FTX Fallout: SBF Releases “Inside Look” at FTX Collapse
CPI, Genesis owes $3B, Amazon partners with AVAX, BAYC MINT game Dookey Dash
Daily Bullets - Thursday, January 12th
US CPI data for December was released and figures were in line with expectations. Crypto market whipsawed on the news followed by a move up in the hours after. SBF released his own version of FTX’s collapse and once again refuses to accept blame for his own criminal actions and fraud and blames CZ. Looking like Genesis might become a forced seller soon and we had an Elon coin and now we have a Bezos coin.
US CPI: 6.5% YoY, -0.1% MoM. Expected: 6.5% YoY, -0.1% MoM
US CPI Core: 5.7% YoY, 0.3% MoM. Expected: 5.7% YoY, 0.3% MoM
Daily Bullet Highlights:
- Crypto broker Genesis owes creditors more than $3B, prompting its owner Digital Currency Group to explore selling assets in its $500M venture portfolio to raise money
- SBF releases his version of an FTX Pre-Mortem Overview
- Amazon chose Avalanche to bring scalable blockchain solutions to enterprises and governments. AWS users can launch Avalanche blockchain nodes
- BAYC is launching a MINT game Dookey Dash. Users need to hold a Sewer Pass and aims to gamify the process of minting NFTs
- The U.S. Department of Justice is investigating Ian and Dylan Macalinao, the two brothers behind the Solana protocol Saber Labs for using a web of 11 pseudonymous identities to build an ecosystem of interlocking financial products around Saber and inflate TVL
- Four months after Ethereum’s Merge, 16M ETH has been staked, which is 13.28% of the total ETH supply and represents nearly $22.38B at current prices
- Polygon developers proposed the launch of a network hard fork on Jan. 17 to target reducing the impact of transaction fee spikes and chain reorganizations on Polygon
- Web3 domain provider Unstoppable Domains is teaming up with digital avatar creation platform Ready Player Me to make digital identities interoperable in the metaverse
- Reasoning behind Gala Games deleted tweet: “overzealous” representation of a business partnership
Threat Thursday: PSA: 'Address Poisoning'
- Latest security threat and risks facing the crypto industry, and how to protect against them
A new scam called 'Address Poisoning' is on the rise. Here's how it works: after you send a normal transaction, the scammer sends a $0 token txn, 'poisoning' the txn history. (1/3)
— MetaMask Support (@MetaMaskSupport)
Jan 11, 2023
Crypto News:
- Matrixport suspended the deposit and withdrawal of TRC20 USDT due to not meeting the anti-money laundering requirements of tools such as Chainalysis
- BlockFi increased some executives' salaries after they lost $800M in equity as part of the restructuring deal with FTX
- Silvergate Capital hit with another class-action suit for securities law violations
- Crypto brokerage Blockchain.com laying off 28% of its workforce, or about 110 employees
- InterPlanetary File System (IPFS) released its new browser extension "Pin Tweet to IPFS," which allows users to archive tweets
- The first successful experiment to launch a Zero-Knowledge (ZK) proof system in space occurred onboard the International Space Station in a partnership between crypto-satellite developer Cryptosat and global hackathon organizer DoraHacks
Crypto Exchanges:
- FTX’s naming-rights deal with Miami-Dade county terminated
- S&P downgrades Coinbase debt to ‘Speculative Grade’ amid fresh layoffs
- Osmosis (OSMO) listed on KuCoin
DeFi:
- 3,689,318.00 veFXS (~$20M) from Frax Treasury unlocked
- Algorithmic stablecoin market share falls from 12.2% to 1.6%
- 1inch partners with Beefy, a multichain yield optimizer, under which the 1inch API will power ZAP V2, a tool enabling users to enter Beefy’s yield-earning products from any asset
- Coinbase joins Rocket Pool oDAO through their venture arm
NFTs/Gaming/Metaverse:
- Tribeca Film Festival to offer VIP passes as digital collectibles
- Trump digital trading card project mints NFTs for winners of prizes
Early Stage Projects:
- StarkWare released Papyrus as an open-source full node client for StarkNet to help improve StarkNet’s block production capabilities
- Rage Trade token confirmed - airdrop strategy
- Kava 12 launch on January 18th - Cosmos core DAO tech will allow any Cosmos chain to fork and utilize Kava's revamped open-source DAO configuration
- Celo reimagined brand
- Jan-Feb for Waves: Waves 2.0 Litepaper, $Power airdrop powerdao, New token bridge
- Introducing: The Sky Mavis Developer Portal - an official Sky Mavis platform to support community developers
- Poolshark, directional AMM where LPs can adopt buy-and-hold strategies. Arbitrum Mainnet launch is scheduled for early March
- ZetaChain launches official bug bounty program in partnership with Immunefi
Economic/Government/Regulatory:
- Crypto lending platform Nexo's Bulgarian offices have been raided by local police as authorities carry out investigations into suspected money laundering and tax violations
- El Salvador’s legislative assembly approved a digital securities bill that also paves the way for the issuance of Bitcoin bonds
- Samsung Asset Management will list the "Samsung Bitcoin Futures Active ETF" in Hong Kong on January 13
Fundraises:
- Announcing Not Boring Capital Fund III - $30M Fund to invest in Hard Startups and tell their stories
- Digital asset market maker CyberX raised a $15M Series A round. Investor: Foresight Ventures - @CyberX_Official
- Alkimiya raised $7.2M to build decentralized capital markets for blockspace. Led by 1kx and Castle Island Ventures. Other investors: Dragonfly, Circle Ventures and Coinbase Ventures - @alkimiya_io
- Open Forest Protocol, an on-chain measurement, reporting, & verification platform for forests, raised $4.1M pre-seed round - @OpenForest_
- DeFi credit market protocol Exactly raised $2M. Led by Kain Warwick, founder of Synthetix, Daedalus, and Esteban Ordano, co-founder of Decentraland, with participation from Bodhi Ventures, Newtopia, NXTP Ventures, and Kaszek Ventures - @exactly_finance
- STFX received a strategic investment from the Avalanche Blizzard Fund- @STFX_IO
Research/Reads:
- FTX Pre-Mortem Overview - source
- A16z - Regulate Web3 Apps, Not Protocols Part II: Framework for Regulating Web3 Apps - source
- The Web3 Growth Stack - source
- From Linked Lists to Namespace Merkle Trees - source
- Modular blockchains & Getting started w/Fuel - source
- Vanity Addresses - The only safe way to do permissionless multichain deployments - source
- Meditations on Mayhem - source
Twitter:
Avalanche founder on AWS partnership:
This is a big deal. It's not your grandfather's "AWS partnership announcement." Let me explain in plain English. twitter.com/TechCrunch/sta…
— Emin Gün Sirer🔺 (@el33th4xor)
Jan 11, 2023