🚨 Stablecoin stop sign

Gunnar Larson g at xny.io
Fri Nov 18 09:30:19 PST 2022 

---------- Forwarded message ---------
From: Axios Crypto <crypto at axios.com>
Date: Fri, Nov 18, 2022, 12:22 PM
Subject: 🚨 Stablecoin stop sign
To: <g at xny.io>


Plus: A new wallet for FTX | Friday, November 18, 2022

[image: Axios]
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYXhpb3MuY29tP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zY3J5cHRvY3VycmVuY3kmc3RyZWFtPWJ1c2luZXNz/62155aad577a4801a449ec18B2d7a2583>
<https://link.axios.com/click/29742089.11786/aHR0cDovL3d3dy5heGlvcy5jb20_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B6675bc1a>
Open
in app
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Axios Crypto
By Crystal Kim and Brady Dale ·Nov 18, 2022

*Crypto exchanges* are mysteriously suspending support for select
Solana-based stablecoins. Plus, Multicoin.

   - Documents, balance sheets, emails or otherwise that show FTX contagion
   —if you've got 'em, share 'em: crypto at axios.com.

*Today's newsletter is 1,238 words, a 5-minute read.*


🛑 1 big thing: Solana-based stablecoins halted
[image: Illustration of the eyes emoji with two coins with the letter s in
them for pupils.]

Illustration: Brendan Lynch/Axios


*Binance and OKX yesterday* suspended deposits in Circle's (USDC) and
Tether's (USDT) stablecoins based on the Solana blockchain, in a puzzling
display of crypto exchange operations.

   - Beyond the notices of the suspension, the exchanges said little more
   to explain the reason for the abrupt move.
   - "Just extra mitigation of on-chain risk," Lennix Lai, director of
   financial markets at OKX, tells Axios.
   - Binance did not respond to emailed queries yesterday and today.

*Why it matters:* The top two dollar-pegged stablecoins by market
capitalization are listed on dozens of exchanges, but the sudden,
unexplained actions taken by a few of those exchanges raise the question of
how stable the Solana ecosystem is.

*Driving the news:* The suspension of support for the two top Solana-based
stablecoins was largely noticed with the announcement
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYmluYW5jZS5jb20vZW4vc3VwcG9ydC9hbm5vdW5jZW1lbnQvZGVwb3NpdHMtb2YtdXNkYy1zb2wtdXNkdC1zb2wtdG9rZW4tc3VzcGVuZGVkLWVkMjc5YzExNDcxYjRjMTE4YzNmZTk5NjJlYjEyZGM5P3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zY3J5cHRvY3VycmVuY3kmc3RyZWFtPWJ1c2luZXNz/62155aad577a4801a449ec18B5d0abbda>
from Binance, but the first to take action was Crypto.com, when the
exchange halted
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuY29pbmRlc2suY29tL2J1c2luZXNzLzIwMjIvMTEvMDkvY3J5cHRvY29tLWhhbHRzLXNvbGFuYS11c2RjLWFuZC11c2R0LWRlcG9zaXRzLXdpdGhkcmF3YWxzLz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18Be143f589>
them last week in the mayhem of FTX's unwinding.

   - Crypto.com's chief said withdrawals, in general, have resumed
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjItMTEtMTQvY3J5cHRvLWNvbS1jZW8tc2F5cy13aXRoZHJhd2Fscy13b3JraW5nLXdpbGwtY29udGludWUtdG8td29yaz9zcmVmPXlMQ2l4S1BSJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zY3J5cHRvY3VycmVuY3kmc3RyZWFtPWJ1c2luZXNz/62155aad577a4801a449ec18B009fd65a>,
   but there are no explanations specific to the Solana-based stablecoins.
   - Binance resumed deposits
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYmluYW5jZXpoLmpwL2VuL3N1cHBvcnQvYW5ub3VuY2VtZW50L2RlcG9zaXRzLW9mLXVzZHQtc29sLXRva2VuLXJlc3VtZWQtNGRmOWZiM2EyN2JmNDczNWI3YTcyNmEzYTk4NDlhYzA_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B919af821>
   for USDT yesterday, "after internal assessment and review." No word yet on
   USDC.
   - OKX posted a message
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cub2t4LmNvbS9zdXBwb3J0L2hjL2VuLXVzL2FydGljbGVzLzEwNjYzODA4ODk2OTA5LURlbGlzdGluZy1vZi1VU0RDLVNvbGFuYS1hbmQtVVNEVC1Tb2xhbmEtdG9rZW4tbmV0d29ya3M_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18Bd4445b53>
   on its website yesterday saying it would delist those tokens at 3am UTC or
   10pm ET. It updated the message to say that support for deposits and
   withdrawals would be halted. (It's effectively the same thing but with less
   harsh phrasing.)

