🗞 Caroline Confesses Everything 😳

Republished By Plato

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November 15, 2022 / Unchained Daily / Laura Shin

What’s Poppin’?

Alameda’s Caroline Ellison told the New York Times that the trading firm used FTX customers’ funds to make loan payments after the crypto crash earlier this year.

by Samyuktha Sriram

BlockFi, the crypto lender that halted withdrawals last week, denied claims that it held the majority of its assets on bankrupt crypto exchange FTX.

by Samyuktha Sriram

Some Crypto.com users have been waiting on withdrawals for more than 12 hours as high network traffic led to significant delays.

by Samyuktha Sriram

Paxos has frozen funds linked to FTX at the request of U.S. Federal Law enforcement.

Changpeng Zhao said Binance plans to implement a new Proof-of-Reserves protocol developed by Vitalik Buterin. Nine other exchanges announced similar plans after the Binance CEO’s announcement.
The CEO of Crypto.com (disclosure: sponsor of Unchained) dismissed insolvency rumors, but its token price is falling sharply.
Travis Kling, Chief Investment Officer at Ikigai, said the fund held the majority of its assets on bankrupt crypto exchange FTX.
Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection, acquired Beeple’s NFT platform, Wenew, and its NFT collection, 10KTF.
FTX pulled the plug on its application with the CFTC to offer automated margin trading.
Visa shut down its debit card partnership program with FTX.
Prosecutors from the Department of Justice’s Southern District of New York launched a probe into the collapse of crypto exchange FTX.
Hbit, a crypto platform based in Hong Kong, disclosed it has $18.1 million worth of cryptocurrencies deposited in FTX.
A wallet that may be owned by Ethereum inventor Vitalik Buterin sold 3,000 ETH at a price of $1,254, worth $3.8 million.
Crypto venture capital firm Multicoin Capital has a $25 million stake in FTX via its $430 million venture fund, according to The Block.

Today in Crypto Adoption…

Derivatives crypto exchange PowerTrade partnered with London-based firm Copper to offer custodial and settlement services for its institutional clients.
Caribbean country Saint Kitts and Nevis could adopt Bitcoin Cash (BCH) as legal tender by March next year.
Sports giant Nike will launch its own platform for Web3 wearables.

What Do You Meme?

On The Pod…

Wassielawyer, a lawyer specializing in restructuring and insolvency, and Thomas Braziel, founder and CEO of 507 Capital, talk about the bankruptcy of FTX. Show highlights:

what the bankruptcy process of FTX is expected to look like
why FTX got to the the point of filing for bankruptcy protection
why Wassie thinks Alameda is dead
why FTX filed for bankruptcy in the US given that it’s a Bahamian company
how FTX’s balance sheet is composed and whether it includes Alameda
whether Justin Sun will be dragged into the bankruptcy
how FTX’s terms of service differ from Celsius’s and Voyager’s
how the $600 million hack affects the bankruptcy proceeding
whether it’s worth it to spend millions of dollars in law firms to go after the hacked money
what’s the impact of the 192 million FTT tokens that were printed Saturday night
what will happen with the fork of Serum and the forked tokens
the consequences for all the projects that FTX invested in
why Wassie thinks that tokenizing the liabilities could be a good potential solution
how the FTX’s bankruptcy affects Voyager’s proceedings and customers
whether FTX’s bankruptcy has put BlockFi in trouble

Book Update

My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, which is all about Ethereum and the 2017 ICO mania, is now available!

You can purchase it here: https://amzn.to/3CvfrbE

Time Stamp: November 15, 2022November 15, 2022