Unchained

Latest Episodes:

SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case - Ep. 551 Oct 03, 2023

Show notes

The high-stakes trial of Sam Bankman-Fried is set to begin on October 3, and the FTX founder and former CEO will have to answer for his role in the cryptocurrency exchange’s downfall, which led to billions in losses. Both the prosecution and defense are currently preparing for what is set to be a significant milestone for the crypto industry. Kayvan Sadeghi, partner at Jenner & Block and Sam Enzer, partner at Cahill Gordon & Reindel, discuss the differences between a civil and criminal trial, what the jury selection process might look like, and what arguments the prosecution and defense might use to support their cases.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

The difference between a civil and criminal trial and why it's difficult for the defense to prepare while Sam Bankman-Fried is in jail
Whether SBF was offered a plea deal and if so, why he didn't take it
What the process of vetting jurors looks like and what both sides are looking for
What a pre-opening jury charge is and why Judge Lewis A. Kaplan might choose to use it
The importance of intent when it comes to SBF’s charges
The pros and cons of the defense using the argument that the FTX founder was receiving poor legal advice
What charges SBF is facing and whether the defense or prosecution has the upper hand
How the opening statements of both the prosecution and the defense might play out
Whether SBF will be put on the stand and why that could be a "dangerous" move, according to Sam
How the defense could respond to testimony from key witnesses like Caroline Ellison or Gary Wang
How Judge Kaplan being a "tough sentencer" could impact SBF’s jail sentence, according to Sam

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Guests:

Kayvan Sadeghi, partner and co-chair of Fintech & Crypto Assets at Jenner & Block
Previous appearance on Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
Samson Enzer, partner at Cahill Gordon & Reindel.

Links

Previous coverage from Unchained on Sam Bankman-Fried and FTX:

Details of the trial:

SBF’s defense team:

Key witnesses:

Jury selection:

CoinDesk: Sam Bankman-Fried Can Ask DOJ Witnesses About Drug Use

Cointelegraph:Sam Bankman-Fried’s political donations can be surfaced in trial, rules judge

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The Chopping Block: Which DeFi Metrics Are Still Useful in a Bear Market? - Ep. 550 Sep 30, 2023

Show notes

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the group sits down to discuss why U.S. crypto conferences are quieter than they have been in the past, which DeFi metrics are still useful for measuring a changing market, and advice for NFT founders on how to continue to innovate.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

Why Tarun says that the U.S. is “dead as a doorknob” for crypto for crypto conferences
Main takeaways from recent crypto conferences such as Token2049 in Singapore and Permissionless in Austin
How the metrics in DeFi keep changing, and which ones still have merit
What are “chart crimes” and the gang's advice for entrepreneurs pitching to VCs
Why Haseeb doesn't think that token economics are as useful as everyone thinks
The Stoner Cat settlement with the SEC and how it impacts the broader conversation about whether NFTs are securities
Legal drama between the co-founders of the Milady NFT project
Advice for NFT founders on how to achieve success in a changing market

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures

Disclosures

Links

NFTs

Token2049:

Haseeb’s panel on alt L1s

DeFi and metrics:

Regulation

Unchained: U.S. House Lawmakers Urge SEC's Gensler to Approve Spot Bitcoin ETFs

The Block: Gensler takes heat from lawmakers over his approach to regulating crypto

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Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out - Ep 549 Sep 29, 2023

Show notes

The trial of Sam Bankman-Fried, the founder and former CEO of bankrupt cryptocurrency exchange FTX, is set to begin on October 3. The 31-year-old is accused of committing wire fraud and conspiracy to commit other types of fraud, in relation to the dramatic collapse of his crypto empire last year, which led to billions in losses. Nik De, CoinDesk's managing editor for global policy and regulation, discusses the importance of jury selection, the potential testimony of key witnesses, and how many years Bankman-Fried may face if he is found guilty.

