Welcome to Clutch’s weekly Pocket News. If you’re ever wondering how to respond to annoying crypto bros, check out Greta’s approach below. In Crypto news, the source of money for SBF’s Robinhood stake purchase is revealed, Solana’s top NFT projects are migrating to different blockchains, and Fidelity files three trademark applications for Web3 products and services. In Clutch News, @cryptobec_ whiteboarded the entire crypto industry. In Community Updates, Surge has their sixth module out, and BFF has a Twitter Space on Exploring Creative Sovereignty in Web3. Let’s get it.
Court documents were released stating Sam Bankman-Fried (SBF) borrowed money from Alameda Research to the tune of $546 million. SBF and FTX co-founder Gary Wang used the money to buy a 7.6% stake in Robinhood. SBF later used these shares as collateral for a loan taken by Alameda for crypto lender BlockFi. SBF, FTX, BlockFi, and an FTX creditor have all attempted to claim the shares.
Solana’s two best-performing projects, DeGods and Y00ts, are moving to Ethereum and Polygon. Rumors were circulating about the deal for months, and it was heard at Art Basel that DeGods asked the Solana Foundation for $5 million in exchange for DeGods to stay on Solana. However, DeGods project leader Rohun Vora believes that DeGods had reached its full potential on Solana, citing slower growth rates over the year. Join the club. Y00ts is moving to Polygon with a grant from the layer 2s partnership fund.
SBF officially landed in the U.S. on Dec. 21 and was promptly bailed out by his parents on the conditions of a $250 million bond. He is now on house arrest at his parents’ house, which his parents just used as collateral for his bail. Caroline Ellison, Alameda’s former CEO, plead guilty for one charge of tax violations and was spared potentially a 115 year prison sentence. Ellison said she colluded with SBF in providing “materially misleading financial statements to Alameda’s lenders.”
Investment giant Fidelity Investments has filed trademark applications in the United States for several Web3 products and services, including an NFT marketplace and financial investment and crypto trading services in the metaverse. This is according to filings submitted to the U.S. Patent Trademark Office which were referenced in a tweet by trademark attorney Mike Kondoudis on Tuesday.
Surge released their sixth module on the ins and outs of the crypto infrastructure and, better yet, Surge Passport Holders get 30% off.