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Chayanika Deka



Articles by Chayanika Deka

Jack Dorsey’s Block Co-Leads in $2M Seed Round in East African Bitcoin Miner

20 hours ago

Gridless – a Kenyan-based Bitcoin mining company – has announced raising a $2 million seed investment round led by venture capital investor Stillmark and digital payments firm Block, Inc.
According to the official press release, Gridless harnesses small-scale renewable energy grids in rural Africa. The company has participated in five different project contract pilots in rural Kenya alongside an African hydroelectric company – HydroBox. Currently, three of these pilots are operational.
It has also financed the construction and managing the operation of data centers in rural communities where traditional industrial or commercial customers are unavailable.
Commenting on the development, Gridless CEO Erik Hersman stated:
“Our work in supporting renewable energy mini-grid

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El Salvador President Lashes Out on Mainstream Media Over Bitcoin Attacks

2 days ago

El Salvador became the first country in the world to adopt Bitcoin as a legal tender. Fast forward to this year, the crisis worsened in the already battered crypto industry. But President Nayib Bukele plans on doubling down further.
After pledging that the government would purchase one Bitcoin every day going forward, despite the meltdown, the Bukele administration sent a bill to El Salvador’s Congress to enable it to sell $1 billion in “volcano bonds” – government debt, denominated in USD and pay out 6.5% interest a year to bondholders – to purchase more of the crypto-asset and build the hyped “Bitcoin City.”
The dramatic collapse of FTX, a once-prominent crypto exchange founded by Sam Bankman-Fried, has provided endless fodder for the press and long-standing crypto

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Front Runing Scam Bots on Youtube Marked 6-Fold Increase in 2022: Report

4 days ago

Scams have been rampant this year despite the market slowdown. A new type of sneaky crypto scam with front-running scam bots on YouTube has shot up six-fold in 2022.
These types of frauds attract users by posting advertisements on social media claiming to teach you how to make thousands of dollars of money in a day using a front-running bot.
When clicked, these ads link users to a YouTube video showing how to create and deploy a front-running script to generate “profits.”
This was revealed in a new report from CertiK. After analyzing YouTube for videos mentioning the phrase “front running bot,” the blockchain security firm observed that of a sample of 232 videos, a whopping 84% were scams.
Victims are lured to a downloaded fake bot software designed to steal funds once

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Sales of Bitcoin Mining Rigs in Russia Surge in Q4: Report

5 days ago

A new report by Kommersant revealed that sales of Bitcoin mining machines in the country surged rapidly in the fourth quarter, a trend backed by a resurgence of demand, despite the chaotic price action of the crypto-asset.
The substantial increase was also spurred by cheap equipment and electricity prices.
Chilkoot, which happens to be one of the official distributors of crypto mining rigs in Russia, witnessed more sales during the first two months of Q4 compared to the entire Q3.
During the first nine months alone, the company’s sales were recorded to be 65% higher than last year.
As per Chilkoot’s data, mining prices fell by almost 20% during August and October. The prices, however, remained the same over the past month.
The mining hardware reseller also noticed that

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Zipmex Sees Buyout Offer of $100M as it Secures Creditor Protection: Report

5 days ago

Embattled cryptocurrency exchange Zipmex is all set to be acquired by V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, for $100 million. The venture capital fund is reportedly offering $30 million in cash, and the rest will be paid in crypto tokens.
According to Bloomberg, V Ventures will acquire about 90% of Zipmex. The court hearing said crypto received from the agreement will be deployed to gradually unlock customers’ frozen wallets in the platform by early April.
Rescuing Zipmex
Zipmex, which has entities in Thailand, Singapore, Indonesia, and Australia, announced pausing withdrawals in July this year, citing volatile market conditions and the resulting “financial difficulties” of its “key business partners” in July.
This was during the time when several crypto

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FTX Contagion Haunts Yet Another Crypto Trading Firm

6 days ago

Former FTX CEO Sam Bankman-Fried may have apologized dozen times for the failure of his firm, but there’s no stopping the contagion.
Another casualty came in the name of a crypto trading platform – Aurus Global – which is currently facing a “short-term liquidity issue” due to FTX insolvency.
Aurus Misses Principle Payment Amount of $3M
The algorithmic trading and market-making firm reportedly missed a principal repayment on a 2,400 Wrapped Ether (wETH) decentralized finance loan worth around $3 million. This was revealed by ‘M11 Credit,’ which happens to be an institutional credit underwriter.
Its tweet regarding the same read,
“Auros is experiencing a short-term liquidity issue as a result of the FTX insolvency. This does not mean the loan is in default. We are working

