SBF Pleads Not Guilty ⚖️

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

• SBF Pleads Not Guilty ⚖️

• Ex-Opensea Exec Gets Prison Time ⛓️

• Base Activity Soars ✈️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

In Fraud Indictment, SBF Pleads Not Guilty

It seems like it was yesterday when the campaign charge against SBF was dropped, but the story continues. We’re not talking about the political donations today, but rather his decision to plead not guilty again to the fraud charges against him. The defendant appeared in court yesterday in Manhattan while being held in Brooklyn in the meantime since bail was revoked.

The accusation is that SBF was the ringleader behind the fraud that occurred at FTX over the past few years. Trial is set to begin on October 2nd in Manhattan. There is also word that the jail is not honoring his vegan diet, so the defendant has only had bread and water in his time and jail. Some may feel sorry, but maybe don’t lose billions of dollars of people’s money to earn sympathy.

Nate Chastain, Former Opensea Executive, Sentenced to Prison For Three Months

Last June, there was an ordeal where Nate Chastain had been found to have used insider information to profit off NFTs. It’s as though people forget the blockchain is an immutable ledger, but that’s for another day. Once the news became public, Nate quickly was released from his position and was later arrested for his actions.

In May, Chastain was convicted of fraud and money laundering pertaining to his previous actions. This case is notable because it’s the first time that an insider trading case has been involved with the trading of digital assets. It certainly will not be the last as blockchain becomes more relevant. Pro Tip: don’t break the law and you likely will not end up in jail.

Base Reaches Record Highs in Activity, Backpacking Off Success of Friend.tech

We spoke about friend.tech in yesterday’s issue as it has already become the de facto app to use on the nascent L2. As of yesterday, there are more transactions happening on Base than Ethereum mainnet. While Arbitrum and Optimism achieved this a long time ago, it’s shocking that Base was able to do so in record time. This could be an omen of what’s to come in an L2 dominant future.

Ethereum normally sees some 1M daily transactions where Base has already achieved ~1.3M daily transactions, mostly off of the success of friend.tech. It’s likely that a lot of this is due to bot activity, but the quickness of the achievement still bears merit. It will be interesting to see where Base stands in the months to come.

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.