*What they're saying:* If there was an FTX-related angle for the move, it
wasn't obvious: "Is there some angle to Alameda I don't understand causing
the delistings?" Twitter user @cmsholdings
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly90d2l0dGVyLmNvbS9jbXNob2xkaW5ncy9zdGF0dXMvMTU5MzI0NjcyMjIzODQ3NjI5MT9zPTIwJnQ9V1U3NUVuYjduNWJyVzhUTVJpb0dIdyZ1dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B73dd76c7>
asked.

   - Circle CEO Jeremy Allaire responded: "Not clear what the motivations
   are for exchange actions, which are disappointing."
   - Circle spokesperson Rachel Busch tells Axios that the USDC natively
   issued on Solana was "functioning fine."

*What others are saying:* Kraken supports Solana-based USDC, the exchange's
Bill King tweeted
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly90d2l0dGVyLmNvbS9iaWxsa2luZ3RtL3N0YXR1cy8xNTkzMjQxMjU0NDQzMTMwODgwP3M9MjEmdD04dG1wUld2UGFkcUlkVkZqVEtPY0J3JnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zY3J5cHRvY3VycmVuY3kmc3RyZWFtPWJ1c2luZXNz/62155aad577a4801a449ec18B956c9390>
yesterday.

*Context:* FTX contagion spread to the Solana ecosystem
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjIvMTEvMDkvZnR4LWNvbnRhZ2lvbi1pcy1zcHJlYWRpbmctdG8tdGhlLXNvbGFuYS1lY29zeXN0ZW0_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B7deb7b0b>
quickly, owing to the leadership role of FTX founder and former CEO Sam
Bankman-Fried (SBF) in that community.

   - The Solana blockchain has not suffered any incidents
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly9zdGF0dXMuc29sYW5hLmNvbS9oaXN0b3J5P3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zY3J5cHRvY3VycmVuY3kmc3RyZWFtPWJ1c2luZXNz/62155aad577a4801a449ec18Bdfb396ea>
   this month.

*The intrigue: *If Circle presented any risk, exchanges might have reason
to check things out.

   - Some alarm bells were raised when the yield on Circle's Earn product
   showed zero on Wednesday; archived web pages
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93ZWIuYXJjaGl2ZS5vcmcvd2ViLzIwMjIxMTE1MTYzMzIwL2h0dHBzOi8vd3d3LmNpcmNsZS5jb20vZW4vcHJvZHVjdHMveWllbGQ_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B83d39b4f>
   showed a 0.25% yield on them the day earlier.
   - The change seemed to coincide with Genesis Global's crypto lending
   unit announcing that it would halt customer withdrawals and loan
   originations, which led to the Winklevoss twins' exchange Gemini suspending
   its yield-earning Earn product.
   - "Circle chose to change the yield from 0.25% yield to 0% before
   Genesis closed their credit lines," Busch, the spokesperson for Circle,
   says. "Circle Yield has historically been driven by demand to borrow in
   crypto capital markets."

*What we're watching: *Circle is set to file third quarter
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuY2lyY2xlLmNvbS9ibG9nL3Jlc3BvbnNlLXRvLXJlY2VudC1tYXJrZXQtdHVybW9pbD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18Bd5e69a14>
earnings in a few days.
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💇‍♂️ 2. Charted: Markets contra the contrarian

Data: CoinGecko; Chart: Thomas Oide/Axios

*Here's something *you won't hear many other crypto investors say: "I
expect in 10 years' time, Bitcoin will be irrelevant," *Brady writes*.

