These are some of the most controversial and important cryptocurrency stories told through X, formerly Twitter.
What are the most significant crypto tweets of 2023? And how have they influenced the market? Below is a summary of the most crucial tweets of 2023, in an attempt to answer some of these questions.
Crypto Tweet: The Legal Battle between Genesis and Gemini
Among the most influential crypto tweets of 2023 is the dispute over the legal battle between Genesis and Gemini. Genesis filed for bankruptcy in January 2023, kicking off a series of legal disputes between the cryptocurrency lender and its partner Gemini.
Gemini’s Earn lending product, powered by Genesis, promised high interest rates for borrowed cryptocurrencies. However, things took a different turn when Attorney General Leticia James filed a lawsuit in October against Gemini, Genesis, and parent company Digital Currency Group (DCG).
The indictment alleged that the companies misled investors and concealed risks, leading to heated new legal battles. Gemini responded with a lawsuit against Genesis that same month, seeking to regain control over 60 million shares of the Grayscale Bitcoin Trust (GBTC), pledged as collateral for the loans.
In November, Genesis countersued Gemini in an attempt to recover more than $689 million that was withdrawn from customers during the “bank run” that led Genesis to file for Chapter 11. As a result, 2024 also promises to be a year of intense challenges legal for both parties involved.
Ripple, Coinbase and Grayscale United for the Same Cause
The chief legal officers of Ripple (Stuart Alderoty), Coinbase (Paul Grewal), and Grayscale (Craig Salm) shared the stage earlier this month at the Blockchain Association Policy Summit to discuss regulatory issues.
All three companies have faced enforcement actions by the US Securities and Exchange Commission, offering hope to industry members through crucial legal precedents on token classification and trading rules. Furthermore, Ripple recently scored a decisive victory in its long-running dispute with the SEC.
Meanwhile, Grayscale was successful in its lawsuit against the agency. In particular, we know that a judge ruled that the SEC’s rejection of Grayscale’s proposed GBTC product conversion into an exchange-traded fund was “arbitrary and capricious.”
Coinbase, however, is still in the center of its legal battle with the securities regulator, which began in June when the SEC sued the exchange for allegedly operating as an unregistered stock exchange, broker and clearing agency. Oral hearings in the case are scheduled for Jan. 17, 2024, in federal court in Manhattan.
Sam Bankman-Fried’s Last Tweet and The Revelation of FTX Balance Sheets During the Criminal Trial
In one of his last tweets before his lawyers allegedly deprived him of Internet access, FTX founder Sam Bankman Fried presented 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 the law firm Sullivan and Comwell had “forgot” to include $428 million of bank balances in FTX’s bankruptcy paperwork.
When a troll criticized the formatting of her Excel file, Bankman-Fried admitted the document was “ugly” but defended its accuracy. Months later, during the criminal trial in Manhattan, it was revealed how unprofessional, unaudited and disorganized all of FTX’s financial statements were, including those sent to lenders and investors.
Bankman-Fried’s Twitter account, inactive since January 2023, is still online, perhaps waiting to resume activity after her release. Currently held at the Brooklyn Metropolitan Detention Center, the disgraced founder is awaiting sentencing.
By Audy Castaneda
