath of fresh air to us.

Round 2: 🧑‍⚖️ SBF testifying in front of Congress.

We are reaching the endgame of the FTX arc. Coming to the final chapter includes the following:

  • 🧑‍⚖️ Why he's testifying?

  • ⏰ When and where it's taking place.

  • 🔎 The Block CEO's sketchy involvement with Almeda Research.

Why is he testifying? 🧑‍⚖️

The department of justice wrote in a court filing on Dec 1 that an independent party should "investigate the substantial and serious allegations of fraud, dishonesty, incompetence, misconduct and mismanagement" at the company.

That's on top of an October court filing in which regulators in Texas wrote FTX might have been selling investments in the State without being properly registered.

So he has to show up, or they're threatening to hunt him down for real this time.

➵ When & Where: On Tuesday, the hearing called "investigating the Collapse of FTX, Part 1" will be available on the committee's website.

As of writing this, only the current FTX CEO is scheduled to testify.

🔎 The Block CEO's sketchy involvement with Almeda Research

After it was revealed that The Block's CEO took money from Almeda Research, he left faster than a deadbeat.

It's important to note he was also the ONLY person with knowledge of the funds and failed to disclose a series of loans from SBF.

It makes you think everyone who gets a lot of money fast is the same.

Zhu Su's take on everything:

And even Saylor Diamond-Hands had something to say about the situation.

Round 3: 😰 Justin Bieber, Snoop Dogg, The Weeknd, Post Malone AND MORE! Sued for Yuga Labs promotions.

Yuga Labs is the great white whale of NFTs. So of course, they get hit the hardest with attacks. This time they are being sued for their celebrity promotions.

The charges 🧑‍⚖️: To conspire with celebrities to defraud potential investors.

The lawsuit seeks monetary damages of $5M, claiming that Yuga used celebrities to inflate the price and cause it to skyrocket artificially.

But not to worry.

Yuga is the most funded company in the space, with a crazy valuation of $4B. With a B. Needless to say, they have money to blow on legal, and they'll be fine.

⚜️ Golden Nugget: These lawsuits will be monumental in how future Web3 lawsuits will be viewed under the law.

Round 4: 💸 What’s happening with exchanges?

Last week, we talked about the state exchanges were in.

This is the rematch.

  • 👀 Coinbase tells customers to switch their USDC.

  • 🥶 Binance freezes accounts breaking over suspicion proof that not your keys on your coin.

  • 🔒 Crypto.com completes the proof of reserves.

  • 🧠 Our Final Thoughts

Coinbase tells customers to switch their USDC. 👀

Contrary to the name, Stablecoins haven't been that stable lately.

With rumours of fake balance sheets, and other “stable” coins falling from the sky, there’s no telling what will happen.

A sure indicator is when big players start to distance themselves from other projects (like Binance did before the FTX crash), such as Coinbase announcing they’ll remove fees to transfer USDT to USDC.

🚨 Please be safe if you think your money is in Tether.

Devil’s Advocate: Could this be Coinbase FUDing tether to depeg them and remain as the only stablecoin?

Binance freezes account over a suspicion; proof of not your keys, not your coins. 🥶

CZ at first froze withdrawals on that account but, after investigation, allowed them to withdraw.

This raises concerns about the power exchanges hold with their user’s money.

With a click of a button (depending on how much you have), they can take away millions from you.

Why should you care?

Because if you’re careless, you can get rekt like the people in FTX. Make sure you stay updated by subscribing or putting your coins in a self-custody wallet to have complete control.

Crypto.com completes the proof of reserves. 🔒

In response to all the FUD regarding crypto.com’s proof of reserves, they finally released an audit by Mazars, indicating their BTC< ETH, USDC and USDT reserves are fully collateralized.

Some argue that there needs to be proof of liabilities in complement to proof of reserves to get accurate data.

But small wins matter for the step in the right direction.

Final thoughts 🧠

There’s so much fear surrounding the market right now.

  • Exchanges crashing

  • Massive hacks

  • Lawsuits against people and companies.

It’s hard to know where your money is safe when all these things come in faster than Jackie Chan punch combos.

Who can we trust?

Round 5: 😉 (ALPHA) Could the new Kaws NFT be like Takashi’s?

Since you made it to the final topic, this is your reward. Your fight is almost over.

One of the top streetwear artists, KAWS, is launching its own “digital collectibles.”

When people say this, they mean NFTs!

How else do we know?

(The picture says ERC-20)

But theirs are a bit different, presenting the first “tap-to-own” technology implementation. A chip is included with each artwork that ties the physical to the digital token.

And If we’ve learned anything from mixing streetwear artists and NFTs. It’s that they bring VOLUME.

Clone X x Takashi Murakami did almost 244K volume in ETH!

Even when Azuki announced their “physical-backed tokens,” they raised $2.5M.

Just something to keep in mind.

How to get a Kaws NFT.

  1. Make an account on here.

  2. Check back on Dec 14 at 10 PM EST to buy yours before they mint.

Your crypto fight is over.

If you made it to the end, you kicked this round-ups ass.

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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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