SBF Lies - Full Interview Breakdown

Welcome to The Drop NFT Newsletter. Breaking NFT news, project breakdowns, & artist spotlights - We do the heavy lifting so you don't have to! Join our Discord to win raffles and allow list spots!

gm, 

Here is the breakdown of today's newsletter:

👀  A full breakdown of SBF's NYT interview🔥 Telegram CEO mentions adding crypto wallet↗️ Taiyo revenue updates

• Filmmaker Gary Eck is funding their new Sci-Fi horror film with NFTs. The collection will grant holders access to the script and casting opportunities. (@GaryEck)

• NFT investors Animoca Brands have big plans for next year, starting a fund of $2B to invest in metaverse and blockchain development next year. (CD)

• The devs of RugRadio are dropping a PFP collection called Faces of Web3. A collection of this kind from RR has been highly anticipated by the creative community. (@RugRadio)

• Uniswap has mainly been a coin trading platform up until now. They now host a sort of NFT marketplace and claim the platform can save users gas fees. (CT)

• Serum exchange rendered 'defunct' following the collapse of Alameda and FTX. (Cointelegraph)

• The Claynosaurz team announced a sneak peek at possible roles/jobs within the collection as IP rights were only the beginning for Claynosaurz. (@Claynosaurz)

SBF's NYT Interview Disaster 💀

The FTX dumpster fire has certainly started to dwindle down, but it seems like SBF’s troubles have just begun. After an interview with Andrew Sorkin, live-streamed for the world to see, the entire internet is talking about how SBF deserves to go to prison and rightfully so. Amazingly, he was also invited onto Good Morning America to talk after this (today). Does this guy have a lawyer with a single brain cell? You can see some of that here.Here are a few important points from the chaos that ensued:

• Sorkin read a letter from an FTX customer that said, “Can you please ask SBF why he decided to steal my life savings?” SBF’s response was, “Yeah. Um, I mean, I’m deeply sorry about what happened.” He also started the interview by stating that “he didn’t try to commit fraud”, despite all of the early signs leading towards rampant fraud and mismanagement of customer funds.

• FTX US withdrawals can be unlocked at any time, whereas FTX International is another story. According to SBF, Alameda was using 10x leverage through the subsidiary when the crisis was at its peak. The question remains: Why won’t FTX US just make their customers whole, and what are they waiting for?

• SBF says that he knew there was something wrong on November 6th, 2022. But in a now-deleted tweet on November 7th, SBF reassured customers that their funds were safe, stating, “FTX has enough to cover all client holdings. We don't invest client assets.” Did he really lie out of his ass and think we wouldn’t catch him?

• When asked about his own personal funds, SBF said he has around $100,000 and a single credit card. He said that he invested everything into the company. The truthfulness of that statement is up to speculation, but so is the rest of this interview. So our guess is just as good as yours.

• Alameda and FTX commingled funds, which ultimately led to both of their demises due to a bank run caused by Binance’s liquidation of FTT. “I didn't knowingly commingle funds,” said SBF. But it’s now apparent that Alameda and FTX employees even lived in the same Bahamian penthouse. Their lives were commingled, let alone their companies. The idea that they didn’t operate together is a fantasy perpetrated by the FTX internal team.

• At the end of the interview, Sorkin blatantly asked SBF if he has lied over time. His answer was that he was acting as a “marketer for FTX”, thus saying what was needed to get him to the next level. This was also his approach to US regulators, in order to get more customers onto the FTX platform.

💡 The DropThese talking points are just the tip of the iceberg when analyzing the ineffectiveness of this interview. If anything, it has caused more questions and speculation to arise. The idea that SBF is still sitting free and out of jail is beyond our mental capacity. But the fact that he’s coming onto an interview and trying to save himself despite losing billions of dollars is incomprehensible. Even SBF knows that over time, he’ll have to answer for his mistakes in the form of judicial consequences. We just don’t know how long that will take, and how long it’ll take for FTX customers to recoup their losses. For now, SBF should keep doing more interviews because his case file is just growing larger every time he opens his scumbag mouth. WAGMI, except SBF.

Telegram CEO Wants Crypto Wallets 😯

Chaos is a ladder… is what Littlefinger famously said in Game of Thrones but it looks like that’s the idea running the crypto sphere. The latest hero entering the arena is Pavel Durov, founder of Telegram. According to Durov the blockchain industry isn’t doing good on its initial promise of keeping things decentralized and now he wants to step in to show how things are done. Earlier last month Telegram announced on their latest update that they were introducing ownable names. With this feature, users could claim names that would then exist on the blockchain and belong only to them. It looks like that move was just the tip of the iceberg.

• A focus on applications… Durov thinks that the new frontier for the blockchain sphere lies in fast and easy-to-use decentralized applications that the masses can adapt. He’s not being hypothetical about it either, him and four other people took 5 weeks to release a decentralized auction platform on The Open Network.

• He’s taking some shots… at the Ethereum ecosystem. According to him, Ethereum is an impediment to the flourishing of diverse and efficient applications. He prefers TON (The Open Network) and thinks that it is a superior blockchain infrastructure to Ethereum, which he thinks is outdated and expensive.

• Power to the people… Pavel’s rhetoric includes getting behind the type of freeing and utopic language that attracted so many to the world of web3. He wants to offer a set of decentralized tools that include exchanges as well as wallets. His ultimate goal is to give power back to the people.

💡 The Drop If chaos is a ladder Pavel is certainly making an appeal to right kind of people. Telegram has been a host to a ton of crypto-based information sharing. His message will be heard by the community for certain. What is tricky is that Telegram has recently complied with the Indian state to hand over the personal information of people who were sharing some copyrighted educational resources. This complicates Pavel’s ultimate desire for decentralization since he seems to be complicit nonetheless in being subordinate to centralization.

Taiyo Expands Revenue Goals ↗️

Taiyo Robotics announced that the Taiyo brand is now operating as a development service company that creates, maintains, and hosts products that only accept Graphite as a form of exchange for its service. “We are going to build products that charge a monthly fee in the Graphite token and convert our Launchpad % into Graphite only,” Solport Tom, the founder, said via discord announcements. The decision to transit fully as a development service company is due to their previous revenue streams being affected by the current state of the market. This was made known via a tweet on November 29th.

“We’ve taken time to think about the future of revenue for the project,” the Graphite bound brand announced and further reveals the products they’ve been working on. These new products are expected to operate under new brands and not under the Taiyo brand. They won’t have any NFTs or new tokens assigned to them but will focus wholly on the Graphite eco-system and add more transactional volume in Graphite.

The first product in mention is a Web3 adult industry product, a niche in which the founder has been running products for a long time to know all the ins and out of the business. The other mentioned is a casino that is fully licensed. These products will accept Graphite, burn, and create revenue. This revenue will be used to benefit Taiyo.

You gotta be kidding me... (the replies are gold)

Sponsored Content: There is no sponsored content in this newsletter.

• Frank DeGods & G Money Dox

• Former TIME President Joins Moonpay

• Polygon Partners With Magic Eden

• Cristiano Ronaldo NFTs

• NFT Tax Breakdown ff

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. 

Follow the team: 

Gannon Breslin, CryptoVonDoom, Naveed Lalani, Alex Reed, Naman Patel, Big Tuna

Want to advertise your brand to 24,000+ readers or get your project featured?

Check out forms on our website here.