Head of Content and Special Projects at trading firm @GSR_io/ Host of The Crypto Tape / Airbnb Super Host/ Founding Reporter at @TheBlock__
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Personal news: I’m joining @GSR_io as Head of Content and Special Projects.
I’ve covered crypto since 2017, always drawn to market structure and how institutions shape this space. What started with bitcoin futures has evolved into a truly institutional market with real liquidity, access, and regulatory clarity.
Now I get to help tell that story from the inside.
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After spending over half a day at an airport in Italy, I have no idea how this is the eighth largest economy in the world and not like ranked 60
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FTX investors:
BlackRock
Ontario Pension Fund
Sequoia
Paradigm
Tiger Global
SoftBank
Circle
Ribbit
Alan Howard
Multicoin
VanEck
Temasek
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BlockFi says it can no longer operate its business as usual; pausing client withdrawals
Wow
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In which Citigroup researchers note that USDC and Tether—stablecoins pegged to $1–have underperformed and “struggled” against US equities
Bruh lmao
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Genesis just held a 7 minute call with clients to let them know withdrawal requests for Genesis Capital have exceeded their liquidity profile; CEO says he’s working on a plan with advisors to fix their liquidity profile and serve clients
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Crypto market is so god damn soft
We finally have a green light for the entirety of US financial markets to engage with crypto but we’re selling off because a country that’s smaller than California and basically exports trees and maple syrup might tax us
Sad!!
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I’ve spoke with several employees of FTX and investors they’re all completely in the dark
Sad day for our industry
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Just spoke with an LP in several crypto funds: he said when he asked funds why they did “lazy” DD on FTX, they responded basically “he was on the cover of Fortune Magazine. He was a big name.”
There’s going to be a lot of lawsuits. And a lot of funds will shutter.
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1) I'm absolutely gutted by this news, which was briefed to the company this afternoon.
Underpinning my shock are feelings of utter disgust and betrayal by Mike’s actions, greed, lack of disclosure. He's literal scum. He kept every single one of us in the dark.
[DB] The Block Has Been Secretly Funded for Over a Year With Money Funneled to the Block's CEO From SBF, Sources Told Axios.
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Why did the SEC let Coinbase go public with all these illegal securities listed on it?
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“I am happy to confirm that the Grayscale team has received necessary regulatory approvals to uplist GBTC to NYSE Arca, and we will share a press release with additional information shortly” ~ Grayscale spokesperson
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If you're not looking at DeFi you're not going to make it in finance
It's going to completely redefine trading, indexing, market making incentives, peer-to-peer lending ... the list goes on
If your bank, fintech or trading firm doesn't have a defi strategy, then it's screwed
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Zhu Su is seeking $5 million from 3AC bankruptcy, and 3AC co-founder Kyle Davies’ wife is seeking $65 million.
hilarious
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Interesting dichotomy in the market right now. Been talking to dozens of senior people across the industry (most 5 years plus in crypto) this week. Maybe even 100+. Half want to quit, retire, never think about crypto again. The other half want to double down.
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.@elonmusk says NYTimes coverage (perhaps MSM coverage overall) of SBF is "one of the biggest failures in US journalistic integrity of the 21st century."
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I literally went from thinking the metaverse was bull shit to thinking I should dedicate 80% of my time to it within like 6 weeks
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I was not expecting the My Pillow Guy to go all Sinners in the hands of an angry god on us, but I guess this is part of the new paradigm we are in
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Hey, JPMorgan next time please cite our industry maps instead of ripping them off in your research as your own
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$280m+ has been moved from FTX International and FTX US to another wallet
This story line is nuts
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Can confirm that this was the case. The system - which Alameda/SBF used for years - effectively allowed Alameda to borrow from FTX an unlimited amount. Basically, if a user deposited $1m, then Alameda could draw a $1m line of credit from FTX.
ICYMI: SBF built bespoke 'backdoor' to outwit FTX compliance systems: Reuters theblock.co/post/186321/sbf-…
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"People are still processing this but this is the Lehman moment for crypto"
Hearing about a lot of funds possibly insolvent from Luna meltdown
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Everyone at this wedding is asking me about FTX. We’re not early at all
Everyone is angry
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It’s funny how bitcoin is a sleepy institutional asset in 2021 while the stock market is a volatile casino for retail
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SCOOP: Coinbase helped facilitate Tesla's $1.5 billion bitcoin buy; the crypto exchange's prime brokerage business (formerly known as Tagomi) is said to have several Fortune 500 companies as clients, according to sources familiar with the situation.
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Coinbase confirms it has been working with Elon Musk, SpaceX, and Tesla.
As part of its Q2 earnings, the firm said it counts 10 out of the top 100 hedge funds as its clients. Dan Loeb's Third Point is a client, according to the firm.
