The story of Bitcoin has unquestionably had its comely allotment of putrid characters, criminal exercise, wicked haircuts and worse wardrobes, and but our anti-hero du jour has perceived to outdo all of them. Sam Bankman-Fried, greater known by the three letter acronym SBF, burst onto the scene on the peak of the 2017 bubble, founding Alameda Analysis that September, simply four years after graduating from an internship correct into a fat-time location at one amongst the enviornment’s largest market makers, Jane Avenue Capital.
SBF is the son of Stanford Law professor and founder of left-flee big PAC Tips The Gap, Barbara Fried, and Stanford professor Joseph Bankman, an professional on tax safe haven regulations and authorities law. On the launch of 2018, SBF had struck digital gold while taking good thing regarding the arbitrage opportunity presenting itself between a much bigger inquire of for bitcoin within the Asian market, colloquially veritably referred to as the “kimchi premium”. By the top of the 365 days, and after amassing a appreciable fortune from this high-quantity bitcoin/dollar spread, he officially moved to Hong Kong, formally founding the derivatives substitute FTX within the next spring.
The Bitcoin community that SBF rode from rags to riches and motivate all as soon as more became as soon as in part launched in insist response to the fiat money experiment rearing its gruesome head within the subprime mortgage, real estate and eurodollar crises that culminated into what’s now veritably referred to as the Extensive Monetary Disaster of 2007 to 2009.
“??EThe Events 03/Jan/2009 Chancellor on brink of second bailout for banks%”
– Satoshi Nakamoto, January 3, 2009
This now unsuitable inscription within the genesis block made particular the imperfect fractional reserve banking and predatory mortgage fiascos of our regulated banking industry became as soon as to be put to leisure as soon as and for all by this emergent monetary protocol; a really clear and decentralized ledger would de-incentivize fraud and dwell obfuscation of illicit exercise. A contemporary competitor to the dollar arose from the ashes of the meltdown, and with it, a recent usual for financial equity, complete with predictable issuance, controlled as soon as and for all by the participants for the participants. But in any gadget made with correct intentions, criminals relish SBF and his equipped-and-paid-for political and media allies manage to accept a means to wound harmless participants for the good thing about an unknown few. Treasure most bright experiences of counterfeit financial crimes, this one begins within the Bahamas, and ends with a tidal wave of asset liquidations and broken properties.
“Whenever you happen to suspect the Bahamas has ruined your world tax gadget, you will even obtain a vivid dreadful world tax gadget.”
– Steven Dean, Summer 2020 [1]
Launching The Stablecoin, CBDC Speed To The Backside
The Bahamas appears innocuous enough, and but there is a lengthy history of U.S. tax avoidance, complete with rum-working bootleggers all the contrivance thru the prohibition era. Persevering with this recount, the Caribbean banking amenities, along with the Bahamas and the Cayman Islands, as of August 2022, were the fourth-largest international holders of treasury securities, tiresome only Japan, China and the U.K. At the moment after the time of its founding, FTX became as soon as entirely taking good thing regarding the free money era that started with the 2008 break and became as soon as sustained by low-to-zero hobby charges brought upon by the Trump administration.
These payment cuts were started by the Trump-nominated and Biden-renominated Jerome Powell and were additional exacerbated by each and every of their administrations’ COVID responses. An unheard of pumping of all things dollar denominated occurred, with real estate, stock indexes, bitcoin and a complete bunch of unregistered securities veritably referred to as altcoins reaching contemporary highs across the board. In June 2019, one month after the founding of FTX, Facebook’s Impress Zuckerberg launched Libra, a digital forex based mostly entirely mostly on a basket of world currencies; a easy dangle on stablecoins. This launched the stablecoin and CBDC bustle in earnest, and coincidentally enough, the Central Monetary institution of the Bahamas grew to alter into the most most critical such establishment to squawk its own CBDC, the sand dollar, in October 2020. The sand dollar itself became as soon as pegged to the Bahamian dollar, which is itself pegged to the United States dollar, and thus with its authorities-sanctioned launch, the birth of the most most critical central bank-issued stablecoin dollar came to be on the sandy beaches of SBF’s contemporary house.
“What’s the reserve forex of the crypto economic system going to be? Correct now it be unambiguously the USD. And interestingly it be USD whether or no longer or no longer you’re taking a look on the American crypto economic system.”
