The $3.4B FTX Portfolio Ready to Be Dumped 📉

GM. This is Degen Scoop. It’s Tuesday, here’s the scoop:

• The $3.4B FTX Portfolio Ready to Be Dumped 📉

• Tether CTO To Testify in Market Manipulation Case 💬

• Animoca Raises $20M For Metaverse Project 🤑

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

The FTX Portfolio is Worth $3.4B is Getting Ready to Be Sold on The Open Market

Yesterday, a court filing was released which showed the current liquid holdings of FTX to be $3.4B of tokens. Roughly one third of this ($1.1B) is composed of $SOL holdings with the rest being Bitcoin, Ethereum, and other tokens. In total, there is ten figures of tokens that may be liquidated to US dollars in order to make FTX depositors whole.

Despite the money seeming to have disappeared, the drawn out process in the courts is starting to reveal all of the holdings the company still has. The company also holds another ~$1.5B in cash as well as ~$200M worth of real estate in the Bahamas. While we don’t anticipate a market sell of these assets, it may be prudent to reduce exposure to their holdings.

Tether CTO, Paolo Ardoino, Will Testify in Market Manipulation Case

This week, Paolo Ardoino will testify in court in a class action lawsuit against Tether and Bitfinex of which he’s a part of both. Ardoino’s legal counsel sought to delay this but were unsuccessful in their endeavors. The deposition will take place on Wednesday in New York in a legal process that has been drawn out since 2019.

The plaintiffs allege that Bitfinex and Tether are the architects of over $1T damage to the crypto market. The charges include fraud and financial misconduct while the allegations have naturally been denied. We’ll follow up on this story on Thursday if anything of substance comes from it of which we are doubtful.

Animoca Raises $20M For Mocaverse, Metaverse Project

Animoca is one of the larger venture firms in crypto having invested in Axie Infinity amongst other Web3 initiatives. The firm managed to raise $20M from crypto investors; the raise was led by CMCC Global. This may have been a small number during the bull market, but is fairly large for the bear market where metaverse projects have not performed well at all outside of Otherside’s brief rise.

The goal behind Mocaverse is to provide a base layer of Web3 tools for crypto gaming and any other entertainment endeavor. While the metaverse isn’t performing so hot, there’s a chance the team is building quality Web3 infrastructure that can be used as the base layer for a future killer app that brings the masses to crypto.

Notable NFT Sales in the Last 24 Hours:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.