   - Multicoin Capital co-founder Kyle Samani said exactly that last year
   in an interview with Cointelegraph
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cueW91dHViZS5jb20vd2F0Y2g_dj1Rc0d3MUwtM0FHNCZ1dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B507551b3>.
   It's not a new position
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly90d2l0dGVyLmNvbS9LeWxlU2FtYW5pL3N0YXR1cy85NDY3MDM3NTA2MDA3NjU0NDA_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B82f71351>
   for him.

*Background: *Multicoin has always positioned itself as a contrarian
investor. Not only is it critical of Bitcoin, it's also been making bets
against the original smart contract blockchain, Ethereum.

   - In 2018, it came out with a thesis in support of EOS
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly9tdWx0aWNvaW4uY2FwaXRhbC8yMDE4LzA0LzI0L2Vvcy1hbmFseXNpcy1hbmQtdmFsdWF0aW9uLz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B0420bfb5>,
   a smart contract blockchain, which would ultimately complete the largest
   initial coin offering of them all. That didn't work out.
   - In recent years, it's been one of the biggest boosters of Solana,
   another smart contract blockchain launched by tech industry veterans. That
   blockchain has been hit especially hard
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjIvMTEvMDkvZnR4LWNvbnRhZ2lvbi1pcy1zcHJlYWRpbmctdG8tdGhlLXNvbGFuYS1lY29zeXN0ZW0_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18C7deb7b0b>
   by the FTX unwinding.

*State of play: *The whole market is down, but bitcoin isn't down nearly as
bad as some of Multicoin's biggest bets.

   - Not completely eschewing Ethereum, in September 2021, Multicoin led
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly9tdWx0aWNvaW4uY2FwaXRhbC8yMDIxLzA5LzA4L3Rva2VuaXppbmctbWV2Lz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B74d3163b>
   a $17.4 million round in Eden Network, a transaction relay.
   - Helium
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjIvMDIvMTgvY3J5cHRvLXN0YXJ0dXAtaGVsaXVtLXJhaXNlcy0yMDAtbWlsbGlvbj91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B0d7a17f1>,
   the grassroots data network, represented its single biggest position in its
   first fund
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly9tdWx0aWNvaW4uY2FwaXRhbC8yMDIxLzA1LzA0L2Fubm91bmNpbmctdmVudHVyZS1mdW5kLWlpLz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18Bf5975fd7>.
   Early this year, it announced it was looking for more projects
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly9tdWx0aWNvaW4uY2FwaXRhbC8yMDIyLzA0LzA1L3Byb29mLW9mLXBoeXNpY2FsLXdvcmsvP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zY3J5cHRvY3VycmVuY3kmc3RyZWFtPWJ1c2luZXNz/62155aad577a4801a449ec18B34635e39>
   that worked like Helium.
   - *Not shown: *In January, it announced
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly9tdWx0aWNvaW4uY2FwaXRhbC8yMDIyLzAxLzE4L3RoZS1jb21wb3NhYmxlLW5mdC1zdGFuZGFyZC8_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B7cf90758>
   co-leading a $46 million round in Metaplex, a protocol for NFTs, whose
   token did not come out till September, when it first sold for about $0.88.
   Now it trades around $0.06, according to CoinGecko
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuY29pbmdlY2tvLmNvbS9lbi9jb2lucy9tZXRhcGxleD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B1ffccbb1>
   .

*What they're saying: "*We don't comment on performance," Multicoin
spokesperson John Robert Reed told Axios via email last night.

   - Reed told Axios that any rumor about the firm's health is "entirely
   false and has no merit."

*What we're watching: *One Twitter user claiming to be an LP expressed
concerns
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly90d2l0dGVyLmNvbS9EclNvbGRtYW5HYWNocy9zdGF0dXMvMTU5MzUzNTA0Mjg3MzM2MDM4ND91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18Bef55927d>
this morning. Axios is in the middle of reporting out such complaints.

