... what's your first move? ð¤ October 05, 2023 | [Read Online]( Todayâs edition is brought to you by [a16zâs Crypto Startup School]( â the premier accelerator program for early-stage web3 companies that is now accepting applications. [Apply for the accelerator!]( GM. This is Milk Road, weâre like the spice rack of crypto news - we got all the flavors you need. Letâs jump right into it. Yesterday was an eventful day. All eyes were on New York⦠- Donald Trumpâs in town for his civil fraud trial. - Sam Bankman-Friedâs in town for his criminal fraud trial. - NY courthouses were more packed than movie theatres during Barbenheimer weekend. Thereâs a lot going on. Donât sweat it though, weâve got you covered with all the action from Day 2 of SBFâs trial. But I want to tell you about another crypto court case first... 1/ Itâs one of those Guaranteed-To Make-You-The-Most-Interesting-One-At-Dinner kind of stories. It includes⦠millions of dollars, luxury mansions, and a âtheftâ. 2/ Iâm curious what you would do in this situation. And we made a short comic, with the help of a new friend (DALL-E 3), to tell the story.
[Prices as of 10 AM ET. Click here for our Fear & Greed Index]( WHAT WOULD YOU DO IN THIS SITUATION? ð Let me paint the scene for you⦠**enter the narratorâs voice; ideally Morgan Freemanâs** Itâs 7 AM. You just woke up to your alarm blaring. Itâs loud. (like louder than that stupid U.S. Federal Emergency alarm yesterday) Bad start to the day. But then you remember⦠Itâs Friday. Payday, baby. AND youâre expecting an extra $100 refund from your crypto exchange, Crypto.com. (random, I know⦠but itâs important for laterâ¦) You grab your phone and sign into your bank account. Then you see something that makes you stop dead in your tracks⦠â¦you canât believe your eyes⦠Your shock turns into confusion⦠You convince yourself youâre hallucinating. You close your eyes and try to go back to sleep⦠But you canât⦠That shock-that-turned-into-confusion is now turning into curiosity⦠âCould it be true..?â, you start thinking to yourself. You decide to put the doubts to rest. You grab your phone, fire up your bank app again, and⦠â¦there it is! ⦠THE $10 MILLION (THAT CAME OUT OF NOWHERE) IS STILL THERE!! But then it hits you... â¦the $10 million (that came out of nowhere) is still thereâ¦Â Crazy situation, right? Well, itâs also a real-life one⦠- [Crypto.com]( accidentally sent a customer in Australia millions of dollars. - The customer was supposed to get a $100 refund. - Instead of entering â100â into the refund box, a Crypto.com employee entered the account number. - The customer ended up receiving 10.5M Australian dollars instead. The craziest part? It took Crypto.com 7 months to realize it and ask for the funds back. I repeat⦠7 F*CKING MONTHS. By that time the customer had already bought four houses (including a $1.4M mansion), a few cars, some artwork, and sent other money to family members. So, Crypto.com [sued]( the customer for theft. The customer was arrested at the airport and their partner (who helped spend the money) will appear before court later this month⦠Milk Roadâs Verdict: This story is crazy. My first thought was âWhy canât I be this lucky?!â... But by the end of it I was thinking âHoly sh*t, Iâm so glad this didnât happen to meâ because honestly, I would have done the same thing. Spent every dime. You see, there are certain unwritten rules in life: If you leave something at my house (i.e. a phone charger, etc.) for more than a week - itâs mine. If you leave leftovers in the fridge for more than 24 hours - itâs open season, anyone can take it. If you send me $10M by accident and it takes you 7 months to realize - tough luck, that sh*t is mine. What do you think? What would you do? What would you do if you woke up with an extra $10M in your bank account? - [Calls the cops](
- [Spend it all](
- [Create a new identity, change your hairstyle, and flee the country](
- [Other (hit us with your best answers)]( Click on your answer above! And leave a funny reply if you want a chance to be featured in Milk Roadâs Comments of Fame. Weâll share the results tomorrow. [Apply now for a16zâs Crypto Startup School]( Crypto moves fast. One week youâre thinking your startup has made it, and the next you're picking up a second job. Regardless of the headwinds, Web3 builders havenât slowed down. But thereâs a common problem between them: Lack of resources. Thatâs why a16z started [Crypto Startup School (CSS)]( â a twelve-week, in-person accelerator for early-stage web3 companies. CSS is looking for founders with bold ideas, intent on building a better internet for all. The next cohort is happening March - June 2024 in London â and [applications are open now](. Hereâs what to expect from [CSS](: - Mentorship on product development, product-market fit, and go-to-market strategies - Access to the networks and capital that founders need for long-term success - Consults with industry experts from leading companies and universities - A passionate community of CSS peers and alumni There are only two weeks left to apply with limited spots available. Applications close October 20, 2023. [Apply now for CSS!!]( THE U.S. VS. SBF: DAY 2 HIGHLIGHTS âï¸ Letâs talk about Day 2 of cryptoâs trial of the century. The United States vs. Sam Bankman-Fried. âMerica vs. The Crypto Fro. There were 3 big things that happened yesterday: 1/ The final jury was selected. (**[suspenseful stadium music]( starts playing**) Ladies and gents across Roader Nation. I now ask you to rise and remove your hats as I introduce the 12 starting jury members⦠The Chosen Ones. The Twelve Truth Trackers. The Dozen Deciders of Doom. Get up and make some noise for the jurorsâ¦!!
