What are the most significant crypto tweets of 2023? And how have they influenced the market?
Let’s see below some of the most controversial and important cryptocurrency stories narrated through X, formerly Twitter.
Crypto tweet: the legal battle between Genesis and Gemini
Among the most influential crypto tweets of 2023, we certainly find the dispute regarding the legal battle between Genesis and Gemini.
5/ We have been preparing to take direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices.
— Cameron Winklevoss (@cameron) January 20, 2023
Specifically, we know that Genesis has filed a bankruptcy request in January 2023, triggering a series of legal disputes between the cryptocurrency lender and its partner Gemini.
The Earn product loan from Gemini, provided by Genesis, promised high interest rates for lent cryptocurrencies.
However, the situation took a different turn when Attorney General Letitia James filed a lawsuit in October against Gemini, Genesis, and parent company Digital Currency Group (DCG).
The accusation claimed that the companies had deceived investors and concealed risks, leading to new and heated legal battles.
Gemini responded with a lawsuit against Genesis in the same month, seeking to regain control of over 60 million shares of the Grayscale Bitcoin Trust (GBTC), pledged as collateral for loans.
In November, Genesis counter-sued Gemini in an attempt to recover over $689 million, the amount withdrawn by customers during the “run on the banks” that led to Genesis’ Chapter 11 filing.
As a result, 2024 is also shaping up to be a year of intense legal challenges for both parties involved.
The union for cryptocurrencies: Ripple, Coinbase, and Grayscale together for the same cause
The lawyers who challenge the SEC are the favorites of Crypto Twitter, all gathered in one place.
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’s Policy Summit to discuss regulatory issues.
When they roll the credits to the movie, I hope they show this picture. @CraigSalm @iampaulgrewal pic.twitter.com/nXkKNv9fEl
— Stuart Alderoty (@s_alderoty) December 1, 2023
The three companies have faced the enforcement actions of the United States Securities and Exchange Commission, offering hope to industry members through crucial legal precedents on token classification and exchange rules.
In addition, Ripple has recently achieved a decisive victory in its prolonged dispute with the SEC.
Meanwhile, Grayscale has achieved success in its lawsuit against the agency.
In particular, we know that a judge has ruled that the SEC’s rejection of Grayscale’s proposal to convert the GBTC product into an exchange-traded fund was “arbitrary and capricious”.
Coinbase, on the other hand, is still in the midst of its legal battle with the securities regulatory authority.
The same one that started in June when the SEC sued the exchange for alleged operation as an unregistered stock exchange, broker, and clearing agency.
Oral hearings in the case are scheduled for January 17, 2024 at the federal court in Manhattan.
The closure of Signature Bank within the crypto tweet
Continuing with the analysis of the most influential crypto tweets, we find the tweet that highlighted how substantial the “marketing” budget of Signature Bank was.
This has indeed been an epic moment for the Twitter crowd in the world of cryptocurrencies and finance.
Is it surprising that Signature Bank failed?
Their executive team spent millions of dollars to produce music videos & TV shows about themselves
Try not to cringe as you watch this: pic.twitter.com/16K70FQq5o
— Genevieve Roch-Decter, CFA (@GRDecter) March 13, 2023
In March, state regulatory authorities closed the doors of Signature Bank, just two days after the closure of Silicon Valley Bank.
The news has sparked a revival of various music videos produced by the bank over the years, some dating back to as far as 2012, whose purpose was not immediately clear.
Among the many hypotheses, promotion, team building, and even the possibility of never finding out have been suggested.
We see that, for example, “Now you’ve come to Signature, show your clients how much you’re worth,” sang an employee (or a hired actor, the credits were not clear) in the 2012 video, accompanied by the music of Katy Perry’s “Firework.”
“Customers don’t let go, oh, oh,” the chorus continued. In the end, of course, the customers did exactly that.
The final tweet by Sam Bankman-Fried and the revelation of FTX’s balance sheets during the criminal trial
In one of his last tweets before allegedly being cut off from internet access by his lawyers, the founder of FTX, Sam Bankman-Fried, presented what he called the “proof” of FTX’s solvency in the United States.
yeah sorry about that I had like 1 hour to throw this one together and it’s ugly af
but also it’s right
— SBF (@SBF_FTX) January 18, 2023
The tweet showed a screenshot of an alleged Google Sheets document, claiming that the law firm Sullivan and Comwell had “forgotten” to include 428 million dollars of bank balances in the documentation related to FTX’s bankruptcy.
When a troll criticized the format of his Excel file, Bankman-Fried admitted that the document was “ugly”, but defended its accuracy.
Months later, during the criminal trial in Manhattan, it emerged how unprofessional, uncertified, and haphazard all the FTX financial statements were, including those sent to funders and investors.
The Twitter account of Bankman-Fried, inactive since January 2023, is still online, perhaps waiting to resume activity after its release.
Currently held at the Metropolitan Detention Center in Brooklyn, the disgraced founder is awaiting sentencing.