Show highlights:

Why SBF's lawyers keep requesting the FTX founder be released
Why the jury selection is so important and how long it could take
Why the DOJ opposed the proposed questions for the jury
Why the Judge agreed with the DOJ in blocking some of the witnesses proposed by the defense team
How the defense team may try to discredit some of the proposed witnesses
Whether the argument of SBF receiving “poor legal advice” holds any ground
What role the political donations made by SBF may play in the trial
How many years SBF could face if he were to be found guilty

Thank you to our sponsors!

Guest

Nik De, CoinDesk's managing editor for global policy and regulation
Previous appearances on Unchained:
How SEC Chair Gary Gensler's Views on Crypto Have Changed Since His MIT Days
Why the Ooki DAO Case Could Hurt Participation in DAOs

Links

Previous coverage from Unchained on Sam Bankman-Fried and FTX:

SBF’s defense team motions:

Key witnesses:

Jury selection:

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Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin - Ep. 548 Sep 26, 2023

Show notes

Bitcoin Ordinals have exploded in popularity since their launch by developer Casey Rodarmor in January, changing the NFT game with millions of inscriptions to date. But what comes next for Bitcoin-based digital artifacts? Danny Yang and Bill Tai, cofounders of Metagood and creators of NFT collection OnChainMonkey, discuss why they will move OnChainMonkey from Ethereum to Bitcoin, Rodarmor’s proposal to change the Ordinals inscription numbering system, and why they believe more creators should consider moving to Bitcoin.

Show highlights:

How the idea for Metagood came up
What is give-to-earn and how it is used to reward OnChainMonkey holders
The differences between Ethereum versus Bitcoin when it comes to digital assets
The creative potential of Bitcoin Ordinals
Why OnChainMonkey will move from Ethereum to Bitcoin
Thoughts on Casey Rodarmor’s Bitcoin Ordinals proposal to change the inscription numbering system
What are recursive inscriptions
How to convince NFT creators to leave other blockchains for Bitcoin

Thank you to our sponsors!

Guest:

Bill Tai, cofounder of Metagood and creator of OnChainMonkey
Previous appearances on Unchained:
https://unchainedcrypto.com/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology/
Danny Yang, cofounder of Metagood and creator of OnChainMonkey

Links

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Why FTX Might Try to Claw Back Funds From Retail Customers- Ep. 547 Sep 22, 2023

Show notes

As lawsuits continue to pile up in the FTX saga, FTX chief John Ray III is focused on clawing back funds from former affiliates to pay back creditors. But how might that play out in court? Founder of 117 Partners Thomas Braziel, who specializes in the trading of bankruptcy claims, explains the different paths Ray may choose to go down and the potential outcomes of these cases.

Show highlights:

The chances of FTX winning in court against Sam Bankman-Fried’s parents
The case against Barbara Fried and Joseph Bankman
Whether civil cases could turn into criminal ones
Whether bankruptcy proceedings and the criminal case against Sam Bankman-Fried are a coordinated effort
What retail clawbacks are and the likelihood that FTX will pursue them

Thank you to our sponsors!

Guest

Thomas Braziel, founder of 117 Partners
Previous appearances on Unchained:
Will FTX Reboot? Here’s John Ray’s Internal Deadline for Making a Decision
Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
Will Celsius Survive the Bankruptcy Process?
How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX

Links

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The Chopping Block: Will Warren of 0x on Its Settlement With the CFTC - Ep. 546 Sep 21, 2023

Show notes

Welcome to The Chopping Block – where crypto insiders chop it up about the latest news. This week, Haseeb Qureshi and Tom Schmidt speak to Will Warren, cofounder of 0x Labs, to discuss why the CFTC issued them a Wells Notice, how they responded to regulatory scrutiny, and how other countries may offer a blueprint for crypto regulation.