[Source: @jacqmelinek]( 2/ Both sides made their opening statements. THE PROSECUTIONâS OPENING ARGUMENT: - Sam Bankman-Friedâs empire of power, wealth, and influence was all âbuilt on liesâ. - He âstole billions of dollars from millions of victimsâ. (put it on a t-shirt) - Bankman-Fried spent the money on himself and on political contributions. - Even though his âon and off girlfriend was the CEOâ, SBF was still calling the shots. - He had secret access to FTXâs assets and could move/spend them whenever he wanted. - He lied to lenders and falsified documents. The prosecutionâs side ended with: âHe bought himself wealth, power, and influence. You will see it and you will see there is only one verdict: Sam Bankman-Fried is guilty.â
[Source: Tenor]( Assertive tone. Catchy tagline. Strong close. Milk Roadâs Rating: 8.5/10. Now here was the response⦠THE DEFENSEâS ARGUMENT: - Sam didnât defraud anyone. - He acted in âgood faithâ. - Sam âworked hardâ and is a âmath nerd who didnât drink or partyâ. - Sam made Caroline Ellison (his ex-girlfriend) the CEO of Alameda. - Sam warned her that crypto prices were crashing and to place a hedge. (she didnât) - Itâs ânot a crime to declare bankruptcyâ. The defense ended with: âAt the end, we'll ask you to find Sam not guilty. Thank you.â Hand-wavey arguments. Weak close. Terrible performance all around. Milk Road Rating: 3.5/10. 3/ The first two witnesses testified. WITNESS #1: Marc-Antoine Julliard. Heâs a⦠- Commodities broker that mainly trades cocoa beans. - Former FTX customer who lost $100K+ from the exchange. - Crypto investor in [BTC](, [ETH](, [DOGE](, and more. This was an opportunity for the jury to hear a first-hand experience from a former FTX customer who lost money. Smart move. 1 point goes to the prosecution. WITNESS #2: Adam Yedidia. - Sam Bankman-Frieds long-time friend and college roommate at MIT. - A former employee at Alameda and FTX. - Lived in a $35M mansion with Sam in the Bahamas. There was only time for the prosecutionâs side to get through a few questions, so Adam will finish testifying later today. Btw, the funniest part came at the end⦠The judge asked both sides if there was anything else they wanted to bring up before wrapping up for the day. Samâs lawyer immediately jumped up: âErm⦠yes, your Honor. One itemâ¦. Mr. Bankman-Fried is not receiving sufficient Adderall... he needs it two times a day. Could you order the Bureau of Prison to have it here?â You canât make this sh*t up⦠The judgeâs response: âGet in touch with them. I donât have a medical degree.â Epic. 1 point for the judge. BITE-SIZED COOKIES ðª [Yield App is a centralized crypto-earning platform offering up to 11% on certain crypto assets.]( Users can onramp fiat while benefiting from no swap fees and access to structured product offerings. Check out the review we did of their platform. [CMCC Global is launching a new $100M crypto fund](. The billionaire-backed Hong Kong VC will focus on early-stage startups in gaming, metaverse, and NFTs. [Starknet delayed its first token unlock until April 2024](. The tokens in the first unlock belong to core contributors, early supporters, and employees of StarkWare. [A statue of Kabuso is being worked on in Japan](. Kabuso is the dog feature on the Dogecoin logo. #Legend MILKY MEMES 𤣠HIT THE INBOX OF 250K+ CRYPTO INVESTORS Advertise with Milk Road to get your brand in front of the Who's Who of crypto. The Roaders are high-income crypto investors who are always looking for their next interesting product or tool. [Get in touch today](. What'd you think of today's edition? - [ð¥ð¥ð¥ð¥ð¥ F**king great](
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