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Massive. Asset management giant Fidelity files for a bitcoin ETF theblockcrypto.com/linked/99…
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“SO IT’S CALLED TRADFI, BASICALLY WE BUNDLE DIFFERENT ASSETS INTO ONE STRUCTURED PRODUCT THAT WE CAN SELL TO BANKS AND EARN MASSIVE FEES”
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Citadel's Ken Griffin brutally chastises SEC Chair Gary Gensler
“I would love to see Gary Gensler pivot from talking about regulating cryptocurrency to actually providing regulatory clarity”
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Statement from UK prime minister Rishi Sunak on a16z’s expansion to the UK:
Big news to share: @a16z is expanding to the UK 🇬🇧
We plan to open our first international office in London later this year, and will host the next Crypto Startup School there in 2024.
Why the UK? 👇
a16zcrypto.com/posts/announc…
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I’ve covered crypto for 6 years and have never heard of Bitzlato
I’m sure the mainstream press will cover it like it’s a death knell for the industry
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“FTX also provided Bahamas staff with a ‘full suite of cars and gas covered for all employees [and] unlimited, full expense covered trips to any office globally,’ the employee added. Staff at FTX US were allowed $200 a day in DoorDash food delivery credits.”
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Wall Street firms that haven’t focused on bitcoin and wrote it off are absolutely losing their shit right now according to the insiders I’m talking to
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Pretty wild that Ray Dalio owns bitcoin now. Dude literally spent the last 3 years saying on national TV how it doesn't work as a currency. Big pocketed investors are buying bitcoin while retail sells, really hate to see it.
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No1 wants to sell Bitcoin knowing there is a giga whale bidder
This is what OTC desks are telling me
They’re literally not selling because Do Kwon says he’s buying
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Went to a crypto happy hour event in Manhattan tonight—easily the oldest crowd I’ve seen at a crypto gathering. Average age had to be 55+.
Everyone was bullish on crypto. No one knew about memecoins. All focused on getting their family offices into Bitcoin and early-stage crypto projects.
Complete antithesis of Crypto Twitter.
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My latest: El Salvador government strikes deal with Bitfinex, Blockstream to issue $1 billion bitcoin bond
theblockcrypto.com/linked/12…
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Wow really bullish for ethereum
"One key thing about the infrastructure bill that just passed the Senate is that there are no gas tax increases," Pres. Biden says.
"I made it absolutely clear that I would not raise gas taxes, and I'm glad everyone in the Senate seemed to agree with that."
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Five winners in this bear market. Am I missing anyone?
- FTX/Alameda
- Justin Sun
- Binance
- a16z
- Paradigm
Everyone else is very rekktd.
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BlockFi CEO Zac Prince currently has an OOO set for his email until the end of the year, citing paternity leave. Does not mention firm’s pause of withdrawals or FTX crisis.
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Been trying to think of a paraswap joke all day but only .00002% of you will actually get it
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This is why it’s important to rely on good sources. CNBC, Reuters, and more reported instantly on a clearly dubious press release as gospel fact. Meanwhile, our team hit Walmart customer service lines, checked for red flags in the press release, and searched email registrations
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My 12 year old brother said he thinks crypto is a scam because people shouldn’t make money from doing nothing. Time to give him a very valuable lesson in passive income
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Just spoke to a large investor ($1bn+) who said that the retail market is underestimating the amount of institutional capital sitting on the sidelines for Ether by "1 to 2 orders of magnitude."
I tend to believe him.
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Absolutely nuts. Crypto exchanges saw more than $2 trillion in volumes this month.
These volumes aren't just giving equity exchanges a run for their money, they're blowing them out of the park.
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We cannot as an industry allow Facebook to become the backbone of the metaverse
full stop
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Even at $30,000, for some reason, the crypto market doesn’t feel as hectic as it did in 2017. I think maybe it will at $50k or $100,000.
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Firm going all in on crypto tomorrow - never would have believed it when I first starting covering this space four years ago
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.@Ripple CEO Brad Garlinghouse says Facebook Libra announcement has helped push forward some contracts it has in the works with other finserv companies: "This has been a call to action. This is going to be a record week for Ripple."
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Bitcoin is officially a new asset class: Goldman Sachs finance.yahoo.com/news/bitco…
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Bitcoin could become the “currency of choice for international trade”, says Citi
theblockcrypto.com/post/9659…
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JUST IN: No, Coinbase's largest shareholders did not sell the vast majority of their $COIN stock last week. Data shows:
CFO Alesia Haas sold ~15% of total holdings
CPO Surojit Chatterjee sold ~8%
COO Emilie Choi sold ~24%
CEO Brian Armstrong sold less than 2%
W/ @_RJTodd:
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Talking to a VC who says that luxury brands like Dolce & Gabbana are looking at crypto people as a new, powerful group of culture makers. They are shaping retail experiences for them. 1st time I talked to someone about how crypto is the future of culture, not just finance.
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“I'm excited to share that we're appointing Elon Musk to our board”
I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.
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