🏓 3AC's new monster

Hey TC folks. You won't believe it - 3ac is back with a new project, the community shows the door; Scaramucci sings "SBF, my feelings are hurt"; Vauld gets less time than expected; and Nexo sues the Cayman Islands over the failed license.

Your Favorite Crypto Digest From TradeCrypto.com #212

Daily statistics update:

Today's market is flat. BTC is trading at $21,176; ETH is around $1,565.

💪 Bitcoin dominance: 41.20%

📉 Total Crypto Market Cap: $989.81B

😲 Fear and greed index: 51 (Neutral)

🚀 Gainers (Top-100)

• Kava (KAVA) +9.39%

• Gala (GALA) +7.18%

• Curve Dao Token (CRV) +5.95%

😭 Losers (Top-100)

• GMX (GMX) -4.37%

• XDC Network (XDC) -2.43%

• Celo (CELO) -2.04%

3AC's new monster

Kyle and Su have come up with a "clever" name for their new company - GMX. No, it's not an FTX typo, they just changed the first letter 😵‍💫. It's supposed to be an exchange, too, but for bankrupt buddies to help them cash out. Coinflex, which is also in trouble, having paused withdrawals in June and is now operating with restrictions, is backing 3AC with GMX, and now this dream team is looking for 25 million in investments. Interestingly, Kyle and Su, the two scammers who dodged bankruptcy trustees and therefore made creditors wait for payouts, are the ones who started the company to help others be compliant 🤢. The community is very angry, how can this be that 3AC is back in business and what is this funny name? Coinflex just adds that the title will probably change. Why did they need to call it that?

Scaramucci critisizes SBF

Whether it's just a coincidence or he's echoing the words of the former president of FTX.US, Harrison, is debatable ⚖️. Recap: Scaramucci and Harrison are new buddies, as Anthony invests his money in Harrison's new venture. Brett posted in a 49-long Twitter thread almost two months after the collapse and almost three months after he resigned from FTX.US, claiming that SBF was a gaslighter and was imposing his irrational decisions on FTX.US, whereupon Brett felt enormous pressure and left🚪. Scaramucci said yesterday at the Davos conference that he was devastated and felt like hell after SBF revealed himself as a fraud. To add that this may just be a coincidence, he said it at the conference dedicated to restoring confidence in the industry after the collapse of FTX.

Vauld extends creditor protection 

​Vauld had asked for an extension till Apr 21, but Singaporean authorities gave it only until Feb. 28. Vauld must decide on what to do about the 💸 $400 m debt to its creditors. Summary: Since the troubles in June, Vauld has been negotiating with Nexo for a 100% takeover. But in recent months, the two companies have been at odds, mostly cause Nexo had fallen in the fight with the U.S. SEC and left the country. This is an argument made by Vauld's CEO, who has opposed the Nexo takeover 😡. Adding to the difficulties in Bulgaria, Vauld may finally reject the proposal. While they argue, Vauld's customers are left empty-handed.

Nexo sues Cayman Islands

The Cayman Islands didn't grant Nexo a virtual asset provider license because Nexo's business model didn't meet the required risk profile 🚨. The regulator adds Nexo should provide more details about the possible legal escalation with the U.S. SEC. Nexo is angry. They say the government failed to give reasons for denying the license and that the company answered all of the regulator's concerns during the application process👆. How does this news add to the recent FUD around Nexo?

Conclusion: The market is neutral today, and so is the fear and greed index. But that's about to change. Green light, folks. BTC is trading at $21.1K, and ETH is at $1.6K. It seems like the FTX collapse is just a distant story, and the contagions, other than the ones we've been watching closely, have stopped. The only troubling thing about today's news is the GMX business. Do Kyle Davies and Su Zhu deserve a second chance?

See you tomorrow, folks! Thanks for being with us.Brought to you by Maksym, Yana, and Aleksandar :)

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