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Today: FTX Sizing Up Shaq 🏀⚖️🐦

Author

Valko
September 11, 2023

Today’s Top Stories ⌐◪-◪

  • 🏀 Shaq got nearly $750k from FTX according to bankruptcy filings

  • ⚖️ FTX sues LayerZero Labs over $86M transfer during their downfall

  • 🐦 Vitalik’s Twitter account was hacked, causing $700k in losses

Shaq Got Nearly $750,000 From FTX Amid Millions In Celebrity Deals

A bankruptcy filing names names, including Shaquille O’Neal, Naomi Osaka, David Ortiz, and Trevor Lawrence.

⌐◪-◪ → Payments like these are hard to stomach when they result in millions of losses for the average joe, however; to what extent can we hold these celebrities responsible for what appears to be just another sponsorship deal? They do hundreds of these. Looks like FTX is trying anything and everything they can.

FTX estate sues LayerZero Labs to recover $86M transferred on eve of bankruptcy

The FTX estate, led by CEO John Ray III, is suing cross-chain swap protocol builder LayerZero Labs in an attempt to undo a series of deals made by former FTX executives on the eve of that company’s bankruptcy.

⌐◪-◪ → FTX’s lawyers claim that LayerZero took advantage of Alameda Research the day before they filed for bankruptcy, however; LayerZero’s co-founder Tweeted that the claims are entirely unsubstantiated. Again, looks like FTX is desperate and going after the big bucks.

Vitalik Buterin’s X account hacked, over $691K drained from victims’ wallets

The hacker shared a malicious link to an alleged free commemorative nonfungible token (NFT) available, enticing victims to connect their wallets before ultimately stealing all their funds.

⌐◪-◪ → If Vitalik can get hacked, anybody can get hacked. The bottom line here is 1) do not uses SMS-based 2FA or you may get SIM-swapped and 2) never mint anything from your vault wallet. If these sort of high profile attacks continue, we may see Elon focus on overhauling Twitter’s security.

Peripheral Vision ⌐◪-◪

⛓️ Crypto & DeFi

  • Sushiswap plans on expanding to Aptos, their first non-EVM chain

  • Safe launches modular account abstraction stack on Polygon zkEVM

  • Coinbase CEO eyeing “flatcoins” as the next iteration of stablecoins

  • Fireblocks releases a non-custodial version of its MPC wallet offering

  • Steven Kokinos, ex-algorand, to lead Celsius 2.0 with WeWork execs

  • Someone accidentally paid $510k fee for a single Bitcoin transaction

🏦 Wall Street

🏛️ Legal & Regulatory

  • Department of Justice accuses teen of stealing $5.2M in crypto

  • SBF Lawyers ask again for his release because prison internet sucks

  • Wyoming legislators look towards crypto to diversify from minerals

  • Ripple makes Fortress customers whole as part of their acquisition

  • Prime Trust bankruptcy exposes widespread self-custody risks

🌎 Rest of the World

  • El Salvador’s national treasury owns $60M in Bitcoin

  • Coinbase confirms they’ll remain active in India despite recent emails

  • G20 nations endorse IMF and FSB guidelines for crypto regulations

🖼️ NFTs

  • NounsDAO “rage quit” fork underway after >25% vote in favor

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