– Sam Bankman-Fried, November 5, 2021
Whereas the U.S. authorities feigned effort of systemic threat on the time, the Chinese authorities understood the Libra challenge to be a backdoor dollarization of the G7 currencies rumored to be incorporated in its basket. A Metaverse-held dangle on the 1985 Plaza Accord, this notion of coordinated central banking would spread USD community customers across the online’s greatest community, accelerated by the high velocity on hand in centralized digital funds and globalized by the without boundary lines nature of the Facebook user defective.
The digital yuan became as soon as trialed in April 2021 with big haste in reaction to this trend, and by the Chilly climate Olympics 2022, had launched for international attendees in Beijing. Now to no longer be outdone by these contemporary-look, identical-shit fiat cryptocurrencies, Bitcoin made its own financial history when President Nayib Bukele of El Salvador took to the stage at Bitcoin 2021 to squawk the accurate gentle aspirations of his tiny but dollarized nation. On March 9, 2022 President Joe Biden signed Govt Expose #14067–”Guaranteeing Responsible Pattern of Digital Sources”, which incorporated aspirations for mitigation of monetary dangers in digital asset markets, as effectively as a clause citing that inside 210 days, the attorney general, in session with the secretary of the treasury and the chairman of the Federal Reserve, must present a proper proposal for a authorities-issued CBDC.
By this level, the Bitcoin financial gadget had been fully and effectively dollar-ified, with billions of dollars in liquidity of dollar-denominated procuring and selling pairs making up the lion’s allotment of market exercise. The identical will most doubtless be acknowledged for the Ethereum community, which has seen its compliance-pushed perversion by non-native property taking the wheel from its token Ether, as stablecoin and other dollar derivatives now uphold the massive majority of business weight of the gadget. Both stablecoin giants Circle, issuer of USDC, and Tether came out in pork up of the merge, additional ossifying their stake within the now-close to-70%-OFAC-compliant blockchain. [2] As of this text’s writing, over 15.5 million ether are on the second staked without active withdrawals within the Ethereum 2.0 beacon chain, worth close to $18 billion dollars.[3] Happily for Bitcoin, the consensus weight of its gadget is no longer manipulated by user stake, and thus the Bitcoin market has been seemingly unaffected – negatively anyway – by this decade-lengthy trend. At least unless scammer Assemble Kwon and his ponzi-scheme Luna wreaked havoc on traders on the launch of Would possibly well maybe presumably also simply of 2022.
“[Crypto is] clearly serious…you might well attain applicable by it within the regulatory express.”
– President Invoice Clinton, April 27, 2022 (Allegedly) [4]
Contagion Spreads
Only a number of weeks after SBF hosted a keynote with frail U.K. Top Minister Tony Blair and President Invoice Clinton on the FTX-organized Crypto Bahamas convention, one amongst the largest-ever over-the-counter bitcoin purchases became as soon as launched by the LUNA group.
Terraform Labs and the non-income Luna Basis Guard, two entities headed by Assemble Kwon, had begun a campaign to amass bitcoin as a reserve asset within the event that their algorithmic stablecoin, UST, deviated from its $1 peg. At the moment sooner than their crumple, the notion had ballooned to the lofty scheme of stacking over $10 billion within the hardest known digital commodity known to man. This dangle became as soon as financed with Three Arrows Capital, or 3AC, and became as soon as facilitated by cryptocurrency dealer Genesis.
“Terra’s outstanding development has consistently reshaped crypto markets over the last two years”, acknowledged Joshua Lim, head of derivatives at Genesis. “Genesis is labored up to be a liquidity accomplice to the Terra ecosystem, connecting it to a broader viewers of institutional market contributors.”
With the bitcoin reserves of Luna Basis Guard totalling 80,394 BTC, valued at over $3.1 billion on Would possibly well maybe presumably also simply 5, 2022, this dangle placed LFG among the top-10 bitcoin holders within the enviornment. [5] But simply for a second, for while it might maybe probably per chance well also in actual fact feel relish a lifetime ago, what came about subsequent must look awfully familiar; the peg became as soon as attacked, the honest no longer too lengthy ago-bought bitcoin fortune became as soon as liquidated, Binance, led by CEO Changpeng Zhao (CZ), aptly halted all procuring and selling on LUNA and UST pairs – with vital exceptions to their own stablecoin BUSD – and Kwon seemingly fled to exterior of U.S. jurisdiction to Asia. [6]
Thus begins our first of many repeatable facets of inquiry; where precisely did this bitcoin shuffle? Basically based entirely on an audit released in November 2022, over 33,000 bitcoin were transferred to Binance on Would possibly well maybe presumably also simply 10, 2022, and sold along with other property while failing to defend the peg. [7] The identical day the close to $1 billion dollars worth of bitcoin hit Binance’s direct books, bitcoin’s USD designate broke underneath $30,000, falling from $40,000 simply per week sooner than.
