It was the third full week of 2023, the third full week of consecutive wins for all major cryptocurrencies, and the third week of the ongoing dispute between crypto exchange Gemini and its creditor Genesis. Naturally, there was a lot to talk about on Crypto Twitter.
On Monday, National Geographic took its first steps into the NFT world with the launch of its “GM: Daybreak Around the World” Genesis collection. Judging by the commentshe was not an awfully smooth typing process.
The following day, Maria Shen, an investor at crypto venture capital firm Electric Capital, shared key takeaways from the company’s fourth annual developer report. Topline to take away? The blockchain developer space has continued to grow both during and despite the bear market.
2/ TLDR: *Monthly Developers increased by 5% per year while prices fell by 70%+ * 23k+ monthly developers * 471k monthly code commits * 3.9k monthly developers in DeFi * 61,000 NEW developers hit crypto code in 2022 * Multiple ecosystems outside of @ethereum have over 500 developers and are growing thanks to this bear market pic.twitter.com/vP9KykJGQs
Crypto prices briefly dipped on Wednesday ahead of an announcement from the US Department of Justice regarding “major international cryptocurrency action.” Even Binance CEO Changpeng Zhao seemed to be creeped outbut it ended up being about one little known chinese exchange called Bitzlato, prompting many memes and a lot hilarity on Twitter. Crypto prices quickly recovered on the reveal.
A Lucky Solo Bitcoin Miner With A Humble Operation Won A considerable block the reward that day.
The German car titan Porsche has announced the new price of its new NFT collection of 7,500 pieces celebrating its iconic flagship sports car, the 911.
The iconic 911. Not just a number, a legacy. Unveiling our mint price of 0.911 ETH.
On Wednesday, Sam Bankman-Fried, the disgraced former CEO of FTX, who is currently under house arrest for eight financial crimes related to the stock market crash, insisted that the FTX bankruptcy team is wrong about the insolvency of FTX US.
Bankman-Fried tweeted his last Substack message, where he said that FTX US “was and is solvent, likely with hundreds of millions of dollars more than client balances.” Although replies were disabled, many quoted SBF’s tweet to memorize his spreadsheet or remind him that he really shouldn’t be tweeting anymore.
Bloomberg Crypto journalist Muyao Shen tweeted a handy flowchart that day linking key players to the top of FTX’s former empire.
The next day, SBF reacted to news from its successor, bankruptcy attorney John J. Ray III. Ray notably chaired Enron Creditors Recovery Corp., a company that returned nearly $1 billion ($828.9 million) to Enron creditors after the energy company filed in 2001 what was, at the largest Chapter 11 bankruptcy in history.
FTX’s collapsed native token, FTT, also jumped on news of a possible FTX restart.
On Thursday, a crypto-loving lawyer who tweets as @MetaLawMan shared a ten-tweet thread highlighting stark differences in John J. Ray III’s handling of the FTX and Enron bankruptcies.
8/ In his testimony and affidavits, Mr. Ray vividly describes a true historical re-enactment of “red flags” being waved at FTX that no competent attorney could have missed.
And yet, Mr. Ray does not intend to hold these attorneys liable for damages as he did in Enron.
It is now the third week of a feud that began in beginning of the year when news surfaced, crypto lender Genesis owed users of the Gemini’s Earn product $900 million.
Gemini Exchange co-founder Cameron Winklevoss and Digital Currency Group (DCG) chief Barry Silbert, which wholly owns Genesis, questioned themselves again. Last weekbefore the United States Securities and Exchange Commission (SEC) got involved and filed a set of fillers against Gemini and Genesis alleging that Earn was an unlicensed security.
On Wednesday, there were reports that Genesis was preparing to file for bankruptcy.
TO UPDATE: @GenesisTrading prepare Ch. 11 filing for bankruptcy. Expect an announcement no later than early next week (probably by the end of the week).
**DCG does everything in its power to protect the DCG brand, even if it means sacrificing a holding company and its creditors.
Crypto trading firm Cumberland, which operates under trading firm TradFi DRW, announced on Friday that it has no exposure to Genesis.
Genesis’s bankruptcy filing today reflects misleading and incorrect information, and as part of our commitment to transparency, we are providing further details. pic.twitter.com/FbXlQRAsoE
