{"id":25029,"date":"2023-03-05T18:38:57","date_gmt":"2023-03-05T18:38:57","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=25029"},"modified":"2023-03-10T13:40:57","modified_gmt":"2023-03-10T13:40:57","slug":"crypto-collapse-binance-hits-reserves-ftxs-singh-sings-miners-creative-accounting-bitcoin-markets-are-thin","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2023\/03\/05\/crypto-collapse-binance-hits-reserves-ftxs-singh-sings-miners-creative-accounting-bitcoin-markets-are-thin\/","title":{"rendered":"Crypto collapse: Binance hits reserves, FTX\u2019s Singh sings, miners\u2019 creative accounting, bitcoin markets are thin"},"content":{"rendered":"<p><i>By <\/i><b><i>Amy Castor<\/i><\/b><i> and <\/i><b><i>David Gerard<\/i><\/b><\/p>\n<ul>\n<li aria-level=\"1\">Our Patreons still have banking \u2014 here\u2019s<a href=\"https:\/\/www.patreon.com\/amycastor\"> Amy\u2019s<\/a>, and here\u2019s <a href=\"https:\/\/www.patreon.com\/davidgerard\/\">David\u2019s<\/a>. Your contributions help us do all of this!<\/li>\n<li aria-level=\"1\">Our patrons can also get a couple of <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/05\/bitcoin-it-cant-be-that-stupid.png\">\u201cBitcoin: It Can\u2019t Be That Stupid<\/a>\u201d stickers just by messaging one of us and asking.<\/li>\n<li aria-level=\"1\">David has<a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2020\/11\/26\/get-signed-copies-of-libra-shrugged-and-attack-of-the-50-foot-blockchain\/\"> signed author copies of his books<\/a> for sale.<\/li>\n<li aria-level=\"1\">Sign up on<a href=\"https:\/\/amycastor.com\/\"> Amy\u2019s blog<\/a> to see every new post she makes as it goes up, and<a href=\"https:\/\/davidgerard.co.uk\/blockchain\/#byemail\"> click here and enter your email address<\/a> for every new post on David\u2019s blog as it goes up.<\/li>\n<\/ul>\n<p>&#8220;your honor please, sam is a growing boy and he needs his crimes. this is cruel and unusual punishment, sam is a very smart boy and i think if we just let him explain we can clear this all up and be home by dinner, around which sam tells us he expects more crimes&#8221; \u2014 Beeftweeter<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/07\/22\/binances-bnb-token-burn-why-this-is-meaningless-nonsense-to-fool-suckers\/cz-binance\/\" rel=\"attachment wp-att-20012\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-20012\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/07\/cz-binance.jpg\" alt=\"\" width=\"510\" height=\"315\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/07\/cz-binance.jpg 680w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/07\/cz-binance-300x185.jpg 300w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/07\/cz-binance-348x215.jpg 348w\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3>The Binance shuffle<\/h3>\n<p>More documents have come out on Binance\u2019s \u201cTai Chi\u201d plan to subvert US regulation with the creation of Binance US. The new documents demonstrate how thoroughly entangled Binance US is with Binance.com, and that they really aren\u2019t separate at all. We all knew this, but it\u2019s nice to have it all set out.<\/p>\n<p>Regulators\u2019 big worries are that Binance is another FTX waiting to blow, and that Binance US customers\u2019 funds are commingled with Binance.com. Both of these are, of course, true.<\/p>\n<p>Per the Wall Street Journal: &#8220;If U.S. regulators conclude that these links mean Binance has control over a U.S. company, they could claim the power to police Binance\u2019s entire business, which, to many investors, has been a black box since the start.&#8221; [<a href=\"https:\/\/www.wsj.com\/amp\/articles\/texts-from-crypto-giant-binance-reveal-plan-to-elude-u-s-authorities-3a17ddeb\"><i>WSJ<\/i><\/a>]<\/p>\n<p>Forbes wrote about the \u201cTai Chi\u201d plan in <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2020\/11\/16\/news-the-collapse-of-cred-binances-cunning-plan-new-us-regulators-bitcoin-miners-run-out-of-cash\/\">November 2020<\/a>. Binance <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2020\/11\/16\/news-the-collapse-of-cred-binances-cunning-plan-new-us-regulators-bitcoin-miners-run-out-of-cash\/\">sued Forbes for defamation<\/a> before <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2021\/03\/05\/news-india-crypto-ban-north-korea-bitmex-execs-to-appear-ibm-blockchain-dead-more-mcafee-charges\/\">withdrawing<\/a> the suit. Binance later <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/02\/16\/news-bbc-pulls-crypto-documentary-sports-nft-failures-mining-in-siberia\/\">bought a chunk of Forbes<\/a>.