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Bitcoin’s Value Artificially Inflated and Rarely Used for Legal Transactions, Says ECB

6 days ago

The latest critique came from the top leadership at European Central Bank (ECB), who stated that Bitcoin’s value “is likely to be artificially induced” while adding that the crypto-asset is on a “road to irrelevance.”
In the blog post, ECB Director General Ulrich Bindseil and Analyst Jürgen Schaff went on to claim that the world’s largest cryptocurrency has “never been used to any significant extent for legal real-world transactions.” The duo even blamed Bitcoin’s “conceptual design and technological shortcomings” that make it “questionable as a means of payment.”
Another Bitcoin Critic
The post made no mention of any specific data points suggesting how the central bank officials came to the conclusion that Bitcoin’s market valuation is based on pure “speculation.” Their

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Animoca Brands Unveils $2B Metaverse Fund

6 days ago

Hong Kong-based blockchain gaming giant Animoca Brands is all set to roll out a massive $2 billion fund, dubbed “Animoca Capital,” to invest in metaverse businesses, according to co-founder and executive chairman Yat Siu.
While speaking to Nikkei Asia, the exec revealed that the upcoming metaverse fund, which will make its first investment in 2023, will focus on digital property rights. It also seeks to provide opportunities to access Web3 companies.
The fund’s investment targets will have no geographical restrictions. Siu, who will lead the initiative with a partner, believes that Animoca Capital will prove to be a good entry point for Web3 businesses and investors.
The exec, in a statement, said,
“The long-term goal for us, and frankly for myself, is creating a way where

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EU Chief Fires Another Warning Shot at Elon Musk Over Twitter’s Content Moderation

6 days ago

New Twitter boss Elon Musk continues to spark controversies, from firing most of the company’s employees to dabbling with key features and restoring banned accounts. Now, the billionaire is up against regulators in the European Union (EU).
Musk has, time and again, said that his mission at Twitter is to maximize free speech. He appears to be looking for new solutions to very old problems by changing almost everything that goes on behind the scenes. This has put the EU industry chief in the crosshairs with him.
Bloc’s Second Warning
During a video meeting, EU industry chief Thierry Breton threatened the social media platform with a ban unless Musk complies with its strict rules on content moderation. According to a report by FT, Breton told Musk to abandon an “arbitrary”

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Genesis Creditors Onboard Restructuring Lawyers, Exploring Ways to Avert Bankruptcy

7 days ago

For several companies in the crypto sector, 2022 marked the end of the line. A few seemingly vanished overnight. But Genesis’ creditors are making desperate calls to save the crypto brokerage from sinking into bankruptcy.
According to a Bloomberg report, the creditors of the embattled firm hired restructuring lawyers and are exploring ways to avoid a situation similar to crypto exchange FTX’s rapid descent into bankruptcy. Law firms Proskauer Rose and Kirkland & Ellis are being consulted by creditor groups.
A Genesis spokesperson was quoted saying,
“Our goal is to resolve the current situation in the lending business without the need for any bankruptcy filing.”
Genesis Troubles
After FTX’s bankruptcy, the crypto lending arm of US digital asset broker Genesis Trading

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Decentralized Exchange GMX Flips Uniswap in Daily Revenue for First Time Ever

7 days ago

According to the most recent data, GMX earned more daily revenue than Uniswap, becoming the market leader for the first time ever.
Delphi Digital reported that the platform raked in $1.15 million in trading fees, while that of Uniswap stood at $1.06 million.
Moreover, GMX is now the fifth-largest decentralized application on Token Terminal’s dashboard, trailing behind already established players such as Ethereum, OpenSea, dYdX, and PancakeSwap.
Formerly known as Gambit Exchange, GMX is essentially a trading platform initially launched on Arbitrum One last September and later this year on Avalanche.
Over the past 30 days, Arbitrum has earned total trading fees of well over $93.5 million. During the same time frame, Avalanche amassed nearly $25 million.
Self-custodial wallet

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Huobi Partners With Dominica to Issue National Token DMC on Tron

8 days ago

Cryptocurrency exchange Huobi announced the launch of the world’s first national token, DMC (Dominica Coin) and Dominica DID, under the authorization of the government of the Commonwealth of Dominica. For the project, Huobi tapped Tron Network and DMC Labs.
According to the official press release, both Dominica DID and DMC were originally issued on the Tron Network. Support cross-chain interaction with Ethereum, BSC, and other public chains via the BitTorrent Chain protocol will be rolled out.
This comes after Tron entered into an agreement with the Dominican government to roll out a national fan token in a bid to promote the island’s heritage and tourism.
Dominica Coin and DID
The TRC 20 standard Dominica Coin will be issued for sale through Huobi Prime. With the help of

