Recap Of One Of The Wildest Weeks In 2022

GM Readers! It's that time of the week when we can have a nice warm drink without the need to hurry somewhere. And read a lovely newsletter in the meantime.

Today's selection:

• Recap Of The Week
• Selected Meme of The Day
• Bite-Sized News

It's Been One Hell Of A Week. What Happened?

Tomorrow a new week begins. So let's get ready for it. In today's newsletter we'll run through the main events that shaped the crypto world this week.

It began with CZ announcing that Binance is about to liquidate their $FTT holdings.

This announcement followed the fact that Alameda Research balance sheet got leaked.

It stated that the FTX subsidiary Alameda Research is heavily dependent on $FTT. It was clear that the company stores almost all of its balances in them. CZ didn't like this. He understood this as poor risk management. So he made a move.

Alameda Research tried communicating to the public that it's OK. It's nothing but FUD. They're far from being insolvent. But... Life happened.

The following day reports started pouring in about FTX having withdrawal issues.

At this point panic is definitely in the room. FTT price is decreasing significantly. It's dragging other coins into the pit. Solana is among them, as it loses 10% of its value.

Industry giants are sharing their 2 cents. Everyone's concerned, they're saying that SBF vs CZ conflict could only harm the entire industry.

Then suddenly. Out of nowhere. A blast-of-the-news happens.CZ announces intentions to acquire FTX.

Industry reacts to the news with irony and memes.

But underlying all of it, lies the fact that a whale is about to swallow another whale.Centralization is about to intensify.

The panic is all over the place with red numbers on almost every chart.At this point, crypto market is bleeding. Global crypto market cap falls below $900 billion for the first time since January, 2021.

Bitcoin falls. Ethereum falls. Aptos falls. "This is fine", but ironically, is the sentiment that you can feel even among the bravest and most bullish community members.

Simultaneously, SBF loses his status as a billionaire, and as an honest man.

FTX token FTT loses 80% of its value. As a consequence, Sam Bankman-Fried's net worth decreases by 93%. He loses almost $16 billion in one day.

At the same time deleted tweets by SBF started resurfacing.

Naturally, disappointment was all over the place. Not only in SBF. But in the entire industry as such. But, as we now know, this was not the end.

Suddenly, Binance announces that they're not buying FTX anymore.

Uncertainty got even uncertaintier. What is going on?

Binance conducted due diligence procedures, and came up with a decision not to venture deeper into this mess.

"Mishandled customer funds and alleged US agency investigations," was how they presented their findings.

This sent FTX further down the vortex of doom.

FTX users now had only one objective. To withdraw their frozen funds. FTX, of course, was not able to satisfy everyone's demand so quickly.

SBF announced that he's in need of over $9 billion in order to solve the withdrawal crisis.

Naturally, at this point, most people's trust in him hit the floor. He got compared to other infamous crypto figures that single-handedly threw the entire industry down the stairs.

And, as days passed, everything reached its logical conclusion.

On Friday, the news broke out. SBF steps down as FTX CEO. FTX files for bankruptcy.

The week began as usual.

The digital assets market was looking rough, but healthy. The competition was intense, there were numerous powerful players in the game. From the surface, things seemed OK.

In less than a week, everything changed.

One major crypto currency exchange got eliminated. One Forbes crypto billionaire got removed from the list. Millions experienced losses.

Everyone had to face the fact that even healthy-looking and successful businesses can hide secrets.

That even huge exchanges can be 'secretly insolvent', as SBF said himself some time ago, while commenting other exchanges' financial health.

But. Life goes on. Many lessons learnt. What's damaged, can be repaired (at least in most cases). Let's hope this week is going to be calmer.

I mean, what else is there for us to do. Hoping means coping.

BTW. We heard your feedback. Many of you voted that you enjoy our posts about airdrop opportunities.

Quite a lot of you said that you want more posts like that. And many of you said that if we made a video about how to become eligible for an airdrop, that would be great.

So, good news. We have found some promising, upcoming airdrops.

Once we'll know more, we'll prepare all the necessary info, and a video about how to get them. Stay tuned. We hear you, your opinions, ideas and suggestions. We will deliver.

Enjoy the rest of your Sunday, and see you tomorrow!

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SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Ledger Live Experienced Downgraded Server Performance. Sometimes it's the people who underperform, sometimes it's the machines.
• SEC, DOJ and CFTC Launches Investigations Into Troubled Crypto Exchange FTX. It was only a matter of days.
• Coinbase Receives BaFin's Order to Ensure "Proper Business Organization". You better stay afloat while others sink.
• Swiss Watch Firm Rolex Files Application for NFTs and Crypto-Related Trademark. Relax and Rolex.