FTX Bankruptcy Burning Through $1.5M in Legal Costs Every Day

Creditors are lamenting the rapid drain of cash from the global exchange’s bankruptcy as the process stretches over more months.Source

The Protocol: Coinbase Blockchain’s Viral Use Case Puts Focus on Optimism’s Tech

The week in blockchain tech: Crypto-fueled social marketplace Friend.tech goes viral on Coinbase’s new Base blockchain, Shiba Inu community’s “Shibarium” network aims for fresh start, and Ethereum experts handicap the competition between leading technologies for layer-2 networks.Source

DAI Stablecoin Surpasses $5B Market Cap on Higher Yield, Lifting Spark Protocol

The recently-introduced Enhanced Dai Savings Rate reversed some of the token’s decline in market value.Source

Hacked Crypto Exchange Cypher Plans to Hold Public Token Sale

Cypher’s IDO will test whether it can recapture momentum.Source

Will SBF’s ‘Blame-the-Lawyers’ Strategy Work?

Lawyers tell CoinDesk the tactic could be effective for FTX founder Sam Bankman-Fried’s defense, but it comes with risks.Source

Nvidia’s Make-or-Break Earnings Could Be Huge for AI-Tied Crypto Tokens

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‘We’ve Seen Enough’: Battered Bitcoin at $26K Can’t Stay Down Much Longer, Pantera’s Morehead Says

By one measure, bitcoin’s price performance this cycle is the worst in the asset’s history.Source

Ex-OpenSea Executive Nate Chastain Gets 3 Months in Prison for Insider Trading

Nate Chastain, the former head of product at NFT platform OpenSea, has received a three month prison sentence for making tens of thousands of dollars worth of insider trades during his tenure at the NFT company.Source

Binance Needs to Get Off Twitter

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Balancer Depositors Pull Nearly $100M in Crypto After Vulnerability Warning

Ethereum-based DeFi major Balancer learned of a “critical vulnerability” that imperils a slice of the protocol’s user-deposited crypto.Source