Castles Fabricated from Sand {Dollars}: SBF, FTX, and different Three Letter Brokers – Bitcoin Journal

The story of Bitcoin has actually had its justifiable share of nefarious characters, felony exercise, dangerous haircuts and worse wardrobes, and but our anti-hero du jour has appeared to outdo all of them. Sam Bankman-Fried, higher identified by the three letter acronym SBF, burst onto the scene on the peak of the 2017 bubble, founding Alameda Analysis that September, simply 4 years after graduating from an internship right into a full-time place at one of many world’s largest market makers, Jane Avenue Capital.

SBF is the son of Stanford Legislation professor and founding father of left-wing tremendous PAC Thoughts The Hole, Barbara Fried, and Stanford professor Joseph Bankman, an professional on tax shelter legal guidelines and authorities regulation. Firstly of 2018, SBF had struck digital gold whereas making the most of the arbitrage alternative presenting itself between the next demand for bitcoin within the Asian market, colloquially often known as the “kimchi premium”. By the top of the 12 months, and after amassing a substantial fortune from this high-volume bitcoin/greenback unfold, he formally moved to Hong Kong, formally founding the derivatives change FTX within the following spring.

The Bitcoin community that SBF rode from rags to riches and again once more was partially launched in direct response to the fiat cash experiment rearing its ugly head within the subprime mortgage, actual property and eurodollar crises that culminated into what’s now often known as the Nice Monetary Disaster of 2007 to 2009.

“??EThe Instances 03/Jan/2009 Chancellor on brink of second bailout for banks%”
– Satoshi Nakamoto, January 3, 2009

This now notorious inscription within the genesis block made clear the inappropriate fractional reserve banking and predatory mortgage fiascos of our regulated banking business was to be put to relaxation as soon as and for all by this emergent financial protocol; a totally clear and decentralized ledger would de-incentivize fraud and forestall obfuscation of illicit exercise. A brand new competitor to the greenback arose from the ashes of the meltdown, and with it, a brand new commonplace for monetary equity, full with predictable issuance, managed as soon as and for all by the individuals for the individuals. But in any system made with good intentions, criminals like SBF and his bought-and-paid-for political and media allies handle to discover a strategy to damage harmless individuals for the benefit of an unknown few. Like most intriguing tales of fraudulent monetary crimes, this one begins within the Bahamas, and ends with a tidal wave of asset liquidations and damaged houses.

“In case you assume the Bahamas has ruined your world tax system, you could have a reasonably horrible world tax system.”
– Steven Dean, Summer time 2020 [1]

Launching The Stablecoin, CBDC Race To The Backside

The Bahamas appears innocuous sufficient, and but there’s a lengthy historical past of U.S. tax avoidance, full with rum-running bootleggers in the course of the prohibition period. Persevering with this custom, the Caribbean banking facilities, together with the Bahamas and the Cayman Islands, as of August 2022, had been the fourth-largest overseas holders of treasury securities, behind solely Japan, China and the U.Okay. Shortly after the time of its founding, FTX was absolutely making the most of the free cash period that started with the 2008 crash and was sustained by low-to-zero rates of interest introduced upon by the Trump administration.

These price cuts had been began by the Trump-nominated and Biden-renominated Jerome Powell and had been additional exacerbated by each of their administrations’ COVID responses. An unprecedented pumping of all issues greenback denominated occurred, with actual property, inventory indexes, bitcoin and a complete bunch of unregistered securities often known as altcoins reaching new highs throughout the board. In June 2019, one month after the founding of FTX, Fb’s Mark Zuckerberg introduced Libra, a digital foreign money based mostly on a basket of worldwide currencies; a novel tackle stablecoins. This launched the stablecoin and CBDC race in earnest, and coincidentally sufficient, the Central Financial institution of the Bahamas grew to become the primary such establishment to announce its personal CBDC, the sand greenback, in October 2020. The sand greenback itself was pegged to the Bahamian greenback, which is itself pegged to the US greenback, and thus with its government-sanctioned launch, the delivery of the primary central bank-issued stablecoin greenback got here to be on the sandy seashores of SBF’s new dwelling.

