This Week on Crypto Twitter: SBF Arrested! Binance Withdrawals Spike! Former President Pitches NFTs!

Illustration by Mitchell Preffer for Decrypt

Simply while you thought the torrent of gossip was beginning to subside in Cryptoville, this week crypto Twitter was slammed by a barrage of stories that turned it again into its normal self: a festering hive of gossip, scorching takes, judgements and hypothesis.

Two of the three bombshells dropped on Monday, giving individuals the entire week to chew on them. The primary was the arrest of disgraced former FTX CEO Sam Bankman-Fried within the Bahamas. He was charged with conspiracy, wire fraud, cash laundering by the Justice Division, and securities violations by the SEC, amongst others

Predictably, Twitter was throughout it.

That very same day, a leaked e mail from SBF to the Lawyer Normal of The Bahamas, dated from November 10, revealed that the previous multi-billionaire claimed he was “cautiously optimistic that [FTX] will have the ability to survive the turmoil and have sufficient liquidity for all buyer withdrawals.”

Given the chronology of occasions, we are able to—with the additional advantage of hindsight—deduce that he was in all probability positively mendacity. 

The official assertion from the workplace of the Lawyer Normal of The Bahamas following his arrest stated: “it was deemed acceptable for the Lawyer Normal to hunt SBF’s arrest and maintain him in custody pursuant to our nation’s Extradition Act.” Yikes! 

Mattie Fairchild, a director of selling for crypto metaverse gaming platform Core Video games, highlighted the distinct environment on Twitter that day. 

Due to his arrest, U.S. Consultant Alexandria Ocasio-Cortez stated she was “dissatisfied” that SBF would not be attending a listening to in DC that was scheduled for this week. It needs to be famous that SBF ducked out of showing on the listening to earlier on Monday, citing considerations that his look would trigger a “paparazzi impact.” Damned if he does, damned if he doesn’t.

In the meantime, crypto-friendly U.S. Senator Cynthia Lummis known as the FTX saga a case of “good, old style, fraud.” 

As if all of this wasn’t unhealthy sufficient, SBF additionally discovered himself in scorching water from League of Legends publishers Riot Video games. You realize the outdated saying, “the upper they rise the more durable they fall”? It’s positively not relevant to SBF’s gaming abilities.  

What’s up with Binance?

The opposite huge speaking level this week was Binance’s growing infamy. On Monday, Tom Wan, an analyst at crypto funding product agency 21.co, tweeted that some huge cash seemed to be leaving the centralized trade.

24 hours later, the trade had processed internet outflows of effectively over 2 billion between Monday and Tuesday, essentially the most since June, in accordance with Nansen information. 

On Wednesday, it got here to gentle that CEO Changpeng “CZ” Zhao has allegedly informed workers he expects the subsequent few months “will probably be bumpy.” The chief remained poker-faced as outflows have been mounting. 

By Saturday, CZ was cautioning followers towards FUD. 

Trump releases blockchain Trump Playing cards

Former U.S. President and 2024 Presidential Candidate Donald Trump introduced his first steps in crypto on Thursday with the discharge of an NFT “Trump Card” assortment.

Is it us, or are these allocations a bit sus?

And who, or what, was happening right here?

Maybe this explains it?

Okay, we’re misplaced once more.

Appears like Christmas got here early on the Trump family this yr. 

Guess that went precisely as everybody anticipated it might: completely shambolic, and greater than a bit questionable. Guess it runs within the household. 

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