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Kraken Institutional launches a new crypto custody service for corporate clients, Ether experiences significant price volatility following SEC developments and Ethereum Foundation investigation, FTX's former CEO Sam Bankman-Fried faces a potential 40-50 year prison sentence, Montenegrin court approves the extradition of Terra co-founder Do Kwon to South Korea, and Immutable partners with King River Capital and Polygon Labs to launch a $100M fund for blockchain-based games.
Your go-to podcast where we break down the latest cryptocurrency news into easy-to-understand insights.
Step into the enchanting world of 'Phoebe's Birmingham Beat,' the GenAI-powered podcast. This project is more than just a technical feat; it's a bridge between written words and the immersive world of audio storytelling. Artificial intelligence is not just a tool here. It is a co-author, editor and translator that transforms texts to make them perfect for listening. It gets rid of repetition, improves wording and tries to preserve a unique style. It's so nice to hear how accurately the voiceover captures intonations of surprise or annoyance. Sometimes the results are funny and weird - I love it. My favourite part is the wrong accents, numbers and off-the-cuff greetings.
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Host 1:"Hello there, crypto aficionados! It's your favorite tech-savvy lady, and I'm here with the ever-inquisitive."
Host 2:"Good day to all our esteemed listeners. I must say, I'm positively brimming with excitement over the riveting crypto news we have in store for you today."
Host 1:"Always poised to delve into the world of crypto. Brace yourselves, ladies and gentlemen, for we have some rather intriguing headlines to discuss. First off, Kraken Institutional is in the process of establishing a new crypto service tailored for business clients."
Host 2:"And if you're partial to the thrill of crypto roller coasters, Ether has certainly been on a wild ride lately, courtesy of some rather intriguing actions by the SEC and an investigation into the Ethereum Foundation."
Host 1:"Quite right, old chap. And on the topic of thrilling escapades, have you caught wind of the latest on Sam Bankman-Fried, the former CEO of FTX? Word on the street is that he could be facing a sentence of up to 50 years in the clink. It's akin to queuing up for a roller coaster, only to find that the line stretches on indefinitely."
Host 2:"And in our international segment, a court in Montenegro has given the green light to extradite Terra co-founder Do Kwon back to South Korea."
Host 1:"But fear not, my dear listeners, for amidst the tempest, a glimmer of hope emerges. Behold, a new coalition has arisen. Immutable, King River Capital, and Polygon Labs have united their forces to birth a colossal $100M fund dedicated to blockchain games. Quite the silver lining, wouldn't you agree?"
Host 2:"Ah, it's akin to a game of Monopoly, only with crypto coins instead of mere paper currency! Quite the sophisticated twist, wouldn't you say?"
Host 1:"Absolutely splendid! Brace yourselves, ladies and gentlemen, for we're about to embark on a thrilling journey through the captivating realm of crypto. Stay tuned, for this promises to be an exhilarating ride!"
Host 1:"Have you caught wind of the latest buzz in the crypto universe? It's as thrilling as stumbling upon a new planet, wouldn't you agree?"
Host 2:"Ah, I see you're referring to the new crypto custody service launched by Kraken Institutional. It's akin to the construction of a digital Fort Knox, isn't it?"
Host 1:"Absolutely! They're establishing deposit accounts for their esteemed institutional clientele and safeguarding their digital assets with utmost security. It's akin to a veritable treasure trove for digital riches, wouldn't you say?"
Host 2:"Quite right, my dear fellow. It's not just a matter of safeguarding these assets. These esteemed institutions can also deftly manage and transfer their digital asset funds through a singular interface. And would you believe it? The entire affair is shielded by Kraken's in-house security tools. It's akin to having a personal bodyguard for your digital assets, wouldn't you say?"
Host 1:"Quite the amusing thought, my dear fellow. But fear not, for the process is far more straightforward. These esteemed institutions need not embark on a quest or solve a riddle. Instead, they simply utilize a secure authentication process to access their digital treasures. It's akin to unlocking a vault with a digital key, wouldn't you agree?"
Host 2:"Marvelous! In fact, the assets of our esteemed institutional clients will be held on a full-reserve basis. This signifies that the platform will graciously return all deposits should customers wish to withdraw their funds. It's akin to a digital bank vault that promptly returns all your gold bars upon request. Quite the elegant analogy, wouldn't you say?"
Host 1:"Ah, it's akin to a mystical financial institution that graciously relinquishes all your treasures upon request! And on the topic of financial institutions, this esteemed custody service will be overseen by Kraken Financial, the exchange's banking arm, holding a charter from regulators in the U.S. state of Wyoming."
