• Specs News
  • Posts
  • 10/3/23: What's A Bigger Scam: SBF or Fiat? 🏛️💵💼

10/3/23: What's A Bigger Scam: SBF or Fiat? 🏛️💵💼

Author

Valko
October 03, 2023

Today’s Top Stories ⌐◪-◪

  • 🏛️ SBF’s trial begins today, and he’s facing up to 115 years in prison

  • 💵 Elon Musk calls fiat currency the world’s most normalized scam

  • 💼 Chainalysis slashes headcount by 135 (15%) during bear market

Sam Bankman-Fried case: The FTX criminal fraud trial begins today. Here's everything you need to know.

Sam Bankman-Fried's fraud trial for the collapse of crypto exchange FTX starts Oct. 3. Unclear if SBF will testify but Caroline Ellison is expected to.

⌐◪-◪ → SBF’s trial is going to dominate headlines for the next month or two. We still don’t know the extent of SBF’s fraud and corrupt politcal donations, so it will be nice to get new inforomation. I just hope the trial shines a light on the horrors of centralized finance, and how frauds like this only strengthen the case for crypto, not weaken it.

Elon Musk Calls Fiat Currency A Scam

Musk backs bitcoin community's long-held view that the traditional monetary system is flawed, in response to a social media debate on normalized scams.

⌐◪-◪ → Yesterday Elon Musk replied to Wall Street Silver, calling fiat currency a scam — one so noramlized we don’t even realize it’s a scam anymore. This is incredibly bullish for the space, and will hopefully open the public’s eyes to the power of blockchain. Let’s just pray they buy Bitcoin/Ethereum and not Dogecoin.

Chainalysis Idling 150 Employees As Chill Of Crypto Winter Persists

The reductions come as the crypto forensics firm intensifies its pivot away from the private sector in a push to focus on government work.

⌐◪-◪ → Chainalysis is not the only company making major layoffs right now, we also saw Proof Collective cut headcount too. While this is certainly proof (no pun intended) that we’re in a bear market, it’s good to see companies making smart decision to survive this cycle so that they can stick around long term. This is much better than watching them go down with their ships.

Peripheral Vision ⌐◪-◪

⛓️ Crypto & DeFi

  • Vitalik discusses the importance of Public Goods on a podcast

  • Bitcoin report indicates mining can reduce global emissions by 8%

  • Circle and Noble partner to bring native USDC to Cosmos

  • Nomic blockchain bridge will enable Bitcoin-based tokens on Cosmos

  • Galaxy’s head of mining leaves to start Bitcoin mining consultancy

  • Trilitech hires former Bank of America trader as DeFi chief

  • Crypto casino Rollbit burned over 1.2% of $RLB’s circulating supply

🏛️ Legal & Regulatory

  • SBF’s lawyers seek to block key Ukrainian witness from testifying

  • Binance hit with class-action lawsuit over intentionally harming FTX

  • Celsius successor to be seeded with $450M if approved

🌎 Rest of the World

  • Hong Kong crypto regulations favorable per Chainalysis report

  • LayerZero partners with Conflux for Asia expansion

  • India aims to strengthen crypto crime detection with new database

🖼️ NFTs & Social

  • MoMa launches PostCard project today with top digital artists

  • Sotheby’s and Ledger team up on digital art exclusives

  • Adidas & Moncler collab on ‘Adventures’ NFT project

  • Refik Anadol, NFT artist, to be part of Vegas Sphere opening concert

  • Manifold Trading uses insider information to profit on Friend Tech

  • Friend Tech users get assets stolen via classic SIM swap attack

  • Proof cuts workforce down to 22 team members amid bear market

What did you think of today's newsletter?

Login or Subscribe to participate in polls.