*Be smart:* No one said this would be easy. Polychain, a premiere crypto
fund, was feted for hitting a billion-dollar valuation
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly9mb3J0dW5lLmNvbS8yMDE4LzA2LzI2L3BvbHljaGFpbi1jYXBpdGFsLWJpdGNvaW4vP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zY3J5cHRvY3VycmVuY3kmc3RyZWFtPWJ1c2luZXNz/62155aad577a4801a449ec18B21c30537>,
only to have questions swirl as its bets tanked
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cud3NqLmNvbS9hcnRpY2xlcy9vbGFmLWNhcmxzb24td2VlLXJvZGUtdGhlLWJpdGNvaW4tYm9vbS10by1zaWxpY29uLXZhbGxleS1yaWNoZXMtY2FuLWhlLXN1cnZpdmUtdGhlLWNyYXNoLTE1MzY2ODEzNjQ_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B48211d32>
amid Crypto Winter.

   - By 2020, the limited partners who stuck it out were crowing again
   about wild gains
   <https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuY29pbmRlc2suY29tL2J1c2luZXNzLzIwMjAvMDMvMzAvaW52ZXN0b3JzLWluLXBvbHljaGFpbi1jYXBpdGFscy1jcnlwdG8taGVkZ2UtZnVuZC1zYXctMTMzMi1nYWlucy1pZi10aGV5LXN0b21hY2hlZC10aGUtZGlwcy8_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B0c1666f5>
   .

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🔐 3. Securities regulator secures FTX assets

Photo illustration: Leon Neal/Getty Images


*The Securities Commission of the Bahamas* announced today that it had
moved FTX Digital Markets (FDM) assets to wallets in the control of the
government agency, *Brady writes*.

*What they're saying: *"The Commission has the authority to apply for a
judicial order to protect the interests of clients or customers of a
registrant of the Commission," the letter said
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuc2NiLmdvdi5icy93cC1jb250ZW50L3VwbG9hZHMvMjAyMi8xMS9NZWRpYS1SZWxlYXNlLVNDQi1Bc3N1bWVzLUNvbnRyb2wtb2YtQXNzZXRzLW9mLUZUWC1EaWdpdGFsLU1hcmtldHMtTHRkLnBkZj91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B1969d7a5>
.

*Details:* The value of the assets on FDM is not clear.

*What we're watching: *A venue battle
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMi8xMS8xNy9mdHgtc3VnZ2VzdHMtc2FtLWJhbmttYW4tZnJpZWQtdHJhbnNmZXJyZWQtYXNzZXRzLXRvLWJhaGFtYXMtZ292ZXJubWVudC1jdXN0b2R5LWFmdGVyLWJhbmtydXB0Y3ktZmlsaW5nLmh0bWw_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B81788256>
over the FTX bankruptcy is underway. A filing yesterday sought
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly9wYWNlci1kb2N1bWVudHMuczMuYW1hem9uYXdzLmNvbS8zMy8xODg0NTAvMDQyMTIwNjQ4MTg2LnBkZj91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B139b6d01>
to bring proceedings under the Bankruptcy Court for the District of
Delaware.

   - However, the Bahamas letter included this cryptic statement: "It is
   not the understanding of the Commission that FDM is a party to the U.S.
   Chapter 11 Bankruptcy proceedings."
   - Axios contacted the regulator about the statement. It replied only to
   note we would receive subsequent statements on the case, without
   acknowledging the question.

*The other side: *"This appears to be part of a turf battle between
Bahamian authorities and the U.S. bankruptcy proceedings," Matthew Gold and
Dov Kleiner, bankruptcy partners at Kleinberg Kaplan, tell Axios in a
statement.

*Yes, but: "*On its face, there is nothing alarming about this move. If the
SEC secured these digital assets — in the wake of an unprecedented
collapse, apparent fraud, and looming legal fight — it might be considered
prudent by many," Renato Mariotti, partner with Bryan Cave Leighton
Paisner, tells Axios via a spokesperson.

   - He noted that authorities in the Bahamas appear willing to cooperate
   with other nations.