On Would possibly well maybe presumably also simply 13, SBF bought a 7.6% stake in Robinhood, the procuring and selling platform that came under scrutiny for halting procuring and selling all the contrivance thru the GameStop fiasco in early 2021. Bloomberg had reported that round 40% of Robinhood’s income came without delay from promoting clients orders to companies comparable to Two Sigma Securities, and Citadel Securities. [8] Citadel had been fined $700,000 in July 2020 for front working trades placed by clients orders, and in September of that identical 365 days, Robinhood itself became as soon as puzzled by the U.S. Securities and Alternate Commission (SEC) for improperly informing customers of promoting stock trades to known high-frequency procuring and selling companies.
Beforehand in December 2020, Robinhood had agreed to pay $65 million to settle costs of repeated misstatements for failure to direct their receipts of funds from acknowledged procuring and selling companies. [9] When newly-nominated Treasury Secretary Janet Yellen briefed newly-elected President Joe Biden on this battle of hobby in February 2021, she herself needed to compose an ethics waiver as a consequence of having got on the least $700,000 in speaker charges from Citadel LLC the 365 days prior. [10] SBF had disclosed this dangle by a filed Time table 13-D assemble with the SEC, costing $648.3 billion dollars and giving him 2.8% voting energy of their twin-class allotment structure, under the entity Emergent Fidelity Applied sciences; a title acknowledged to be randomly generated. [11]
“On July 13, Coinbase Alternate will doubtless be unifying USD and USDC direct books. As portion of the unification direction of, USDC direct books will doubtless be merged under USD direct books to compose the next, extra seamless procuring and selling experience with deeper liquidity for USD and USDC.”
– Coinbase Alternate Twitter, June 29, 2022 [12]
Circle, the entity tiresome the increasingly extra utilized USDC stablecoin, had beforehand expanded their world offerings with a subsidiary operation based mostly entirely mostly in Bermuda with an announcement made on July 22, 2019. [13] This entity, filed under the Digital Sources Alternate Act of 2018 (“DABA”) intended that Circle became as soon as the most most critical critical stablecoin issuer to receive a Class F (“Paunchy”) DABA license that lined their operation of custody, payment services and products, substitute, procuring and selling and additional financial services and products at some stage within the digital asset realm. Circle’s other banking companions, Signet, Signature Monetary institution and Silvergate Capital had made USD loans to Celsius, Voyager, Block Fi, Three Arrows Capital and Alameda Analysis. By the level this text became as soon as written, all had filed for financial finish. Two of their other substitute friends, Galaxy Digital and Genesis, obtain also reported big losses within the FTX crumple, with rumors of additional contagion results coming. Coinbase, a publicly-traded substitute under the ticker $COIN, launched in its Q2 2022 shareholder letter that close to 1 third of complete income became as soon as derived from hobby on USD-denominated holdings, along with a trim USDC location:
“Passion profits became as soon as $33 million, up 211% when put next with Q1. The boost became as soon as basically pushed by our USDC exercise, as effectively as bigger hobby charges as we generate hobby on fiat buyer custodial funds… on the top of Q2, we had $6.2 billion in complete $USD property. As effectively as, we had $428 million of crypto property.” [14]
When the letter became as soon as released in leisurely August 2022, hobby on USDC holdings for 365 days became as soon as up to 4.7%, while one-month yields were an even 4%. By November 16, 2022, USDC yields were down to 0% across all time frames.[15]
“1) Binance converts USDC –> BUSD, and we look for the bogus in presents. Thus begins the Second Extensive Stablecoin War.”
– @SBF, October 23, 2022 [16]
On September 4, 2022, Binance launched that it might maybe probably per chance well be auto-converting all USDC, USDP and TUSD, three critical dollar stablecoins, into its self-issued BUSD, efficient in simply 25 days. [17] This ended in continued concerns about Binance’s solvency with the preceding few months, especially July 2022, seeing the largest known outflows of bitcoin within the bogus’s history, eclipsing even March 2020’s black swan backside.
