FTX to the rescue again?

Good morning. FTX has a plan to save Voyager customers' deposits, Yuga Labs will soon be facing a class-action lawsuit, and one investment bank is launching a global blockchain group in the midst of crypto winter. All that and more today!

Market Update (as of 7:54am ET):

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Top 5:

1. FTX to offer early liquidity to customers of bankrupt crypto lender Voyager. The proposal to provide customers with early liquidity comes two weeks after crypto lender Voyager Digital filed for Chapter 11 bankruptcy. FTX is working to allow Voyager customers to create accounts on the exchange and customers who accept the offer will have their new accounts funded with an early distribution of a portion of their bankruptcy claims. That cash would be available for immediate withdrawal or investment on the FTX platform. Sam Bankman-Fried lays out his thoughts on the traditional bankruptcy process and how he is trying to improve the experience for Voyager customers:

2. Yuga Labs threatened with possible class-action lawsuit. The company behind the Bored Ape Yacht Club NFTs will soon be on the receiving end in a class action lawsuit. Law firm Scott + Scott is putting together the case which alleges that Yuga "falsely promoted Bored Ape NFTs and ApeCoin...as securities with guaranteed returns" before the market crash. The key argument in the case will center around the classification of either the BAYC NFTs and/or ApeCoin as securities. If either asset is considered a security, then Yuga will have failed to meet registration and disclosure requirements associated with issuing new securities.  

3. Moelis brushes off crypto winter to start blockchain group. The investment bank is starting a group to focus on global blockchain deals after a string of deals over the last year. The company has already been advising on deals in the space and has worked with clients including Voyager Digital, Ripple Labs, and CipherTrace. “We love the timing. We think that to pile in on good days...feels less genuine than when there’s a challenge,” said Moelis co-founder John Momtazee.

4. Ex-Coinbase manager arrested in US crypto insider-trading case. Last week, former Coinbase product manager Ishan Wahi was arrested for leaking information on coins that were about to list on the exchange to his brother and a friend. Wahi's brother and friend allegedly used that insider information to trade tokens from June 2021 - April 2022 with a profit of more than $1 million. After the arrest Manhattan US Attorney Damian Williams said in a statement, “our message with these charges is clear: fraud is fraud is fraud, whether it occurs on the blockchain or on Wall Street." The men are being charged with wire fraud conspiracy and wire fraud.

5. Thoughts on crypto cycles - Qiao Wang. The TLDR below:
- The era of 4-year cycles in crypto markets is over with high volatility, and possible shorter cycles being driven by macro factors
- Market composition has changed, "macro money" or institutions are the dominant players now in the market, not crypto natives
- We are not at the bottom yet, but this downturn is an opportunity to build long term positions

Updates and other stories:
- Ether dominance rises as altcoins outperform bitcoin...Read More
- Zipmex says discussions with potential investors ‘have progressed significantly'...Read More
- Barclays participating in funding round for crypto firm Copper...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.