“What’s the reserve foreign money of the crypto financial system going to be? Proper now it is unambiguously the USD. And curiously it is USD whether or not or not you are trying on the American crypto financial system.”
– Sam Bankman-Fried, November 5, 2021

Whereas the U.S. authorities feigned concern of systemic danger on the time, the Chinese language authorities understood the Libra undertaking to be a backdoor dollarization of the G7 currencies rumored to be included in its basket. A Metaverse-held tackle the 1985 Plaza Accord, this plan of coordinated central banking would unfold USD community customers throughout the web’s largest community, sped up by the excessive velocity accessible in centralized digital funds and globalized by the borderless nature of the Fb consumer base.

The digital yuan was trialed in April 2021 with nice haste in response to this growth, and by the Winter Olympics 2022, had launched for overseas attendees in Beijing. To not be outdone by these new-look, same-shit fiat cryptocurrencies, Bitcoin made its personal monetary historical past when President Nayib Bukele of El Salvador took to the stage at Bitcoin 2021 to announce the authorized tender aspirations of his small however dollarized nation. On March 9, 2022 President Joe Biden signed Govt Order #14067–”Making certain Accountable Growth of Digital Property”, which included aspirations for mitigation of economic dangers in digital asset markets, in addition to a clause stating that inside 210 days, the lawyer normal, in session with the secretary of the treasury and the chairman of the Federal Reserve, should present a proper proposal for a government-issued CBDC.

By this level, the Bitcoin monetary system had been completely and correctly dollar-ified, with billions of {dollars} in liquidity of dollar-denominated buying and selling pairs making up the lion’s share of market exercise. The identical may be mentioned for the Ethereum community, which has seen its compliance-driven perversion by non-native property taking the wheel from its token Ether, as stablecoin and different greenback derivatives now uphold the vast majority of financial weight of the system. Each stablecoin giants Circle, issuer of USDC, and Tether got here out in assist of the merge, additional ossifying their stake within the now-nearly-70%-OFAC-compliant blockchain. [2] As of this text’s writing, over 15.5 million ether are at the moment staked with out lively withdrawals within the Ethereum 2.0 beacon chain, price almost $18 billion {dollars}.[3] Happily for Bitcoin, the consensus weight of its system will not be manipulated by consumer stake, and thus the Bitcoin market has been seemingly unaffected – negatively anyway – by this decade-long growth. At the very least till scammer Do Kwon and his ponzi-scheme Luna wreaked havoc on traders at first of Could of 2022.

“[Crypto is] clearly critical…you need to do proper by it within the regulatory area.”
– President Invoice Clinton, April 27, 2022 (Allegedly) [4]

Contagion Spreads

Just a few weeks after SBF hosted a keynote with former U.Okay. Prime Minister Tony Blair and President Invoice Clinton on the FTX-organized Crypto Bahamas convention, one of many largest-ever over-the-counter bitcoin purchases was introduced by the LUNA crew.

Terraform Labs and the non-profit Luna Basis Guard, two entities headed by Do Kwon, had begun a marketing campaign to buy bitcoin as a reserve asset within the occasion that their algorithmic stablecoin, UST, deviated from its $1 peg. Shortly earlier than their collapse, the plan had ballooned to the lofty purpose of stacking over $10 billion within the hardest identified digital commodity identified to man. This buy was financed with Three Arrows Capital, or 3AC, and was facilitated by cryptocurrency dealer Genesis.

“Terra’s outstanding progress has constantly reshaped crypto markets over the past two years”, mentioned Joshua Lim, head of derivatives at Genesis. “Genesis is worked up to be a liquidity associate to the Terra ecosystem, connecting it to a broader viewers of institutional market individuals.”

