November 8, 2022       /       Unchained Daily       /       Laura Shin

What’s Poppin’?

Binance Might Have Triggered a Liquidity Crisis as FTX’s Main Wallet Lost 290K ETH in Two Days

by Juan Aranovich and Samyuktha Sriram

Binance’s decision to liquidate its FTT holdings may have triggered a bank run on FTX.

US DOJ Seizes 50,000 Bitcoin From Silk Road Hacker

by Samyuktha Sriram

Federal authorities seized $1.04 billion worth of Bitcoin, some of which was stored in a popcorn tin, from Silk Road hacker James Zhong.

SEC Wins LBRY Lawsuit Alleging Tokens Are Unregistered Securities

by Samyuktha Sriram

LBRY argues that Monday’s ruling in favor of the SEC sets a dangerous precedent for 99% of cryptocurrencies.

pGALA Contract Private Key Exposed on GitHub For 70 Days: SlowMist

by Samyuktha Sriram

A leaked private key from the pGALA proxy admin address left the contact vulnerable to an exploit for 70 days, blockchain security analysts found.

a16z Crypto Launches Ethereum Client That Uses No Storage Space

by Samyuktha Sriram
a16z Crypto has come out with a light Ethereum client that runs on mobile devices.

In Other News… ✍️✍️✍️

  • BitDAO, a decentralized autonomous organization with one of the largest treasuries in the industry, demanded that FTX’s sister company, Alameda, disclose its cold wallet addresses. If not, they will “decide what to do” with FTT holdings. Caroline Ellison, Alameda’s CEO, dismissed the threat.
  • Troubled Bitcoin miner Iris Energy has defaulted on a $103 million loan.

Today in Crypto Adoption…

  • The Central Bank of Russia released a report assessing how to integrate digital assets into the economy.
  • The Bank of Korea (BoK) developed a program to send money across borders using CBDCs. The country is famous for its strict capital controls.
  • Crypto exchange Gemini expanded its operations to five more countries in Europe.

The $$$ Corner…

  • Coinmetro, a digital currency exchange, closed a 7 million euro funding round at a $180 million valuation.
  • Xternity, a Web3 gaming startup, raised $4.5 million in a pre-seed funding led by NFX.

What Do You Meme?

Recommended Reads

  1. Arthur Hayes on CBDCs
  2. Fred Wilson on creator royalties
  3. Cumberland on four factors that can impact crypto

On The Pod…

Lyn Alden, founder of Lyn Alden Investment Strategy, and Udi Wertheimer, a recovering Bitcoin maxi, talk about Bitcoin Maximalism, how Bitcoin is developing, and what’s the future of Bitcoin’s security model. Show highlights:

  • What the definition of Bitcoin maximalism is
  • whether BTC maximalism is toxic
  • whether Vitalik Buterin is still a bitcoiner and how Bitcoiners became the ‘token police’, according to Udi
  • why Lyn thinks Bitcoin has been attacked by the media since the beginning
  • the attacks by Bitcoin maximalists on Nic Carter and Andreas Antonopoulos
  • how adoption kicked in during previous cycles and why it benefitted BTC
  • what the different types of Bitcoiners are
  • what developments are being made around Bitcoin
  • the importance of Bitcoin being permissionless
  • what the use cases for Bitcoin are and whether it’s still a highly speculative asset
  • whether people care about using decentralized payment tools
  • how Lyn defines ‘ultra sound money’ and why she thinks that Bitcoin is better at that than ETH
  • whether Bitcoin’s security model needs to be fixed
  • why being able to run a node is essential for censorship resistance

Book Update

My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, which is all about Ethereum and the 2017 ICO mania, is now available!

You can purchase it here: