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I’ve been taking a little bit of an electronics detox, that means I haven’t been taking a look at my telephone — or laptop computer — for many of this week. As a reporter, that appears ridiculous. However after I say I’ve spent the previous few days within the Southern District of New York (SDNY) federal court docket, that may make extra sense, provided that they confiscate most folks’s electronics (as I discovered, this consists of AirPods!).
The SDNY is turning into a second residence for me as a result of the extremely anticipated trial for Sam Bankman-Fried, sometimes called SBF, has begun. Should you don’t know who he’s or what he’s allegedly carried out, we’ve received a refresher for you.
Earlier than FTX collapsed and filed for chapter, Bankman-Fried additionally apparently had a plan to purchase off former President Trump, to get him to not run for re-election, writer Michael Lewis shared in a 60 Minutes broadcast interview. How a lot would that price? Apparently, $5 billion.
I’ll be in-and-out of the courthouse over the subsequent six weeks, following the trial carefully. Prosecutors shared that Matt Huang, co-founder and managing companion of Paradigm, and Gary Wang, co-founder of FTX, are on the docket to testify this week as witnesses.
Previous to Paradigm, Huang was a companion at Sequoia Capital; each corporations beforehand invested in FTX, so we think about the testimony will dive into traders’ losses from the crypto trade’s downfall.
As for Wang, properly, he co-founded FTX with Bankman-Fried however agreed to take a plea deal in December 2022. This implies Wang is cooperating with authorities in trade for a greater sentencing, which the decide presiding over the case talked about to jurors on Wednesday.
For essentially the most in-depth trial protection so far, try every little thing that has transpired under.
The SBF Trial
- SBF’s trial has began, that is how he and FTX received right here
- Was FTX an empire ‘constructed on lies’ or a startup that ‘grew too rapidly’? (TC+)
- SBF’s trial guarantees to be simply as riveting as the remainder of the FTX drama (TC+)
- US authorities confirms it didn’t supply any plea offers to Sam Bankman-Fried
- Meet the 12 jurors on Sam Bankman-Fried’s trial
This week in web3
- Three Arrows Capital co-founder Zhu arrested in Singapore airport, sentenced 4 months in jail
- Web3 funding is down once more because the crypto winter drags on (TC+)
- Kenyan legislative committee requires Worldcoin shutdown within the nation
- Pudgy Penguins’ strategy often is the reply to fixing NFTs’ income issues (TC+)
The most recent pod
For this week’s episode, Chain Response (and Jacquelyn) did a crossover episode with Alex Wilhelm, editor in chief of crypto-news+ and co-host of Fairness, crypto-news’s podcast targeted on the enterprise of startups.
The extremely anticipated legal trial for Sam Bankman-Fried, former CEO of now-bankrupt crypto trade FTX, began on Tuesday to find out whether or not he’s responsible of seven counts of fraud and conspiracy.
Jacquelyn has been on the bottom on the Southern District of New York courthouse, listening in to the trial in the identical room as Bankman-Fried, so there was heaps to speak about.
We dove deep into what transpired the primary two days of Bankman-Fried’s trial, in addition to who the jurors are, the primary two witnesses and who else is predicted to talk. We additionally received into the nitty-gritty particulars, which you’ll be able to’t examine on a transcript.
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Comply with the cash
- Resy and Eater co-founder raises $24 million for Blackbird, a restaurant loyalty platform
- Web3 social app Phaver raised $7 million from Polygon Ventures and others
- Cicada, a credit score danger agency targeted on blockchain infrastructure, raised $9.7 million
- DeFi by-product lending platform ParaFinance raised $5 million
- Web3 esports startup NexGami raised $2 million in seed funding
This record was compiled with data from Messari in addition to crypto-news’s personal reporting.
What else we’re writing
Need to department out from the world of web3? Listed here are some articles on crypto-news that caught our consideration this week.
- The worldwide VC market continues to stumble (TC+)
- Three weeks later, traders are nonetheless not terribly enthusiastic in regards to the huge Cisco-Splunk deal (TC+)
- What’s at stake within the Supreme Court docket’s landmark social media case
- AWS, Microsoft and Google face UK competitors probe over cloud lock-in practices
- At One Ventures’ $375 million new fund reveals local weather tech remains to be scorching (TC+)
Comply with me on Twitter @Jacqmelinek for breaking crypto information, memes and extra.
