It feels a little weird to keep posting posts from someone else's blog, but I can't stop reading Molly White's "Web 3 is Going Just Fine," and I have to write about it. I've said it before, and I'll say it again - if you're not yet following her blow-by-blow historical documentation of crypto's collapse, then you should remedy that immediately.
Seriously, Molly, if you see this, please figure out some way to put all of this crypto history into book form -- I'll preorder that shit immediately, in hardcover, just to have it on the shelf.
And now, a quick round-up of today's hits.
Just yesterday, I'd written this:
I can now unequivocally admit that I was mistaken about this. I had entirely forgotten about the big public sector players. From Web 3, etc.:
I fully expect more rats to jump off this sinking ship, but I do want to congratulate ASX for belatedly passing their sanity check.
My previous post also included screen grabs of Molly's posts about both Genesis Trading and Gemini Holdings halting withdrawals as a result of FTX contagion. What those posts didn't really make clear, and what I'd also not known, is that both of these are wholly owned subsidiaries of the same parent entity, which is owned by the Winklevoss Twins. Coffeezilla made a really great explainer video about the byzantine complexity of the Winklevoss' crypto empire, which I thoroughly recommend:
The other thing is that contagion really is contagious; entities with no direct exposure to FTX can and will be taken out by the failure of entities that did. Por ejemplo:
But the fallout isn't limited to the contagion itself; like a true pathogen, this disease has spread beyond these digital crypto projects to infect the analog world:
Yes, folks, the class action lawsuits are starting, and the celebrities and influencers who took huge paydays to flog this ponzi bullshit may not have made as clean a getaway as they'd thought. Time to lawyer up, Matt Damon!
More to come, I'm sure. Get your popcorn ready!