Going for the Silver in the crypto rubbernecking Olympics

There’s been a deluge of crypto-rubbernecking articles since FTX melted down 4 months ago…and I’m not even gonna try to link all the good reads. These are just some of the top hits.

November: “In less than a month, reporting and the bankruptcy process have uncovered a laundry list of further decisions and practices that would constitute financial fraud if FTX had been a U.S. regulated entity – even without any crypto-specific rules at play. […] The list is very, very long.

December: “Sam Bankman-Fried’s $30 million Bahamas penthouse looks like a dorm after the students have left for winter break. The dishwasher is full. Towels are piled in the laundry room. Bat streamers from a Halloween party are still hanging from a doorway. Two boxes of Legos sit on the floor of one bedroom.

“The Block, a media company that says it covers crypto news independently, has been secretly funded for over a year with money funneled to The Block’s CEO from the disgraced Sam Bankman-Fried’s cryptocurrency trading firm, sources told Axios.

“Zhao [CZ, from Binance] was concerned that Bankman-Fried was orchestrating crypto trades that could send the industry into a meltdown. “Stop now, don’t cause more damage,” Zhao wrote in a group chat with Bankman-Fried and other crypto executives Nov. 10. “The more damage you do now, the more jail time.”

“[Trump’s] “digital trading cards” are indeed just another cash grab NFT project, but the low quality images and the company in charge of the project are a more complicated enigma. The images were so lazy that based on reverse image searches they were edited photos scraped off the internet.” Zoom in on some of them, and you can even see the remains of the Shutterstock watermarks…

February: “These are sophisticated idiots that not only acted with disregard for their customers’ funds – not that one can call anyone of Celsius a “customer” in the traditional sense, as no service was being offered – but with possibly the least financial acumen I’ve seen outside of the Minions from the Despicable Me movies.

“Dillon Danis said he felt bad for the victims of scams, but let’s see if he really means that. Putting an influencer to the ultimate test, by offering them money to promote what is an OBVIOUS fake NFT website, and then giving them a contract acknowledging the whole scheme.” [Video, another slam dunk from Coffeezilla]

Now: Crypto Collapse BINGO, 2022-23 edition, updated with the folding of Silvergate Bank. (I haven’t watched Crypto Critics’ Corner’s video about the de-bankening yet, but I’m sure it’s a good time.)


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