Daily Digest - 21 December 2022

Headlines

▌FTX founder SBF signs extradition document in Bahamas

Former FTX CEO Sam Bankman-Fried signed extradition documents to return to the United States from the Bahamas, and he will appear in court again on Wednesday. The former FTX boss reportedly agreed to face charges in the United States during a court hearing on Monday. Bankman-Fried faced multiple fraud charges in last week's indictment and could serve decades in prison if convicted on all counts.

Policy

▌The US Federal Trade Commission has stepped up its review of Twitter security issues after Musk's acquisition

Due to security concerns, the US Federal Trade Commission has stepped up its review of Twitter in charge of Musk. The FTC questioned two former Twitter executives about the 2011 decree.

▌Coinbase stock price fell to a record low, the market value is lower than Dogecoin

The stock price of Coinbase (COIN) hit a record low on Tuesday, and the continuous decline of the stock made Coinbase's market value less than $8 billion, while Dogecoin's market value was about $10 billion.

▌OKX announced the listing of BNB (BNB) on spot trading markets

OKX is pleased to announce the listing of BNB (BNB/USDT and BNB/USDC) on our spot trading markets.

Trading of BNB will start according to the following schedule:

- BNB deposits open at 1:00 pm UTC on Dec. 20

- BNB/USDT, BNB/USDC Spot trading open at 3:00 am UTC on Dec. 21

- BNB withdrawals open at 3:00 am UTC on Dec. 22

▌According to Forbes, crypto market maker Wintermute will generate $225 million in revenue in the first nine months of 2022, and $582 million in profit on $1 billion in revenue for all of 2021

Digital asset trading firm Wintermute booked $225 million in revenue during the first nine months of 2022, compared to $1 billion for all of 2021, Forbes reported. In 2021, the firm — led by former Optiver trader Evgeny Gaevoy — reported $582 million in profit. Wintermute has $400 million in equity and $720 million in assets, Gaevoy told the magazine. The CEO received $12 million last year in the form of dividends paid to shareholders.

▌Elon Musk says he will manage Twitter's "software and server teams" after he resigns as CEO

After more than 24 hours have passed since a majority of voters on a Twitter poll asked him to step down as the company's chief executive officer, Musk has finally broken the silence and announced that he will resign as soon as he can find an adequate replacement. The announcement comes as rumors on the street suggest that Mr. Musk is aggressively looking for a replacement to run one of the most consequential social media networks today. After taking over Twitter for $44 billion earlier this year, Musk has struggled to find creative avenues to earn revenues on a platform that was yet to turn a profit, according to its publicly available statements before the acquisition.

▌FTX new management says the company has located over $1 billion in assets, including $720 million in cash

The new management behind FTX has located $1 billion in assets, including $720 million in cash. The report comes amidst the bankruptcy of the platform following reports of criminal activity by founder Sam Bankman-Fried and the company’s top executives. The new management team behind FTX is reportedly working to access millions through hundreds of various bank accounts. The platform is in the midst of attempting to resolve the financial shortcomings of the cryptocurrency exchange, according to statements given to creditors this week.