Friends - This is the darkest week of my career since I took the leap to full-time crypto. I’ve been reaching out to my network, my family, and checking in on everyone. I am OK, but very sad and disappointed in the ‘leaders’ who squandered billions of dollars of customer funds. I suspect there are many more who are in far worse shape due to the collapse of FTX.
It’s helpful to step back and remember what’s important. Family, mental and physical health, and doing things that make us happy. Cryptocurrency took a huge step back, but we can reflect on all of the infrastructure and financial innovations that have been built in just a few short years. There is much to build on to help users be safer and more versed in self-custody.
I created Ethropy to help everyone learn how to navigate this exciting financial space on your own. Please go through the old articles about self-custody, safety, and how to go it alone. I am always here for a conversation. Sending wishes and positivity to you all! -Adam
MARKET:
Move along, nothing to see here, just the biggest takeover in crypto exchange history. Binance is now the top dog in centralized exchanges after pulling off an insane deal.
FTX was in major financial distress:
Many VC firms are calling their investment in FTX a complete loss:
How did this happen? Details are starting to emerge, but there will be a thorough investigation into the Alameda/FTX books:
Oh and the CPI came in under expectations so the market is rallying… *shrug*
NEWS:
It’s now a criminal investigation:
The US Govt now holds $3.6b in BTC
Contagion spreads to Galaxy Digital
Twitter registers as payment Biz ($DOGE):
Sequoia writing FTX down to a zero:
REGULATORY:
RUGS:
Read about FTX above.
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None of this is financial advice