2023-10-06

🧌 Bankman-Fried's Dark Secret Revealed?

October 06, 2023

Good morning, beautiful people,What's your favourite low-cap alt coin?

Let's dive in!

🍆 Wang's Shocking Testimony
🎭 SocialFi Drama Unfolds
⚖️ Final Filing Round

🕳️ FTX Fraud Allegations Deepen as Co-Founder Speaks

Once touted as the robust pillar of crypto-innovation, FTX now resembles a teetering Jenga tower with former CTO and co-founder, Gary Wang, removing another block from its foundation.

The courtroom might have mistaken it for a scene from a Hollywood movie when Wang spilled the beans.Testifying in New York, Wang added an unexpected twist to the narrative, admitting he and other executives, including Sam Bankman-Fried, engaged in wire fraud, securities fraud, and commodities fraud.Boom...the "not so shocking" truth, laid bare! 🤐Likening the company's relationship with Alameda Research to a "secret handshake," Wang described how Alameda Research, FTX's company, was given the metaphorical "magic wand" to withdraw infinite funds from FTX.Do you realize how hard it is to use "Wang" and "Magic Wand" in the same sentence and not giggle like a child? (Not to mention "secret handshake") 🤣Adam Yedidia, a former FTX developer, testified about an accounting software error that overstated the amount FTX's sister company, Alameda Research, owed to customers.Yedidia, armed with a grant of immunity, also dropped a bombshell:Alameda, in a desperate game of financial hot potato, used FTX customer deposits to pay back its debts.This led Yedidia to serve his resignation, volleying another blow to FTX's already shaky reputation.

🤼 Stars Arena Tackles Exploit and Dodges "Noob" Shade

Social finance app Stars Arena recently showcased a "special feature" in their app that let sneaky folks nab a paltry $2,000. 👏

The crew behind this almost-impenetrable fortress (on the Avalanche platform) sprang into action, wielding their digital duct tape to patch things up.Their "we've got this" announcement on social media was basically them saying, "Oops! Fixed it!"Before you start thinking that the Stars Arena team acted like the Avengers....they had a helping hand! 👨‍🦯

The would-be digital bandits faced a delightful hiccup: their sneaky venture got pricier thanks to skyrocketing gas fees on Avalanche. In other words, they paid more for the pleasure of their heist than they actually pocketed.

Emin Gün Sirer, Ava Labs' CEO, gleefully noted that for every 4 cents the bandits earned, they shelled out 25 cents.That must be the first time anyone has ever been happy about high gas fees! ⛽️

While Stars Arena might've dodged this digital bullet, not everyone was singing their praises. "Foobar", the head honcho at Delegate, basically said, "Do better."

Stars Arena joins a growing list of social finance apps, with Friend.tech being a prominent leader in this space, boasting over $293 million in monthly trading volume.

📞 EMAX Investors Receive Final Call in Celebrity Promo Case

EMAX investors have a final shot at the celebrity dartboard in their class-action lawsuit. And it seems the glitterati including Floyd "Money" Mayweather, te NBA's Paul Pierce, and everyone's favorite reality TV mogul, Kim Kardashian, are in the crosshairs.

Judge Michael Fitzgerald, probably tired of this crypto soap opera, says, "Third time's the charm!" marking this as their last chance to get their paperwork right.

Allegedly, these celebs hyped up EMAX, which some investors not-so-lovingly dubbed a "pump and dump" gig.Perhaps some Google searches were in order before buying in? 🧐

In an epic plot twist, after giving the lawsuit the boot, Judge Fitzgerald brought it back to life in June! Talk about commitment.Mayweather and Pierce's "get out of lawsuit free" cards were snatched away, while EMAX's co-founder Giovanni Perone got a mixed bag of judicial goodies.

As for EthereumMax, it danced into the limelight as a "culture token." However, it did a quick moonwalk out when Kim K got slapped with a casual $1.26 million fine for not disclosing her promotional ties.Maybe her next reality show should be about crypto etiquette. 🤷‍♂️💰