<\/p>\n<p>Regardless, Forbes is not softening on Binance. From August 17, 2022, to early December 2022, 1.1 billion bridged USDC on Binance\u2019s BNB chain were unbacked \u2014 there was no actual USDC behind the tokens.<\/p>\n<p>The missing reserve was channeled to Cumberland \u2014 the crypto subsidiary of Chicago-based trading firm DRW, and one of Binance\u2019s main liquidity providers. Cumberland may have assisted Binance to transform the USDC collateral into its BUSD stablecoin. Amber Group, Alameda Research, and Justin Sun\u2019s Tron also received $100 million of shifted collateral from Binance.<\/p>\n<p>Forbes details Binance\u2019s long track record of trading the backing reserves for its bridged tokens. Patrick Hillmann, Binance\u2019s chief strategy officer, says it\u2019s <i>fine<\/i> \u2014 they\u2019re just keeping a private set of books as well as the public set of books. That\u2019s not a problem, right? [<a href=\"https:\/\/www.forbes.com\/sites\/javierpaz\/2023\/02\/27\/binances-asset-shuffling-eerily-similar-to-maneuvers-by-ftx\/\"><i>Forbes<\/i><\/a><i>, <\/i><a href=\"https:\/\/archive.is\/F7YuR\"><i>archive<\/i><\/a>]<\/p>\n<p>Three US senators \u2014 Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), and Roger Marshall (R-KS) \u2014 sent a scathing letter to Binance. They call the exchange a \u201chotbed of illegal financial activity,\u201d extensively quoting Reuters\u2019 coverage of Binance&#8217;s various shenanigans. They\u2019ve requested a pile of documents from Binance and Binance US on company finances, compliance, and risk management practices. They want the documents by March 16. [<a href=\"https:\/\/t.co\/4kNLJ45Wne\"><i>Warren<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>Your funds are safe with Binance. The exchange is trying again to get licensed in Singapore, but this time as a custodian. Binance rebranded its custody arm to Ceffu, a take on \u201cSAFU,\u201d earlier this month. [<a href=\"https:\/\/asia.nikkei.com\/Spotlight\/Cryptocurrencies\/Binance-revives-Singapore-crypto-permit-bid-despite-U.S.-pressure\"><i>Nikkei Asia<\/i><\/a>]<\/p>\n<p>Coinbase is suspending trade in BUSD as of March 13. This is apparently due to \u201cliquidity concerns.\u201d [<a href=\"https:\/\/twitter.com\/CoinbaseAssets\/status\/1630236377622228994\"><i>Twitter<\/i><\/a><i>; <\/i><a href=\"https:\/\/www.coindesk.com\/business\/2023\/03\/01\/coinbase-ceo-armstrong-we-delisted-busd-due-to-liquidity-concerns\/\"><i>CoinDesk<\/i><\/a>]<\/p>\n<h3>Bitcoin miner accounting<\/h3>\n<p><a href=\"https:\/\/amycastor.com\/2022\/08\/04\/bitcoin-mining-in-the-crypto-crash-the-mining-companies-creative-accounting\/\">We told you in August<\/a> that bitcoin miners were fiddling their accounts. Marathon Digital Holdings and Riot Platforms have both delayed their 2022 10-K filings after unhappy letters from the SEC. Both companies will likely have to restate portions of their audited 2021 results and their currently-unaudited quarterly reports from 2022. [<a href=\"https:\/\/ir.marathondh.com\/news-events\/press-releases\/detail\/1302\/marathon-digital-holdings-cancels-conference-call-and\"><i>Marathon press release<\/i><\/a>; <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1507605\/000149315223006171\/formnt-10k.htm\"><i>Marathon NT 10-K<\/i><\/a>; <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1167419\/000155837023002681\/tmb-20221231xnt10k.htm\"><i>Riot NT 10-K<\/i><\/a>]<\/p>\n<p>Bitcoin miners are in desperate need of cash to fund operations and keep up with their exorbitant executive pay. Marathon sold nearly all of the bitcoins they mined in February \u2014 650 BTC out of the 683 BTC mined. This is after selling 1,500 BTC in January, which marked the first time Marathon had sold any of its holdings. [<a href=\"https:\/\/ir.marathondh.com\/news-events\/press-releases\/detail\/1303\/marathon-digital-holdings-announces-bitcoin-production-and\"><i>Press release<\/i><\/a>]<\/p>\n<p>Riot started selling some of its mined bitcoin last year. [<a href=\"https:\/\/www.reuters.com\/technology\/bitcoin-miners-sell-their-holdings-amid-crypto-winters-chill-2022-06-27\/\"><i>Reuters<\/i><\/a><i>, 2022<\/i>]<\/p>\n<p><strong>Update:<\/strong> Riot has now filed its 10-K. [<a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001167419\/000155837023002704\/riot-20221231x10k.htm\"><em>SEC<\/em><\/a>]<\/p>\n<h3>FTX: Singh sings<\/h3>\n<p>Nishad Singh, the former director of engineering for FTX and FTX US, has taken a plea deal. Singh pleaded guilty to six fraud and conspiracy charges, including conspiracy to make unlawful campaign contributions. [<a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.594742\/gov.uscourts.nysd.594742.90.0.pdf\"><i>Doc 90 US v Singh<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>The SEC and CFTC have also filed civil charges against Singh. [<a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-40\"><i>SEC press release<\/i><\/a><i>; <\/i><a href=\"https:\/\/www.sec.gov\/litigation\/complaints\/2023\/comp-pr2023-40.pdf\"><i>SEC complaint<\/i><\/a><i>, PDF; <\/i><a href=\"https:\/\/t.co\/O6u3hOFu14\"><i>CFTC complaint<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>Here\u2019s a list of Singh\u2019s political donations. [<a href=\"https:\/\/www.opensecrets.org\/donor-lookup\/results?name=nishad+singh\"><i>OpenSecrets<\/i><\/a>]<\/p>\n<p>Singh allegedly wrote the \u201cback door\u201d that allowed FTX customer funds to be diverted to Alameda. He also withdrew $6 million from FTX for personal use and expenditures, including the purchase of a multi-million dollar house, and for funneling money to <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/02\/06\/ineffective-altruism-ftx-and-the-future-robot-apocalypse\/\">Effective Altruism<\/a> organizations.<\/p>\n<p>We\u2019re still waiting to hear word of Sam Trabucco, former co-CEO of Alameda \u2014\u00a0he hasn\u2019t tweeted since November, and he escaped before FTX entirely collapsed \u2014 and of Ryan Salame, former co-CEO of FTX Digital Markets and another enthusiastic political donor. We\u2019re sure if they can just explain, it will all be fine.<\/p>\n<p>In Sam Bankman-Fried\u2019s criminal case, Judge Lewis Kaplan <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/02\/18\/crypto-collapse-sec-tightening-crypto-custody-rules-why-you-cant-cash-out-your-busd-binance-and-catherine-coley-sec-charges-terra-luna\/\">threatened to throw Sam in jail<\/a> unless lawyers on both sides could come up with stronger bail restrictions. The government and the defense have agreed on almost a complete internet ban.<\/p>\n<p>Sam can use a non-internet flip phone. He can&#8217;t contact any current or former FTX employees. His laptop will be restricted to particular sites, and his usage will be monitored.<\/p>\n<p>All of this is one step up from the sort of isolated discovery laptop that you&#8217;d have in jail. Since Sam is at his parent\u2019s house, their devices will be monitored too.<\/p>\n<p>League of Legends is not on the approved sites list, but Sam is specifically allowed access to mlb.com and nfl.com, for all his Effective Sportsball needs. Substack and Twitter are <i>not<\/i> on the list, so he\u2019ll need to write up more crimes on his Wikipedia user page or something. [<a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.590940\/gov.uscourts.nysd.590940.100.0.pdf\"><i>Doc 100<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>FTX in bankruptcy finally has an estimate of how much is missing from customer funds \u2014 $8.9 billion. Only $2.2 billion in customers&#8217; assets have been located. Of that, only $694 million is in liquid assets such as fiat, stablecoins, BTC, and ETH. [<a href=\"https:\/\/restructuring.ra.kroll.com\/FTX\/Home-DownloadPDF?id1=MTQ1MzEwNg==&amp;id2=-1\"><i>Doc 792<\/i><\/a><i>, PDF; <\/i><a href=\"https:\/\/www.prnewswire.com\/news-releases\/ftx-debtors-publish-second-presentation-for-stakeholders-301761345.html\"><i>press release<\/i><\/a>]<\/p>\n<p>FTX US also showed a shortfall of $116 million \u2014 it has $191 million in liquid assets but owes $335 million.<\/p>\n<h3>Number go up!