This Week on Crypto Twitter: Musk and Dorseys Text Correspondence Leaked, Do Kwon Pleads (Further) Innocence

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Illustration by Mitchell Preffer for Decrypt

Bitcoin and Ethereum managed to escape a broader slide this week as the market briefly reclaimed a trillion dollar market capitalization. XRP, Cardano, Chainlink and Cosmos posted the biggest losses among the twenty leading currencies.

The week began on crypto Twitter with Ukraine DAOa decentralized autonomous organization (DAO) that has so far raised millions for Ukraines defense and relief work since the start of the Russian invasiontweeting that it is setting up Iran DAO to support Iranian women, many of whom have been protesting against Irans islamist regime since the death of activist Mahsa Amini in police custody on September 16.

That day, hacker Corben Leo made the elusive world of white hat hacking a little more transparent. A white hat hacker is typically a cybersecurity vigilante who finds vulnerabilities in code and exploits them, typically in order to claim the bounty for doing so.

Also on Monday, a cybersecurity researcher named James Edwards published a theory that last months $160 million Wintermute hack was an inside job. Edwardss claims have yet to be corroborated by other blockchain security experts, but some believe its certainly a possibility.

On Tuesday, Cameron Winklevoss, who co-founded crypto exchange Gemini with his identical twin Tyler, weighed in on Bitcoins recent decoupling from the stock market.

Bitcoin has been remarkably resilient the past few weeks despite the stock market losing trillions in value. No idea if this is the bottom but there’s been a curious decoupling. Are folks starting to re-examine the “disaster insurance” thesis?

Cameron Winklevoss (@cameron) September 27, 2022

Climate journalist Ketan Joshi on Wednesday posted a pretty damning observation about Bitcoins carbon footprint.

New study: In 2019 and 2020, Bitcoin mining climate damages were higher than gas power generation and nearly as high as coal power. Since 2018 they’ve always been higher than:

– Petrol + car manufacturing – Meat (inc beef) – Mining (gold, copper, etc) https://t.co/XYZDfRHkZR pic.twitter.com/NnZO1IR0CV

Ketan Joshi (@KetanJ0) September 29, 2022

FTX Reshuffle

This week some big changes happened at crypto exchange FTX. For a start, Brett Harrison, who joined FTX US as its first president back in May last year, announced hes stepping down and moving into an advisory role.

1/ An announcement: Im stepping down as President of @FTX_Official. Over the next few months Ill be transferring my responsibilities and moving into an advisory role at the company.

Brett Harrison (@BrettHarrison88) September 27, 2022

Head honcho Sam Bankman-Fried tweeted farewell and sounded optimistic for FTXs US push.

Really grateful to work with @zachdex, @_Ryne_Miller, and others to push forward in the US; and a heartfelt goodbye to @Brett_FTX as he transitions to an advisor and FTX US transitions to its Miami HQ!

Being agile and coordinated is a core value–it’ll be great to be together.

SBF (@SBF_FTX) September 27, 2022

Akash Pasricha, a reporter for tech industry publication The Information, posted a brief analysis of FTXs fresh-faced team on Friday.

. @SBF_FTX and most of @FTX_Official reaaaaally don’t care much for formal titles, people familiar tell me.

Great example: the companies don’t really have CFOs, but their finance teams do the same amount of work.4/

Akash Pasricha (@akashpasricha) September 30, 2022

Do Kwon still not running

Terra CEO Do Kwon wants everyone to know hes not feeling the heat from either the fuzz or his own conscience. When headlines emerged earlier this month saying a South Korean court had issued an arrest warrant for him for violating capital market rules (while the Ministry of Finance was seeking to void his passport), Kwon reassured followers that hes not on the lam.

On Wednesday, Kwon responded to rumors that hed tried cashing out $67 million in Bitcoin a day after the warrant was issued.

What has been probably the most surprising in all this is the amount of misinformation that gets spread.

There is no cashout as alleged, i havent used kucoin or okex in at least the last year, and no funds of tfl, lfg or any other entities have been frozen. https://t.co/E1cbKgoqQz

Do Kwon (@stablekwon) September 28, 2022

Elons Twitter saga

Tesla and SpaceX CEO Elon Musk is currently knee-deep in a lawsuit against him filed by Twitter for trying to back out of his deal to buy the social media platform. As part of the legal discovery process, courts have released over a hundred pages of correspondence between Musk and various others, including Twitters Bitcoin loving co-founder Jack Dorsey.

Turns out even CEOs need help with their homework sometimes. Twitter user Santosh Kumar took a cynical view of Musks brevity.

Why do I get the vibe that Jack is the one getting played here? He sounds earnest while Musk comes across as someone wanting to steal an idea or something, lol.

Santosh Kumar (@SantoshSusarla) September 29, 2022

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