The markets were mostly frozen this weekwith most of the leading cryptocurrencies seeing very little price movement by the end of the year, apart from a few unlucky ones—notably Solana and Dogecoin, which suffered double-digit percentage declines.
It was another week of relatively few crypto adoptions or shipments from Washington. The industry has all eyes on the court saga over the unraveling of FTX. But there were still enough moments in the news to get Crypto Twitter excited.
On Tuesday, news broke of the arrest of Avraham Eisenberg, a New Yorker who allegedly milked millions from crypto exploits.
Eisenberg’s name came up again in October when he stole over 100 million dollars from crypto trading platform Mango Markets, returned $67 million of that, and (at the time) got away with it, claiming that his actions were in the interest of depositors, completely legal, and supported by a larger organization behind him.
Meanwhile, the widow of Hal Finney, an early Bitcoin participant and recipient of the network’s first transaction, has announced a Bitcoin-themed fundraising marathon to raise money for research into ALS, the neurodegenerative disease that killed Finney in 2014.
If you would like to participate in the ‘Running Bitcoin’ event and make a donation, you can do so by visiting our website https://t.co/VfKft7m3Gz and following the instructions there. Or follow us @RunningBTC21k. Every little bit helps and we appreciate your support. 4/5
One disgruntled investor in crypto investment firm Multicoin Capital shared a letter they received that really should have been sent back in November, when the FTX crisis began. Multicoin appears to have been heavily impacted by both direct and indirect exposure to FTX, particularly its whale-sized stock Solana (SOL).
Due to Solana’s strong ties to FTX, SOL has been in freefall for the past two months; he just hit a two-year minimum as they struggle to stay above the $10 support level.
I finally received my investor statement for November from Multicoin Capital. Over the past 11 months the hedge fund is down a whopping 90%, and they’re still holding a bag of toxic shit. Time to close the fund? Oh, and congratulations on barely beating your benchmark $SOL 🙄 https://t.co/iLY96kqNUG
On Tuesday, the eagle-eyed NFT enthusiast @KlaunVamp spotted what looks like outright plagiarism in Manchester United’s new Tezos-based NFT collection. ClownVamp tweeted his compelling evidence in the thread.
The next day, a fake South Park FTX made up by fans and its disgraced former CEO made the rounds in CT.
Finally, on Friday, detectives on the chain love @ZachXBT noted that seven-figure funds from wallets associated with Alameda Research were moved through transaction privacy mixers.
Sam Bankman-Fried (SBF) was quick to deny any involvement, but was quickly grilled by Twitter.
so you use the internet to tweet, but you promise not to look for change under the couch cushions
Sam came back online an hour later to deliver a follow-up offering to advise regulators. That seems unlikely to happen as he faces eight felony fraud charges, but anything is possible in cryptocurrency.
I believe it is likely that various legitimate parts of FTX have access to these funds; hopefully that’s what’s happening here. If not, hopefully someone will soon. I will be happy to help advise the regulators on this if they wish.