The Wolf Den Crypto Newsletter

By Scott Melker aka The Wolf Of All Streets

The Wolf Den #569 - Rumors, Rumors and More Rumors





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August 30 · Issue #569 · View online
The Wolf Den Crypto Newsletter
Welcome to The Wolf Den! This is where I share my ideas about the market, technical analysis, education and advice regarding trader psychology and emotional control. The newsletter is released every weekday and is completely FREE.
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In This Issue:
  1. Rumors, Rumors and More Rumors
  2. Bitcoin Thoughts And Analysis
  3. Legacy Markets
  4. Buy The Rumor, Sell the VMAs?
  5. Meta Announces Bold NFT Move
  6. The Fed Has An Answer For Stablecoins
  7. Will American Politicians Ever Embrace Crypto? | Dennis Porter, Satoshi Action Fund
  8. My Recommended Platforms And Tools
Rumors, Rumors and More Rumors
Strap on your seatbelts, I’ve got a strange story to tell. The drama concerns three major parties: Ava Labs led by Emin Gün Sirer, Roche Freedom led by Kyle Roche, and Crypto Leaks - an anonymous crypto whistleblower. 
To be VERY CLEAR. This is unsubstantiated, could be entirely fake and in no way reflects my opinion. I am merely sharing the story as it develops, and not presenting it as “news.” This is yet another strange development in crypto’s story.
This weekend, Crypto Leaks started sharing videos, statements, images, and clips of Kyle Roche discussing an illegal relationship between his firm Roche Freedom and Ava Labs, which started in 2019.
Crypto Leaks - “Ava Labs entered into a pact with Roche Freedman, after giving their key executives AVAX tokens, and Ava Labs stock now worth hundreds of millions of dollars. This aligned them in an aim to increase the value of AVAX, and is behind an ongoing conspiracy to use the legal system to harm Ava Labs competitors, share “expertise” gleaned from confidential information obtained through legal discovery processes, pursue the personal vendettas of Emin Gün Sirer himself, and con regulators by directing them towards other projects and away from themselves.
In short, Crypto Leaks is claiming that Ava Labs has paid a law firm to engage in illegal activity to benefit the project and damage competitors. Seems far fetched. You can read the full piece HERE.
Ava Labs and Roche Freedom disputed the claims as outright false.
Emin Gün Sirer - “How could anyone believe something so ridiculous as the conspiracy theory nonsense on Cryptoleaks? We would never engage in the unlawful, unethical and just plain wrong behavior claimed in these self-serving videos and inflammatory articles. Our tech & team speak for themselves.” 
Emin denied the claims on Twitter and posted his own blog. You can read it HERE.
Kyle Roche - “My firm has represented Ava Labs since 2019. Contrary to what is presented in the recent unsourced posting by Crypto Leaks, there is, and never has been, a “secret pact” between my firm and Ava Labs. We vigorously deny any allegations of impropriety. Statements in the video to the contrary are false, and were obtained through deceptive means, including a deliberate scheme to intoxicate, and then exploit me, using leading questions. The statements are highly edited and spliced out of context.
You can read Kyle’s full piece HERE.
Taken at face value, the videos and images appear real. Kyle does admit that the interview happened, but that does not mean that the picture being painted is accurate. What we do know is that there is a relationship between Ava Labs and Roche Freedom, but every project has lawyers. Does it go as far as Crypto Leaks claims? I am far from convinced. In Emin’s blog, he states that Ava Labs uses a handful of firms and Kyle’s claims, “came about when Kyle Roche tried to impress a potential business partner by making false claims about the nature of his work for Ava Labs.” 
We need more evidence than edited videos of a drunken dinner conversation.
As CZ points out, it will be interesting to find out who funds Crypto Leaks, which could provide more answers as to the motivation behind this story.
Bitcoin Thoughts And Analysis
Nothing has really changed here on any meaningful time frame!
Legacy Markets
Stock Market Today: Dow, S&P Live Updates for August 30 - Bloomberg
Buy The Rumor, Sell the VMAs?
Eminem feat. Snoop Dogg Performs "From the D 2 the LBC" | 2022 VMAs
Do you remember when Elon Musk hosted SNL last summer and it also happened to be the dead top for Dogecoin? Let’s just hope we don’t see the same thing for the metaverse and Bored Ape Yacht Club after Snoop and Eminem performed on the VMAs. In the show, Snoop was sitting on a couch, smoking a monster joint. Eminem was sitting next to him and got a second-hand high. The two fell down the rabbit hole of the metaverse and became Bored Apes.
The performance was a bit corny, to be honest. If you missed it, you can click the link above to check it out. Hopefully this is a signal of bullish things to come and not a new top.
FTX Is Not Buying Huobi
Meta Announces Bold NFT Move
FTX CEO: no plan to buy crypto exchange Huobi
Introducing Digital Collectibles to Showcase NFTs on Instagram | Meta
Another rumor here put to rest - shocker! Sam Bankman-Fried has denied all rumors that FTX is acquiring Huobi. The rumor started when a major Chinese social media influencer on Weibo made entirely false claims. I guess all it takes is a large following and people will believe you. Huobi is currently in regulatory hot water anyways, I am not sure it would even make sense for FTX to acquire it.
If you have been craving the opportunity to share your NFT on Instagram or Facebook, you now have the chance. You can connect popular crypto wallets like Metamask and Coinbase Wallet and display your digital collectibles publicly.
I am not convinced that the public is ready for this to become a trend, but maybe I’ll be proven wrong. Twitter has already attempted a similar stunt and Coinbase has as well. Neither gained any traction.
Will this new feature even make sense to most of Facebook’s user base? The average Facebook user is over the age of 40. And as it stands now, OpenSea volume is down 99% in 90 days. It will be interesting to see if anyone uses this.
The Fed Has An Answer For Stablecoins
Federal Reserve Sets July 2023 Date for FedNow Instant Settlement Service Launch - BeInCrypto
The Fed is launching an instant settlement service next year that will allow businesses and individuals to receive payments instantly 24/7/365. Many point to this as the governments answer to Facebook’s Libra/Diem and stablecoin projects.
This is a huge move for the Fed and an open admittance that their ancient systems need updating. This could legitimately remove some of the shine around crypto payments, because most people will prefer the “safety” of the protected service.
Will American Politicians Ever Embrace Crypto? | Dennis Porter, Satoshi Action Fund
Podcast - The Wolf of All Streets
What is it going to take to get American politicians on board with crypto? That’s what Dennis Porter, Founder of Satoshi Action Fund, is trying to find out. Satoshi Action Fund is a Non-Profit 501©(4) dedicated to raising awareness about Bitcoin Mining, education, investment, and innovation in the United States.
Dennis stops by to weigh in on the hottest political and regulatory questions of the day, including New York City’s PoW Mining Ban, China’s Mining Ban, and Energy Policy. He’ll also reveal a list of the most pro-crypto politicians and how you can get involved.
Thanks to BULLISH for sponsoring.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.
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