On October 11, 216 days after Biden’s government direct with the aforementioned 210-day clause, BNY Mellon, the enviornment’s largest custodian bank with over $43 trillion on the books, and coincidentally, the custodian of Circle’s reserves backing USDC, launched the launch of its digital asset custody program. [18] Interested with extra than 20% of the enviornment’s investable property, the bank founded by the most most critical secretary of the treasury, Alexander Hamilton, became as soon as also listed as a accomplice within the FedNow pilot. [19]
Despite these institutional tendencies, a continued own market weighed heavily on the now-plummeting bitcoin designate. Ironically, increasingly extra Bitcoin hash payment poured onto the community. These concurrent movements saw Bitcoin’s hash designate plummet to an all-time low, spurring a gigantic liquidation of bitcoin liabilities off mining operators books. On October 26, Core Scientific, then the largest Bitcoin mining operation within the enviornment, filed for financial finish with hundreds and hundreds of dollars in debt liabilities, hundreds of ASICs, and but of their filings, held only 24 bitcoin complete when the circus came to town. [20] The place precisely did all this bitcoin shuffle? On that identical day, barely two weeks sooner than the FTX crumple, Binance saw its largest single day outflow, with 71,579 money, totalling over $1.1 billion in dollar phrases. [21] This pushed salvage outflows to easily about 95,000 money from the enviornment’s largest substitute since simply that July. All as soon as more, where precisely did all this bitcoin shuffle? The very subsequent day, October 27, 2022, SBF seemed on The Spacious Whale and launched future plans for FTX to launch its very own stablecoin. [22]
Extra Sand Than Bucks
“CIA and Mossad and pedo elite are working some extra or less sex trafficking entrapment blackmail ring out of Puerto Rico and caribbean islands. They’ll body me with a computer planted by my ex gf who became as soon as a peek. They’ll torture me to dying.”
– Nikolai Muchgian, October 28, 2022 [23]
On October 24, 2022, the MakerDAO authorized a community proposal to custody close to $1.6 billion USDC with Coinbase Top. [24] Four days later, Nikolai Muchigan, the co-founder of MakerDAO and inventor of Rai, a DAI-fork stablecoin, tweeted that his life became as soon as at threat as a consequence of a Caribbean island blackmail ring, supposedly backed by Israeli and U.S. intelligence agents. Three days later, on Halloween, the 29-365 days-inclined coder Muchigan became as soon as realized unnecessary, having drowned within the ocean off Condado Seaside in Puerto Rico. [25]
Two days later, on November 2, 2022, CoinDesk reporter Ian Allison released findings that over a third of all property – round $5.8 billion of $14.6 billion – on the balance sheet of SBF’s Alameda Analysis became as soon as intrinsically, and almost today to be fatally, linked to FTX’s substitute token FTT. A “bank” flee commenced, and after three days of close to $6 billion in withdrawals, FTX became as soon as left with actually one single bitcoin. The place precisely did all this bitcoin shuffle? The next day in an interview with Fortune, Coinbase founder and CEO Brian Armstrong made ticket that USDC will change into the de facto central bank digital forex within the U.S. [26]
“The policymakers within the U.S. will space the framework that must be followed in advise that the non-public market will in actual fact compose the solutions, and USD coin has been on a terribly rapidly upward push… the regulatory surroundings is one amongst the greatest unlocks we’re going to acquire through rising this industry and per chance even getting the costs to pass motivate up within the applicable path”
– Brian Armstrong, November 3, 2022
On November 6, CZ launched Binance would liquidate a remaining share of FTT it had got from exiting FTX’s equity, having got round $2.1 billion in BUSD and FTT. Minutes after his announcement, Caroline Ellison, SBF’s accomplice and the CEO of Alameda Analysis, equipped to amass the tokens at $22 each and every, in an over-the-counter trend. [27] By November 8, CZ and SBF had a cellular phone name and seemingly came to a tentative deal for acquisition, reserving the applicable to motivate out of the deal at any time, while interestingly also leaving each and every U.S.-based mostly entirely mostly proprietary exchanges, Binance.us and FTX.us, exterior the scope of the deal.
“Issues obtain advance fat circle, and FTX.com’s first, and last, traders are the identical: we’ve got advance to an settlement on a strategic transaction with Binance for FTX.com (pending DD etc)”, SBF tweeted. [28]
Later that evening, FTX officially suspended all asset withdrawals. As portion of the must haves of the acquisition, SBF became as soon as compelled to originate the FTX books and point out the backside of his pockets; seeing extra sand than dollars, CZ backed out of the deal. About a most critical statements were made within the forty eight hours or in advise that led up to this surprising cataclysm, along with from the awfully-tranquil U.S. Securities and Alternate Commission itself.
