Subscribe
Share
Share
Embed
Former CEOs of collapsed crypto firms Celsius Network and FTX appeared in court over potential legal team conflicts, while a Chainalysis report showed a 30% drop in crypto laundering in 2023, and Gemini's co-founders donated $4.9M to a pro-crypto PAC, as Hack VC raised $150M for a new venture fund, and Switzerland's PostFinance launched crypto trading and custody services in collaboration with Sygnum.
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.
Subscribe and keep your heartbeat in tune with the latest in cryptocurrency. 🎧💰🌐
The show takes its inspiration from the inside.com materials.
Host 1:"Hello, fellow crypto enthusiasts! Here we have Harry, poised and ready to plunge into the depths of the crypto-verse. Brace yourselves, it's going to be quite the ride!"
Host 2:"Ah, greetings to all you crypto enthusiasts! Indeed, the enigmatic depths of the crypto world are calling out to us. Quite exhilarating, wouldn't you agree?"
Host 1:"Oh, what a performance, my dear friend! But you've hit the nail on the head. We are indeed in for some riveting real-life drama today, aren't we?"
Host 2:"Indubitably, Phoebe! Let's delve into this courtroom drama, shall we? The erstwhile CEOs of the defunct crypto enterprises, Celsius Network and FTX, find themselves entangled in a legal quagmire. It appears that their legal counsels are engaged in a crypto-themed battle of wits within the hallowed halls of justice. Quite the spectacle, wouldn't you say?"
Host 1:"A courtroom clash over crypto, quite the unexpected spectacle! But let's pivot to some heartening news. Chainalysis reports a notable 30% decrease in crypto laundering in 2023. Now, that's progress, wouldn't you agree?"
Host 2:"Indeed, Phoebe! Speaking of positivity, let's not overlook the remarkable gesture by the Gemini twins, who generously donated a staggering $4.9 million to a pro-crypto PAC. Quite the impressive display of support, wouldn't you say?"
Host 1:"Absolutely spot on, my dear! Love is indeed at the heart of the crypto community. And on the topic of backing, Hack VC has managed to secure a remarkable $150 million for a new venture fund. It's raining cryptos, ladies and gentlemen!"
Host 2:"And here's the pièce de résistance. Switzerland's PostFinance is making a bold move by stepping up its crypto game, launching crypto trading and custody services in partnership with Sygnum. Quite the audacious endeavor, wouldn't you say?"
Host 1:"Absolutely! It's a veritable crypto revolution, ladies and gentlemen! And this is merely the tip of the iceberg. So, brace yourselves, because we're just getting started!"
Host 1:"Have you been following the enthralling courtroom saga unfolding in the world of crypto?"
Host 2:"Ah, the Alex Mashinsky and Sam Bankman-Fried saga, you say? The former CEOs of Celsius Network and FTX? Quite the enthralling real-life drama, reminiscent of a soap opera, but with an added layer of blockchain intrigue. Speaking of blockchain, did you know that it's a system for recording information in a manner that renders it exceedingly challenging, if not impossible, to alter, hack, or manipulate? Quite fascinating, isn't it?"
Host 1:"Quite an intriguing tidbit! But let's return to our enthralling crypto saga. They've recently found themselves entangled in a legal quagmire, addressing queries about potential conflicts of interest within their legal team. It's akin to a cerebral game of chess, albeit with lawyers instead of pawns."
Host 2:"Indeed, Mashinsky appears rather unfazed by the choice to share legal representation with Bankman-Fried. If I were in the midst of facing seven counts of fraud and conspiracy, I'd certainly opt for my own top-notch legal team. But that's just my personal preference. And speaking of exceptional teams, did you know that the term 'dream team' originated from the 1992 United States men's Olympic basketball team?"
Host 1:"Quite the revelation! But it's not just about assembling a dream team, it's also about strategic maneuvering. Mashinsky's trial has been rescheduled for 2025, and he's counting on Bankman-Fried's sentencing to conclude before his own trial commences. He seems rather confident that there's no conflict of interest at play."
Host 2:"Ah, the age-old 'let's observe how far the other party descends before making our move' tactic. Quite the classic maneuver, wouldn't you agree? However, let's not overlook the intricate history between these two individuals. Celsius Network extended a loan to FTX's affiliated company, Alameda Research. And it's worth noting that Mashinsky attributes a portion of his firm's downfall to the actions of Bankman-Fried."
Host 1:"Indeed, it's akin to a convoluted tapestry of crypto, wealth, and culpability. However, let's bear in mind, ladies and gentlemen, that these are weighty accusations. We're delving into allegations of securities fraud, commodities fraud, wire fraud, misleading investors, and conspiracy to manipulate the value of Celsius Network's native token, CEL."
