Whether it's Jason leaping up from the lake at the end of Friday the Thirteenth or a whispered "He's back" upon Voldemort's return...

There’s nothing that unnerves quite like the villain we think was finished rearing their ugly head.

Now crypto’s greatest nightmare, FTX, looks poised to return from beyond the grave...

How? Why? And what does this mean for crypto? Don’t worry, we’ve got all your answers coming right up.

Espresso Shots

☕️ Binance.us Pulls out of Voyager Deal 🤝❌

Binance.us has called off a $1.3 billion deal to acquire the assets of defunct crypto lender, Voyager.

The issue may not have been with Voyager itself, but rather the unclear future for American crypto regulation.

“The hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community,” said an official spokesperson for Binance.us.

In the fallout, Binance.us will owe a reverse-termination fee to Voyager, while Voyager proceeds with returning its customers’ crypto and cash through its own platform.

Yes, this was just too risky of a deal to make in the United States said Binance.us, the United States branch of Binance, based in the U.S.

☕️ DAOs Legitimized in California 🌴📄

Legislation proposed by San Francisco Assembly member Matt Haney would make DAOs (Decentralized Autonomous Organizations) officially recognized in the state of California.

“We have long been supportive of reasonable regulation that puts guardrails in place while giving innovators the certainty they need to keep building, which is exactly what this legislation does,” said Miles Jennings, general counsel at a16z.

This innovation is keeping with the Californian forward-thinking sentiment, one particularly prevalent in San Francisco.

“We have to make sure that our laws are keeping up with technology,” said a member of Assembly member Haney’s team.

Though if DAOs are legitimized in California, it may be a slippery slope leading to all those crystal clinics and primal scream therapists applying for medical licenses.

☕️ The "Sensei" Bot 🥷🤖

Binance has announced that it will be rolling out the “Binance Sensei,” a ChatGPT-powered AI for Binance Academy.

“As this new technology became available, we integrated a ChatGPT-driven tool allowing users to seamlessly navigate the vast world of blockchain and crypto education,” said a Binance spokesperson.

The Binance Sensei will be preloaded with over 1,000 articles and glossary entries from Binance Academy.

The Binance Sensei is intended only for Web3 educational purposes, as its designers hope to avoid some of the weird advice that ChatGPT gives out such as “divorce your wife", "fear me", or "call me Sydney”.

Spilling the Beans

🪦 FTX Back From the Dead? 🪦

FTX was the greatest disaster in crypto.

There may be some of you protesting, “What about Terra!? What about Do-Kwon?”

Well, somehow Terra Labs never made it to the mainstream, that was our own, private catastrophe.

FTX, on the other hand, was a disaster both public and private. My mom knows who Sam Bankman-Fried is. When crypto’s on NPR for a week, it’s not because they’re singing its praises.

But now, after the greatest fallout to hit the space, the coldest period in crypto winter, it looks like FTX may be coming back?

The FTX committee have created a plan to restart operations, despite their deeply poisoned reputation.

The only things they’re missing? Money and literally anyone having confidence that this is a good idea.

But both of those have arrived in the form of a bid from Tribe Capital, a crypto venture capital firm headed by Arjun Sethi.

And the market’s responded to this bid of confidence… with more confidence.

FTT, FTX’s token, rose 23% when news of Tribe Capital’s bid went public.

And John J. Ray III, the interim chief of FTX is very eager to work with anyone with that kind of capital who will get on board.

But FTX has some very vocal detractors.

Chief among them is Antony Scaramucci, head of SkyBridge Capital and famed for his ten-day stint in the Trump White House.

“I don’t see how it’s possible to restart FTX,” said Scaramucci.

“Not a lot of money is being made in these exchanges right now, and so a lot of these exchanges are in the red, and they’re burning off capital that they raised in these private placements, waiting for a new bull market to start and waiting for higher volume.”

Generously, Scaramucci’s problem isn’t even targeted at FTX specifically, but rather that VC firms need to stop backing these exchanges until they start producing some regular, tangible capital.

Though the wheels are already in motion to revive the corpse of FTX.

Will this be FTX’s triumphant return to the crypto’s fore? Or is FTX one dark chapter that’s best left buried?

Crypto 101

Creditors & Debtors: A Creditor is an individual or entity which loans out money (credit) to another party.

The party that received the loan, the Debtor, is responsible for paying that money back to the creditor.

A bank is the classic example of a creditor. The debtors would be the bank patrons. Also the relationship between the mafia and small, usually immigrant-owned businesses.

Ready to learn even more about crypto? Look no further than 1800 Bitcoin, an education resource from the team that brings you this newsletter everyday:

Meme of the Day

Crypto education today, world domination tomorrow...

The Last Sip

In addition to being programmed with a wealth of educational modules, Binance Sensei was also programmed to:

• Break boards in half.

• Meditate while hovering half a meter off the ground.

• Commit honor suicide.

Stay Caffeinated,

Coffee & Crypto Team

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