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Conflux (CFX), the Token that has Spiked Nearly 500% in the Last 7 days
FTX Round Up: Subpoenas, lawsuits, and a $150m charity scheme
The owner burnt his Bored Ape to promote bitcoin.
China’s only public blockchain, Conflux, sees CFX price skyrocket 1,300% in 2023
Social media metrics show strong retail investor sentiment behind the ongoing CFX price rally.
Conflux Network (CFX) is up nearly 500% in the past week, with CFX emerging as one of the best-performing crypto assets in 2023 as China appears to be warming to cryptocurrency trading.
What is Conflux Network?
Interestingly, Conflux Network, also known as Shanghai Tree-Graph Blockchain Research Institute, is the only regulatory-compliant, public and permissionless blockchain in China. Conflux is a layer-1 blockchain operating on a hybrid proof-of-work and proof-of-stake mechanism.
Why is Conflux Network’s price rallying?
Strong fundamentals have primarily driven the CFX price higher in 2023.
For instance, CFX’s price increased by more than 90% on Jan. 26, two days after Conflux Network partnered with Little Red Book, a China-based social media platform, to provide nonfungible token services.
The partnership enabled Conflux Network to bring its services to Little Red Book’s 200 million users.
Similarly, on Feb. 15, Conflux Network partnered with China Telecom to develop and pilot a blockchain SIM (BSIM) card service in Hong Kong, thus gaining exposure to the latter’s 350 million users. CFX’s price has rallied 450% after the announcement.
FTX ROUND UP: SUBPOENAS, LAWSUITS, AND A $150M CHARITYSCHEME
FTX is making headlines again this week. And it isn’t just one. Or two…it’s four different headlines.
If this was McDonalds, it’d be a 4-piece McWTF.
Here’s the round up of everything that’s been going on:
1/ FTX “insiders” have been subpoenaed
A federal bankruptcy court in Delaware subpoenaed a total of seven former key FTX employees including: Samuel Bankman-Fried, Joseph Bankman-Fried (SBF’s papa), Caroline Ellison (CEO of Alameda Research and SBF’s ex-lover), Gary Wang (former FTX CTO), Russell Capone, and more. Damn shame for Russell Capone, with a name like that he could’ve made it anywhere.
Subpoenas were being thrown out like free cars at an Oprah show.
The people who received service have been told to turn in all paperwork and data pertaining to FTX's demise by February 16th. Everybody has a different "to-do" list that includes information regarding transfers of funds to and from the cryptocurrency exchange, all real estate holdings, as well as any communications (emails, messages, letters sent by pigeon) between them regarding FTX, among other things.
Additionally, while FTX's workers were served with subpoenas...
2/ FTXs investors & partners get hit with lawsuits
Silvergate Bank (a crypto bank) is being sued by an FTX user for allegedly “aiding and abetting a multi-billion dollar fraudulent scheme”. According to the allegations, Silvergate Bank not only knew that FTX was stealing customer funds, but it was done using Silvergate’s platform. From watergate → deflategate → silvergate.
VC firms Sequoia Capital, Paradigm, and Thoma Bravo are also being sued for allegedly promoting FTX way too hard and giving it an “air of legitimacy”. Some of the investors were calling SBF a special founder who is “stunningly ambitious”.
3/ JPMorgan is holding hundreds of millions of dollars of SBF’s money
According to a New York Times report, SBF invested into a tiny hedge fund called Modula Capital. Public filings show the company was based in the Bahamas and operated from… *checks notes*... the same luxury condo where SBF and other execs lived.
And guess what? Around the time FTX collapsed, Modulo’s holdings were converted into cash and stored in an interest-bearing account with JPMorgan, which handled its trading in stocks and stock futures.
Now, the new FTX management is negotiating the return of that $400M+ with JPMorgan.
4/ A charity tied to an FTX exec allegedly made $150M+ from an insider deal and wants to cash out
Ruairi Donnelly is the former Chief of Staff for FTX & Alameda Research. He also ran a charity called Polaris Ventures.
Well, turns out Donnelly allegedly used his charity to make $150M by “donating” his salary using FTT tokens (FTXs native token). Donnelly received ~$560k in salary during his time at FTX, which was converted into FTX Token (FTT) at a rate not available to the public, $0.05. He then “donated” the tokens to Polaris Ventures, and sold the FTT at a price of $1 after public trading opened - netting ~$150M.
BURNED APE YACHT CLUB
What should one do if they own a $169K NFT? Fire it up, of course.
Jason Williams transferred an NFT from the well-known Bored Ape Yacht Club collection from the Ethereum network to a place connected to an Ordinals Inscription, "burning" or eliminating it from circulation. It is information that is permanently stored on the Bitcoin blockchain and is associated with a satoshi (one millionth of a Bitcoin).
So…why’d he do this? Basically to symbolize Bitcoin’s blockchain potential for hosting an NFT ecosystem (Ethereum has cemented itself as the Queen Bee of NFT homes. All hail.)
Not everyone’s convinced it’s legit though. Yuga Labs (BAYC creator) said swerve, you moved the Bored Ape off ETH so now it’s illegitimate, plus you essentially don’t own it anymore.
And Williams told Decrypt lol this’ll be fun to see how it plays out.
Looks like the Bitcoin v. Ethereum battle rages on.
MEME OF THE DAY:
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