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🚁 4. Catch up quick

🕳 *Digital Currency Group* company Genesis has been seeking $1 billion in
emergency funding. (WSJ
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cud3NqLmNvbS9saXZlY292ZXJhZ2Uvc3RvY2stbWFya2V0LW5ld3MtdG9kYXktMTEtMTctMjAyMi9jYXJkL2NyeXB0by1sZW5kZXItZ2VuZXNpcy1zb3VnaHQtZW1lcmdlbmN5LWxvYW4tb2YtMS1iaWxsaW9uLWJ5LW1vbmRheS01NzNUVGhLMTdLZTE1Rll3SnpMUj91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18Bb0b366c6>
)

👀 *More details* on investments that SBF made. (Semafor
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuc2VtYWZvci5jb20vYXJ0aWNsZS8xMS8xNy8yMDIyL3RoZS1mdHgtc3ByZWFkc2hlZXQteW91LWhhdmVudC1zZWVuLWJlbG9uZ3MtdG8tYWxhbWVkYS1yZXNlYXJjaD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B07273241>
)

📊 *DEX volumes* are up significantly as traders flee centralized
exchanges. (Bloomberg
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjItMTEtMTgvYmlsbGlvbnMtb2YtZG9sbGFycy1mbGVlLWZ0eC13b2UtdG8tY3J5cHRvLXMtZGVjZW50cmFsaXplZC1yb290cz91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B9eeabe50>
)

🩹 *Blockchain industry* licks its wounds in D.C. while lawmakers offer
reassurance. (Axios
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjIvMTEvMTcvY3J5cHRvLWluZHVzdHJ5LWRjLXJlZ3VsYXRpb24_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPW5ld3NsZXR0ZXJfYXhpb3NjcnlwdG9jdXJyZW5jeSZzdHJlYW09YnVzaW5lc3M/62155aad577a4801a449ec18B329a5ffc>
)
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Sponsored by [image: NO AD TODAY logo]
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Top coins

Data: CoinGecko; Table: Axios Visuals
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📰 5. Culture hash: #RIPTwitter
[image: Elon Musk opines on FTX coverage on Twitter, the social media
platform he recently bought.]

Screenshot: @elonmusk (Twitter
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)


*#Twittershutdown *and #GoodByeTwitter are trending on Twitter amid what
looks like a standoff
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS90d2l0dGVyLW9mZmljZXMtc2h1dHRpbmctZG93bi1hZnRlci1lbG9uLW11c2stZW5kZWQtcmVtb3RlLXdvcmstMjAyMi0xMT91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc2NyeXB0b2N1cnJlbmN5JnN0cmVhbT1idXNpbmVzcw/62155aad577a4801a449ec18B73595ea7>
between the social media giant's employees and its new CEO Elon Musk, *Crystal
writes*.

*What's happening*: A potential shutdown couldn't come at a worse time for
Crypto Twitter.

   - Details of FTX's implosion unfolded right on the platform.

*Zoom out*: Meanwhile, the man who kicked off the crypto chaos made his own
meta comment
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly90d2l0dGVyLmNvbS9jel9iaW5hbmNlL3N0YXR1cy8xNTkzNTg5MDMxNjQ4MDcxNjgzP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zY3J5cHRvY3VycmVuY3kmc3RyZWFtPWJ1c2luZXNz/62155aad577a4801a449ec18B9e76ee48>
on Twitter news.

*💭 Our thought bubble*: It's nuts what folks won't say on the record to a
reporter, but will freely tweet.

*The intrigue*: Finra is looking into
<https://link.axios.com/click/29742089.11786/aHR0cHM6Ly93d3cuZmlucmEub3JnL3J1bGVzLWd1aWRhbmNlL2d1aWRhbmNlL3RhcmdldGVkLWV4YW1pbmF0aW9uLWxldHRlcnMvY3J5cHRvLWFzc2V0LWNvbW11bmljYXRpb25zP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zY3J5cHRvY3VycmVuY3kmc3RyZWFtPWJ1c2luZXNz/62155aad577a4801a449ec18B73ed2f2e>
that.
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*This newsletter was edited by Pete Gannon and copy edited by Carolyn
DiPaolo. *

Who's scared Twitter will get shut down?—*B & C*
[image: Axios]

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