Host 2:"Ah, quite the unfortunate turn of events for Bankman-Fried. He has been found guilty of all seven criminal charges, including wire fraud, money laundering, and misappropriation of customer funds. It's akin to a laundry list of 'what not to do' in the crypto world, wouldn't you say?"
Host 1:"Indeed, it serves as a stark reminder that even within the realm of crypto, adherence to rules and regulations is paramount. When these guidelines are disregarded, one inevitably finds themselves entangled in a courtroom drama of this nature."
Host 2:"And let's not overlook the repercussions on their enterprises. FTX declared bankruptcy in 2022, and Celsius Network followed suit a few months later. However, there is a glimmer of hope - Celsius Network has undergone a transformation into a new Bitcoin mining venture."
Host 1:"Quite right. It serves as a poignant reminder that even in the midst of adversity, there exists ample opportunity for metamorphosis and progression. Let's keep a keen eye on the unfolding courtroom spectacle; it's bound to be a riveting affair, wouldn't you say?"
Host 1:"Quite the intriguing development, isn't it? It appears that the sheriff has taken it upon himself to tidy up the unruly frontier of the crypto world. Quite a commendable effort, I must say."
Host 2:"Oh, the Chainalysis report, I presume? Yes, I did come across that. Quite fascinating, I must say. The total amount of crypto laundered for illicit activities took a significant nosedive by 30% to $22.2 billion in 2023 from $31.5 billion the previous year. Quite the intriguing development, wouldn't you agree?"
Host 1:"That's quite a substantial decrease. But what's the secret to this remarkable turnaround?"
Host 2:"Indeed, Chainalysis attributes this remarkable turnaround to lower trading volumes in the crypto market in 2023. However, here's the intriguing twist in the tale. They've also highlighted the fact that sophisticated threat actors, such as the North Korean cybercrime organization Lazarus Group, have been elevating their strategies and devising new methods to evade detection."
Host 1:"So, they're becoming more cunning, are they? I've also caught wind of an increase in the utilization of blockchain bridges and gambling services to obfuscate the origins of illicit funds. Quite the intricate web they're weaving, wouldn't you say?"
Host 2:"Absolutely on point. For the past five years, centralized exchanges have undeniably been the primary destination for these funds. However, there has been a discernible shift towards these alternative methods as of late. Quite an intriguing development, wouldn't you say?"
Host 1:"It's akin to a high-stakes game of cat and mouse, wouldn't you say? But let's take a step back. How does this stack up against the total amount of money laundered annually?"
Host 2:"An intriguing observation, indeed. According to a report by Deloitte, an estimated $2 trillion is laundered annually to conceal illicit activities. Therefore, the $22.2 billion of crypto laundered last year merely scratches the surface, accounting for a mere 1% of this staggering figure. Quite the eye-opening perspective, wouldn't you say?"
Host 1:"That's a mere drop in the ocean. However, I daresay it's still a cause for concern among the regulators, wouldn't you agree?"
Host 2:"Indeed, it's quite noteworthy that a risk assessment report from the U.S. Department of the Treasury has highlighted the fact that virtual assets still constitute a relatively small proportion of the funds utilized for money laundering when compared to traditional currencies."
Host 1:Interesting. And who ought to be on high alert about this?
Host 2:"Fascinating revelation, isn't it? The report has divulged that the coin-mixing service YoMix has overtaken other popular mixers such as Tornado Cash and Sinbad, emerging as the preferred choice of nefarious actors in 2023. The influx of funds into YoMix surged by fivefold last year, with approximately one-third originating from wallets linked to crypto hacks."
Host 1:"So, it seems that these coin-mixing services are akin to the laundromats of the crypto world, don't you think?"
Host 2:Absolutely spot on. These services effectively conceal wallet addresses, rendering digital assets more challenging to trace. They facilitate untraceable financial transactions, ensuring the anonymity and privacy of both the sender and the recipient. Quite the ingenious cloak for safeguarding one's financial affairs, wouldn't you say?
Host 1:"Ah, do you recall our discussion on crypto crime and regulation? It appears that digital assets have ventured into the realm of politics as well. Have you caught wind of the recent filing with the Federal Election Commission (FEC) involving the Winklevoss twins?"
Host 2:"Ah, you're referring to Cameron and Tyler Winklevoss, the chaps behind the U.S.-based crypto exchange Gemini, I presume? I do recall hearing something about that. They made a rather substantial contribution to a pro-crypto super PAC, didn't they?"
Host 1:"Absolutely splendid! In January, they made a generous contribution of nearly five million dollars to Fairshake. And would you believe it? The super PAC has managed to amass an impressive 85 million dollars from its supporters thus far."
Host 2:"Quite the substantial sum, isn't it? But pray tell, what might be the raison d'être of this super PAC?"
