🍦 A Fresh New Look For The Scoop!
Welcome to another edition of The Scoop.
The Scoop is that “new year, new me” feeling you get when you realize Bitcoin is up more than 30% since the start of 2023.
The Big Scoop
It’s been a while since we’ve filled you in here at The Scoop and things are a-changin’, both with us, and Web3. We’re glad to be back and ready to kick things off with a bang!💣
First things first….
Last time we spoke earlier this month, we let you know that we’re doing a mini-renovation on The Scoop! Here’s what we did:
1. We started working with Beehiv to make The Scoop experience way better for you!
2. We brought The Scoop to life… literally. We’re pretty excited about that; let us know what you think!
3. We’re building a system that rewards you for being an active part of The Scoop - yes… this means prizes! Stay Tuned.
4. We’re going to be introducing some pretty cool brands that are supporting The Scoop!
We’re committed to making The Scoop the only weekly Web3 recap you need and are proud to share with you that over 11 thousand people are already reading The Scoop with YOU!
So to recap… We believe the renovation was a great success, but don’t take our word for it! Get to reading and let us know what you think!
Now that is out of the way, let us get to business ...
Not going to lie. It’s kind of weird to see the price of bitcoin go up more than 30% since the start of 2023 when you consider the fact that Genesis now owes its top 50 creditors more than $3.6 billion.
Not that Genesis is the be-all and end-all of crypto. The market cap of the entire industry is back over the trillion-dollar mark, after all. That said, the point is the contagion caused by the FTX fallout is far from over.
The Winklevoss twins aren’t happy about it because they used Genesis as the main lender for their own exchange, Gemini.
Needless to say that, the Big Scoop is, this whole FTX thing is still revealing the fallout to the world.
More details in the news…
Genesis Owes Creditors A Whopping 3.6 Billion
Genesis Global Holdco, which recently filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York, has published a list of its top 50 unsecured claims, which total over $3.6 billion.
Some of the biggest claims, including one for nearly half a billion dollars, are from entities whose identities have been redacted, with the majority belonging to individual creditors, according to an individual familiar with the matter.
The list includes claims from various notable crypto companies, with Gemini Trust Company leading the list with a claim of $766 million. Other notable claims include $151 million from crypto fund Mirana Corp., $150 million from troubled crypto lender Babel Finance, and $53 million from VanEck New Finance Income Fund.
Additionally, Heliva International Corp has a claim of $55 million, but the company has stated that it is not an official Decentraland investment.
697 in Robinhood Stock Taken from SBF
On Friday, federal prosecutors reportedly seized a significant amount of cash and assets worth $697 million, primarily consisting of Robinhood shares, from the former CEO and founder of FTX, Sam Bankman-Fried.
Court documents indicate that in addition to this, assets were also taken from accounts at Silvergate Bank, which held over $6 million, as well as an additional $50 million from a Moonstone Bank account.
Furthermore, court filings reported by CNBC indicate that undisclosed sums were also taken from accounts on Binance and Binance.us.
Prosecutors allege that the funds used by Sam Bankman-Fried to purchase the now-contested 55 million Robinhood shares were stolen from customers.
Kinda weird to see Bitcoin up around 35$ this year, but we love to see the overall market doing well (even if it’s temporary), so why not just make it the chart for the week?👀
Fundraising In Web3.
Here’s a breakdown of the estimated $70million that got poured into Web3 during the holidays 🧀🐁🤑💸💰:
Ready for a quick study break?!📙
Welcome to the Study Space, where we commit to our New Year’s resolution to make you the smartest Web3er in the world🤓. Here’s some knowledge for this week
The Final Scoop
Thanks for reading The Scoop. After the tumultuous end of 2022 that Web3 went through, it’s finally good see the prices of cryptocurrencies going up. People seem to think that the broader economic environment is improving. That may not be true quite yet, but as the fallout from FTX continues to reveal itself, at the very least, it means we’re coming out of this on the other side together.
Both Web3 and The Scoop are going to have a HUGE 2023, and we’re so glad to have you along for the ride!
Thanks for checking out our new style, we hope it brings an added flash and flare to what we already aim to deliver to you week to week.
Share The Scoop
Please do us a favor help us get off to a flying start this year by Sharing The Scoop. As we told you before the calendar turned to 2023, we’ve moved this newsletter to a new platform which makes sharing it with your friends and family even easier than before.
Thanks for reading The Scoop. We hope you stick with us for another fantastic year! We’ll be here no matter what happens with the market. We promise!
See you next week!