GM Brew Crew, …..

On the menu today:

• UNVEILING THE ALLEGED $220 MILLION ACQUISITION SCANDAL 👀

• CHINA PUSHES FORWARD WITH THEIR DIGITAL CURRENCY AGENDA💱

• CRYPTO WINTER IN SPRING? ❄️

Today’s Charts:

UNVEILING THE ALLEGED $220 MILLION ACQUISITION SCANDAL 👀

Due to its purchase of stock-clearing platform Embed, cryptocurrency exchange FTX is now embroiled in lawsuit and is the subject of fraud accusations. Lawyers accuse insiders of misusing client cash while suing former executives for failing to perform due diligence on the $220 million acquisition.

• FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of Embed.

• The sale of Embed and other assets when FTX declared bankruptcy was authorized, but the highest price for Embed was only $1 million, showing that its software platform was seen as being worthless.

• The legal counsel for FTX alleges that FTX insiders misused customer funds for the transaction and created misleading records to conceal Alameda Research's contribution to the deal's funding. FTX wants the transactions to be identified as fraudulent and wants to reject the defendants' claims until money has been recovered.

CHINA PUSHES FORWARD WITH THEIR DIGITAL CURRENCY AGENDA 💱

Chinese institutions are accepting the digital yuan, the country's central bank digital currency (CBDC) and enabling students to carry out a variety of transactions on campus using it.

• The adoption is being led by Zhejiang Zhengyuan Zhihui Technology, a listed firm on the Shenzhen Stock Exchange, with Soochow University being the first fully digital Yuan university.

• Soochow University in Suzhou has become the first full-scenario digital yuan university, allowing students to use CBDC for payments, transportation, attendance, and access to campus facilities.

• New digital yuan payment methods have been tested in Chinese institutions, and the currency has been utilized for certain large transactions like property purchases.

CRYPTO WINTER IN SPRING? ❄️

Thousands of Bitcoin enthusiasts are expected to attend the Bitcoin 2023 event in Miami Beach, although fewer people are expected to attend in comparison to the past year as a result of the "crypto winter" market circumstances.

• Bitcoin 2023 event in Miami Beach expects around 15,000 attendees, compared to 35,000 last year.

• The event's organizers claim it as the biggest Bitcoin meeting in the world, with over 180 speeches and a special afterparty.

• The crypto industry has been experiencing a downturn, resulting in corporate bankruptcies, layoffs, and failures, referred to as "crypto winter." Despite this, there are still thousands of Bitcoin believers. Are you one of them?

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.