This Week on Crypto Twitter: SBF Pleads Innocence Via Excel, Twitter Reacts with Memes

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Illustration by Mitchell Preffer for Decrypt

It was the third full week of 2023, the third full week of consecutive gains for all main cryptocurrencies, and the third week of the continued spat between crypto trade Gemini and its creditor Genesis. Naturally, there was rather a lot to speak about on Crypto Twitter. 

On Monday, Nationwide Geographic took its first steps within the NFT world with the launch of its Genesis assortment ‘GM: Dawn Across the World.’ Judging by the comments, it was not a really easy minting course of. 

The next day, Maria Shen, an investor at crypto enterprise agency Electrical Capital, shared key takeaways from the corporate’s fourth annual Developer Report. Topline takeaway? The blockchain developer house has continued to develop each all through and regardless of the bear market. 

Crypto costs briefly dipped on Wednesday in anticipation of a U.S. Division of Justice announcement regarding a “main worldwide cryptocurrency motion.” Even Binance CEO Changpeng Zhao gave the impression to be spooked, nevertheless it ended up being a couple of little-known Chinese exchange known as Bitzlato, prompting many memes and far hilarity on Twitter. Crypto costs shortly recovered on the reveal. 

One fortunate solo Bitcoin miner with a humble operation received a sizable block reward that day. 

German car titan Porsche introduced the mint worth of its new 7,500-piece NFT collection celebrating its iconic flagship sports activities automotive, the 911. 

FTX…

On Wednesday, Sam Bankman-Fried,  the disgraced former CEO of FTX, who’s presently underneath home arrest charged with eight monetary crimes in connection to the trade’s collapse, insisted that the FTX chapter staff is mistaken concerning the insolvency of FTX US. 

Bankman-Fried tweeted his newest Substack submit, the place he says FTX U.S “was and is solvent, seemingly with a whole lot of hundreds of thousands of {dollars} in extra of buyer balances.” Though replies had been turned off, many quoted SBF’s tweet to meme his spreadsheet, or remind him that he actually shouldn’t be tweeting anymore. 

Bloomberg crypto journalist Muyao Shen that day tweeted a helpful flowchart connecting the important thing gamers on the high of FTX’s former empire. 

The next day, SBF reacted to a bit of stories from his successor, chapter lawyer John J. Ray III. Ray most notably chaired Enron Collectors Restoration Corp., an organization that returned practically a billion {dollars} ($828.9 million) to Enron’s collectors after the vitality firm in 2001 filed for what was, again then, the most important Chapter 11 chapter in historical past. 

FTX’s collapsed native token FTT additionally jumped on the information of a doable FTX reboot. 

On Thursday, a crypto-loving lawyer who tweets as @MetaLawMan shared a ten-tweet thread highlighting stark variations in John J. Ray III’s dealing with of the FTX and Enron bankruptcies.

Gemini vs Genesis: Week 3

It’s now the third week of a feud that began on the beginning of the year when information surfaced that crypto lender Genesis allegedly owes customers of Gemini’s Earn product $900 million. 

Gemini trade co-founder Cameron Winklevoss and Digital Foreign money Group (DCG) chief Barry Silbert—who wholly owns Genesis—locked horns over it once more last week, earlier than the USA Securities and Change Fee (SEC) obtained concerned and filed a set of charges towards each Gemini and Genesis alleging that Earn was an unlicensed safety. 

On Wednesday, there have been studies that Genesis was making ready to file for chapter. 

Crypto buying and selling firm Cumberland, which operates underneath TradFi buying and selling agency DRW, on Friday introduced it had no publicity to Genesis.

Genesis’s mum or dad firm DCG additionally made an announcement. 

Lastly, crypto information account @WatcherGuru posted the rising checklist of bankrupt crypto firms. 

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