Print the page
Increase font size
Crypto Buzz: Silvergate → ETHDenver → FTX Gets Worse → More

Posted March 06, 2023

Chris Campbell

By Chris Campbell

Crypto Buzz: Silvergate → ETHDenver → FTX Gets Worse → More

The crypto markets hit a speedbump and more bad behavior from Sam Bankman-Fried.

Let’s take a look at last week’s headlines…

Silvergate…Gate

The crypto market took a significant hit after Silvergate Bank made the “risk-based decision” to suspend their exchange network.

The crypto bank’s decision lead to Bitcoin’s price dropping over 5% on Friday, in under an hour.

chart

Many fear that Silvergate’s struggles stem from a series of new legislation deemed “Operation Choke Point 2.0”, allegedly intended to make it difficult (or impossible) for banks to make crypto transactions.

You can read the full story here.


$9 Billion Missing

Officials in charge of FTX’s bankruptcy confirmed that over $9 billion of customer funds can not be located.

The crypto exchange is involved in one of the largest fraud cases in history, with former CEO Sam Bankman-Fried illegally moving customer deposits for unauthorized use in the hedge fund of sister-company, Alameda Research.

The company’s fuzzy, or seemingly non-existent bookkeeping has led to only $2.2 billion of customer funds being accounted for, out of the $11.2 billion that’s currently outstanding.

You can see all the figures and implications here.


SBF Losing Phone Privileges

Sam Bankman-Fried is potentially facing increased restrictions on the terms of his bail.

New proposals would limit the disgraced CEO to a flip phone and extremely limited internet access.

SBF has repeatedly put himself in hot water by trying to work his way around his existing bail terms.

He used an encrypted messaging app to contact a former FTX employee, and also used a VPN to “watch the Superbowl”.

You can learn more here.


ETHDenver

The community run festival/hackathon, ETHDenver, was held over the weekend in Denver, Colorado.

The conference is a place for the Ethereum community to talk about future possibilities of the blockchain and also show off their creations built on the platform.

You can read more about the event here.


That’s all for this week.

Crypto Buzz: Shanghai → Bitcoin Boom → Bitcoin Bust → More

Crypto Buzz: Shanghai → Bitcoin Boom → Bitcoin Bust → More

Posted April 17, 2023

By Chris Campbell

What’s Hot In Crypto
Buy Shanghai?

Buy Shanghai?

Posted April 14, 2023

By James Altucher

ETH’s Post Update Price
Fun and Disfunction With AI

Fun and Disfunction With AI

Posted April 12, 2023

By James Altucher

The Good The Bad And The Weird Of AI
Crypto Buzz: Arbitrum Drama → North Korean Crypto Heist → Doge Dump

Crypto Buzz: Arbitrum Drama → North Korean Crypto Heist → Doge Dump

Posted April 10, 2023

By Chris Campbell

What’s Hot In Crypto
AI is Getting Freaky Good

AI is Getting Freaky Good

Posted April 05, 2023

By Chris Campbell

More Powerful Than We Thought?
Crypto Buzz: Legal Woes and an Anti-Crypto Army

Crypto Buzz: Legal Woes and an Anti-Crypto Army

Posted April 03, 2023

By Chris Campbell

What’s hot in crypto