Su Zhu Sent To Jail ⛓️

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

• Su Zhu Sent To Jail ⛓️

• SEC Delays Bitcoin ETFs 🐢

• Google Cloud, Polygon Validator 💪

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Su Zhu Jailed For 4 Months Due to Contempt

Su Zhu, co-founder Three Arrows Capital (3AC), has been arrested in Singapore while trying to leave the country. The arrest comes after Zhu refused to comply with a court order compelling him to account for his activities as the founder and investment manager of 3AC. Zhu and his co-founder Kyle Davies, who is also due for four months behind bars, went underground after 3AC's collapse, citing death threats.

During Zhu's imprisonment, Teneo (liquidator) plans to press him for more information related to 3AC to assist with asset recovery and ensure compliance with the court order. The Monetary Authority of Singapore had earlier barred both Zhu and Davies from engaging in regulated investment activity for nine years each. The arrest is another development in the aftermath of 3AC's collapse and adds to the regulatory actions taken against Zhu and Davies in Singapore.

SEC Drags Their Feet, Delays Bitcoin ETF Decision

The SEC has further delayed its decision on four Bitcoin ETFs, including proposals from BlackRock, Bitwise, Invesco Galaxy Digital, and Valkyrie. This marks the second extension within a month. The regulatory decision, originally set for October 16 to 19, was expedited due to the impending government shutdown (which has since been avoided), and the SEC has yet to reach a final verdict.

The prolonged delay aligns with a broader trend in the industry, where multiple investment firms are engaged in efforts to secure regulatory approval for such investment products. The SEC cited its ongoing formal process and the need for public input, creating a backdrop of uncertainty around the fate of these Bitcoin ETF proposals.

Google Cloud is Officially A Validator of Polygon

Google Cloud has officially become a validator for Polygon. Polygon announced the news, emphasizing that the infrastructure behind YouTube and Gmail, products with billions of users, will now contribute to securing its network. Beyond adding another major tech name to Polygon's validators, Google's involvement might influence Polygon's expected transition from a PoS chain to a validium, a system similar to zero-knowledge proofs but storing data off-chain, reducing blockchain congestion and enhancing efficiency.

The addition of Google Cloud and Deutsche Telekom as validators underscores Polygon's appeal to significant technology firms. The involvement of Google could have broader implications for Polygon's evolution. As Polygon aims to transition to a validium structure, Google Cloud's influence, along with other validators, may contribute to the secure implementation of zkEVM validium, addressing issues of blockchain congestion and data efficiency.

Notable NFT Sales Over the Weekend:

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.