With the bitcoin reserves of Luna Basis Guard totalling 80,394 BTC, valued at over $3.1 billion on Could 5, 2022, this buy positioned LFG among the many top-10 bitcoin holders on this planet. [5] However just for a second, for whereas it’d really feel like a lifetime in the past, what occurred subsequent ought to look awfully acquainted; the peg was attacked, the recently-purchased bitcoin fortune was liquidated, Binance, led by CEO Changpeng Zhao (CZ), aptly halted all buying and selling on LUNA and UST pairs – with notable exceptions to their very own stablecoin BUSD – and Kwon seemingly fled to outdoors of U.S. jurisdiction to Asia. [6]

Thus begins our first of many repeatable factors of inquiry; the place precisely did this bitcoin go? In line with an audit launched in November 2022, over 33,000 bitcoin had been transferred to Binance on Could 10, 2022, and offered together with different property whereas failing to defend the peg. [7] The identical day the almost $1 billion {dollars} price of bitcoin hit Binance’s order books, bitcoin’s USD worth broke beneath $30,000, falling from $40,000 only a week earlier than.

On Could 13, SBF bought a 7.6% stake in Robinhood, the buying and selling platform that got here underneath scrutiny for halting buying and selling in the course of the GameStop fiasco in early 2021. Bloomberg had reported that round 40% of Robinhood’s income got here straight from promoting prospects orders to corporations similar to Two Sigma Securities, and Citadel Securities. [8] Citadel had been fined $700,000 in July 2020 for entrance working trades positioned by prospects orders, and in September of that very same 12 months, Robinhood itself was questioned by the U.S. Securities and Trade Fee (SEC) for improperly informing shoppers of promoting inventory trades to identified high-frequency buying and selling corporations.

Beforehand in December 2020, Robinhood had agreed to pay $65 million to settle expenses of repeated misstatements for failure to reveal their receipts of funds from mentioned buying and selling corporations. [9] When newly-nominated Treasury Secretary Janet Yellen briefed newly-elected President Joe Biden on this battle of curiosity in February 2021, she herself needed to purchase an ethics waiver on account of having acquired at the least $700,000 in speaker charges from Citadel LLC the 12 months prior. [10] SBF had disclosed this buy by way of a filed Schedule 13-D type with the SEC, costing $648.3 billion {dollars} and giving him 2.8% voting energy of their dual-class share construction, underneath the entity Emergent Constancy Applied sciences; a reputation mentioned to be randomly generated. [11]

“On July 13, Coinbase Trade shall be unifying USD and USDC order books. As a part of the unification course of, USDC order books shall be merged underneath USD order books to create a greater, extra seamless buying and selling expertise with deeper liquidity for USD and USDC.”
– Coinbase Trade Twitter, June 29, 2022 [12]

Circle, the entity behind the more and more utilized USDC stablecoin, had beforehand expanded their worldwide choices with a subsidiary operation based mostly in Bermuda with an announcement made on July 22, 2019. [13] This entity, filed underneath the Digital Property Enterprise Act of 2018 (“DABA”) meant that Circle was the primary main stablecoin issuer to obtain a Class F (“Full”) DABA license that lined their operation of custody, fee companies, change, buying and selling and extra monetary companies inside the digital asset realm. Circle’s different banking companions, Signet, Signature Financial institution and Silvergate Capital had made USD loans to Celsius, Voyager, Block Fi, Three Arrows Capital and Alameda Analysis. By the point this text was written, all had filed for chapter. Two of their different enterprise associates, Galaxy Digital and Genesis, have additionally reported large losses within the FTX collapse, with rumors of additional contagion results coming. Coinbase, a publicly-traded change underneath the ticker $COIN, introduced in its Q2 2022 shareholder letter that almost one third of whole income was derived from curiosity on USD-denominated holdings, together with a big USDC place:

“Curiosity earnings was $33 million, up 211% in comparison with Q1. The rise was primarily pushed by our USDC exercise, in addition to larger rates of interest as we generate curiosity on fiat buyer custodial funds… on the finish of Q2, we had $6.2 billion in whole $USD sources. As well as, we had $428 million of crypto property.” [14]

