July 14, 2023 | Read Online

Ripple Wins (Partially)

Plus Alex Mashinsky is arrested

The Breakdown First Five - Wednesday July 12, 2023

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

celebrating a victory over the white house in the style of ralph steadman --ar 16:9

5. Mashinsky Arrested

Former Celsius CEO Alex Mashinsky has been arrested on fraud charges. He is being charged on seven counts. Much of the criminal case relates to "a years long scheme to mislead customers" including manipulation of the price of Celsius’ token. SEC and CFTC lawsuits filed alongside. Employees referred to the company as a “sinking ship” by 2022 saying their “business model is not sustainable”

Ram Ahluwalia, higher for longer crypto CFA @ramahluwalia

Celsius CEO arrested.

In Jan of this year I wrote ‘Mashinsky will go to jail for a long time.’

I was on a panel with Mashinsky last year before Celsius blew up and called rehypothecation out.

Lot of fireworks.

Celsius was more egregious than FTX (amazingly)

Ram Ahluwalia, higher for longer crypto CFA @ramahluwalia

1/ The Celsius bankruptcy examiner report is out.

My opinion is that @Mashinsky and other executives will go to jail for a long time.

Celsius propped $CEL token while Mashinsky dumped on retail.

Evidence show willful deception to keep the 'flywheel' going

Highlights🧵

Jul 13, 2023

133 Likes 26 Retweets 19 Replies

4. Multichain Shutdown

After over a month of rumors, troubled bridging protocol Multichain has announced its shutdown. In a disclosure of the wild circumstances behind the shutdown the team says their CEO was arrested in May, his family gave developers access to personal equipment which apparently operated the system. The CEO’s sister then absconded with $220M in user funds and has been arrested. Never change, Crypto industry.

Multichain (Previously Anyswap) @MultichainOrg

1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had… twitter.com/i/web/status/1…

Jul 14, 2023

1.54K Likes 701 Retweets 642 Replies

3. Coinbase goes to Court

The first hearing in Coinbase’s lawsuit with the SEC has taken place with skepticism all round. The two hour preliminary hearing featured questions about the SEC’s jurisdiction, the nature of Coinbase’s staking program and the SEC’s decision to approve the exchange’s IPO. Hearing took a recess for SEC to take in the Ripple news. Judge wants a “realistic schedule” that fits in with her “very busy” docket. Case could move fast in a race to the Supreme Court.

MetaLawMan @MetaLawMan

The ruling that XRP is not itself an investment contract is a significant blow to the SEC's case against @coinbase and the other crypto exchanges.

While Judge Torres' decision is not "binding precedent" it is extremely well reasoned and will be cited in all motions to dismiss.

MetaLawMan @MetaLawMan

"XRP, as a digital token, is not in and of itself a 'contract, transaction, or scheme' that embodies the Howey requirements of an investment contract."
--Judge Torres twitter.com/MetaLawMan/sta…

Jul 13, 2023

1.56K Likes 378 Retweets 35 Replies

2. Torres: Investigate the SEC

Democrat Ritchie Torres has joined the call to find out WTF was going on with Prometheum. In a pair of letters to government oversight officials, Torres demanded an investigation of the SEC’s decision to license the “potemkin platform”. Even some Democrats can see something has gone badly wrong at the securities regulator under Gensler.

Rep. Ritchie Torres @RepRitchie

🚨 @SECGov is acting like an overzealous traffic cop arbitrarily ticketing drivers while keeping the speed limit a secret.

It prefers to communicate by enforcement rather than by rules or guidance. But that's no way to regulate digital assets.

I'm calling for an investigation.

Forbes Crypto @ForbesCrypto

SCOOP: N.Y Congressman Torres Wants The SEC Investigated Over Controversial Crypto License: by @Steven_Ehrlich

Jul 13, 2023

6.83K Likes 1.6K Retweets 384 Replies

1. Ripple Effects

Ripple has been handed a partial victory in their lawsuit. The Judge found that direct token sales to investors were illegal securities sales, but open market transactions were perfectly legal. Tokens themselves are not considered securities. Decision still subject to appeal and Ripple is not out of the woods when it comes to fines, but this seems like the beginning of the end for the SEC’s legal theories around Crypto tokens.

Michael Arrington 🏴‍☠️ 🛡️ @arrington

The SEC wanted regulation by litigation. Well, they are getting exactly that. twitter.com/i/web/status/1…

Jul 13, 2023

2.26K Likes 385 Retweets 45 Replies

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'Proving Ourselves Was the Biggest Challenge'

Sunday, July 16, 2023

We caught up with "The Basketball Tournament" Founder/CEO Jon Mugar recently to discuss winning over skeptics as a leader and the importance of having a distinguishing element to a business.

New betas for Mighty Action Heroes, The Machines Arena, and Cradles; Google authorizes NFT apps in the Play Store; Hunters On-Chain going live; Star Atlas begins DAO governance, and more! -- Play to Earn #184

Sunday, July 16, 2023

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Market Mix - Ripple Wins (Partially)

Ripple Wins (Partially)

The Breakdown First Five - Wednesday July 12, 2023

5. Mashinsky Arrested

4. Multichain Shutdown

3. Coinbase goes to Court

2. Torres: Investigate the SEC

1. Ripple Effects

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New betas for Mighty Action Heroes, The Machines Arena, and Cradles; Google authorizes NFT apps in the Play Store; Hunters On-Chain going live; Star Atlas begins DAO governance, and more! -- Play to Earn #184

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