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Cosmos Surpasses Cardano in GitHub Daily Development Activity

8 days ago

According to recent data, projects on the Cosmos ecosystem surpassed that of Cardano by a small margin. Cosmos, with 603 commits, currently trails only behind Ethereum, with 806 commits.
GitHub activity essentially indicates which projects are receiving attention from devs and are being meticulously developed. Given the tepid market conditions, Cosmos’ increased activity hosting service is a good sign.
The ongoing bear market can be viewed as a builder’s market. This is due to the fact that investments are being poured in to find promising projects.
As for Cosmos, one of its DeFi protocols – Onomy – recently secured $10 million from prominent industry players, including Ava Labs, Bitfinex, CMS Holdings, and the Maker Foundation, among others.
Cardano, on the other hand,

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Circle Warns About Scammers Baiting USDC Users

12 days ago

Circle, the firm behind USDC stablecoin, issued a warning about an active phishing campaign attempting to lure users into transferring tokens to malicious addresses.
As per the tweet, the threat actors masquerading to work for Centre, which is a consortium founded by Coinbase and Circle.
Circle’s Statement
Circle said there is no new version of the USDC token in the marketplace and urged users not to fall for the scam.
“PSA WARNING: There is an active phishing campaign attempting to lure users into transferring #USDC tokens to malicious addresses. The scammers are pretending to be from Centre. There is not a new version of USDC in the marketplace. Please do not fall for this.”
Circle CEO and founder Jeremy Allaire recently wrote to Congressional leaders for financial

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1inch Unveils New Feature to Protect Users From ‘Sandwich Attacks’

12 days ago

Decentralized exchange aggregator – 1inch – announced the launch of a tool called “Rabbithole.”
According to the press release shared with CryptoPotato, the new feature is designed to protect MetaMask traders swapping on the 1inch platform against “sandwich attacks” – a type of front-running attack usually applied over transactions sent to a DEX to buy tokens.
RabitHole essentially works by sending swap transactions on 1inch directly to validators while avoiding the mempool, where it is prone to be attacked by sandwich bots. This is done by aggregating providers that allow sending swap transactions directly to validators, such as Flashbots, BloXroute, Eden, and Manifold.
In addition to MetaMask users, the tool is also expected to benefit other crypto wallets, such as 1inch

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Bitcoin, Ethereum Not Securities: Clarifies Belgium’s FSMA

12 days ago

Belgium’s financial regulator does not consider crypto-assets such as Bitcoin (BTC) and Ethereum (ETH) to be securities.
The Financial Services and Markets Authority (FSMA) released a statement in which it said cryptocurrencies that are issued solely by computer code do not constitute securities. The regulator’s response comes after receiving an increasing number of questions about the application of financial rules on the asset class.
Win for BTC, ETH
With a prominent financial regulator attempting to address one of the grey major areas in the sector, FSMA’s latest clarification is viewed as a win for the community. The basis is a crypto-asset is not a security if there is no issuer.
“If there is no issuer, as in cases where instruments are created by a computer code and

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After Voyager Bid, CrossTower Eyes Further Acquisitions

13 days ago

The FTX implosion may have dented investor confidence and extended the crypto winter, but that does not appear to be a hurdle for many exchanges from pursuing expansion via mergers and acquisitions.
One such is – CrossTower – a crypto exchange that is reportedly considering new acquisitions of different types of companies with a good set of customers with them and a positive balance sheet.
Risk Appetite for Acquisitions
CrossTower’s CEO Kapil Rathi said investors are “cautious” given that the current crypto market sentiment has soured. According to a Bloomberg report, the exec asserted that the company is in a “great place” despite the incessant bear market. The exec also added,
“We’re in a great place to either acquire entities who have a good set of customers with them

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Bahamas’ Regulator Explains Why it Made the Right Call to Seize FTX Assets

13 days ago

In a new press release, the Securities Commission of The Bahamas explained that only placing FTX Digital Markets into liquidation was not sufficient, citing the risks associated with hacking and breach.
SCB Executive Director also lashed out at new FTX CEO John Jay Ray III for “misrepresenting” the agency’s action through the “intemperate” and “inaccurate” allegations.
Bahamas Regulator’s Statement
Its Executive Director, Christina Rolle, revealed that the Commission sought an additional order from the Bahamian supreme court for authority under the “Digital Assets and Registered Exchanges Act” to transfer all digital assets of the exchange into digital wallets under its exclusive control. This move was meant to “benefit the clients and creditors of FDM (FTX Digital Markets