Host 2:"Ah, the untamed frontier of crypto regulation! But in all seriousness, this is quite significant. Kraken Financial made history by securing the first-ever banking charter for a crypto exchange in the U.S. back in 2020. They're not only trailblazers in the world of crypto but also in the realm of traditional banking."
Host 1:"It's akin to a modern-day gold rush, but with digital treasures! So, dear listeners, whether you represent an esteemed institution, asset manager, hedge fund, or simply boast a substantial net worth, these services are certainly worth your consideration. It's akin to embarking on a quest for digital riches in this modern age of finance!"
Host 2:"Indeed, in the realm of crypto, knowledge wields immense power. Therefore, it behooves one to remain well-informed and vigilant. Should you find yourself in need of guidance, do not hesitate to seek our assistance. We are here to skillfully navigate you through the exhilarating domain of crypto!"
Host 1:My dear friend, while we've just been discussing Kraken's latest offering, I'm quite aware of your keen eye for the ever-fluctuating trends in the world of Ether. Have you been following its tumultuous journey as of late?
Host 2:"Indeed, quite the exhilarating roller coaster ride, isn't it? Ether, the second-largest cryptocurrency, has certainly been on a tumultuous journey over the past 24 hours. It's akin to a gripping suspense movie, where the plot twists and turns keep us on the edge of our seats. Speaking of suspense, any conjectures on the impending plot twist?"
Host 1:"Ah, let me hazard a guess. Has Ether taken a sudden plunge?"
Host 2:"Absolutely spot on! Ether experienced two significant downturns on Wednesday. The initial drop brought its value down to $3,109 from the $3,300 mark. It's akin to confidently executing a skateboard trick, only to unexpectedly take a tumble. But fear not, for every stumble presents an opportunity to learn, does it not?"
Host 1:Absolutely! I say, there was talk of a brief recovery, was there not?
Host 2:"Indeed, there was a fleeting resurgence, but alas, Ether then plummeted by another 6%, descending from $3,385 to $3,186 within a mere few hours. It's akin to mounting your board once more, only to suffer another spill! Yet as the old adage goes, 'fall seven times, stand up eight!'"
Host 1:"Oh, not another stumble! But I've heard it managed to regain its footing and hover around the $3,300 mark, did it not?"
Host 2:Absolutely splendid! Ether did indeed manage to regain its footing and soar to the $4,000 mark earlier in March, marking a significant milestone since December 2021. It's akin to flawlessly executing a 360 flip for the first time! Quite the remarkable feat, wouldn't you agree?
Host 1:Goodness, that's quite remarkable! But what might have precipitated these rather dramatic declines?
Host 2:"Ah, the initial decline can be attributed to the U.S. Securities and Exchange Commission's (SEC) prolonged deliberation on various Ether exchange-traded fund (ETF) applications. It's akin to eagerly awaiting the judges' scores in a competition, only to be met with repeated delays in the announcement. And for those unfamiliar with the concept, an ETF is a form of investment fund and exchange-traded product, actively traded on stock exchanges."
Host 1:"And the subsequent descent? Quite the rollercoaster ride, wouldn't you say?"
Host 2:"Indeed, the second decline occurred subsequent to the Ethereum Foundation's website hinting at an investigation by a state authority. Curiously, the news was then expunged from the website without any elucidation. It's akin to hearing whispers about a new skate park, only to find all the signage mysteriously vanishing. Quite the enigma, wouldn't you agree?"
Host 1:"Quite the captivating tale, isn't it? Now, who ought to be taking note of these intriguing developments?"
Host 2:"Ah, the anticipation is palpable, isn't it? Major financial institutions such as BlackRock, Fidelity Investments, Grayscale Investments, VanEck, Ark Invest, and 21Shares are all eagerly awaiting the SEC's nod of approval for their Ether ETF applications. It's akin to a group of skaters eagerly awaiting the grand opening of a new skate park. And on the topic of anticipation, dear listeners, what are your prognostications on this matter? Do you reckon Ether will stage a swift recovery?"
Host 1:"Let's hope they won't be kept waiting too long! Thank you for the update. And to our esteemed listeners, do remember to share your insightful thoughts with us!"
Host 1:"Quite the riveting saga, isn't it? We've been closely tracking the tumultuous journey of Ether, but I must say, it pales in comparison to the gripping narrative surrounding Sam Bankman-Fried, the former CEO of FTX. Quite the enthralling tale, I must say!"
Host 2:Oh, you've certainly piqued my interest! Pray, do share the latest tidings with me.
Host 1:"His legal team has just issued a robust response to the sentencing suggestions put forth by U.S. prosecutors, and it's safe to say they're far from pleased. In fact, they've gone so far as to label the recommendations as 'deeply troubling.'"