“Liquidating our FTT is exclusively put up-exit threat administration, discovering out from LUNA. We gave pork up sooner than, but we cannot faux to assemble relish after divorce. We aren’t in opposition to somebody. But we cannot pork up participants that lobby in opposition to other industry avid gamers tiresome their backs. Onwards.”
– CZ, November 6, 2022 [29]
On November 7, 2022, the SEC officially deemed LBRY, or Library Coin, an unregistered safety offering, surroundings a devastating precedent at some stage within the extended cryptocurrency market. [30] In the United States District Court docket for the District of Contemporary Hampshire, the memorandum and direct read, “The Securities and Alternate Commission (SEC) contends that LBRY, Inc. equipped and sold unregistered securities in violation of Section 5 of the Securities Act of 1933”, the act colloquially veritably referred to as The Howey Test.
As a consequence of LBRY reserving a pre-mine of close to 400 million LBC tokens, and the knowledge that the corporate to this level had spent roughly half of of its pre-mined LBC, the SEC particular general challenge complete with an absence of disclosure and accurate submitting of its now alleged safety offering thru required channels within the Gary Gensler-chaired SEC. The implications of this submitting despatched shockwaves across the pre-mined token industry, along with exchanges itemizing these tokens as effectively because the entities tiresome their issuance. With ease, the next day became as soon as November 8, the United States’ midterm elections, with the balance of the senate and the apartment — and per chance the regulatory path of the digital asset industry — as soon as extra at stake.
Trying to accept FTX on FEC.gov brings up 456 particular person campaign contributions from SBF, CEO Ryan Salame, and others. [31] Salame’s contributions complete over $14 million in direction of GOP candidates, while SBF’s “efficient altruism” contributed over $20 million in donations to DNC politicians. Having been the second main donor to the Biden campaign, by the level the last tallies from election night rolled in, SBF’s bankroll had at last caught up along with his morals, and he realized himself close to completely bankrupt.
By November 9, the day after the elections, SBF had reportedly misplaced 94% of his salvage worth, down to $1 billion from extra than $15 billion, leaving him with the largest single-day loss by a particular person in line with the Bloomberg Billionaire Index. [32] Early within the morning of November 10, SBF took to Twitter to direct what came about, writing “I’m sorry. That is the greatest thing. I fucked up, and can obtain executed greater”, sooner than making a particular ticket that “THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!” [33]
Chapter 11
“The administration […] has consistently maintained that without accurate oversight, cryptocurrencies threat harming on a regular foundation Individuals…The most latest files additional underscores these concerns and highlights why prudent law of cryptocurrencies is indeed wished.”
– White Home Press Secretary Karine Jean-Pierre, November 10, 2022 [34]
On the eleventh day of the eleventh month, FTX and Alameda Analysis officially filed for Chapter 11 financial finish safety, and SBF stepped down as CEO. As effectively as, 130 affiliated companies linked or associated with FTX also commenced voluntary lawsuits under Chapter 11. [35] The tide had long gone out, and close to everyone enthusiastic obtained caught swimming bare, as a advance-never-ending tidal wave of dollar-denominated liquidations made lickety-split work of SBF’s Caribbean empire.
Whereas the most most critical trickles of a dollar CBDC might maybe well even obtain started within the Bahamas, the monsoon of coming law and contagion of the Second Extensive Stablecoin War is removed from over. The dollar, having fallen 10% off 35-365 days DXY highs since September, appears to be to be like for contemporary solutions to innovate and additional dollarize markets across the globe.
On November 15, simply four days after the SBF tsunami crashed to shore, BNY Mellon, as effectively as a dozen or so other banking institutions, launched the launch of a twelve-week digital dollar pilot program with the Federal Reserve Monetary institution of Contemporary York. [36] On the very identical day, BlockFi launched plans for financial finish filings, only 5 months after taking a $250 million mortgage from FTX, and Circle launched customers would now be ready to settle funds by accepting Apple Pay. [37,38] With a most critical 43% carve worth now exhibiting on the highly-regulated Grayscale Bitcoin Have confidence, additional community requests for proof of reserves are rising round Genesis and Grayscale, each and every owned by the Digital Currency Team, and even their custodian, Coinbase Custody. [39,40] As of this writing, these requests must this level been denied for safety reasons.
