FTX Japan was actually solvent? 🤭

FTX Japan opens withdrawals, fRiENDSiES rug pull, and GQ's first web3 drop

February 23, 2023

GM Baos,

Happy HUMMMP Day... idk about y'all but today I'm pretending I don't see all the red 🫣📉

Today we cover:

  • FTX Japan opens withdrawals

  • A big NFT rug pull

  • GQ Magazine's first NFT collection

FTX Japan users withdraw their assets

Eligible FTX Japan customers were able to start withdrawing their crypto and fiat assets on February 21st. How? FTX Japan reminded solvent. In December 2022, Bloomberg reported FTX Japan held around $140m in customer accounts — because the Japanese government required its assets to be separate from customer funds.

Withdrawing from FTX Japan

The withdrawals are through Liquid Japan, a Japanese exchanged acquired by FTX in April 2022. An email was sent to customers instructing them to create an account with Liquid Japan and confirm their FTX account balance.

FriendsWithYou's fRiENDSiES rug pull

The fRiENDSiES (from FriendsWithYou) NFT project deleted its Twitter after announcing all operations would be paused. Last year the project raised more than $5m in a Dutch auction.

"The volatility and challenges of the market have made it very difficult to move this project forward in a way we can be proud of. For now, we have decided that it's best to allow the space to further mature" 😳

@zachxbt tweeted there had not been any announcements or follow through on commitments made by fRiENDSiES, including giving money back to the community.

🫣 Then @fRiENDSiES_Ai came back online after community backlash...

GQ Magazine: Change Is Good

GQ is releasing its first NFT drop (GQ3 Issue 001: Change is Good) featuring over 100 traits from the four artists: REO, Kelsey Niziolek, Serwah Attafuah and Chuck Anderson. The collection consists of algorithmically generated pieces that combine the traits from each artist.

There will be 1,661 pieces at a mint price of 0.1957 ETH on March 8th. And in case you were wondering — yup, 1957 is the year GQ Magazine was founded!

Holders of GQ3 gain exclusive access to rewards such as a GQ Magazine subscription, a curated box from GQ, merchandise and a ticket to the GQ3 party in NYC. And in web3 fashion, they will also have access to a holders- only Discord channel.

Bao-Sized News

Made us Kek

Color Me Bao 🌈

🤔 Did you know you can win $BAO tokens for participating in fun activities in the Fortune Friends Club Discord server? Btw, there's a BEANZ raffle that ends March 31st — just sayin'

🎨 by Baononymous (Discord)

🎨 by Vin (Discord)

If you made it this far, you're a real one.

DM @supreme_bao the secret phrase "Daddy Bao, SEND ME $BAO" & you might receive a surprise 🥸

–Cassidy