Crypto Tweet: Genesis vs. Gemini Legal Battle
One of the most influential crypto tweets of 2023 revolves around the legal dispute between Genesis and Gemini. Genesis filed for bankruptcy in January, leading to a series of legal battles with its partner Gemini. The controversy arose from the Earn product loan, which promised high interest rates for lent cryptocurrencies. However, New York Attorney General Letitia James filed a lawsuit against both companies, accusing them of deceiving investors and concealing risks. In response, Gemini sued Genesis to regain control of pledged shares of the Grayscale Bitcoin Trust. Genesis counter-sued to recover funds withdrawn by customers during the “run on the banks.” This legal battle is set to continue in 2024.
The Union for Cryptocurrencies: Ripple, Coinbase, and Grayscale
Ripple, Coinbase, and Grayscale have come together to challenge the U.S. Securities and Exchange Commission (SEC). The Chief Legal Officers of these companies discussed regulatory issues at the Blockchain Association’s Policy Summit. Ripple recently achieved a victory in its dispute with the SEC, while Grayscale also saw success in its lawsuit against the agency. However, Coinbase is still engaged in a legal battle with the SEC over allegations of operating as an unregistered stock exchange. Oral hearings for this case are scheduled for January 17, 2024.
The Closure of Signature Bank
In March, state regulatory authorities closed Signature Bank just days after Silicon Valley Bank also closed its doors. This closure prompted discussions on Twitter about Signature Bank’s substantial marketing budget and various music videos produced by the bank over the years. The purpose of these videos remains unclear, but they resurfaced during this event.
The Final Tweet by Sam Bankman-Fried and FTX’s Balance Sheets
Sam Bankman-Fried, the founder of FTX, shared a tweet presenting what he called “proof” of FTX’s solvency in the United States. The tweet included a screenshot of an alleged Google Sheets document claiming that Sullivan and Comwell had omitted $428 million of bank balances in the documentation related to FTX’s bankruptcy. Despite criticism of the document’s format, Bankman-Fried defended its accuracy. However, during a criminal trial in Manhattan, it was revealed that FTX’s financial statements were unprofessional and uncertified. Bankman-Fried is currently awaiting sentencing at the Metropolitan Detention Center in Brooklyn.
Hot Take: The Impact of Crypto Tweets
What are the most significant crypto tweets of 2023? And how have they influenced the market? Let’s see below some of the most controversial and important cryptocurrency stories narrated through X, formerly Twitter.
Stay updated with these influential tweets to understand the latest developments in the crypto world and their impact on the market.
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