Reading time 2m41s
GM degenz ☀️
Right now, the Tornado Cash developer is sitting in a jail cell, still without having faced formal charges, while SBF runs free-range across the Bahamas and plays video games in his $40M mansion.
The lesson: multi-billion dollar fraud is okay, especially when you donate to democrats, but developing a powerful open source tool that moves civilization forward toward financial fairness and freedom is basically terr0rism 😒
Yeah, this is totally all about your safety.
- FTX Saga Recap 🔥
- Leaked DMs from SBF 💦
- Current State of Crypto ⚠️
- Genesis Halts Withdrawals 🛑
- El Salvador Doubles Down 🏆
The Full FTX Story So Far
This Twitter thread follows the trail of SBF’s public statements about FTX.
It’s worth a read ✅
It shows how he lied about many things, including not using customer funds to gamble with and no longer being involved with Alameda. It even reminds us that he lied to congress under oath.
So basically it seems like he was just making shit up all along and fooling “the adults in the room” into believing he was some sort of crypto genius, so how dare they question anything he said?
Legislators, Democrat politicians, and other ‘low-info’ types bought in to the narrative he paid the media to spin about him, and it led to thousands of people losing their life savings.
The worst part is that there was never even a slight indication that he was intelligent or stable. He just spewed w0ke nonsense (such as his ‘effective altruism’ and pretending to be vegan), which looks like smart talk to dumb people.
The signs were all there.
Watch this video which consists of SBF saying that KYC for email is an affront to freedom of speech, but KYC for finance (such as Aave) is not.. for some reason. It shows the level of intellectual engagement he’s capable of, which is not very high if we’re being honest.
It turns out he’s not even ethical, either, which we’ll see in the next section.
Vox Writer Drops Bombshell Text Interview with SBFraud
The author of this Vox article, Kelsey Piper, is a senior writer at Future Perfect, Vox’s “effective-altruism-inspired” section.
In the article there are several screenshots of Twitter DMs from SBF where he tries to explain himself.
They’re absolute gold. For example:
“TeChNiCaLlY I DiDn’T LiE”, implied the slippery CEO about his statements that FTX doesn’t invest user deposits.
That wasn’t FTX; it was Alameda!
Can’t wait to see him try that in court 👀
He also admitted that all the ethics stuff was just a big game he was playing - a front he put on to get people to like him.
The full conversation spans about 20 screenshots, and it’s worth digging into if you want to get a better understanding of what was going on at FTX and Alameda from SBF’s perspective.
The Current State of Crypto
The hammer is coming down on some of the infl00encers who helped peddle FTX.
That’s not all though - Binance is also coming under scrutiny for their involvement in crashing FTX.
After the dust settles, we’ll have a better understanding of the rules and regulations surrounding the crypto space, and hopefully the next bull run has just a touch less bullshit about it.
But before we get to settled dust, there may very well be more pain to come.
Fortunately for average folks like us who aren’t playing a game of high stakes poker with our savings (or other peoples’), none of this really matters.
Put your crypto in self-custody and sit back and watch the show 🍿
And if you want to know what *actual* ‘good guys’ in crypto are thinking right now, look no further than Vitalik.
What was SBF peak net worth?
Tap your answer below to see if you’re right!
Web3 Pipeline 📢
Genesis Global Halts Withdrawals - citing 'unprecedented market turmoil' (read: crypto contagion; they are still suing 3AC for $1.2B and reportedly had $175M stuck on FTX). They’re also the liquidity provider to the $6.7B Grayscale Bitcoin Investment Trust. What a mess.
Here’s a detailed thread covering it.
Cristiano Ronaldo’s CR7 NFTs - the collection drops on Binance this week and includes a variety of digital assets, such as videos, images, and audio files. This is the first drop of many more to come in the international superstar’s multi-year partnership with Binance.
El Salvador Doubles Down on BTC - President Nayib Bukele said in a tweet the country is buying one bitcoin every day starting tomorrow; it’s unclear how long they plan to continue this strategy, but more power to El Salvador!
NFT drops of the day 👀
🛑 NOTE: drops not promoted/endorsed
✅ DYOR and practice safe minting!
Not a conspiracy theory - it’s part of the historic record available to all.
Funny how FTX’s relatively minor collapse gets global coverage for a week straight but nothing about the $2.3T that went missing 20 years ago 🤔
FTX is a convenient distraction that was literally propped up and then torn down by the same media outlets.
It has nothing to do with crypto.
That’s all for today frens!
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.