Host 1:Absolutely splendid! Fairshake's objective is to exert influence on the upcoming 2024 U.S. presidential election. Their strategy involves providing financial backing to candidates from both the Republican and Democrat parties who demonstrate a favorable stance towards the crypto industry. They advocate for policies that foster the growth and advancement of the crypto market, while opposing extreme measures that could impede its active trading and development. However, they are in favor of regulations that promote transparency and prevent fraudulent activities.
Host 2:"Quite intriguing, isn't it? It appears they're not simply splashing the cash, but rather pursuing a well-defined agenda. And might I inquire about the other supporters of this super PAC?"
Host 1:"Ah, quite the illustrious supporters indeed. We have the leading venture capital firms such as ARK Invest and Andreessen Horowitz, alongside prominent crypto entities like Ripple, Circle, Coinbase, Kraken, and Messari. Quite the impressive lineup, wouldn't you say?"
Host 2:"It's quite intriguing to observe how cryptocurrency has evolved into a significant factor in U.S. election campaigns in recent years. This can be attributed to its burgeoning popularity and the absence of a comprehensive regulatory framework for the market in the country."
Host 1:"Indeed! Certain presidential candidates, such as Robert F. Kennedy Jr., have skillfully woven digital assets into the fabric of their campaigns, aiming to garner support from the industry."
Host 2:"Quite a shrewd maneuver, I must say. However, for the benefit of our esteemed audience, it's imperative to clarify the role of these PACs, or Political Action Committees. These entities gather campaign contributions from members and allocate those funds to support or oppose specific candidates, ballot initiatives, and legislation. It's worth noting that they are prohibited from directly providing financial support to candidates."
Host 1:"Quite a valid observation! It's imperative to have a clear understanding of the destination and utilization of funds, wouldn't you agree?"
Host 1:"Have you heard about Hack VC's recent maneuver? You always seem to be abreast of the latest in crypto news."
Host 2:"Absolutely splendid! They've recently secured a staggering $150 million for their inaugural venture fund, Venture Fund 1. The intention is to channel these funds into backing early-stage crypto startups. It's akin to striking gold in the world of crypto, wouldn't you say?"
Host 1:"That's quite a substantial amount! So, which specific sectors are they directing their attention towards? Are they placing all their bets on Bitcoin, or is there a broader strategy at play?"
Host 2:Ah, not quite! Their primary focus lies in decentralized finance, commonly referred to as DeFi. It's akin to the untamed frontier of finance, but in the realm of the internet. They're also intrigued by the concept of real-world asset tokenization, essentially the art of transforming tangible assets into digital tokens. Furthermore, their interest extends to blockchain infrastructure solutions, the very foundation of the crypto world.
Host 1:"Quite the astute move, particularly in light of the recent upsurge in smart contract and protocol hacks, wouldn't you say?"
Host 2:Absolutely! They're also intrigued by the convergence of Web3 and AI. Now, Web3 might sound like the title of a new Spiderman film, but it's actually centered around the creation of a decentralized internet. They firmly believe that Web3 necessitates a significant shift in scalability, security, and user-friendliness before it's truly prepared for widespread adoption.
Host 1:"And what's the scale of their investment in these ventures? Are we talking about mere pocket change or a substantial sum?"
Host 2:"Ah, the scale of their investment varies quite significantly. They're looking to allocate anywhere from a few hundred thousand pounds for smaller projects with solo founders to several million pounds for larger projects. So, certainly more than mere pocket change, wouldn't you agree?"
Host 1:"Quite the bold move, I must say! And they've certainly been around the block a few times, haven't they?"
Host 2:Not at all! Hack VC presently manages a staggering $425 million in assets. Just last month, they secured an additional $200 million to support early-stage crypto startups. They've already put their money into over 100 Web3-related projects. It's as if they're on a splendid crypto shopping spree!
Host 1:"Quite remarkable! Any distinguished names among those investments?"
Host 2:"Absolutely! Among their notable investments are Consensys, a prominent player in the blockchain arena, Mysten Labs, a company dedicated to enhancing the scalability of blockchain technology, Helium, a project focused on establishing a decentralized wireless network, and Jasper AI, a cutting-edge artificial intelligence firm."
Host 1:"Indeed, Hack VC is certainly making some audacious moves in the crypto realm. It shall be quite intriguing to witness the outcomes of these investments."
Host 2:Absolutely splendid! The crypto world is certainly a captivating realm, and I'm eagerly anticipating the developments that lie ahead. To all our esteemed listeners, do stay tuned for more enthralling updates from the ever-evolving world of crypto!
Host 1:"You know, we do relish a captivating twist in the crypto realm, don't we? Brace yourselves, because Switzerland is about to shake things up! And no, it's not about their renowned fondue!"
Host 2:"Ah, you've certainly piqued my curiosity! And I must say, you've also stirred up quite an appetite. Pray, do enlighten me. What's the latest scoop?"
