ROLLUP: Binance Commingling User Funds | Ledger Recover Postponed

Binance, accused of co-mingling customer funds. I'm sure a CZ would call this FUD.

Bankless Nation, it is the fourth Friday

of May. The last Friday of May. David, what time is it?

It's the Bankless Friday weekly roll-up where we cover the entire weekly news in crypto, which is actually not that ambitious this week. I would actually call this a slow week, which

Really?

I don't think I've ever said that before.

Slow week in news. Yeah.

Yeah.

Um Yeah,

That's why we have some weird takes in the takes section.

that's why the takes get kinda kinda weird. Yeah. Uh huh.

Why uh it's just a sleepy market, maybe? I mean we called this the boar market before. Is that is that what we're in for? The more the boar market?

Yeah, I didn't

Gonna be a boring roll up, David. Is that what you're

get boring. No, it's gonna be extremely exciting. Stay tuned for every single second of it and don't go away.

Well, let's talk about the topics of the week. So continuation of Ledger, Ledger Recover. They're actually capitulating on that. They're postponing it. So we'll talk about that. What else we got?

Uh DCG has missed its payment deadline to its own subsidiary Genesis. So we'll talk about what that means. They're not paying themselves.

Yeah, they're not paying themselves. They did they fail to pay themselves $630 million. So what is the fallout of that? We will we will cover that as well. Tornado Cash, did you hear about this, right? Tornado Cash got hijacked. Uh a governance attack over Tornado Cash. Uh it's kind of funny just because like it's Tornado Cash, so like it's gotten hijacked from the nation state, and now also it's two people are hijacking it. Uh and then what else are we gonna talk about?

We got this uh Fed report that came out. Okay, the Federal Reserve. Did you know one in 10 Americans use cryptocurrency? Who's telling us that? The Fed. We gotta get into this report. There's a ton of really cool stats coming out of that. And also, Binance was accused this week of commingling customer funds and company revenue. Got some more info on Doquan as well, and some of the bad boys of crypto finishing that up. So look, man, it's still a good roll up.

Yeah, it's still over.

Let's

It'll also be my last roll-up here in Montenegro, Ryan. This will be the very last one.

Are you gonna miss it? So long, Montenegro.

So long Montenegro. Yeah. Uh I will I miss it. I have well, my experience here has been great. I want to go home.

You've been uh away from your home for like months now, right?

Eight weeks. Eight weeks. It's the longest I've been

Roll ups.

from home since college.

I only measure time in roll ups. Uh there's fifty two roll ups a year. David's been gone in Montenegro for eight roll ups.

We're coming home. The next roll up in New York City. That's uh very exciting.

There's gonna be some good old brick in the background.

Alright, uh get to the market, shall we? Okay. Bitcoin price on the week. What are we looking at?

Uh we can count it as not a flat week if we really want to. Uh Bitcoin's down one percent.

Better than flat.

Start of the week at 26,600, ending of the week at 26,300.

2600. Okay. Um below 30k still feels bearish to me. Just like below 2K, ETH still feels bearish season. And this was um Bitcoin Miami was last week.

Yes.

Was it wait, was it last week or did it just finish this week?

It was last weekend, yeah. Uh-huh.

This is a time to really rally the troops, isn't it? I mean, haven't we seen previously Bitcoin Miami weeks a little bit of a a push up, a little bit of a spike? Or is that just all chart noise? Am I making things up?

I think last year it dumped.

Yeah. Conferences tend to dump. ETH conferences, Bitcoin conferences. I I just it's a pattern that

People get together and they get like they're like, oh man, this is who I'm surrounded with.

we just throw super dumb, exorbitant parties and we have to sell our assets to pay for them.

Oh, you think that's it? I don't know.

All these events that all the VCs throw, yeah.

Well it's interesting, Bitcoin Miami. I um didn't hear much about it. The only thing I heard was kind of the the contention and the conflict between the Ordinals, the Taproot Wizards,

uh or something, and the uh the laser eyes, which is is sort of the the sub tribes of this if you're in Bitcoiner circles. We had some

I think that's also mostly online too.

Yeah, I think that's

Totally online.

It was it there was no the the things I heard from the Bitcoin conference was that uh Eric Wall and Udi Wertheimer's going up against the Cyber Hornets, which was mostly in an online phenomenon, and then also Ron DeSantis's uh no wait.

uh

No, uh not Ron DeSantis. Um uh who's a who's a Kennedy Robert Kennedy speech. Yeah, those are the two things.

Yeah.

Yeah.

Okay. And yeah, well we're gonna talk about Ron DeSantis a little bit later. It seems like there's a little bit of red versus blue on the uh the crypto thing. It's becoming more partisan, but that's not in the market section. You gotta read some more numbers.

Uh

Alright.

ETH.