#109 - SBF arrested and charged

GM and welcome to Decentra Daily.

We're the web3 newsletter that shows up every day. You've seen us more times than Love Actually during the holidays.

Today,

• SBF arrested and charged with fraud

• Wolf Game reveals "Community #0"

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SBF arrested, charged & held in custody

Samuel Bankman-Fried has finally been arrested.

On Monday evening, Bahamian authorities entered SBF's apartment at the request of the US Attorney for the Southern District of New York.

The charges 👨🏻‍⚖️

• wire fraud

• wire fraud conspiracy

• securities fraud

• securities fraud conspiracy

• money laundering

(See our Tweet of The Day to read the full unsealed indictment 👇)

Sam appeared in court in the Bahamas yesterday. Once the US makes a formal request for extradition, it won't be long before he's back on home soil.

Now the SEC & CFTC are also getting involved

Less than a day after his arrest, the US Securities and Exchange Commission brought its own charges against SBF.

They've accused him of "orchestrating a scheme to defraud equity investors."

As for the Commodity Futures Trading Commission, they filed complaints against Sam for violating federal commodities laws.

But, wasn't SBF just on a media tour?

Over the past few weeks, Sam's been blitzing network TV, magazines, speaker events, and social media.

He was even giving interviews and attending Twitter Spaces on the morning before his arrest.

Why? It's not entirely clear.

Based on the narrative SBF was spinning across his appearances, however, he may be attempting to build a case for his actions being the result of incompetence over intentional deception.

Basically: I was an idiot. Instead of: I'm a criminal.

Do you buy it? 🤷‍♀️

What about that hearing SBF was supposed to attend?

On Tuesday, Sam Bankman-Fried was scheduled to answer questions from Congress – but his arrest meant he was kinda busy with other things.

Lots of people think the timing here is weird. 🤔

While SBF was a no-show, FTX's new CEO, John J. Ray III, did testify on what he's learned so far about the exchange's inner workings (or lack thereof!)

So why is this all happening now?

It could be the DoJ didn't want to give SBF the platform of a high-profile House hearing – where he might embarrass the politicians that took his donations.

What are the chances SBF would have pulled his go-to dick move: playing League of Legends while being questioned by Congress?

Another possibility is that the authorities recently acquired a new cooperating witness...

We're not suggesting anything 👀

Tweet of the day

On the web3 wire

• Inflation in the US falls to 7.1% last month 📉

• FTT is now down 99% from its ATH

• Canada says exchanges must segregate user funds 🇨🇦

Wolf Game's Community 0 land reveal

Wolf Game landholders are finding out which traits and features their plots contain in the project's latest NFT reveal.

The snow-covered tracts will be "home of the Wolves, and the venue of a fierce competition for WOOL" when the game launches (expected in the next few weeks.)

Each plot of land is unique with different sizes and traits.

Some are located at "the base" of the mountain while others sit atop "the summit". Just 12% contain sought-after "structures".

What you need to know:

• Wolf Game is a play-to-earn farming-style game built on Ethereum

• Its world contains Wolves, Sheep, Farmers, and the resource $WOOL

• Players make decisions about how to farm, collect, and steal $WOOL

• Gameplay combines NFTs, coins, and game theory

Check out the Wolf Game C0 Land Plots on OpenSea.

Later!

👋

Meme of the day