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DCG Subsidiary to Acquire Bitcoin Mining Facilities and Other Assets From Compute North

14 days ago

Digital Currency Group’s subsidiary and crypto mining firm Foundry Digital plans to acquire two turnkey crypto mining facilities in the United States from the embattled Bitcoin miner Compute North.
In the latest press release, Foundry also said it would also acquire other assets in addition to an option to buy a third facility that is under development from the computing infrastructure company.
Acquisition Details
Foundry will buy Compute North’s North Sioux City, SD, and Big Springs, Texas. The facilities have a fully operational capacity of 6 MW and 11 MW, respectively.  The purchase will also include rights to completely build out and operate Compute North’s facility located in Minden, NE, a fleet of mining machines owned by the firm.
Foundry will also buy intellectual

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FTX and its Employees Went on Real Estate Buying Spree Across Bahamas: Report

15 days ago

FTX, its former chief Sam Bankman-Fried’s parents, as well as senior executives of the fallen crypto exchange, purchased at least 19 properties worth almost $121 million in the Bahamas, according to new reports.
Official property records verified by Reuters reveal that FTX bought luxury beachfront homes, including seven condominiums in a penthouse in a luxury resort called Albany, over the past two years. The total cost was almost $72 million.
The properties’ deeds show that the unit was to be used as “residences for key personnel” of the crypto exchange.
The Albany property was the most expensive deal and was worth $30 million, the documents of which were signed by the president of FTX Property, Ryan Salame.
FTX’s former head of engineering, Nishad Singh, its co-founder

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Bankruptcy Court Sets Deadline for Celsius Users to File Claims

16 days ago

The US Bankruptcy Court of the Southern District of New York approved crypto lender Celsius’ motion for a deadline for customers to file a claim. January 3rd, 2023, has been set as the last date for creditors to file a proof of claim against the bankrupt firm.
The filing reads,
“The United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) has entered an order (the “Bar Date Order”) establishing 5:00 p.m. prevailing Eastern Time on January 3, 2023 (the “General Claims Bar Date”), as the last date for each person or entity2 (including individuals, partnerships, corporations, joint ventures, and trusts) to submit a Proof of Claim against any of the Debtors listed on page 2 of this notice (collectively, the “Debtors”).
Celsius Notifies

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DeFi, NFT Remains Resilient Despite FTX Implosion: DappRadar

17 days ago

The fallout from FTX’s collapse has been devastating, and the market is poised for more losses. But according to a recent report by DappRadar, Web3 remains resilient.
Centralized services are on the losing side. With the contagion unfolding, the decentralized finance (DeFi) sector, too, has been impacted. But the user activity in the sector appears to be returning to levels from the previous month.
State of DeFi
According to a recent Dapp Radar report shared with CryptoPotato, the total value locked (TVL) across DeFi platforms has plunged over 20%, from $83 billion to $65 billion, since the beginning of the month. The TVL of the market leader – Ethereum – fell from $51 billion on November 1 to $41 billion on November 13, noting a 14% decrease.
The ETH staking yields have

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Revolut Distances Itself from FTX While Pushing for Crypto: Report

19 days ago

After Sam Bankman-Fried’s crypto empire imploded last week, exchanges are rushing to soothe the nerves of infuriated investors. Digital banking firm, Revolut is the latest one to distance itself from FTX.
In an emailed statement, Revolut told users that it did not have “material exposure” to the bankrupt crypto exchange.
Revolut Monitoring the Situation
The London-based company said it is still monitoring the situation while reminding the volatility associated with digital assets.
“This is a good reminder that crypto is very volatile: the value does go down, as well as up. So, remember to only invest what you can afford to lose.”
It is important to note that the FTX chief tweeted that users could transfer money in fiat currencies between his exchange and Revolut in June

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FTX May Have Committed Serious Fraud and Mismanagement: Bahamas Liquidators

20 days ago

One week after the implosion, legal woes for FTX have only intensified. According to the latest court filings from the company’s Bahamian liquidators, there are signs of “serious fraud and mismanagement” on the bankrupt crypto exchange’s part.
The document filed in the US Bankruptcy Court of the Southern District of New York revealed that the Joint Provisional Liquidators’ findings to date indicate that FTX may have committed serious fraud and mismanagement.
The filing seeks to obstruct the sale of any assets by the company provisionally until a verdict is reached by the courts under Chapter 15 of the US bankruptcy code, which deals with insolvency cases involving more than one country.
Allegations Against FTX
Troubles for FTX do not stop there. As per a Tuesday filing,

