🕺Arthur Hayes Avoids Prison - TWJ #149
The BitMEX's Co-Founder is the godfather of crypto derivatives.
In today’s issue:
The crypto market is flat with the total market cap at ~$1.2-1.3 trillion. Fantom (FTM) is the best performer in the top 100 in the past 7-d. Equities rose after Biden said Biden said that tariffs imposed on China by the Trump administration were under consideration for potential reversal measures.
In other news, BitMEX’s Arthur Hayes avoids prison, Fred Ehrsam buys $75M COIN, and GaryVee plans the VeeCon NFT conference. Meme credits: @defipleb
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- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆BitMEX’s Arthur Hayes Avoids Prison
The former king of the crypto derivatives market that saved the BTC price from plummeting to zero (if you understand this reference, you’ve been in the space for quite some time), is spared from prison on his bank secrecy charge.
In his plea deal, Hayes agreed to forfeit $10 million and BitMEX agreed to pay $100 million to settle civil allegations. Hayes is currently actively sharing his thoughts on his regularly posted essays on macroeconomic & crypto issues.
⎆Fred Ehrsam Buys $75M COIN
Coinbase Co-Founder turned Venture Capitalist Fred Ehrsam reportedly purchased $75M worth of Coinbase equity. COIN's share price plummeted in the past few weeks due to its weak earnings report and the macroeconomic environment surrounding interest rate hikes.
Despite Coinbase’s rent-seeking business model that will eventually go to zero, the firm is still trading at an extremely cheap valuation when compared to other high-growth tech stocks that got battered in the past week weeks.
⎆GaryVee Plans the VeeCon NFT Conference
Investor and branding guru GaryVee announced the debut of his VeeCon, an NFT conference that will happen in the Minnesota Vikings’ US Bank Stadium. The tickers are Ethereum NFTs that were given to owners of GaryVee’s VeeFriends NFT collection. To date, VeeFriends have generated $300M+ in sales volume.
👨🏻💻Decentralized Finance (DeFi)
Binance Integrates with Optimism
Alchemix Tokenomic Upgrade
GMX Update 3
USN Available on Solana
PlutusDAO plsAssets is Live
Stader Labs Staking Announcement on Terra
Retrograde retroMIGRATION Plan
Solanium Swap is Live
Satya0x Received $10M from Wormhole’s Bounty Bug
Hedge Mainnet Beta is Live
🏛Governance - Active Proposals
🦮NFT & Metaverse
Opensea Introduces Seaport
Merit Circle Trying to Revoke YGG’s Seed Round Allocation
Gary Vee Kicks Off VeeCon 'Summer Camp' to Show NFTs Are 'More Than Just Collectibles'
Ethereum Name Service Interest Reaching ‘Critical Mass’
Beeple Account Hacked Nets $438K
Pharrell Williams: Web3 Is ‘Scaring the System’
Spike Lee on Using NFTs to Fund Films: 'The Horse Is Out the Barn'
'Crypto Boy' TikTok Star Is Releasing Her Own NFTs
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
iZUMi Finance - $30M Unknown Round
Voyage - $1M Pre-seed Round
Castle - $1.2M Pre-seed Round
Saga - $6.5M Seed Round
COIN - $75M Stock Purchase by Fred Ehrsam
⚖️Regulatory Update
UK Regulator to Consider Terra Coins’ Collapse in New Crypto Rules
G7: Crypto Should Meet Same Norms as Regular Finance
Arthur Hayes Sentenced to 2 Years Probation
📚Noteworthy Reads
Ming Zhao’s Thread on 9 Ways Retail Traders Gain Edge over Hedge Funds
Altcoin Pepe’s Thread on Trading Lessons from Past 7 Years
Nick de Wilde’s Read on Is It Time to Quit the Great Online Game?
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