<\/h3>\n<p>BTC and ETH liquidity is at its lowest since the Terra-Luna collapse \u2014 there\u2019s no volume because the supply of actual dollars has dried up. It\u2019s easier to rig the price than it has been in a long time. [<a href=\"https:\/\/www.coindesk.com\/markets\/2023\/02\/28\/continued-thinning-of-liquidity-in-bitcoin-and-ether-market-worries-traders\/\"><i>CoinDesk<\/i><\/a>]<\/p>\n<p>So that $1,000 drop in BTC\/USD in five minutes around 02:00 UTC on March 3 was probably quite cheap.<\/p>\n<p>Ethereum\u2019s Shanghai Upgrade is likely to happen in April and will allow all that <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/08\/20\/proof-of-stake-is-better-than-proof-of-work-but-ethereums-merge-wont-fix-any-other-problem-with-cryptocurrency\/\">staked ether<\/a> stuck in the validators to be unstaked and sold. Though a profitable validator is unlikely to just dump its stake. [<a href=\"https:\/\/www.coindesk.com\/tech\/2023\/03\/02\/ethereum-developers-target-march-14-date-for-shanghai-upgrade-on-goerli-testnet\/\"><i>CoinDesk<\/i><\/a>]<\/p>\n<p>The Mt. Gox bitcoins are <i>finally<\/i> being released &#8230; any time now! Probably. The latest deadline for claims is March 10, 2023. We\u2019re sure that every Mt. Gox holder who\u2019s been waiting for their bitcoins since 2014 will definitely keep hodling, and won\u2019t immediately dump them. [<a href=\"https:\/\/www.mtgox.com\/img\/pdf\/20230301_02_announcement_en.pdf\"><i>Mt. Gox<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>New Zealand has issued a restraining order to lock NZD$140 million of bitcoins stolen by BTC-e operator Alexander Vinnik. If these are recovered, they may be added to the Mt. Gox bankruptcy estate in due course. [<a href=\"https:\/\/www.mtgox.com\/img\/pdf\/20230303_announcement_en.pdf\"><i>Mt. Gox<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>A National Bureau of Economic Research working paper from December 2022 discusses what manipulated nonsense the crypto trading markets are. \u201cAbnormal first-significant-digit distributions, size rounding, and transaction tail distributions on unregulated exchanges reveal rampant manipulations unlikely driven by strategy or exchange heterogeneity. We quantify the wash trading on each unregulated exchange, which averaged over 70% of the reported volume.\u201d [<a href=\"https:\/\/www.nber.org\/papers\/w30783\"><i>NBER<\/i><\/a>]<\/p>\n<p>Matt Binder: Don&#8217;t be fooled: Crypto is going up because of market manipulation \u2014 whenever you see cryptocurrency prices suddenly rise, that&#8217;s probably why. With quotes from David. [<a href=\"https:\/\/mashable.com\/article\/crypto-prices-up-market-manipulation-bitcoin\"><i>Mashable<\/i><\/a>]<\/p>\n<h3>More good news for bitcoin<\/h3>\n<p>Bitcoin can wave goodbye to institutional money. Crypto is \u201ceffectively nonexistent\u201d for big institutions, says Jared Gross, JPMorgan\u2019s head of institutional strategy. \u201cThe volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging.\u201d [<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-23\/jpmorgan-s-gross-says-crypto-about-non-existent-for-institutions\"><i>Bloomberg<\/i><\/a>]<\/p>\n<p>Illinois wants to adopt a strict crypto business regulation along the lines of the New York BitLicense. \u201cIt&#8217;s happening too often where there&#8217;s some scam or collapse that&#8217;s hurting consumers directly in their pocketbooks,\u201d said regulator David DeCarlo. [<a href=\"https:\/\/www.coindesk.com\/policy\/2023\/02\/27\/illinois-officials-pushing-state-crypto-licensing-to-emulate-new-yorks-bitlicense\/\"><i>CoinDesk<\/i><\/a>]<\/p>\n<p>Ohio\u2019s Division of Securities has joined the multi-state settlement against Nexo. We haven\u2019t heard any more from Bulgaria about what\u2019s going on with the <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/01\/15\/crypto-collapse-bitcoin-goes-up-nexo-charged-gbtc-still-wants-to-be-an-etf-crypto-exchanges-struggle-ftx-voyager\/\">office raids and charges<\/a> against Nexo. [<a href=\"https:\/\/com.ohio.gov\/about-us\/media-center\/news\/ohio-division-of-securities-joins-22-million-multistate-securities-settlement-against-crypto-platform-nexo-capital\"><i>Ohio<\/i><\/a>]<\/p>\n<p>A bunch of accountants from FTX\u2019s old auditor Armanino has set up shop as The Network Firm, specifically to serve crypto firms. Good luck, guys. [<a href=\"https:\/\/www.coindesk.com\/tech\/2023\/03\/01\/former-accounting-team-of-ftx-us-auditor-armanino-sets-up-shop-as-the-network-firm\/\"><i>CoinDesk<\/i><\/a>]<\/p>\n<p>Grayscale