I hope you are all having a great week! The price of Bitcoin as of Tuesday, November 22 at 5:35 a.m. EST is $15,711.
Grayscale Bitcoin Trust (GBTC) is trading at a 40% discount to its underlying assets. Grayscale and Genesis are both subsidiaries of Barry Silbert's Digital Currency Group, and Genesis has halted its lending business as of November 16, 2022. #NoCommentFromSilbert.
Author Michael Lewis of The Big Short, Liar's Poker, and Moneyball has been tracking Sam Bankman-Fried over the last six months to write a book about his life. With the explosive drama around FTX this past month, the movie picture rights will be a hot commodity. #WhoLeakedtheBalanceSheet?
Numerous related party transactions, using the FTT token for acquisitions, not paying federal income taxes, using two different audit firms, and audit reports not providing an opinion on internal controls over accounting and financial reporting. #RedFlags.
Crypto venture firm Multicoin Capital was overexposed with FTX. They are expecting things to get worse and have told investors to expect additional failures and that many trading firms will be wiped out and shut down in the coming months. #ContagionContinues.
The entity behind the $600 million in crypto funds taken from FTX has converted millions worth of ether to ren bitcoin. This entity now has one of the largest holdings in the renBTC token. In 2021 SBF said ren’s development team was joining the SBF-owned trading wing Alameda. #InsideJob.
As governments continually devalue fiat currency along with people’s earnings, many are questioning the concept of money. Does Fiat naturally ruin incentives, meritocracy, and progress? The movement to fix all these problems with bitcoin is happening! #OrangPill.
While the spotlight is still on the FTX crypto catastrophe, it should be used as an opportunity to educate people about the differences between centralized exchanges and DeFi peer-to-peer. #Decentralized
Check out the HODLCast - this week I got to speak with BitBoy. He was one of the first to break this FTX saga. We discussed the FTX Collapse, regulatory ramifications, Elon Musk buying Twitter, Kanye West, and more.
FINRA is conducting a targeted exam of firm practices regarding retail communications concerning Crypto Assets. The Relevant Period for each request is July 1, 2022, through September 30, 2022. View FINRA website for more details.
“It is not the man who has too little, but the man who craves more, that is poor." Seneca.
Make it a great week!