When the letter was launched in late August 2022, curiosity on USDC holdings for 12 months was as much as 4.7%, whereas one-month yields had been a good 4%. By November 16, 2022, USDC yields had been all the way down to 0% throughout all time frames.[15]

“1) Binance converts USDC –> BUSD, and we see the change in provides. Thus begins the Second Nice Stablecoin Warfare.”
– @SBF, October 23, 2022 [16]

On September 4, 2022, Binance introduced that it could be auto-converting all USDC, USDP and TUSD, three main greenback stablecoins, into its self-issued BUSD, efficient in simply 25 days. [17] This led to continued issues about Binance’s solvency with the previous few months, particularly July 2022, seeing the biggest identified outflows of bitcoin within the change’s historical past, eclipsing even March 2020’s black swan backside.

On October 11, 216 days after Biden’s govt order with the aforementioned 210-day clause, BNY Mellon, the world’s largest custodian financial institution with over $43 trillion on the books, and coincidentally, the custodian of Circle’s reserves backing USDC, introduced the launch of its digital asset custody program. [18] Concerned with greater than 20% of the world’s investable property, the financial institution based by the primary secretary of the treasury, Alexander Hamilton, was additionally listed as a associate within the FedNow pilot. [19]

Regardless of these institutional developments, a continued bear market weighed closely on the now-plummeting bitcoin worth. Paradoxically, increasingly more Bitcoin hash price poured onto the community. These concurrent actions noticed Bitcoin’s hash worth plummet to an all-time low, spurring a large liquidation of bitcoin liabilities off mining operators books. On October 26, Core Scientific, then the biggest Bitcoin mining operation on this planet, filed for chapter with thousands and thousands of {dollars} in debt liabilities, 1000’s of ASICs, and but of their filings, held solely 24 bitcoin whole when the circus got here to city. [20] The place precisely did all this bitcoin go? On that very same day, barely two weeks earlier than the FTX collapse, Binance noticed its largest single day outflow, with 71,579 cash, totalling over $1.1 billion in greenback phrases. [21] This pushed internet outflows to just about 95,000 cash from the world’s largest change since simply that July. Once more, the place precisely did all this bitcoin go? The very subsequent day, October 27, 2022, SBF appeared on The Huge Whale and introduced future plans for FTX to launch its very personal stablecoin. [22]

Extra Sand Than {Dollars}

“CIA and Mossad and pedo elite are working some sort of intercourse trafficking entrapment blackmail ring out of Puerto Rico and caribbean islands. They’ll body me with a laptop computer planted by my ex gf who was a spy. They’ll torture me to dying.”
– Nikolai Muchgian, October 28, 2022 [23]

On October 24, 2022, the MakerDAO authorised a neighborhood proposal to custody almost $1.6 billion USDC with Coinbase Prime. [24] 4 days later, Nikolai Muchigan, the co-founder of MakerDAO and inventor of Rai, a DAI-fork stablecoin, tweeted that his life was at risk on account of a Caribbean island blackmail ring, supposedly backed by Israeli and U.S. intelligence brokers. Three days later, on Halloween, the 29-year-old coder Muchigan was discovered lifeless, having drowned within the sea off Condado Seaside in Puerto Rico. [25]

Two days later, on November 2, 2022, CoinDesk reporter Ian Allison launched findings that over a 3rd of all property – round $5.8 billion of $14.6 billion – on the stability sheet of SBF’s Alameda Analysis was intrinsically, and shortly to be fatally, linked to FTX’s change token FTT. A “financial institution” run commenced, and after three days of almost $6 billion in withdrawals, FTX was left with actually one single bitcoin. The place precisely did all this bitcoin go? The subsequent day in an interview with Fortune, Coinbase founder and CEO Brian Armstrong made word that USDC will grow to be the de facto central financial institution digital foreign money within the U.S. [26]

