“What would you do if you weren’t afraid?” - Sheryl Sandberg
1) Bahamas Orders FTX Crypto Transfer: John J. Ray III, appointed to run the FTX restructuring, slammed Sam Bankman-Fried and the broader C-suite management in a court filing. He said it exhibited a “complete failure of corporate controls” – the worst he has seen in his entire career. The filing states that executives had software to conceal misused client funds which were then funneled into high-end homes and personal items. Additionally, the latest canary revealed that Sam Bankman-Fried transferred assets to the Bahamas government custody after filing for bankruptcy.
Titan’s Takeaway: The saga reveals new surprises about Sam Bankman-Fried’s scheme daily and the latest twist is a conflict between jurisdictions in FTX’s bankruptcy proceedings. The Bahamas regulators ordered FTX crypto transferred to the government’s wallets and rejected the validity of U.S. bankruptcy proceedings. As FTX continues to unwind, it’s clear that this will be a messy process.
2) Sui Network Launches Testnet: Layer-1 blockchain Sui Network, created by ex-Meta engineers, released its testnet – an experimental phase where participants can inspect the technology in a simulated environment. The “Wave 1” testnet will allow validators to “improve decentralized coordination + incident response” as the network gears up for its live, or mainnet, launch.
Titan’s Takeaway: Sui Network is slated to arrive in challenging times. The company behind it, Mysten Labs, picked up $300M at a $2B valuation – figures that may indicate the launch of a highly-competitive blockchain, rivaling Solana and Aptos.
3) El Salvador to Buy 1 Bitcoin a Day: El Salvador’s President Nayib Bukele pledged to start purchasing 1 Bitcoin every day for an indefinite amount of time. The Central American country, which made Bitcoin its legal tender next to the U.S. dollar, has plowed about $100M of public money into roughly 2,400 BTC. The numbers imply losses of more than $60M, as measured by today’s Bitcoin price.
Titan’s Takeaway: El Salvador’s risky Bitcoin experiment has entered a new phase despite sizable losses and debt woes. As President Nayib Bukele tied the country’s wealth to a single digital token, there isn’t much to show except a failing economy and a gamble with public money.
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