PLUS: The largest crypto bank loses 40% of their market cap January 06, 2023 | [Read Online]( GM. This is Milk Road, the newsletter that makes understanding crypto easy, breezy, lemon shqueezy. Hereâs what's on the menu today: - 3AC subpoenas, Mashinsky lawsuit, & other legal stuff
- Silvergate sold assets at massive loss
- Genesis layoffs
- Milky Meme CELSIUS CEO SUED & 3AC FOUNDERS SUBPOENAED Thereâs football season, an NFL fanâs favorite time of year. Thereâs wedding szn, Owen Wilson and Vince Vaughnâs favorite time of year. Right now, it seems to be crypto legal season. And lawyers are lovinâ that BHB. No, thatâs not a new crypto token. Weâre talking about those Billable Hours Baby. Yesterday there were 3 major moves in the legal crypto world. Hereâs the Milk Road rundown: 1/ Celsius CEO Alex Mashinsky is sued New York Attorney General Letitia James filed a lawsuit against the executive for allegedly defrauding investors. Here are the allegations: - Mashinky made false and misleading statements about Celsiusâs safety to encourage investors to deposit billions of dollars onto the platform.
- As Celsius was losing everything, Mashinsky concealed it all.
- He also failed to register as a salesperson for Celsius and as a securities & commodities dealer. The A.G. seeks to ban Mashinky from doing business in New York and wants him to pay damages, restitution, and disgorgement. (That is: He allegedly stole a lot of money, people went broke, now he needs to pay for it.) She says Mashinsky promised to lead investors to financial freedom but led them to financial ruin instead. ** mic drop ** 2/ 3AC founders are subpoenaed For months, 3AC liquidators have been trying to get in contact with the founders: Su Zhu & Kyle Davies. For months, theyâve failed. Yesterday they added a fresh twist: They served subpoenas via Twitter. Check it out, they even made a 3ACLiquidation Twitter profile. The bio? Official account for the court-appointed Joint Liquidators of Three Arrows Capital, Ltd (in Liquidation). Iâd swipe right⦠No one knows where Su Zhu & Kyle Davies live IRL, but we all know where they live virtually⦠our favorite bird app. 3/ U.S. DoJ will seize FTX-linked Robinhood shares Remember when Samuel Bankman-Fried bought 7% of Robinhood? Well it turns out that was allegedly all customer money. (Iâll be damned⦠we all owned Robinhood and didnât even know it.) Now the DoJ is looking to step into FTXâs bankruptcy and seize the $465m worth of Robinhood shares that SBF bought. *Sigh* U.S. Government: 4303438, Crypto Investors: 0. Another L for the crypto investors. TODAY'S EDITION IS BROUGHT TO YOU BY [INSIDETRACKER]( Every person has different genetics. So why are most nutrition and workout plans one size fits all? Food that gets me fat may be good for you. Workout plans that destroy your knees may prevent my ACL from tearing. This is why we are introducing [InsideTracker](. InsideTracker measures your biochemistry, demographics, profile, habits, and genetics and creates a personalized workout routine and nutrition plan to get YOUR body right. If you donât believe me, here are their testimonials: - Body architect/acupuncturist: âGuessing what your body is craving or overdosing on is a huge gamble... InsideTracker takes the guess work out of staying healthy, competitive and sharp!â
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- Supplement and Athletic nutritionist: âI can track key blood biomarkers and understand correlations between diet, exercise & overall health.â Itâs time to understand whatâs going on inside your body and get the right tools to optimize your health. Sign up for [InsideTracker today.]( [CLICK HERE TO GET 20% OFF]( SILVERGATE LOSES $718M Youâve heard of Watergate. Deflategate. Coming soon to a theater near you is Silvergate. The bank might be the next crypto domino to fall: - Investors withdrew $8.1b from it after the FTX mess
- So Silvergate sold its debt to cover those funds⦠and lost $718m
- That figure ^ is more than the total profits the bank generated since 2013
- Itâs also laying off 200 people (40% of workforce) Its shares were down 42% yesterday. Oh, and remember when it paid Facebook $200m for the technology behind its failed Diem network? So it could start its own digital currency project? It has to scrap that, too. Womp womp. Silvergate was the bank that FTX used to move peopleâs funds to Alameda. (Itâs facing a lawsuit because of that.) Itâs whatâs known as a bridge. It helps investors move holdings off of crypto platforms and transfer them into fiat. Burning one means weâre one step further from mass adoption. QUICK BITES [Crypto Lender Genesis lays off 30% of staff after its $175m exposure to FTX and suspending withdrawals in November.]( [Billionaire investor Mark Cuban said he thinks wash trades (illegal pump and dumps) will be the biggest crypto scandal of 2023.]( [Shopifyâs NFT owners can now mint and list them directly on the platformâs storefront instead of going to Magic Eden. Woot woot.]( MILKY MEME ðð That's a wrap for today. Stay thirsty & see ya tomorrow! If you want more, be sure to follow our Twitter [(@MilkRoadDaily)]( Share The Milk Road You currently have 0 referrals, only 1 away from receiving An Inside Look At What The Crypto Whales Are Betting On. [An Inside Look At What The Crypto Whales Are Betting On]( [Click to Share]( Or copy and paste this link to others: [ INTERESTED IN ADVERTISING ON THE MILK ROAD? [Fill out this survey]( and we'll get back to you soon! What'd you think of today's edition? - [ð¥ð¥ð¥ð¥ð¥ F**king great](
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- [ð¥ You didn't bring the heat]( ROADERS REVIEW VITALIK PIC OF THE DAY [tw profile: Milk Road] Milk Road @MilkRoadDaily [tw] Happy Friday and almost Orthodox Christmas Jan 6, 2023 13 Likes 2 Retweets 3 Replies DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. [tw]( [ig]( [yt]( [tk]( Update your email preferences or unsubscribe [here]( © Milk Road 603 Munger Avenue Suite 100 #1006
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