FTX Selling $740M of Assets 🏛️

Today's stories: FTX will be selling off assets to repay creditors, The Simpsons featured NFTs in its most recent episode, and a fake Ledger app on the Microsoft App Store is the cause of $700K of losses.

November 07, 2023

GM. This is Degen Scoop. It’s Tuesday, here’s what happened yesterday:

  • FTX Selling $740M of Assets 🏛️

  • The Simpsons Parodies NFTs 📺

  • Fake Ledger App Results in $700K of Losses 🔻

  • Whale Moves 🐋

  • Threads You CAN’T Miss 🧵

FTX Intends To Sell $740M of Grayscale & Bitwise Assets

FTX and its debtors have presented a request to the U.S. bankruptcy court in Delaware, seeking approval for the sale of assets from Grayscale and Bitwise, with a value around $744M.

The move is intended to streamline preparations for forthcoming dollarized distributions to creditors and allows FTX to strategically sell the assets at the right time. The recent guilty verdict for FTX founder Sam Bankman-Fried could result in a potential prison sentence of 15-20 years, with the maximum being over 100.

The proposed sale encompasses trust assets managed by Grayscale and Bitwise, overseen by an investment adviser, with the goal of maximizing returns for creditors. The plan also includes the establishment of a pricing committee representing all stakeholders and the requirement for the investment adviser to secure at least two bids from different counterparties before any asset sale.

The Simpsons, Famous TV Show, Featured an Episode About NFTs

In the latest episode of The Simpsons, titled "Wild Barts Can't Be Token," blockchain and NFTs took center stage as the show humorously delved into the crypto space for the second time, following a 2020 episode.

The storyline revolves around Bart being accidentally minted into an NFT, prompting Marge to embark on a blockchain-powered adventure to save him. The episode pays homage to iconic NFTs and artists, including the Bored Ape Yacht Club and Beeple.

It also satirizes the speculative nature of certain NFTs, with Homer initially dismayed by Bart's digitization but later ecstatic about the $1.5 million value of the Bart NFT. The episode also spurred a punk derivative that had a run up to nearly 0.5 ETH and just as a rapid of a fall.

Ledger Experiences $760K Hack From Fake Ledger App on Microsoft App Store

A significant security breach has been reported, with over $767,000 in digital assets stolen after users unknowingly downloaded a fake Ledger crypto wallet management app from the Microsoft App Store.

Ledger requires users to download an app to their computers to interact with their crypto holdings. The malicious app exploited unsuspecting users, who believed it to be an official Ledger app, ultimately leading them to send their digital assets to the perpetrator's address.

The incident sheds light on the persistent challenge of counterfeit or malicious apps, an issue that Microsoft has been grappling with for over a decade. As the cryptocurrency industry continues to mature, enhancing security measures remains a critical priority.

The BIGGEST NFT Sales in the Last 24 Hours:

CryptoPunk #7458 - Sold For 600 ETH ($1.14M)

Fidenza #985 - Sold For 100 ETH ($190K)

Notable Threads You Might 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.

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