EddieJayonCrypto
3 Feb 23
• Silvergate is under investigation by the DOJ and the stock tanks 30%• Mastercard's NFT product lead quits in epic fashion, memorializing his resignation letter• OpenSea launches a slew of NFT creator tools• Allegedly, Gemini spoke about FDIC insurance in emails to customers of its EARN Program• Ma...
• Silvergate is under investigation by the DOJ and the stock tanks 30%• Mastercard's NFT product lead quits in epic fashion, memorializing his resignation letter• OpenSea launches a slew of NFT creator tools• Allegedly, Gemini spoke about FDIC insurance in emails to customers of its EARN Program• Marathon Digital sells 2x more Bitcoin than it mined in January and is set to open a $400M facility in Abu Dhabi• Logan Paul could be facing a class action lawsuit over alleged CryptoZoo rug pullThe FTX contagion is stretching further. Here is what is on my mind today. 1. The FTX contagion hit Silvergate, but we didn't realize how much. Well the DOJ is involved now and is looking at the dealings with FTX and Alameda. As a result, their shares fell 30%. Perhaps, BlackRock should have waited a little bit before buying in. 2. In what will be forever memorialized, Mastercard's NFT product lead resigns by tokenizing his resignation letter. This is an epic move by someone that says they were a victim of harassment and emotional distress. Companies need to pay more attention to situations like this. No one should ever feel that way. 3. While Coinbase pulls back from creator NFT drops, OpenSea seems to be thriving. They just released a suite of tools to further support creators. Personalized landing pages, multi-stage minting for select creators, and allowlist support are just a few of the features announced. Like I keep saying, NFTs have a place in the Cryptoverse. 4. Axios is reporting that in an email Gemini was talking about FDIC insurance to EARN program customers. Barry Silbert, CEO of DCG, had made mention that Gemini was not clean in the matter. This report seems to substantiate his reference to what could be deemed as shady practices. Like I said, this mess is going to get bigger. Also, keep in mind last year Gemini laid off about 16.3% of their staff and then came in again this year and laid off another 10% of their staff. Those numbers add up to well over the 20% threshold I mentioned yesterday and makes me question their solvency. 5. People were wondering why Marathon Digital, a major Bitcoin miner, sold 2x as much Bitcoin as they mined in January. Well, look no further! They are opening a new mining facility in Abu Dhabi. I would say that is a very good reason to raise some cash. The $400M facility is in partnership with FS Innovation. 6. I tell all of you to do your own research for many reasons. One of them is so you are not misled by people. An example of this is big name influencer Logan Paul is facing the possibility of a class action lawsuit over the CryptoZoo rug pull. This stems from the promotion of a Web3 game that never materialized. The lawsuit was filed in Texas and is awaiting class action status approval. This could become a serious problem for the pro wrestler and YouTube influencer to say the least.