Here is the outline for the newsletter today🔥

• USDT Depegs 🤯

• SBF Trial proceeds on original charges ⚖

USDT Depegs 🤯

The holdings of Tether (USDT) on Curve's popular '3pool' have surged, reaching over 72%. In recent trading activity, traders have been converting tens of millions of USDT into stablecoins such as USD Coin (USDC) and Dai (DAI).

As a result, Curve's 3pool now holds more than $300 million worth of USDT, with nearly $55 million each of DAI and USDC.

This significant increase in USDT holdings on Curve's platform suggests a growing preference for DAI and USDC among traders compared to Tether. The imbalance in holdings indicates a shift in sentiment and a potential inclination towards these alternative stablecoins.

It's worth noting that this trend may be driven by traders seeking to take advantage of the current market sentiment, which has experienced a decline in the past 24 hours.

By diversifying their holdings into other stablecoins like DAI and USDC, traders may be positioning themselves strategically in response to market fluctuations.

SBF Trial proceeds on original charges⚖

The Department of Justice (DoJ) has indicated its willingness to delay the trial of Sam Bankman-Fried, the founder of FTX, on several additional charges.

Instead, Bankman-Fried may only face the original charges brought against him in his upcoming trial in the United States later this year.

How convenient ?

Bankman-Fried and his legal team argue that the additional charges go against the extradition agreement between the United States and the Bahamas. They contend that including these charges in the trial would be a violation of the agreed-upon terms.

In a recent development, prosecutors have filed a letter expressing their readiness to temporarily set aside the additional charges. This would allow the trial to proceed specifically for the initial charges initially brought against Bankman-Fried.

The trial is currently scheduled for October 2, 2023. However, it's important to note that there are other ongoing legal battles surrounding the fallout from FTX, including bankruptcy proceedings and lawsuits.

Notably, both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have filed lawsuits against Bankman-Fried and FTX.

I guess Gary Gensler is focusing more on Coinbase and Binance now though.😂

Founder of 3AC ignores subpoena😂

Kyle Davies is facing potential contempt of court charges for failing to comply with a subpoena, according to recent developments. The estate of his hedge fund argues that he should be fined $10,000 per day for disregarding the subpoena.

The court had issued the subpoena to obtain information regarding company assets, cryptocurrencies, and records pertaining to the collapse of Three Arrows Capital (3AC), an investment firm associated with Davies.

However, Davies has allegedly neglected to respond to the subpoena, prompting the estate to seek legal action against him.

In support of the requested fine, the filing highlights Davies' extravagant lifestyle and the profits he garnered from his involvement in running the company.

The estate asserts that such actions warrant the imposition of a significant penalty.

A hearing to address the contempt request from the United States is scheduled for August 8. During this hearing, the court will examine the evidence and arguments presented by both parties to determine whether Kyle Davies should be held in contempt for his failure to comply with the subpoena.

Crypto funds are a funny thing, weirdly enough that the SEC is coming hard at top crypto exchanges instead of coming after people who have proved to do wrong already.🤔

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.