Host 2:"Disturbing? That's quite a robust choice of words. What could have possibly ruffled their feathers to such an extent?"
Host 1:"The prosecution is proposing a sentence of up to 50 years for SBF. His legal team contends that this portrayal casts him as some kind of character from a comic book, perhaps a supervillain."
Host 2:"Half a century? That's a rather substantial stretch of time! But wasn't FTX one of the leading crypto exchanges before it met its demise?"
Host 1:"Indeed it was. The prosecution is also seeking over $10 billion from SBF, claiming it as the amount lost in the downfall of FTX."
Host 2:"Quite the hefty sum, isn't it? But I wonder, what does SBF's legal team deem to be a just and equitable sentence?"
Host 1:"They're proposing a potential prison term of six and a half years. They argue that a fair sentence would fall somewhere between 63 to 78 months."
Host 2:That's quite a disparity. And what might be the maximum sentence he's facing?
Host 1:"According to the U.S. criminal sentencing guidelines, the maximum sentence could extend to a staggering 115 years. Rather excessive, wouldn't you say?"
Host 2:That's an entire era and then some. What might the future hold for SBF?
Host 1:"The final verdict rests in the hands of Judge Kaplan, who will preside over the sentencing hearing on March 28. Until then, SBF finds himself at the Metropolitan Detention Center in New York."
Host 2:"Ah, so the allegations suggest that he utilized customer funds to offset losses at a related company and further his personal ventures? Quite the intricate web of financial entanglement, wouldn't you say?"
Host 1:"Quite the laundry list of transgressions, I must say. Political donations, investments in other companies, and indulging in luxury real estate acquisitions. He was indeed found guilty on all seven counts, including wire fraud, money laundering, and the misappropriation of customer funds. Quite the unsavory tale, wouldn't you agree?"
Host 2:"Quite a substantial amount of information to process, isn't it? Nevertheless, it serves as a poignant reminder that even in the realm of cryptocurrency, there are indeed repercussions for one's actions."
Host 1:"Absolutely crucial, my dear listeners. Staying well-informed and exercising prudence in our decisions is of paramount importance. Until we reconvene, cheerio!"
Host 2:"Keep your curiosity piqued, dear listeners!"
Host 1:"Have you been following the latest crypto saga, my dear? I'm referring to Do Kwon, the co-founder of the now-defunct Terra ecosystem. Quite the riveting tale, wouldn't you say?"
Host 2:"Oh, you simply can't tear me away from a juicy crypto scandal! Indeed, I've been keeping a close eye on the Kwon saga. The Montenegrin appellate court has just upheld the High Court's decision to extradite him to South Korea, rather than the U.S., despite an appeal from Kwon's team. Quite the intriguing turn of events, wouldn't you say?"
Host 1:"Indeed, quite the expedited journey for Kwon, isn't it? It appears that he could be en route to South Korea as early as this weekend, following the conclusion of his prison term in Montenegro for document forgery on March 23."
Host 2:"Quite intriguing, isn't it? Kwon's legal team appears to have accepted the ruling without a fuss. They've declared it as the final decision and have no further grievances to air. Now, they're in the midst of orchestrating the handover process, liaising with the justice ministries and police officials in both South Korea and Montenegro. Quite the diplomatic dance, wouldn't you say?"
Host 1:"It's rather a victory for Kwon, wouldn't you agree? His legal team had previously expressed a preference for his extradition to his homeland."
Host 2:"Indeed, let's not overlook the circumstances that led to his current predicament. Kwon's apprehension at Podgorica Airport in Montenegro in March 2023, while attempting to board a flight to Dubai using forged travel documents, is quite the sensational affair. The U.S. and South Korea have been engaged in a fervent tussle over his extradition, with allegations ranging from fraud and securities law violations to duping investors, engaging in illicit financial activities, and constructing a Ponzi scheme. Quite the intricate web of legal entanglements, wouldn't you say?"
Host 1:"And let's not overlook the collapse of the Terra ecosystem in 2022. The values of its indigenous tokens, Luna and TerraUSD, nosedived almost to insignificance, erasing over $60 billion from the cryptocurrency market and instigating an extended crypto winter."
Host 2:"Absolutely spot on. Terraform Labs, the company behind the ecosystem, filed for bankruptcy in January this year, disclosing assets and liabilities in the range of $100 million to $500 million. A sobering tale for all the crypto enthusiasts out there, wouldn't you say?"
Host 1:"It's an absolute jungle out there in the crypto cosmos. Keep your wits about you, dear friends!"
Host 1:"Ah, you're our resident crypto whiz kid, so I'm certain you're in the know about this. Immutable, the Web3 gaming platform, has recently unveiled a $100M fund named the Inevitable Games Fund. Have you caught wind of this?"
