Aftermath of orgies in FTX

Here's your "bite-sized" crypto news from last week under 30-second from “Decrypto30”

FTX Crisis Update

This news continues after my previous newsletter “From Orgies to Bankruptcy”

So what's the update?

In short, Samuel was arrested. FTX filed for bankruptcy and the public still hasn’t gotten their money back. That’s sad.

Also, this time crypto or blockchain didn’t fail us.

In fact, it was the fault of a greedy and corrupt CEO who easily scammed us due to the lack of proper regulations.But learn these lessons and save yourself in the future:

1. Buy crypto via regulated, onshore exchanges

2. Immediately transfer your crypto to self-custody

3. Stop losing your entire bag chasing yield on centralized exchanges

4. And if a CEO says they are involved in effective altruism... run for the hills

Read full story here

Genesis; Goldman Sachs of Crypto; is in trouble...uh oh!!

Genesis - a BIG crypto training firm - is in urgent need of $1 Billion because:

1. They lent billions of dollars to a bankrupt hedge fund (3AC),

2. Swapped $1b of Bitcoin for a failed blockchain's stablecoin ($UST),

3. Accepted magic internet money ($FTT) as collateral from FTX

They suffered heavy losses that now they're seeking an urgent loan to fill their $1 Billion hole.

Read full story here

See y'all next week.

Rohit

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