Show highlights:

why the CFTC issued a Wells Notice to 0x
how a decentralized application addresses the issue of geolocalization of users
how the team at 0x worked together with the CFTC to avoid violating the Commodity Exchange Act (CEA) again
what are the implications of the settlement and who's liable for offering services
why it's so hard for crypto projects to follow the rules without clear regulatory guidance
why Haseeb says that the SEC wants this industry to “not exist”
how lack of regulatory clarity may be stunting US innovation
whether there's a conflict of interest between the companies building protocols and the protocols themselves

Hosts

Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly

Guest

Will Warren, cofounder of 0x Labs

Disclosures

Links

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Zeke Faux's Crypto Adventures and His Relationship With Former FTX CEO SBF - Ep. 545 Sep 19, 2023

Show notes

Zeke Faux, author of 'Number Go Up,' shares his findings after making a deep dive into the world of crypto. From skepticism to a full-blown investigation, Faux recounts his journey that led him to the heart of crypto, meeting some of the most eccentric characters in the industry. As a Bloomberg investigative reporter, Faux brings a critical eye to the crypto sphere, unearthing the bizarre, the risky, and the downright astonishing facets of what the crypto community calls a financial revolution.

Show highlights:

what the book 'Number Go Up' is about
Zeke's background as an investigative reporter for Bloomberg
whether Zeke is skeptical about crypto
why Zeke thought it was a big deal to investigate Tether, the issuer of USDT
whether he had a conclusion on the fact that he couldn't find anything big about Tether
why Zeke says that Sam Bankman-Fried had a sloppy approach to risk management
why Zeke believes that SBF did not give so much money to charity even though he's an effective altruist
how projects like STEPN and Axie Infinity are 'clearly not the future of finance,' according to Zeke
how SBF had such an open relationship with the media that helped him when the FTX collapse happened
what Zeke found out investigating pig butchering scams in Cambodia
how Zeke’s attempt to buy a Mutant Ape to get into an Ape Fest in New York City taught him about crypto’s bad user experience

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Guest:

Zeke Faux, author of ‘Number Go Up’

Bloomberg: 11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall

Links

Tether

Sam Bankman-Fried and FTX

Pig butchering scams

Unchained: How This Prosecutor Is Spearheading the Fight Against Crypto ‘Pig Butchering’ Scams

Crypto in developing countries

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With Execs Leaving and Market Share Declining, Can Binance Survive? - Ep. 544 Sep 15, 2023

Show notes

In the wake of FTX’s collapse, Binance – already the biggest exchange in the world by a large margin – has continued to grow. But a series of challenges, including billions of dollars worth of customer outflows, the winding down of its stablecoin BUSD and the SEC and CFTC lawsuits related to its U.S. operations have challenged its market dominance. Steven Ehrlich, director of research at Forbes Crypto, joins the show to discuss how Binance has been dealing with a deluge of bad news and how it plans to forge a path forward.

Show highlights:

how the collapse of FTX impacted Binance and its market dominance
how Binance has been losing market share over the past few months
why Steven believes that Binance.US is in a "very tenuous situation"
whether Binance is feeling stronger now that the SEC experienced a partial loss in the Ripple case
the consequences of consumers losing trust in Binance, according to Steven
the speculation around the recently filed sealed motion filed by the SEC
whether the theory that Binance is the next FTX has some merits
how Binance.US needs to recuperate some market volume to increase its revenue

Thank you to our sponsors!

Guest

Steven Ehrlich, director of research at Forbes Crypto

Links

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Jeremy Allaire on Circle's ‘Multi-Decade’ Strategy and Where Stablecoin Regulation Is Headed - Ep. 543 Sep 12, 2023

Show notes

It’s been a busy year for USDC issuer Circle, with several new product launches and partnerships, a crypto banking crisis to contend with, the entry of PayPal into the stablecoin business, and plenty of new global regulatory developments, including a bill in the U.S. now making its way through Congress. Circle co-founder and CEO Jeremy Allaire joins Unchained for an in-depth discussion on the reasons behind Coinbase’s investment in Circle, how Circle has emerged stronger from the banking crisis, what he thinks of PYUSD, what he likes and doesn’t like about the current U.S. stablecoin bill, and his thoughts on what the final bill will look like.