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New FTX CEO Blasts Management Practices Under Sam Bankman-Fried

20 days ago

John J. Ray III may have unwounded major corporate failures, but in over four decades of legal and restructuring experience, he claims to have never seen such “unprecedented” management failures as in the case of the bankrupt FTX cryptocurrency exchange under Sam Bankman-Fried’s tenure.
In the latest filing to federal bankruptcy court, FTX’s new chief restructuring officer said,
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals, this situation is

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dYdX Could be Among Largest Beneficiaries From FTX Collapse: Report

21 days ago

The unforgivable mishandling of customer funds has left millions of users with trapped funds, crippled years of constructive industry reputation, and triggered new credit contagion risks.
Amidst this chaos, the native token of the decentralized crypto derivatives exchange, dYdX, has risen by more than 50% over the past week.
According to prominent crypto analytic firm, Santiment, DYDX has a chance to become a strong narrative in the coming weeks.
Aiding the price appreciation is the accumulation of addresses holding between 1,000 to 10,000 DYDX surging to an 11-month high. Data suggest that this cohort of investors has been piling up tokens since late September this year.
More interestingly, accumulation by the investors gained traction during the first week of November,

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Former FTX CEO SBF Faces Possibility of Extradition to US for Questioning

21 days ago

Amidst speculation over Sam Bankman-Fried’s whereabouts, the authorities are mulling over extraditing the former CEO of the bankrupt crypto exchange, FTX, back to the United States.
According to the latest Bloomberg report, law-enforcement officials in the US and Bahamas have been engaged in talks over SBF as they investigate his role in FTX’s implosion. People familiar with the matter said that Bankman-Fried has been cooperating with Bahamian authorities.
The Bahamian securities regulators and financial investigators have launched a probe into the fall of FTX and are looking for potential criminal misconduct by its operators.
Even though none of the execs, including SBF, have been charged with anything yet, many speculate that his behavior, as well as FTX’s business

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The Dont Have Anything We Dont Have: CZ on Why The FTX Deal Fell Through

26 days ago

FTX has lost several potential rescuers after shady details of the internal workings continue to emerge. The biggest setback was Binance pulling out of the deal.
But according to the crypto giant’s CEO, the deal with FTX did not make sense.
While speaking at the Indonesia Fintech Summit, Changpeng “CZ” Zhao weighed on the takeover that never materialized and the reason behind it.
“From a financial perspective, there is a big hole. From new users, we have very high overlaps. We cover all the regions they cover and they have much less users than us. From a technology or product perspective, I think we have a superior product. They don’t have anything we don’t have.”
According to CZ, the original intention was to “protect” the users. However, the reports of misappropriating

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FTX Collapse Triggers Over 80K Bitcoin Outflow From Exchanges

26 days ago

FTX’s collapse has significantly dented the confidence of investors in centralized crypto exchanges. Amidst the subsequent financial turmoil and reports about the troubled crypto exchange tapping customer funds to fund risky bets, the golden rule of crypto – “not your keys, not your coins” has taken a center stage in popular discourse once again.
Abdicating control over users’ coins has cost many dearly. As a result, mass withdrawals from exchanges have now been reported.
According to CryptoQuant, over 80,000 BTC have left exchange wallets in the past day. Investors are withdrawing their Bitcoin to store them in places other than an exchange, data showed.
The report stated,
“The last few days were an absolute mess for the crypto-industry. FTX going bankrupt, searching for

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Investment Bank CEO Tried Warning SBF About FTX’s Potential Collapse

27 days ago

Investment banking company Jefferies Group’s CEO, Richard “Rich” Handler, took to Twitter to reveal that he unsuccessfully tried to get in touch with FTX CEO Sam Bankman-Fried earlier this year when the latter was offering bailouts to several troubled firms.
While sharing his “personal email trail” on “non-meeting with FTX,” Handler revealed several snapshots that he had sent to an unknown person enquiring if they knew Bankman-Fried.
The emails were dated July 2022. The recipient responded by saying that they have met the FTX exec once and went on to add that he was the creditor of a deal they were handling.
Handler then reverted, saying he had a lot of experience when runs occur. He expressed his willingness to meet SBF. His email read,
“What he is going through is not

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