TLDR Crypto Daily Update 2022-11-15

Binance's bailout fund 💰, Vitalik's proof-of-reserves 🏦, Alameda frontran FTX listings ⚡

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Markets & Business

Alameda Research Was Frontrunning FTX Token Listings (3 minute read)

Alameda Reserve bought tokens before FTX publicly announced their listings and then sold those tokens for a profit. The firm held $60 million worth of 18 different tokens between the start of 2021 and March of this year before they were listed on FTX. They almost always bought into positions in the month leading up to listings. Alameda likely frontran exchange listings on a bigger scale than in previous cases of crypto insider trading.
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Innovation & Launches

Binance to Be 'Guinea Pig' for Vitalik Buterin's Proof-of-Reserves Protocol (3 minute read)

Binance is working on implementing a new Proof-of-Reserves protocol developed by Vitalik Buterin. The protocol uses the Merkle Tree algorithm to integrate a large amount of data into a single hash which can be used to verify the integrity of the data set. It can be used by exchanges to give investors a clearer picture of their solvency situation. The protocol will take some time to implement. Binance has published all of its cold wallet addresses so people can verify them directly in the meantime.

Nike Launches .Swoosh Web3 Platform, With Polygon NFTs Due in 2023 (3 minute read)

Nike has launched a web3 platform called .Swoosh. The platform will offer Polygon-based NFT products. It will spotlight the brand's NFT and virtual apparel initiatives. Nike acquired web3 studio RTFKT in 2021 and it has been one of the biggest fashion-world players in web3 since. User registrations for .Swoosh will open up later this week.
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Guides & Resources

How four crypto degens created a billion-dollar ecosystem of cartoon apes and how they have turned Yuga Labs in a $4b crypto startup (5 minute read)

In 2018, GordonGoner and CryptoGarga enlisted two friends to build a project with the appeal of CryptoPunks but with added value like locked content, experiences, apparel, and more. They imagined a world where everyone who went hard in crypto, or who 'aped' into it, succeeded and became rich beyond their wildest imagination. This Twitter thread tells the story of how Bored Apes was created, its various branch projects, Yuga Labs, the Otherside metaverse, and more.

Last week's events in crypto have led me to self-reflection (5 minute read)

A lack of regulatory clarity and concern about raising money from retail is the primary reason the crypto industry is in its current state. Projects don't know if regulations allow them to sell tokens to retail investors, so they only sell to VCs. Publicly-listed tokens can be purchased by anyone, yet their creators aren't required to disclose any of their financials. More regulation and transparency is needed for projects raising money.
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Miscellaneous

How North Korea became a mastermind of crypto cyber crime (10 minute read)

North Korea was behind several major crypto hacks this year. The hacks have generated hundreds of millions of dollars in revenue for the regime. North Korea has become one of the world's four principal nation state-based cyber threats alongside China, Russia, and Iran. This article tells the story of Office 39, a North Korean entity created to bring in money for the regime, and how the country developed its cyber capabilities.

FTX’s Failure Is Sparking a Massive Regulatory Response (5 minute read)

FTX's collapse will likely give rise to a number of criminal and civil actions against the exchange and its executives and push forward regulatory changes. Several state and federal agencies have launched expanded investigations into the company. Some lawmakers are talking about holding hearings potentially before the end of the year. Regulatory ambiguity allowed FTX to grow as large as it did as an offshore exchange.

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Quick Links

FTX’s Balance Sheet Was Bad (45 minute read)

A spreadsheet listing FTX International's assets and liabilities has been released and it is full of illiquid investments, rough estimates, and typos.

Crypto.com sent $1b+ to @SBF_FTX (3 minute read)

Crypto.com had over $1 billion in FTX and its CEO traded customer funds as a hedge.

Solana Foundation Invested in FTX, Held Millions in Sam Bankman-Fried-Linked Cryptos on Exchange (2 minute read)

The Solana Foundation has tens of millions of dollars in cryptocurrencies stranded on FTX as well as 3.24 million common stock shares in the exchange.

Who is billionaire FTX co-founder Gary Wang and why is he still committing code? (5 minute read)

Gary Wang is one of the top executives at FTX, but he had very little presence both in public and in the office.

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