IRS vs. FTX: $24 Billion Dispute

📉 FTX's Tax Dispute with IRS

IRS's $24 Billion Claim: FTX challenges the IRS's claim of owing $24 billion in taxes, reduced from an initial $44 billion. FTX argues its earnings were insufficient to support such tax liabilities.

Impact on Fund Recovery: This tax dispute is delaying the recovery of user funds. FTX's bankruptcy estate has limited resources, and the IRS's demand hampers distributions to victims.

Upcoming Court Hearings: With the next hearing scheduled for December 13, the outcome of FTX's bankruptcy proceedings hinges on resolving this tax dispute. Read More.

️ On today's Top Picks:

  1. ⚖️ Richard Heart served SEC lawsuit via substitute service.
  2. 🩸 Yearn Finance accidentally swaps ~$2M of treasury into ~$780K.
  3. 🪂 Rainbow Wallet launches Rainbow points airdrop.
  4. 👾 Bitcoin Inscriptions rated Medium Severity in National Vulnerability Database.

Read time: ⏰ 9 minutes


Crypto News


• ⭐️ Richard Heart served SEC lawsuit via substitute service.

Su Zhu set to be released this month after court proceedings.

Do Kwon detention in Montenegro extended as he appeals US extradition.

Blackrock, Grayscale, Franklin, and Fidelity have all recently met with the SEC to discuss Bitcoin ETF filings.

Kucoin to pay $22M and exit New York as it settles charges.

• ⭐️ Yearn Finance accidentally swaps ~$2.28M of treasury into just ~$780K because of insufficient liquidity.

Celestia to integrate data availability layer with Polygon's chain development kit.

Starknet unveils Devonomics program which will distribute portion of network fees to developers.

Worldcoin 2.0 launches, adds different authentication levels and new integrations.

Donald Trump launches new Mugshot Editon NFT collection.

FIFA launches NFT collection on Algorand.

US Senator Elizabeth Warren introduces bill to crack down on cryptocurrencies.

US DOJ indicts two individuals for allegedly running a $25M AI crypto-trading ponzi scheme.

LINE raises $140M to launch global NFT platform called DOSI.

Nym, Protocol Labs, Oasis, & Aztec form Universal Privacy Alliance.

Alpha


Coinbase launches new Coinbase Traders X account and posts, "Hello traders".

Linea DeFi Voyage SocialFi wave is live on Intract.

Layer3 launching Holiday Campaign featuring several partners this week.

WalletConnect sets launch date for their Web3Inbox app for Jan 2024; users can join waitlist.

Ten (formerly Obscuro) testnet is live along with Stage 2 of Meet Ten campaign on Galxe.

Rhino launches limited-edition SPOK for users who bridge to Starknet via Rhino.

Braavos Starknet Pro Score NFT quest on Starknet Quest deadline approaching.

Airdrops


• ⭐️ Rainbow Wallet points airdrop by Olimpio.

Aptos airdrop #2 strategy by Earndrop.

Orderly Network airdrop strategy by Earndrop.

EigenLayer & LSTs airdrop strategy by LayerGG.

EigenLayer x Kelp DAO airdrop strategy by Alpha Insiders.

Orbiter Finance O-Points redemption is live.

Finance News


US Inflation falls to 3.1% in Nov, down from 3.2% in Oct.

Ark Invest sells another $11.5M of Coinbase $COIN shares.

$ASML & Samsung invest $760M to build chip plant in South Korea.

Bain Capital sells $448M stake in Axis Bank.

Tesla $TSLA recalls 2M vehicles due to autopilot defect.

Etsy $ETSY lays off 11% of its employees

Hasbro $HAS lays off 1100 employees due to declining toy sales.

Security and Exploits


OKX DEX exploited for ~$2.76M due to private key leak.

• ⭐️ Bitcoin Inscriptions rated 5.3 Medium Severity in National Vulnerability Database.

Token Unlocks


• CyberConnect / 1.26M $CYBER / ~$7.69M / 14 DEC
• Flow/ 2.6M $FLOW / ~$1.99M / 15 DEC
• ApeCoin / 15.6M $APE / ~$25.74M / 16 DEC


Funding


Andalusia Labs, risk management infrastructure for digital assets; raises $48M in Series A funding.

Dynamic, Web3 login infrastructure; raises $13.5M in Series A funding led by a16z crypto.

GU Group, an Ethereum compatible Layer 1 operated by Japanese companies; raises $2.9M in funding led by B Dash Ventures.

Seam Social, a social platform to code, design, and curate your social space; raises $2.5M in Seed funding led by 1kx.

Nodekit, a decentralized shared sequencer; raises $1.2M in Pre-Seed funding led by Borderless.

Hackless, a DeFi security platform; raises $1.2M in private funding.

Morphism, an Ethereum layer 2; raises an undisclosed amount from Bitget.

MATR1X FIRE, an FPS mobile games; raises an undisclosed amount from OKX.

NFTScan, infrastructure for NFTs; raises an undisclosed amount in strategic investment from BIT Jungle.

AIT Protocol, infrastructure for AI data; raises an undisclosed amount.

Sound acquires Soho, a mobile platform for digital collectors.

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PROTOCOLASSETSAPY
PancakeSwap AMM V3 logoPancakeSwap AMM V3 (BSC)USDTBUSD68.65%
Curve DEX logoCurve DEX (Ethereum)IDAIIUSDCIUSDT40.27%
Beefy logoBeefy (Arbitrum)MIMARBUSDCEUSDT39.99%
Orca logoOrca (Solana)USDCUSDT38.91%
Abracadabra logoAbracadabra (Arbitrum)MIMUSDCUSDT38.05%
DeltaPrime logoDeltaPrime (Avalanche)USDC35.85%
Merkl logoMerkl (Arbitrum)STEURUSDC33.18%
Velodrome V2 logoVelodrome V2 (Optimism)USDVUSDC27.58%
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. . .

That’s it for today’s edition! See you soon.

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