FTX lawyers have filed in Delaware to ask a federal judge to transfer a competing bankruptcy case by Bahamian liquidators to the state. The filing is led by FTX's new CEO and chief restructuring officer, John Ray. This article looks at the wildest parts of the new bankruptcy filing. Ray has blasted the previous owners, saying that he has never seen such a complete failure of corporate controls and absence of trustworthy financial information in the 40 years of his career.
Binance is preparing to bid for Voyager Digital as FTX is now defunct. Voyager has reopened its bidding process and it is in active discussions with alternative bidders. Voyager has a claim against the FTX estate for breach of contract. Binance is setting up an industry recovery fund to help bolster the industry through the current black swan event.
Uniswap Labs has launched two new smart contracts. Permit2 is a token approval contract that can safely share and manage token approvals across different smart contracts. It improves the user experience by reducing transaction costs while improving smart contract security. The Universal Router allows users to execute multiple token swaps on Uniswap V2 and V3 and buy NFTs from multiple marketplaces all in one transaction. It is integrated with Permit2, so users will need to approve with Permit2 before passing the signature to the Universal Router.
Sui Network has launched its testnet, Wave 1. The testnet will be used to improve decentralized coordination and incidence response. Sui, created by ex-Meta engineers, is seen as a competitor to the Aptos blockchain. Its developer network will stay live for developers to test and build their dApps.
This Twitter thread looks at some of the stories from Sam Bankman-Fried's past. The thread includes stories about what it was like inside Alameda Research, SBF's tyrannical nature, the time an early FTX market maker tried to give SBF hygiene advice, a supposed backdoor implementation in FTX's codebase, and much more.
This Twitter thread covers FTX's Chapter 11 First Day Affidavit. A first day affidavit is a comprehensive summary of how the entity ended up in bankruptcy and why it is requesting relief via corporate restructuring. John Ray, the appointed overseer for the restructuring, is one of the most experienced restructuring executives in the world. He has condemned the FTX case as one of the worst in his career.
Users staking ETH on Lido are earning up to 10.7% in rewards, an all-time high since the Merge. The increased rewards have led to other companies offering products with increased rewards. The Interest Compounding ether product offered by Index Coop recently offered yields of up to 25.5%. The index enhances staking returns using a leveraged staking strategy that involves borrowing tokens on Aave to purchase more staked tokens.
Crypto's promise to reinvent money has reached its limit in a very niche audience. The industry needs to change how they promote the technology to attract a bigger, more mainstream userbase. Most people have no interest in any new technology unless it can help them do things more quickly. Many things crypto can do can already be done faster. The technology can be used in some areas of the financial system to remove trust.
Binance has resumed deposits for USDT on Solana and OKX has now changed the wording of its announcement to say it has halted support for USDC and USDT.