Features Crypto News by Thebittimes.Com

Polkadot has been accused of ‘lighting money on fire’ after it spent $36.7 million on advertisers, influencers, and conferences at a rate that has reportedly left it with just two years worth of funds remaining. Polkadot shared a June 28 treasury report revealing it has $245 million worth of assets left and spent $87 million in the first half of 2024. According to the report, over 42% of this year’s spending was on ‘outreach.’  This spending includes $4.8 million on Influencer s, $10 million on sponsorships, $4 million on digital ads, and $4.4 million on conferences.  The report also noted its treasury revenue dropped from 414,291 DOT to 171,696 DOT during the second half of 2023 and the first half of 2024.  According to Polkadot’s report, over 42% of this year’s spending was on outreach (via Polkadot). Its author, head ambassador Tommi Enenkel, said, “At the current rate of spending, the Treasury has about two years of runway left, although the vola...

Customer funds from Sam Bankman-Fried’s FTX were allegedly spent on a $2.5-million yacht , which was believed to be a gift for Sam Trabucco, the former co-CEO of Alameda Research. Two filings — one from July 31 and another from Aug. 31 — show a long list of statements, fund transfers and payments made prior to FTX’s bankruptcy. Among the items listed is a cash payment of more than $2.5 million to the American Yacht Group “for the benefit of Sam Trabucco.” $2.5m of FTX customer deposits were used for Sam Trabucco's Yacht pic.twitter.com/6gN4pvD3q8 — Sunil (FTX Creditor Champion) (@sunil_trades) September 1, 2023 Trabucco was one of the first hires at Alameda, a trading firm and sister entity of FTX. He resigned from the now-defunct hedge fund on Aug. 24, 2022, claiming he could no longer “justify” being a central part of it and wishing to “prioritize” other things in his life. Less than three months later, FTX and Alameda went bankrupt. An FTX partin...