It’s been another week of revelations and drama surrounding FTX because, well, that’s still the only thing happening in crypto now.
Gm anon,
Another week in the books, and the great crypto exchange war of 2022 is still raging on. Yes, it’s been another week of revelations and drama surrounding FTX because, well, that’s still the only thing happening in crypto now.
Shall we?
Who Went Viral This Time?
One of the many, many FTX-related revelations this week was a list of investments Alameda made. In total, they distributed over $5 billion across different projects. Maybe you find some shitcoin you also invested in on this list:
Surprisingly, many of the invested projects were not Solana-based, but EVM chains.
Lest you forget, SBF is not the only, ahem, not-so-honest person in the industry. A couple of familiar figures resurfaced since FTX crashed and burned. Yes, looking at you, Su Zhu and Kyle Davies. But make no mistake, rewriting history after someone else f***ed up even worse than you isn’t going to work out:
One more non-depressing thread from last week. Arbitrum is chugging along nicely, despite crypto descending into civil war mode. The L2 flipped Polygon for total value locked last week:
If you have not checked out Arbitrum yet, Viktor DeFi made a good thread summarizing a few promising gems on there:
Who Is Arguing In Way Too Public A Place?
More like who isn’t arguing on CT at the moment?
Covering the main event in another section, but we have plenty of good fights on the undercard as well. The first one is former Bitcoin maxi Udi Wertheimer going up against his old friends-turned-foes, specifically Cory Klippsten:
Udi was in particularly combative mode last week, as he also took on everyone’s (second) favorite crypto villain, Bitboy:
This fight was particularly juicy because it turned into an all-out Crypto Twitter brawl. Bitboy, ever the citizen journalist, obviously did nothing wrong:
FatManTerra was not buying the entire “Bitboy redemption arc” the entire time and chose to get in on the action:
Now Bitboy did make a remarkable u-turn on Sam Bankman-Fried because not so long ago, he said that “everything this man touches turns into gold:”
Hope that got you warmed up for the main event, where SBF and CZ go at it again. But first, Twitter things.
Elon Building Twitter
Elon was busy doing what he seems to like doing the most at the moment — digging up old Twitter secrets:
There were more revelations from the Twitter closet, namely the “Twitter Files Part 2 and 3.” In all fairness though, you did not miss too much not paying attention to those. The TLDR on them: Twitter tinkered with Trump’s account before he was banned *yawn*. Not exactly a shocking revelation.
Unlocking some old account handles could be a bit more interesting going forward. Meanwhile, we still wait for any sign of crypto integration on Twitter V2.
Schiff Saying Stuff
This week’s new addition is Peter Schiff, who replaces Michael Saylor thanks to a bear market being in town (and also because Michael Saylor tweets a lot like ChatGPT).
So, what does crypto's favorite enemy have to say about the state of the industry at the moment?
Well, just like the entirety of Crypto Twitter, Peter Schiff also had something to say about FTX. Specifically, about Shark Tank host Kevin O’Leary defending SBF:
That came as a reaction to O’Leary disclosing how much he’s down:
Now you know where these nice words came from. And Peter Schiff makes a good point, which brings us to…
Talk of the Town
The n-th edition of “fallout from FTX.” Last week saw CZ and SBF resume their dogfight over what really happened between the two exchanges.
CZ wrote an extensive thread, detailing that Binance exited its position in FTX over a year ago and that SBF was not a fan of that:
But that’s not exactly the version Sam remembers:
Meanwhile, the rest of Crypto Twitter finds it all so tiresome…
That came on top of revelations that FTX was funding The Block without disclosing their investment. But Binance had its own share of FUD to combat, after a leaked API key from trading firm 3Commas wreaked havoc on altcoin markets. Crypto trader CoinMamba said he got caught by the hack and demanded Binance use their SAFU fund to reimburse him and other traders:
But CZ was having none of that:
And CoinMamba got then also shown the door by Binance:
Definitely not the last bit of FUD we’ve heard, that much you can be sure of…
Our Favorite Coinfession
Since this week’s round-up is already knee deep in “it’s all SBF’s fault,” let’s add a fitting Coinfession as well:
Memes
The meme of the week is one for big brains. Can you identify all four men?
That’s it for this week, see you next week with hopeful better news!
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