It was another wild and wacky week in crypto as the entire industry navigates the damage from the collapse of SBF’s crypto house of cards—and as everyone reads and shares the weirdest revelations. Read our stories below on the FTX “polycule” in The Bahamas (what?), Bahamanian regulators and US regulators fighting for bankruptcy jurisdiction, Drake showing off an iced out Bitcoin hardware wallet, Pharrell’s art gallery doing an NFT sale despite the objections of the artist’s family, and our recent extensive interview with Edward Snowden on all things crypto and privacy.
Crypto is far from the true potential of blockchain. Between November 20 and 21, the Cardano Summit 2022 will bring together experts and blockchain enthusiasts to discuss DeFi, proof of stake, open source, sustainability, and much more. Join for free. Discover the future of blockchain.
One of the most perplexing bits of the ongoing FTX collapse is that former CEO Sam Bankman-Fried (SBF) can’t stop tweeting. The firm distanced itself from SBF on Twitter, and new CEO John J. Ray III described the tweeting in a court filing as “incessant and disruptive.”
The firm distanced itself from SBF on Twitter, and new CEO John J. Ray III described the tweeting in a court filing as “incessant and disruptive.” Even more damaging are SBF’s DMs to reporters, which included telling Vox that his ethical persona was mostly posturing, as well as trash-talking regulators. SBF may need to hire someone to take away his phone—to keep him from tweeting himself into even more trouble.
💰 Coin of the Moment
Besides rival crypto exchange Binance, the other big winner in the FTX saga may be the very concept of self-custody. Billions of dollars worth of crypto assets are now stuck in FTX’s bankruptcy proceedings, and investors far and wide have seen the downside of trusting their funds to centralized entities.
That’s why TWT, the token of self-custody software wallet Trust Wallet, is surging this week. The price has nearly doubled over the last week since FTX declared bankruptcy, topping $2 per token and setting an all-time high on Monday. Investors are betting that the self-custody drumbeat only gets louder, potentially fueling demand for the token.
In an extensive talk with Decrypt’s Dan Roberts at Camp Decrypt in Napa CA in October, Edward Snowden gave his candid views on the Ethereum merge, the sanctioning of Ethereum mixer Tornado Cash by the U.S. government, the privacy shortcomings of Bitcoin and Ethereum, and his view on using DAOs to source tips from whistleblowers.
