SBF Gave Away MILLIONS. Now FTX Wants It Back

GM Readers!📪 It's BitDegree Insider, and we're here to provide you with that web3 immunity shot.

⭐️Today's selection:

• 🛳FTX To Recover SBF Donations
• 📡Logan Paul No Longer Suing Coffeezilla
• 🤑Venture Mondays
• 👌Selected Meme of The Day
• 📰Bite-Sized News

FTX TO RECOVER SBF DONATIONS

While SBF reigned on the FTX throne, he was the one who called the shots.

And by 'shots' we mean political, and charitable donations. And he didn't impose any strict limits on his own generosity.

Now, it has become clear that he couldn't really give away his customers' money. So the new FTX management wants all of this money back.

Some politicians are already showing how it's done. Some Democratic Party committees have already announced their intentions to return the money (around $2M).

So, the time has come for non-profit organisations that received SBF's generosity to give back what's not theirs... And there are over 100 of them.

Given SBF's generosity, that could be quite a sum. This money is needed to pay off customers and partners of the collapsed crypto exchange.

New CEO John Ray III admits: identifying the company's assets and liabilities has been very difficult. Experts are still figuring out all the bank accounts that the exchange used for its operations.

Some organisations are not waiting for bankruptcy court to start collecting debts. They have volunteered to return all or part of the donations received from the SBF.

And it's easy to understand. Delaying the process could return in the companies having to return the donations nevertheless. But... with an applied extra interest rate for the delay.

Among those who didn't hesitate to return the money is Alignment Research Center (a machine learning firm). They have pledged $1.25 million in refunds.

The non-profit news agency ProPublica has returned $1.6 million.

The Good Food Institute announced that it had already spent the aid it received and could not return it. The court will now decide on how to deal with this.

And it wouldn't be a surprise if more companies have already spent what SBF gave them.

The intricate, intertwined FTX spider web continues glueing everything together and making this world a more complicated and messy place.

TL;DR: New FTX management is trying to recover all the donations to companies, firms, politicians, and non-profit organisations that SBF gave away.

LOGAN PAUL BACKTRACKS ON DEFAMATION SUIT AGAINST COFFEEZILLA

The online crypto sphere has been entertained recently.

Entertained by the ongoing beef between Youtuber citizen journalist Coffeezilla and Logan Paul, the notorious, scandalous influencer.

Coffeezilla has solidified his reputation in the last year. He even described FTX as a ponzi scheme almost 6 months before the actual exchange's collapse.

And so it happened that Logan Paul found himself among Coffeezilla's latest targets. And whenever that happens, you know that Coffeezilla's probably onto something.

It all began when Coffeezilla uploaded his first video in which he called out CryptoZoo. A project who was spearheaded by none other than Logan Paul.

In the video, which is titled 'Investigating Logan Paul's Biggest Scam', Coffeezilla seeks to find out why:

'CryptoZoo was supposed to be a fun blockchain game that can earn you money... but millions of dollars of investor money later, things are still broken.'

As a response to this, Logan Paul uploaded a video in which he accused Coffeezilla of defamation, and said: 'I'll see you in court'. The video is now deleted.

But it looks like Cofeezilla actually managed to convince even Logan Paul, that the blockchain game he's been supporting, is not that trustworthy.

Here's a more recent quote by Logan:

'The war is not with Coffee. In fact, I'm grateful he brought this to light. I will be taking accountability, apologizing, and coming forward with a plan in the near future'.

Apparently, Logan even called Coffeezilla right before the third part of his video investigation into CryptoZoo was uploaded.

Well... That settles it. At least for now. But knowing Coffeezilla, it's safe to say that if Logan's about to get some mischievous shenanigans started, Coffeezilla won't let it slide.

TL;DR: Youtuber Coffeezilla no longer sued by Logan Paul, who, at first, accused him of defamation for his investigations into CryptoZoo, a fishy-looking crypto project.

VENTURE MONDAYS

It's Monday. It's time to see who saw their bank accounts grow the most during the last week.

Aptos-based multisig wallet Msafe raised $5M in a seed funding round.

The round was led by Jump Crypto, with participation from Superscrypt, Circle Ventures, Coinbase Ventures, Redpoint, SV Angel, The Spartan Group and Shima Capital.

A multisig wallet is similar to a security deposit box that requires multiple keys to open.

In the case of a multisig wallet, the assets are digital and stored in a wallet, and transactions can only be completed when multiple users provide their own unique signatures or keys.

DeFi Meta Aggregator Ondefy raised $1M in a seed funding round.

AngelDao, Paraswap, Stacker Ventures, Caballeros Capital, White Loop Capital, Cryptoast, YellowSpoon, Tenzor Capital, Stake Capital, HyperGrowth are among the investors.

Ondefy's product has 2 main features:

"Fiat-to-Any Token" which enables easy onboarding to any token with fiat.

"DeFi Marketplace" which is a simplified DeFi Meta Aggregator for retail users. You can see this as a DeFi Marketplace for an inexperienced user where we unify multiple protocols.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• FTX's $40 Million Spending on Food, Flights and Hotels Revealed in Court Filings. Tell me you're irresponsible without telling me you're irresponsible.
• Crypto Payment Platform Wyre Limits Customer Withdrawals. Here we go again.
• Ferrari Ends Partnership With Crypto Sponsor. Getting the hell away from it at 211 mph.