Doubly bad weeks for both Genesis and Nexo, and the founders of Three Arrows Capital progress in their quest to become the most hated people in crypto.
As far as I am concerned you are not "on the clock" when it comes to your posts. They are consistently delightful and they are right on time whenever you post them. You are entitled to have a life.
You might want to register domain aiisgoinggreat.com just in case, as always a very insightful and entertaining update on the web3 space.
I'm still a little fluxomed by the statements out of the FTX bankruptcy regarding values of holdings. They list FTT as a "liquid" holding but volume was only ~100,000 a day post bankruptcy, but the last two weeks has been between ~1-3 million. They list $530 million of FTT, and FTX/Alameda holds the majority. At current prices that's about 240 million tokens. No way you can unload that much at spot price. So I think it's worth maybe 10% of what they list the value as? It's crazy it's worth anything.
The Solana holdings are also problematic, though not because of volume. $685 million of Solana at ~$24 is 29 million Sol. Volume is several millon a day so easier for the market to absorb them selling it and getting value. But it seems FTX and Alameda's Sol wasn't fully unlocked and that it unlocks monthly through 2028. So getting value for redemptions is going to be challenging (and perhaps require selling locked tokens at a discount, so the listed value is actually lower).
SBF is kinda like Brexit. At first, you think it will serve as a valuable cautionary tale to others, but then you realise they've made such a pig's ear of it that anyone who might be deterred will think 'well I wouldn't do it so stupidly.'
Also did you write custom code for the annotations or is that a Substack thing?
Oh golly, I see a new issue in my inbox and I just start reflexively laughing. It's like when the opening credits of a new Ted Lasso episode start!
I'm surprised this hasn't chased all of the crypto lenders and crypto earn programs out of the U.S.
I still get my monthly email from CoinLoan about some tiny amount of interest they paid me. CoinLoan has exactly the same issues the others had, lend without a license, no money transmitter licenses, EIP without an SEC registration. Unless the SEC has already contacted them (and ABRA and others) then these next BlockFI/Celsius/Nexo enforcement actions will continue to occur.
SBF really needs someone to handcuff him and remove all his tech devices and access to the internet.