is proceeding to court to try to get <a href=\"https:\/\/amycastor.com\/2022\/04\/19\/welcome-to-grayscales-hotel-california\/\">GBTC<\/a> converted to an ETF, after the SEC\u2019s <a href=\"https:\/\/amycastor.com\/2022\/12\/18\/crypto-collapse-binance-is-not-so-fine-ftx-delaware-vs-ftx-bahamas-celsius-voyager-gemini-tether\/\">73-page response brief<\/a> in December 2022. Oral arguments are set for March 7. Good luck, guys. [<a href=\"https:\/\/www.coindesk.com\/policy\/2023\/02\/28\/grayscale-to-argue-secs-inconsistency-as-bitcoin-etf-dispute-heads-toward-court\/\"><i>CoinDesk<\/i><\/a>]<\/p>\n<p>Reuters says that Visa and Mastercard have paused new crypto partnerships. Sure took their time. Visa denies the report. Mastercard said its efforts \u201ccontinue to be focused on the underlying blockchain technology,\u201d which has the advantage of working worse than the existing alternatives, so it\u2019s unlikely to lead to economic contagion. [<a href=\"https:\/\/www.reuters.com\/technology\/visa-mastercard-pause-crypto-push-wake-industry-meltdown-sources-2023-02-28\/\"><i>Reuters<\/i><\/a><i>; <\/i><a href=\"https:\/\/twitter.com\/cuysheffield\/status\/1630600554069082112\"><i>Twitter<\/i><\/a><i>; <\/i><a href=\"https:\/\/www.coindesk.com\/business\/2023\/02\/28\/visas-crypto-strategy-intact-despite-crypto-winter\/\"><i>CoinDesk<\/i><\/a>]<\/p>\n<p>Nearly all of the tokens launched on UniSwap turned out to be rug pulls. There&#8217;s a simple and obvious heuristic to apply here: if you assume all DeFi is scams, you&#8217;ll be right 97.7% of the time. [<a href=\"https:\/\/arxiv.org\/pdf\/2201.07220.pdf\"><i>arXiv<\/i><\/a><i>, PDF<\/i>]<\/p>\n<p>Oh no, your crypto\u2019s all washed up! Why don\u2019t you get into gold instead? Here\u2019s an ad in the Financial Times that&#8217;s pitching gold to crypto bros. Or you could realize that gold\u2019s not so great either, and invest in enterprises that do things in the economy. [<a href=\"https:\/\/gold.ft.com\/why-gold-is-a-very-different-investment-than-cryptocurrencies\"><i>FT<\/i><\/a>]<\/p>\n<h3>Media stardom<\/h3>\n<p>New Kids on the Blockchain have their latest documentary out: \u201cThe Rise Of DeFi \u2014 Dark Side Of The Moon?\u201d It\u2019s very positive about the fabulous hypothetical future of DeFi, NFTs, and the Metaverse \u2014 but David is also in it, dousing the party. [<a href=\"https:\/\/www.youtube.com\/watch?v=f_bnocBmXnc\"><i>YouTube<\/i><\/a>]<\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>Your honor, please. Sam is a growing boy. He needs his crimes.<\/p>\n","protected":false},"author":1,"featured_media":20012,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[3473,568,21,3012,3469,3468,1552,2415,2500,82,1798,3093,1799,3471,2325,986,3024,1717,88,2938,1767,203,2520,3346,1492,3470,898,3430,2491,33,117,3472,1669,745,1865,354],"class_list":["post-25029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-armanino","tag-binance","tag-bitcoin","tag-busd","tag-ceffu","tag-chris-van-hollen","tag-defi","tag-drw-cumberland","tag-elizabeth-warren","tag-ethereum","tag-ftx","tag-gbtc","tag-grayscale","tag-illinois","tag-marathon","tag-mastercard","tag-matt-binder","tag-mining","tag-mt-gox","tag-nber","tag-new-kids-on-the-blockchain","tag-new-zealand","tag-nexo","tag-nishad-singh","tag-ohio","tag-patrick-hillmann","tag-riot-blockchain","tag-roger-marshall","tag-sam-bankman-fried","tag-sec","tag-singapore","tag-the-network-firm","tag-uniswap","tag-united-states","tag-usdc","tag-visa"],"jetpack_featured_media_url":"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/07\/cz-binance.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/25029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=25029"}],"version-history":[{"count":17,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/25029\/revisions"}],"predecessor-version":[{"id":25054,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/25029\/revisions\/25054"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media\/20012"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=25029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=25029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=25029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}