Ellison FTX Testimony Shocks 🗣️

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

• Ellison FTX Testimony Shocks 🗣️

• MoMA Acquires Generative Art 🖼️

• JPMorgan Begins Tokenization 🪙

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Caroline Ellison Testimony in SBF Trial Brought Many Revelations

Caroline Ellison, former partner of SBF, testified yesterday about their relationship and involvement in crimes that led to the downfall of FTX. Ellison claimed that Bankman-Fried directed her to commit crimes, including taking billions from FTX customers and using it for investments. She detailed the illiquid "Sam coins" used to make Alameda's balance sheet appear strong to lenders.

The trial is shedding light on the power dynamics between Bankman-Fried and Ellison, both romantically and in business. Their relationship's rocky nature, along with their financial decisions, is a focal point, with Ellison providing insights into the decisions that allegedly led to the vanishing of billions of dollars of customer funds. The cross-examination will be taking place today.

MoMA Acquires First Piece of Generative Art From Refik Anadol

The Museum of Modern Art (MoMA) in New York has added an AI-generated artwork titled "Unsupervised—Machine Hallucinations" by digital artist Refik Anadol to its permanent collection. Anadol's creation utilizes a sophisticated machine learning model to reinterpret over 200 years of art from MoMA's catalog, producing dynamic audiovisuals that constantly shift based on changes in light, movement, acoustics, and weather.

The acquisition marks MoMA's commitment to engage more directly with digital art and blockchain technologies. This move reflects MoMA's ongoing efforts to incorporate emerging technologies into its collections. MoMA, being one of the most famous museums in the world, is signaling increased acceptance of digital art as the art world transforms with new tech.

JPMorgan Tokenizes BlackRock Shares, Reduces Friction

JPMorgan has successfully conducted its first live blockchain-based collateral settlement transaction, involving BlackRock and Barclays. Just last week we spoke about the tokenization efforts of UBS which illustrates the growing interest in making use of this tech. The transaction utilized JPMorgan's permissed Onyx blockchain and the Tokenized Collateral Network (TCN).

BlackRock tokenized shares in one of its money market funds, which were then transferred to Barclays as collateral in an OTC trade. The process, occurring within minutes, is quickly showing these Web2 institutions how to modernize these traditional financial asset with some on-chain magic. It’s unlikely that everything gets tokenized, but it will certainly streamline settlement and enhance operational efficiency for these institutions.

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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.