Top stories

Developments Surrounding the FTX Fiasco

SBF Deported and Released on $250M Bail

After extradition from Bahamas, Sam Bankman-Fried was released on a bond of $250 million and returned to the Palo Alto home which he shares with his parents.

One thing around the $250m bond is, no one has paid anything, nor is any cash owed—not yet anyway. 

Ex-Alameda CEO and FTX Co-founder Plead Guilty

Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have plead guilty to criminal charges. Caroline Ellison’s testimony claims SBF directed her to co-mingle customer funds since 2019.

SEC Calls FTX’s Native Token FTT a Security

The SEC has declared another crypto as a “security” — after it is already dead. Similar tokens such as BNB (Binance), OKB(OKEX), and KCS(KuCoin), could also be labeled as securities in this scenario. Crypto exchanges will face significant penalties if FTT is ruled as a security.

Updates on Crypto Giants

Coinbase Secures VASP Registration in Ireland

Coinbase has been granted approval to operate as a Virtual Asset Service Provider (VASP), meaning that Coinbase can continue to provide products and services to individuals and institutions in Europe and internationally, from Ireland.

Binance Joins US Chamber of Digital Commerce

Binance became a member of the U.S. Chamber of Digital Commerce. The move marks another milestone as Binance has bolstered its regulatory capacity in the past year, after an earlier track record of getting into trouble with financial regulators. 

Crypto Hacks This Week

Ankr Says Ex-Employee Caused $5M Exploit

A $5 million hack of Ankr protocol was caused by a former team member. The ex-employee conducted a “supply chain attack” by putting malicious code into a package of future updates to the team’s internal software.

State-Sponsored North Korean Hackers Stole $1.2B

North Korean hackers stole $1.2 billion worth of crypto assets in the last five and a half years and the country has been using these funds to finance its nuclear missile program.

Global regulations

The new laws

Brazil’s President Signs Crypto Regulations Into Law

The new law establishes a crime of fraud involving virtual assets, with a penalty of between four and six years in jail plus a fine. Digital assets that are considered securities will be supervised by SEC.

Plus, Brazilian Securities and Exchange Commission (CVM) approved the ability for investment funds invest in crypto.

Marshall Islands Passes Law Recognizing DAOs As Legal Entities

Both profit and non-profit DAOs can now register as legal entities under the internationally recognized LLC structure.

...And the ban

Another Crypto.com Ad Banned by UK Advertising Regulator

Crypto exchange Crypto.com had a Facebook ad banned by the U.K.'s Advertising Standards Authority (ASA), falling foul of the industry's self-regulatory organization for the second time this year.

OpenSea Has Blocked Cuban Artists and Collectors

OpenSea is delisting Cuban artist and collector accounts from its platform in order to comply with U.S. sanctions law. Suspicions that OpenSea had been specifically targeting Cuban accounts had lingered in recent months

Crypto weekly price action

Research and technology

Avoid Getting Hooked by Crypto ‘Ice Phishing’ 

Ice phishing, a type of phishing unique to the Web3 space, is a significant threat to the community. What is ice phishing? How to prevent yourself from becoming a victim?

The Wallet Segment: Shining Star in the Crypto Winter

In the Web3 world, a wallet does not only serve the role as managing assets by literal meaning, but also it is the necessary tool to participate in the Web3 world.

Statistical Attacks on Proof of Solvency

In the wake of FTX's collapse, many prominent crypto exchanges have announced plans around "proof of solvency." But, proof of solvency is not perfect. Here are some of the flaws.

Comprehensive Guide for Rollups

This article focuses on the latter form of off-chain scaling solution — rollups, and the distinction between two main types of rollups (optimistic and zero-knowledge rollups). Let’s take a deep dive!

Fundraising and investment

Aussie Crypto Platform Cancels $1 Billion Merger Plan

The Aussie cryptocurrency exchange – Swyftx – and the investment platform – Superhero – have reportedly abandoned the previously planned $1 billion merger deal due to the enhanced control over crypto firms in Australia and the diminishing interest in digital after FTX collapse.

Axelar Launches $60M Startup Ecosystem Program

The proof-of-stake (PoS) blockchain Axelar launched on Dec. 19 a $60 million startup funding program dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges. The initiative is backed by over 15 blockchain investors.

Core Scientific Approved for $37.5M Bankruptcy Loan

U.S. Bankruptcy Judge approved Core Scientific's bankruptcy loan on an interim basis at a court hearing in Houston, Texas. The company will seek final approval of the loan and permission to borrow an additional $37.5 million in January.

NFT Platform Revel Raises $7.8M in Seed Financing

Revel, an NFT or “social collectibles” platform, raised $7.8 million in seed financing led by Dragonfly Capital. The capital will be used to expand Revel’s web3 interoperability, generative and collaborative AI functionality, and social features

Viral Quotes

“ Quality of crypto villains is getting lower”

—  Vitalik Buterin, founder of Ethereum, on Sam Bankman-Fried

" Neither SBF or Madoff have the typical profile of a crook.

Rather it appears, they were unwilling to accept the consequences of failure and bet they could ‘fix’ things with temporarily ‘borrowed’ funds until they dug too deep a hole and were outed. Again, just a theory, but both the Madoff and SBF stories don’t make sense otherwise."

—  Bill Ackman, CEO of Pershing Square

"There is no point inviting toxicity into your life. It’s abusive and pointless. Even in saying it now there are mocking baby memes. Life is too short. Move on and cut it out. XRP provides no partnership or technical value. The community is toxic and petty. I can live without it."

—  Charles Hoskinson, founder of Cardano

"It’s ridiculous and frankly shameful that Chair Gensler was touting the SEC’s enforcement actions as the “cop on the beat,” yet (per public reports) MET with SBF multiple times, but was caught completely flat-footed when the alleged fraud finally came to light."

— Brad Garlinghouse, CEO of Ripple