Show highlights:

why Circle and Coinbase created the Center Consortium and why Coinbase acquired a stake in Circle
whether Circle is aiming to be acquired or become a public company, and why Jeremy is pursuing a "multi-decade" strategy
why Circle partnered with MercadoLibre and the stablecoin usage in Latin America [may need to cut if embargo does not stick]
how the company has been supporting developers to build applications
why Circle is launching native USDC on so many new blockchains
what the purpose of cross-chain transfer protocol (CCTP) is and what the big problems with bridges are
how Circle responded to Silicon Valley Bank’s collapse and why the world began to feel that "it's not safe to be exposed to the US"
Jeremy's thoughts on the launch of PayPal's stablecoin, PYUSD
why having stablecoin legislation is a "national priority," according to Jeremy
why Jeremy is a proponent of a fully reserved banking system
why he thinks the US needs to "aggressively" take action to preserve the global reserve currency status of the US dollar
how China’s national digital currency is likely to develop
how crypto can provide a better way of providing identity without giving up privacy
why blockchain technology is much more than just a financial regulatory matter

Thank you to our sponsors!

Guest:

Jeremy Allaire, cofounder, Chairman and CEO of Circle
Previous appearances of Jeremy on Unchained:
Crypto on Every Corner: Driving Adoption With Jeremy Allaire and Meltem Demirors
Circle’s Jeremy Allaire and Sean Neville on Why Crypto Will Be Bigger Than the Web
Jeremy Allaire on Why the US Government Needs a New Category for Digital Assets

Links

Unchained:
Coinbase Acquires Equity Stake in Circle Amid USDC Updates and Market Challenges
Will PayPal’s PYUSD Steal Market Share From Tether and Circle?
The Fall of SVB: What Happened and How It Affects Crypto
CoinDesk:
U.S. Stablecoin Bill Takes Big Step Despite Fight From Democrats, White House
Circle Seeks to Make Crypto Payments Easier With New 'Programmable Wallets'
Written Statement of Jeremy Allaire Before the United States House Committee on Financial Services, “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem”
South China Morning Post: Head of crypto firm Circle accepts ban in mainland China, but sees role for yuan-backed stablecoins
TechCrunch:Solana Pay integrates plug-in with Shopify for USDC payments
Decrypt: News Explorer — Circle Partners With Mercado Libre to Bring USDC to Chile
Jeremy’s comments on the launch of PYUSD

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Could This Vitalik-Backed Protocol Bring Privacy to a Regulated Crypto World? - Ep. 542 Sep 08, 2023

Show notes

Earlier this week, Ethereum co-founder Vitalik Buterin and four co-authors published a paper describing a smart contract protocol called privacy pools that would enable crypto users to associate their funds with those being used for legitimate purposes versus those being used in criminal activity such as hacks or money laundering. The protocol addresses one of the main shortcomings of coin mixer Tornado Cash, which has been sanctioned by the U.S. government.

Chainalysis chief scientist Jacob Illum, one of those co-authors, discusses the impetus for the paper, the technology behind privacy pools and how they would work in practice, who would provide some of the necessary organization to operate the pools, and some of the early criticisms of the paper.

Show highlights:

what the current state of crypto privacy is and what the motivation was to write this paper
what privacy pools are and how they work
how zero-knowledge proofs are the key technology behind privacy pools
what the role of association set providers is in making this new technology work
what would happen in different potential scenarios, such as a "bad address" being discovered after a transaction has been made
how the protocol would protect the privacy and identity of the users
how law enforcement, credit score agencies and other organizations could have "special viewing privileges" of transactions, according to Jacob
how the community has been reacting to the recently published paper
Jacob’s response to criticisms the paper has received from industry players
why Chainalysis participated in the paper given that many people see them as 'anti-privacy'

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Guest

Jacob Illum, chief scientist at Chainalysis

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