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🟪 Packing up the circus
FTX was back in the news this week
Michael McSweeney
September 29, 2024
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FTX was back in the news this week.
Former Alameda Research CEO Caroline Ellison was sentenced to two years in prison for her role in the dramatic rise and fall of FTX. This, after she served as a key cooperator (and courtroom witness) for US prosecutors earlier this year.
It was, in many respects, a quieter moment — at least, compared to the veritable media circles that engulfed the SBF trial in New York.
As Casey Wagner wrote in her report from the courthouse:
“Ellison’s parents and two sisters were present in court. A SDNY Marshal handed out tissues to the family at the end of the hearing. Ellison had no visible reaction when receiving the sentence, but did cry at points during her personal statement to the court.”
Speculation about the nature of Ellison’s sentencing suggested that she might avoid jail time. But the judge in the case ultimately set the 24-month punishment, noting that her “remarkable” contributions weren’t enough to spare her from prison.
More FTX sentences are on deck in the months to come. Bankman-Fried himself is appealing his conviction. The circus, while not completely over, is starting to pack up. Based on the energy around this week’s sentencing, the crowd has all but departed.
FTX fell apart nearly two years ago. The milestone is approaching, and I’m sure there’ll be plenty of prognosticating and leaf-reading about what the collapse meant and, more importantly, whether the crypto industry has moved on from it.
Has it moved on? I’m not so sure.
And now, on to the roundup:
— Michael McSweeney
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Sky, the blockchain artist formerly known as MakerDAO (actually they’re a decentralized lending protocol, sorry not sorry), is primed for a Solana push. It’s been a long time in the making — Lightspeed’s got the scoop on what it all means.
The Kingdom of Bhutan might be better known as the Kingdom of Bitcoin. The royal mining operation is raking in as much as 75 BTC per week, according to Empire’s figures. It’s raked in $1.36 billion over the past three and a half years — massive.
ICYMI: The On the Margin team is shifting gears — branding-wise, that is — and will soon publish under the Forward Guidance banner (see above!). Don’t worry — for the best macro and policy takes, this team can’t be beat. See you next week, readers.
Bitcoin and DeFi — a match made in heaven? Maybe, maybe not. At any rate, this particular sector of the bitcoin economy is gaining steam, according to 0xResearch’s Donovan Choy, thanks to a series of product launches and partnerships. Buckle up.
It’s time to play “favorite Byron question of the week.” This time: Is bitcoin a memecoin? Ha. Haha. Yes, it is. Memecoins can be worth billions of dollars, too.
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