“The policymakers within the U.S. will set the framework that must be adopted in order that the non-public market will truly create the options, and USD coin has been on a very fast rise… the regulatory setting is likely one of the largest unlocks we’re going to have when it comes to rising this business and maybe even getting the costs to return up in the suitable route”
– Brian Armstrong, November 3, 2022

On November 6, CZ introduced Binance would liquidate a remaining portion of FTT it had acquired from exiting FTX’s fairness, having acquired round $2.1 billion in BUSD and FTT. Minutes after his announcement, Caroline Ellison, SBF’s associate and the CEO of Alameda Analysis, supplied to buy the tokens at $22 every, in an over-the-counter style. [27] By November 8, CZ and SBF had a cellphone name and seemingly got here to a tentative deal for acquisition, reserving the suitable to again out of the deal at any time, whereas curiously additionally leaving each U.S.-based proprietary exchanges, Binance.us and FTX.us, outdoors the scope of the deal.

“Issues have come full circle, and FTX.com’s first, and final, traders are the identical: we’ve got come to an settlement on a strategic transaction with Binance for FTX.com (pending DD and so on)”, SBF tweeted. [28]

Later that night, FTX formally suspended all asset withdrawals. As a part of the situations of the acquisition, SBF was compelled to open the FTX books and present the underside of his pockets; seeing extra sand than {dollars}, CZ backed out of the deal. A couple of necessary statements had been made within the 48 hours or in order that led as much as this sudden cataclysm, together with from the awfully-quiet U.S. Securities and Trade Fee itself.

“Liquidating our FTT is simply post-exit danger administration, studying from LUNA. We gave assist earlier than, however we can’t faux to make love after divorce. We aren’t in opposition to anybody. However we can’t assist individuals who foyer in opposition to different business gamers behind their backs. Onwards.”
– CZ, November 6, 2022 [29]

On November 7, 2022, the SEC formally deemed LBRY, or Library Coin, an unregistered safety providing, setting a devastating precedent all through the prolonged cryptocurrency market. [30] In the US District Court docket for the District of New Hampshire, the memorandum and order learn, “The Securities and Trade Fee (SEC) contends that LBRY, Inc. supplied and offered unregistered securities in violation of Part 5 of the Securities Act of 1933”, the act colloquially often known as The Howey Take a look at.

Attributable to LBRY reserving a pre-mine of almost 400 million LBC tokens, and the information that the corporate up to now had spent roughly half of its pre-mined LBC, the SEC decided widespread enterprise full with a scarcity of disclosure and correct submitting of its now alleged safety providing by required channels within the Gary Gensler-chaired SEC. The implications of this submitting despatched shockwaves throughout the pre-mined token business, together with exchanges itemizing these tokens in addition to the entities behind their issuance. Conveniently, the subsequent day was November 8, the US’ midterm elections, with the stability of the senate and the home — and maybe the regulatory path of the digital asset business — as soon as once more at stake.

Looking for FTX on FEC.gov brings up 456 particular person marketing campaign contributions from SBF, CEO Ryan Salame, and others. [31] Salame’s contributions whole over $14 million in the direction of GOP candidates, whereas SBF’s “efficient altruism” contributed over $20 million in donations to DNC politicians. Having been the second main donor to the Biden marketing campaign, by the point the ultimate tallies from election night time rolled in, SBF’s bankroll had lastly caught up together with his morals, and he discovered himself almost utterly bankrupt.

By November 9, the day after the elections, SBF had reportedly misplaced 94% of his internet price, all the way down to $1 billion from greater than $15 billion, leaving him with the biggest single-day loss by an individual in response to the Bloomberg Billionaire Index. [32] Early within the morning of November 10, SBF took to Twitter to clarify what occurred, writing “I am sorry. That is the most important factor. I fucked up, and may have carried out higher”, earlier than making a selected word that “THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!” [33]

Chapter 11

“The administration […] has persistently maintained that with out correct oversight, cryptocurrencies danger harming on a regular basis People…The newest information additional underscores these issues and highlights why prudent regulation of cryptocurrencies is certainly wanted.”
– White Home Press Secretary Karine Jean-Pierre, November 10, 2022 [34]

On the eleventh day of the eleventh month, FTX and Alameda Analysis formally filed for Chapter 11 chapter safety, and SBF stepped down as CEO. As well as, 130 affiliated corporations linked or related to FTX additionally commenced voluntary proceedings underneath Chapter 11. [35] The tide had gone out, and almost everybody concerned received caught swimming bare, as a near-endless tidal wave of dollar-denominated liquidations made fast work of SBF’s Caribbean empire.