Host 2:"Absolutely splendid! It's quite the sensation in the realm of blockchain gaming. They've forged partnerships with King River Capital and Polygon Labs, the masterminds behind the Polygon blockchain network. A substantial $30 million has already been secured out of the targeted $100 million fund. They're making remarkable progress, wouldn't you say?"
Host 1:"Quite intriguing, I must say! What are the intentions for this fund? Are they planning to acquire a multitude of virtual islands, or perhaps something equally extravagant?"
Host 2:"Quite amusing, I must say. They're not planning to acquire virtual islands or indulge in extravagance. Instead, they're set to invest in early-stage and fast-growing Web3 gaming startups. It's rather refreshing that they're not showing favoritism towards any particular ecosystem. King River Capital will spearhead the investment process and allocate the capital across chosen startups. Immutable and Polygon Labs will provide guidance as advisors, leveraging their expertise in Web3 gaming to identify promising investment opportunities."
Host 2:Absolutely splendid! The initial $30 million investment comprises contributions from VC firm Alpha Wave Ventures, the esteemed Web3 gaming community Merit Circle, the illustrious Michael Arrington, co-founder of TechCrunch, the former CEO of the Algorand blockchain network, Steve Kokinos, the esteemed co-founder of Polygon, Sandeep Nailwal, and the distinguished co-founders of Immutable, James Ferguson and Robbie Ferguson. Quite the star-studded lineup, wouldn't you agree?
Host 2:Absolutely! Web3 games are the epitome of digital sophistication, hosted on a blockchain. This affords players the delightful privilege of owning their in-game digital treasures such as NFTs and tokens. It's an entirely new dimension of gaming, where you can lay claim to a tangible piece of the virtual realm you're exploring! Just picture possessing the very sword that vanquished a formidable dragon – quite the exhilarating prospect, wouldn't you say?
Host 1:"Absolutely fascinating! And here's a delightful nugget of information for our esteemed listeners: the purchasers will be responsible for the associated fees, not Ghostface Killah. Furthermore, they will have the liberty to embellish, enhance, and repurpose the music to their heart's content. Quite the intriguing proposition, wouldn't you agree?"
Host 1:"Absolutely riveting! It's abundantly clear that the future of gaming has arrived, and it's firmly entrenched in the blockchain. And to our esteemed listeners, should you have any queries about Web3 games or blockchain technology, do not hesitate to get in touch. We are most eager to engage with you!"
Host 1:"This is quite the thrilling development for the gaming community, particularly those with a penchant for Web3 games. For our esteemed listeners who may not be well-versed in this realm, would you be so kind as to enlighten us on the concept of Web3 games?"
Host 2:"Absolutely on point! It's quite the burgeoning trend, isn't it? At present, there are only approximately 1,300 audio files etched onto the Bitcoin network. Ghostface Killah's music is set to join that exclusive club."
Host 1:"Indeed, Ghostface Killah is proving to be quite the polymath, isn't he? It's rather exhilarating to contemplate the potential trajectory of this endeavor. I must express my gratitude for your insightful elucidation!"
Host 2:"Indeed, it's a groundbreaking approach to owning and engaging with music. And this isn't Ghostface Killah's first tango with crypto. He made an attempt to launch a crypto venture called Cream Capital back in 2017."
Host 2:"Indeed. Picture Ordinals as digital assets intricately linked to minuscule fragments of Bitcoin, known as satoshis. It's akin to etching a digital signature into the very fabric of the Bitcoin network."
Host 2:"Ah, indeed, they've already dabbled in seven early-stage gaming projects, including Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan. Quite the intriguing selection, wouldn't you say?"
Host 2:"Delighted to oblige! It's always a pleasure to delve into the delightful intersection of music and technology. And to our esteemed listeners, do stay tuned for more captivating tech updates!"
Host 2:"Indeed, Dennis Coles, the one and only! He's embarking on a venture to release exclusive music under the moniker Bitcoin Ordinals. Quite a clever and innovative concept, wouldn't you say?"
Host 1:"Absolutely splendid! I've heard they've already made investments in some gaming projects. Quite the intriguing development, wouldn't you say?"
Host 1:"Have you caught wind of Ghostface Killah's latest foray into the world of cryptocurrency? Quite the intriguing development, wouldn't you say?"
Host 1:Sounds like a well-thought-out strategy. And who are the backers of this fund? Any prominent figures we should be acquainted with?
Host 1:"Bitcoin Ordinals? Sounds like a bit of a tech conundrum, doesn't it? Could you possibly simplify it for our esteemed audience?"
Host 1:"So, it's akin to imprinting a distinctive digital insignia on the Bitcoin network, wouldn't you say?"