⚖️ SBF's trial starts THIS WEEK

Advertise with us | Our Newsletters

Good Morning!

Things are heating up this week with the long-awaited trial of the former FTX founder, Sam Bankman-Fried, commencing nearly one year after the collapse of the exchange. To mark the occasion, last year's FTX hacker decided to launder the remaining $26 million that was stolen while the exchange was in turmoil.

While many might believe that ETH is now deflationary, that’s not necessarily the case. As gas prices plummet due to the decline in DeFi and NFT sales, Ethereum’s supply has at times begun to grow again.

Let’s dive in! 👇️

Markets

Sam Bankman-Fried's trial is about to start. Will it help crypto finally move on? (5 minute read)
The extended FTX controversy, attributed largely to the actions of former CEO and co-founder Sam Bankman-Fried, has unfolded over nearly a year. As his criminal trial is set to commence next week, there's an anticipation for an acceleration in events. The downfall of the exchange has brought about emotional and financial hardships for numerous individuals. Now, an array of stakeholders, including aggrieved customers, former employees, creditors, and both crypto proponents and skeptics, are poised to witness Bankman-Fried's legal reckoning. Although the trial won't be televised, media coverage is expected to surround the courtroom proceedings. Jury selection is scheduled to start next Tuesday and could extend through the week. Notably, Bankman-Fried faces restrictions on the information he can present to the jury, including his incarceration status, family background, age, health, and certain aspects related to FTX's bankruptcy, as ruled by the presiding judge in his case.

Ethereum Supply Is Starting to Grow Again as Gas Prices Plummet (2 minute read)
Ethereum's supply dynamics are undergoing constant shifts amidst the tumultuous decline in DeFi, NFT sales, and meme coin trading this year. The perception of Ethereum's inflationary or deflationary nature varies based on the observed time frame: over a week, it appears to become scarcer, while over a year, it ends up issuing more than it burns. Notably, in August 2021, Ethereum implemented EIP-1559, a pivotal move that introduced a fee-burning mechanism, linking supply to gas prices—higher gas prices result in more ETH being burned, and vice versa. This transformation laid the groundwork for last year's merge, shifting from proof-of-work to proof of stake and drastically reducing ETH issuance by 90%, prompting claims that the network had evolved into "ultrasound money." However, this label is currently facing scrutiny amid diminishing gas prices and a decrease in transactional volume.

Solana’s TVL Surge Sparks Speculation Across Crypto Community (3 minute read)
Solana's (SOL) Total Value Locked (TVL) reached a new high for 2023, hitting $338.82 million today, prompting the crypto community to speculate on the driving factors. On October 2, SOL's TVL witnessed a 24-hour surge of about 4.15%, elevating it from $324.64 million to the mentioned peak. Notably, since the start of 2023, SOL's TVL has experienced a significant uptick of around 38%, starting from $210.47 million on January 1.

Tech

FTX 'Hacker' Moved 15K ETH This Weekend (2 minute read)
The entire 15,000 ETH linked to last year's $600 million attack on FTX's wallets has now been transferred using privacy tools and bridges. In November 2022, following FTX and its associated companies' bankruptcy filing, an unidentified party drained multiple wallets, totaling up to $600 million, with 15,000 ether, valued at around $26 million, remaining in a single wallet until this past weekend. A portion of 2,500 ETH ($4 million) was the first to move, finding its way to the Thorchain bridge, the Railgun privacy wallet, or intermediary addresses. Subsequently, the remaining funds were also moved, and a significant portion ended up at the Thorchain router. Additionally, some funds were directed to a contract named "Metamask: Swap Router." Railgun, a privacy wallet, allows users to store tokens and utilize funds for decentralized financial services, including lending and borrowing, with transactions kept confidential.

Lazarus’ new malware can now bypass detection (3 minute read)
The Lazarus Group, a North Korean hacking collective, has shifted to a new and highly "sophisticated" malware in its fake employment scams, posing a greater challenge for detection compared to its previous versions. ESET researchers, while analyzing a recent cyber attack involving a fake job offer targeting a Spain-based aerospace company, discovered a previously undisclosed backdoor named LightlessCan. The typical modus operandi of Lazarus Group involves luring victims with promises of employment at reputable companies and tricking them into downloading malicious payloads disguised as seemingly innocuous documents, resulting in various malicious actions. However, this new LightlessCan payload marks a significant advancement over its predecessor, BlindingCan, according to Peter Kálnai, ESET’s senior malware researcher.

Misc

Coinbase Obtains Payment License in Singapore (2 minute read)
Coinbase has successfully acquired a payment institution license from the Monetary Authority of Singapore. This newly acquired license will empower the exchange to broaden its offerings of digital payment token services to both individuals and institutions within Singapore, as stated in a recent blog post by the company. The company revealed that it has been progressively establishing a stronger presence in Singapore, including setting up a technology hub and engaging product managers and engineers focused on Web3. Additionally, Coinbase's venture capital arm has made investments in more than 15 Web3 startups within the country over the past three years. Singapore serves as the central hub for Coinbase's Asia-Pacific institutional operations.

Like crypto or not, central banks need to prepare, BIS innovate head says (2 minute read)
Cecilia Skingsley, the head of the Innovation Hub at the Bank for International Settlements (BIS), emphasized the importance of staying ahead in the rapidly evolving landscape of technology and digital assets. The Innovation Hub is tasked with thoroughly researching and understanding how emerging technologies, including cryptocurrencies, could impact the functioning of central banks. Skingsley stressed that the BIS cannot afford to overlook the digital asset space, especially after the experiences with Libra in 2019, which highlighted the dynamic nature of the tech sphere. The BIS's recent report highlighted the substantial potential of tokenization in enhancing efficiency and transparency in financial markets.

🐥 Best of Twitter

Thanks for reading, if you enjoyed, tell your friends!

P.S: If you're interested in the wider investing world. Check out our flagship publication.