Host 1:"So, it appears that PostFinance, the banking arm of Switzerland's esteemed national postal service, has elegantly unveiled its crypto trading and custody services. This remarkable development stems from their fruitful collaboration with Sygnum, a distinguished Swiss crypto bank."
Host 2:"Remarkable indeed! It's been a mere 10 months since PostFinance unveiled their plans for these services, and now they've swiftly brought them to fruition. They're certainly keeping time like a precision Swiss watch!"
Host 1:"Absolutely splendid! And the cherry on top? Their 2.5 million customers can now effortlessly purchase, sell, and securely store cryptocurrencies, or even establish crypto savings plans directly through their existing bank accounts. All it requires is a few clicks! It's akin to indulging in online shopping, but for the world of crypto!"
Host 2:"Quite remarkable indeed! But, I must say, I'm rather curious. What's the initial number of cryptocurrencies they're extending support to?"
Host 1:"Quite the intriguing query! They're commencing with support for 11 cryptocurrencies. And would you believe it? Patrons can avail themselves of these services round the clock through the mobile PostFinance app. It's akin to having a crypto market right at your fingertips!"
Host 2:"Indeed, they've been around the block a few times in the crypto world, haven't they? Quite the seasoned players, I must say!"
Host 1:"Indeed, PostFinance has quite the repertoire! They've crafted their very own crypto custody platform and delved into the world of digital collectibles tied to physical stamps just last year. They're like the Swiss Army knife of the crypto world, aren't they?"
Host 2:"And let's not overlook Sygnum. They hold a banking license from FINMA, Switzerland's financial market regulator. Moreover, they recently secured a cool $41 million in funding last month, valuing the company at around $840 million. That's more than the price of a Swiss ski resort, I dare say!"
Host 1:Absolutely! The crypto world is positively abuzz with excitement. We'll be here to keep our esteemed listeners abreast of all the latest developments. So, do stay tuned, ladies and gentlemen! And always remember, in the realm of crypto, there's invariably a mountain to conquer!
Host 1:"You know, we do relish a good natter about companies fully immersed in the crypto world, don't we? Today, let's delve into the realm of a major player in the crypto pond - MicroStrategy. Their co-founder and executive chairman, Michael Saylor, recently imparted some fascinating crypto insights in an interview with Bloomberg."
Host 2:"Ah, indeed! Saylor made it quite clear that MicroStrategy is holding onto its Bitcoin like a tenacious terrier with a bone. They have no intentions of parting with any of it in the near future, or perhaps ever. In fact, they're set on acquiring even more. Quite the steadfast approach, wouldn't you say?"
Host 1:"Absolutely spot on. Saylor boldly asserted that Bitcoin outshines gold, the S&P 500, and real estate in terms of technical superiority, despite its comparatively lower market cap. He's quite convinced that capital will continue to shift from those traditional asset classes into the realm of Bitcoin."
Host 2:"Quite an intriguing perspective, wouldn't you say? Essentially, he's advocating for holding onto the winner, Bitcoin, and not succumbing to the temptation of selling it to invest in traditional assets like gold and real estate, which he perceives as relics of the past. Quite a bold stance, indeed!"
Host 1:"Indeed, he also made reference to the recently approved spot Bitcoin exchange-traded funds in the U.S., positing that they will serve as a conduit for institutional capital to flow into the Bitcoin ecosystem. Quite the intriguing development, wouldn't you say?"
Host 2:"That's quite a significant development, isn't it? These innovative products are truly driving the digital evolution of capital. In essence, they have the potential to facilitate the transfer of hundreds of millions of dollars from the traditional financial system into the digital economy on a daily basis. Quite the game-changer, I must say!"
Host 1:"And here's a delightful little nugget for our esteemed audience. Would you believe that MicroStrategy currently holds the title of being the largest corporate Bitcoin holder? A staggering 190,000 BTC sits snugly in their coffers, amounting to approximately $10 billion at current market prices. Quite the impressive feat, wouldn't you say?"
Host 2:"Goodness gracious, that's an absolute treasure trove of Bitcoin! And would you believe it, Saylor has quite boldly declared that MicroStrategy is set to undergo a rebranding as a Bitcoin development company. It's a strategic move to further bolster their Bitcoin holdings and champion the expansion of the Bitcoin blockchain network. Quite the audacious step, wouldn't you say?"
Host 1:"It's quite evident that MicroStrategy is placing a substantial bet on Bitcoin. It shall indeed be fascinating to observe how this unfolds in the grand scheme of things."
Host 2:Absolutely. Quite the audacious move, isn't it? I'm certain our esteemed audience will be eager to witness the unfolding of this strategic maneuver. So, my dear audience, what are your ruminations? Is Bitcoin the harbinger of the future, or merely a bubble poised to burst? We eagerly anticipate your erudite thoughts!