Whereas the primary trickles of a greenback CBDC might have began within the Bahamas, the monsoon of coming regulation and contagion of the Second Nice Stablecoin Warfare is way from over. The greenback, having fallen 10% off 35-year DXY highs since September, seems to be for brand spanking new methods to innovate and additional dollarize markets throughout the globe.

On November 15, simply 4 days after the SBF tsunami crashed to shore, BNY Mellon, in addition to a dozen or so different banking establishments, introduced the beginning of a twelve-week digital greenback pilot program with the Federal Reserve Financial institution of New York. [36] On the exact same day, BlockFi introduced plans for chapter filings, solely 5 months after taking a $250 million mortgage from FTX, and Circle introduced customers would now be capable of settle funds by accepting Apple Pay. [37,38] With a big 43% low cost now exhibiting on the highly-regulated Grayscale Bitcoin Belief, additional neighborhood requests for proof of reserves are rising round Genesis and Grayscale, each owned by the Digital Foreign money Group, and even their custodian, Coinbase Custody. [39,40] As of this writing, these requests have to this point been denied for safety causes.

Whereas showing to be driving the wave of the booming digital asset revolution, gathering superstar endorsements and political allies alike, it seems SBF was drowning in debt and capital misallocation amongst the loud, mainstream reward. Later that month, on November 30, SBF was set to seem in individual at a New York Instances occasion, sponsored by Accenture, alongside Secretary Yellen, Meta CEO Mark Zuckerberg, Ukraine President Volodymyr Zelensky, BlackRock CEO Larry Fink, TikTok CEO Shou Chew, former Vice President Michael Pence, Amazon CEO Andy Jassy, Netflix co-founder and CEO Reed Hastings, New York Metropolis Mayor Eric Adams, and others; tickets for the occasion had been listed at $2,499 per attendee.[41] The interview between SBF and Andrew Ross Sorkin was streamed as marketed, albeit with each events taking pictures remotely.

Bitcoin tends to be a ballast of reality, bringing all types of ballooning fraud speeding to the floor. FTX and Alameda Analysis will take their place amongst the seemingly too-big-to-sink gamers that ended up doing simply that. They’ll actually not be the final. Nonetheless the next weeks, months, and years play out, it’s clear that SBF was however a small fish in an ocean-sized, dollarized pond. And as he shortly discovered, there may be all the time a much bigger fish.

“Sooner or later I might need extra to say a few explicit sparring associate, so to talk. However you already know, glass homes. So for now, all I’ll say is: nicely performed; you received.” [42]
– Sam Bankman-Fried, November 10, 2022

ENDNOTES:

[1]https://www.forbes.com/websites/taxnotes/2021/06/24/in-the-Nineteen Thirties-the-bahamas-became-a-tax-problem-for-treasury/

[2]https://fortune.com/2022/08/09/stablecoins-circle-tether-support-ethereum-merge-proof-of-stake

[3]https://ethereumprice.org/eth-2-deposits/

[4]https://www.msn.com/en-us/leisure/entertainment-celebrity/inside-bahamas-crypto-festival-where-ftx-ceo-bankman-fried-welcomed-bill-clinton-and-katy-perry/

[5]https://bitcoinmagazine.com/enterprise/luna-foundation-now-holds-more-bitcoin-than-tesla