Whereas exhibiting to be using the wave of the booming digital asset revolution, gathering vital particular person endorsements and political allies alike, it turns out SBF became as soon as drowning in debt and capital misallocation amongst the loud, mainstream praise. Later that month, on November 30, SBF became as soon as space to seem in particular person at a Contemporary York Events event, sponsored by Accenture, alongside Secretary Yellen, Meta CEO Impress Zuckerberg, Ukraine President Volodymyr Zelensky, BlackRock CEO Larry Fink, TikTok CEO Shou Bite, frail Vice President Michael Pence, Amazon CEO Andy Jassy, Netflix co-founder and CEO Reed Hastings, Contemporary York City Mayor Eric Adams, and others; tickets for the event were listed at $2,499 per attendee.[41] The interview between SBF and Andrew Ross Sorkin became as soon as streamed as advertised, albeit with each and every parties taking pictures remotely.
Bitcoin tends to be a ballast of truth, bringing all forms of ballooning fraud rushing to the floor. FTX and Alameda Analysis will dangle their plight amongst the seemingly too-abundant-to-sink avid gamers that ended up doing simply that. They’ll under no circumstances be the last. On the opposite hand the next weeks, months, and years play out, it’s particular that SBF became as soon as but a tiny fish in an ocean-sized, dollarized pond. And as he rapid realized out, there might be continually a much bigger fish.
“At some level I’d need extra to impart a number of particular sparring accomplice, so that you just might well reveal. But you realize, glass properties. So for now, all I’ll enlighten is: effectively completed; you won.” [42]
– Sam Bankman-Fried, November 10, 2022
ENDNOTES:
[2]https://fortune.com/2022/08/09/stablecoins-circle-tether-pork up-ethereum-merge-proof-of-stake
[3]https://ethereumprice.org/eth-2-deposits/
[5]https://bitcoinmagazine.com/substitute/luna-foundation-now-holds-extra-bitcoin-than-tesla
[6]https://www.yahoo.com/leisure/binance-dangle away-procuring and selling-pairs-ftx-114338983.html
[9]https://www.sec.gov/files/press-release/2020-321
[11] https://www.axios.com/2022/05/13/what-does-sam-bankman-fried-desire-with-robinhood
[12]https://twitter.com/CoinbaseExch/plight/1542270332299579396?s=20&t=3qAy3oJqtmMnLdfwk-JTJA
[13]https://www.circle.com/weblog/circle-expands-world-offerings-with-contemporary-bermuda-operations-and-digital-property-substitute-license
[14]https://s27.q4cdn.com/397450999/recordsdata/doc_financials/2022/q2/Q2-2022-Shareholder-Letter.pdf
[15]https://www.circle.com/en/usdc-yield#launch
[16]https://twitter.com/SBF_FTX/plight/1584077423280521216?s=20&t=UB_GcB9mjBRJtNS8sS4RJQ
[21]https://bitcoinke.io/2022/11/largest-bitcoin-outflow-on-binance/
[22]https://finance.yahoo.com/files/sbf-ftx-stablecoin-second-big-055956820.html
[23]https://twitter.com/delete_shitcoin/plight/1585918718088970241
[24]https://www.coinbase.com/weblog/coinbase-launches-usdc-institutional-rewards-program-with-makerdao
[25]https://www.trustnodes.com/2022/10/31/etherean-nikolai-muchgian-unnecessary-by-drowning
[26]https://fortune.com/crypto/2022/11/03/coinbase-ceo-says-usdc-will-change into-de-facto-cbdc/
[27]https://twitter.com/carolinecapital/plight/1589287457975304193
[28]https://www.binance.com/en/files/flash/7268278
[29]https://twitter.com/cz_binance/plight/1589374530413215744
[30]https://odysee.com/@lbry:3f/secvslbrysummaryjudgementruling:a
[31]https://www.fec.gov/files/receipts/particular person-contributions/?contributor_employer=FTX
[32]https://www.cnn.com/2022/11/09/substitute/sam-bankman-fried-wealth-ftx-ctrp/index.html
[33]https://twitter.com/SBF_FTX/plight/1590709166515310593
[35]https://cryptopotato.com/ftx-and-alameda-file-for-financial finish-sbf-resigns-as-ceo/
[36]https://markets.businessinsider.com/files/currencies/digital-dollar-wall-avenue-banks-contemporary-york-fed-ftx-break-2022-11?miRedirects=1&op=1
[38]https://www.circle.com/weblog/apple-pay-is-now-on hand-on-circle
[39]https://files.yahoo.com/grayscale-bitcoin-belief-hits-report-132435240.html
[40]https://www.wsj.com/livecoverage/stock-market-files-today-11-18-2022/card/coinbase-vouches-for-grayscale-investments-products-yA5vzaPEIvaOr7Ffj2GE
