FTX Sues SBF’s Parents ⚖️

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

• FTX Sues SBF’s Parents ⚖️

• Legal Crypto Seizure in UK 🇬🇧

• North Korea Laundering via Russia 🇰🇵

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

SBF’s Parents Sued By FTX Over Exploited Funds

Sam Bankman-Fried has been locked away for some time now for his responsibility in the fall of FTX, but now his parents are under fire. SBF’s parents are professors at Stanford Law (tied #1 in the world), so one would expect them to have been smarter about their actions. No human is wholly free from greed when presented so easily.

The couple is being sued by FTX for extracted funds from the organization and sits at 8 figures currently. It isn’t clear how much exactly was taken by the couple, but it appears to be over $20M from the available information. One would assume that FTX has valuable evidence in order to use; the whole family could find themselves in jail soon enough if so.

New UK Bill: Police Would Be Able to Seize Crypto Prior to Arrest

To think just yesterday that Elizabeth Warren was overstepping, the UK took it to mean they were in a competition. In this new bill, seizure would be possible prior to conviction or arrest. We in the West, love to criticize China and North Korea for totalitarian processes, but this is no better if not worse to take an individual’s property prior to due process.

It’s not clear how this bill work as authorities are able to freeze assets but not seize them; this isn’t quite how crypto works on-chain. Seized funds will either go to law enforcement or to fund policing of economic crime. If the food and weather hasn’t made them leave their country, maybe this bill will be the final straw.

North Korea Using Russian Exchanges to Launder Hacked Funds

Last week we saw North Korea behind another major hack of $54M which brings their total to over $300M on the year. Usually when sums this large are hacked, it can be difficult to get it off-chain as CEXes work with law enforcement. However, North Korea seems to have found a workaround in working with Russian exchanges to take the funds off-chain.

While not entirely unexpected, this isn’t good news for hacking victims as their funds are truly gone if NK has found a willing dance partner to off ramp with. The $300M+ hacked funds is nothing to scoff at, but it’s much smaller than the $1.7B they managed to hack back in 2022. Knowing that Russia doesn’t cooperate with international authorities, this seems to be a match made in heaven.

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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.