[6]https://www.yahoo.com/leisure/binance-remove-trading-pairs-ftx-114338983.html

[7]https://lfg.org/audit/LFG-Audit-2022-11-14.pdf&sa=D&supply=docs&ust=1668725884650403&usg=AOvVaw22nNl-O_mnhcT8MxsEtEiX

[8]https://www.truthorfiction.com/does-citadel-own-robinhood/&sa=D&supply=docs&ust=1668980992263700&usg=AOvVaw31decanIMGsjR2r2ceb0sP

[9]https://www.sec.gov/information/press-release/2020-321

[10]https://www.cnbc.com/2021/02/02/treasury-secretary-janet-yellen-to-call-regulator-meeting-on-gamestop-volatility-seeks-ethics-waiver.html

[11] https://www.axios.com/2022/05/13/what-does-sam-bankman-fried-want-with-robinhood

[12]https://twitter.com/CoinbaseExch/status/1542270332299579396?s=20&t=3qAy3oJqtmMnLdfwk-JTJA

[13]https://www.circle.com/weblog/circle-expands-international-offerings-with-new-bermuda-operations-and-digital-assets-business-license

[14]https://s27.q4cdn.com/397450999/recordsdata/doc_financials/2022/q2/Q2-2022-Shareholder-Letter.pdf

[15]https://www.circle.com/en/usdc-yield#begin

[16]https://twitter.com/SBF_FTX/status/1584077423280521216?s=20&t=UB_GcB9mjBRJtNS8sS4RJQ

[17]https://www.binance.com/en/assist/announcement/binance-to-auto-convert-usdc-usdp-tusd-to-busd-binance-usd-e62f703604a94538a1f1bc803b2d579f

[18]https://www.prnewswire.co.uk/news-releases/bny-mellon-launches-new-digital-asset-custody-platform-301645324.html

[19]https://www.frbservices.org/financial-services/fednow/neighborhood/information/012521-announcing-pilot-program-participants.html

[20]https://www.forbes.com/websites/rosemariemiller/2022/10/27/core-scientific-unable-to-pay-bills-warns-of-bankruptcy/

[21]https://bitcoinke.io/2022/11/largest-bitcoin-outflow-on-binance/

[22]https://finance.yahoo.com/information/sbf-ftx-stablecoin-second-great-055956820.html

[23]https://twitter.com/delete_shitcoin/status/1585918718088970241

[24]https://www.coinbase.com/weblog/coinbase-launches-usdc-institutional-rewards-program-with-makerdao

[25]https://www.trustnodes.com/2022/10/31/etherean-nikolai-muchgian-dead-by-drowning

[26]https://fortune.com/crypto/2022/11/03/coinbase-ceo-says-usdc-will-become-de-facto-cbdc/

[27]https://twitter.com/carolinecapital/status/1589287457975304193

[28]https://www.binance.com/en/information/flash/7268278

[29]https://twitter.com/cz_binance/status/1589374530413215744

[30]https://odysee.com/@lbry:3f/secvslbrysummaryjudgementruling:a

[31]https://www.fec.gov/information/receipts/individual-contributions/?contributor_employer=FTX

[32]https://www.cnn.com/2022/11/09/enterprise/sam-bankman-fried-wealth-ftx-ctrp/index.html

[33]https://twitter.com/SBF_FTX/status/1590709166515310593

[34]https://cointelegraph.com/information/white-house-says-prudent-regulation-of-cryptocurrencies-is-needed-hinting-at-situation-with-ftx

[35]https://cryptopotato.com/ftx-and-alameda-file-for-bankruptcy-sbf-resigns-as-ceo/

[36]https://markets.businessinsider.com/information/currencies/digital-dollar-wall-street-banks-new-york-fed-ftx-crash-2022-11?miRedirects=1&op=1

[37]https://www.businessinsider.com/blockfi-ftx-bankruptcy-crypto-lender-emergency-loan-pausing-withdrawals-2022-11?op=1

[38]https://www.circle.com/weblog/apple-pay-is-now-available-on-circle

[39]https://information.yahoo.com/grayscale-bitcoin-trust-hits-record-132435240.html

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