📸 __Flashy…__ The SEC [charged](https://www.nytimes.com/2023/01/12/technology/sec-crypto-gemini-genesis.html) lender __Genesis__ and exchange __Gemini__ with offering unregistered securities. Regulators said 340K Gemini customers are out $900M that was sent to Genesis' lending program. 

🌶️ __Spicy…__ Disgraced FTX founder Sam Bankman-Fried [launched](https://www.theverge.com/2023/1/12/23551718/sam-bankman-fried-substack-newsletter-ftx-fraud-charges) a Substack newsletter while awaiting trial on fraud charges related to his exchange's collapse. In his first post SBF denied stealing customer funds.

🎤 __Braggy…__ __Binance__ CEO Changpeng "CZ" Zhao said the 8K-person exchange is [planning](https://www.cnbc.com/2023/01/11/binance-plans-15-30percent-hiring-spree-in-2023-even-as-rivals-cut-jobs.html) a hiring spree. As other exchanges like __[Coinbase](https://robinhood.com/stocks/COIN/)__ announce fresh [layoffs](https://snacks.robinhood.com/newsletters/64ZuFLHX6YfnQ8QQYZICfn/articles/1R6BZzWQMJunSLoZpN1Ozj/), CZ said Binance expects to pump headcount by up to 30%.

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__Quitting the 9-to-5…__ to be your own boss. Black Americans are more likely to start businesses than any other group, and women of color start businesses at [4.5X](https://www.forbes.com/sites/elizabethmacbride/2021/05/23/white-men-are-now-the-minority-of-business-owners-in-the-united-states/?sh=526047ae1582) the rate of the overall population (as of 2021, white men comprised the *minority* of business owners). As the US’s fastest-growing group of entrepreneurs, Black women are increasingly [leaving](https://www.businessinsider.com/black-women-leaving-corporate-america-entreprenurship-startups-2022-12) corporate roles to launch their own companies. A few factors boosting this trend:

- __Discrimination:__ Many are worn down by the effects of implicit or explicit bias in corporate America. [Nearly half](https://www.forbes.com/sites/ashleystahl/2023/01/04/dei-policy-are-companies-just-trying-to-check-a-box/?sh=2241c7ae750a) of job seekers say they feel discriminated against during the hiring process, and 55% continue to experience discrimination after getting the job.

- __Job losses:__ Black women were the most affected by pandemic-related job losses. In 2020, the labor-force participation rate of Black women dropped sharply and is expected to keep falling, though it’s still higher than the rate for white women.

- __FYI:__ Diverse companies tend to outperform more homogenous orgs, both in profits and in innovation. For companies, losing Black female employees is a worrying trend. 

__Mind the gap…__ While the rate of Black entrepreneurship is high, bias and funding gaps pose roadblocks to growth. As of January 2022, just [4%](https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/charting-the-path-to-the-next-normal/growth-is-elusive-for-many-black-owned-brands) of Black businesses were still open after 3.5 years, compared to the national average of 55%. Fewer than half of Black businesses were considered healthy before the pandemic, versus 73% for white-owned businesses. Lack of capital is a major factor hampering growth for Black businesses.

Breaking out of the 9-to-5 (MoMo Productions/Getty Images)

Venture

__Closing the gap is key to unlocking growth…__ Loans and venture capital are critical to business growth, but Black startups (especially those run by women) tend to have less access to funding. Black individuals and communities have traditionally been the most likely to be denied access to capital. That’s partly why the racial wealth gap is still so wide: the typical white family has [8X times](https://www.federalreserve.gov/econres/notes/feds-notes/disparities-in-wealth-by-race-and-ethnicity-in-the-2019-survey-of-consumer-finances-20200928.htm) the wealth of the typical Black family.

Black women are America’s fastest-growing group of entrepreneurs, but funding challenges are hampering growth

__Coming in hot…__ during crypto winter. Last year saw a record $20B+ in illicit crypto transactions, [according](https://www.bloomberg.com/news/articles/2023-01-12/criminal-activity-thrived-in-otherwise-tough-year-for-crypto) to a Chainalysis report. Those came in the form of dark-net market sales, ransomware payments, scams, and hacks. Cross-chain [bridges](https://snacks.robinhood.com/newsletters/f8suYXqPD4YTOYUaoKShp/articles/75PhXHd2sIDVNK6TcV8jy4/) alone saw hundreds of millions stolen in hacks (most notably __Ronin__ and __Wormhole__). Note: that $20B+ doesn't include any crypto lost to failed exchanges like __FTX__ or bankrupt crypto lenders such as __Celsius__. 

__Getting bigger…__ while staying small. The total dollar value of illicit crypto transactions has been trending up for years. In 2017 it was $5B. In 2019 it hit $12B. And in 2021 it broke $18B. But that rapid climb doesn't tell the entire crypto-crime story. That's because criminal transactions have remained a relatively small percentage of the ~$1T crypto market: 

- __Not so big time:__ Last year's $20B crime record was just 0.24% of all crypto activity that year, and 2% of crypto's total market cap.

- __For some time:__ Illicit transactions have remained under 2% of total crypto-transaction volumes since 2017.

Coined

__Crypto winter didn't freeze crypto crime…__ but there wasn't a huge growth spurt either. Last year's market downturn saw $2T in investor value wiped out, which led to [trouble](https://snacks.robinhood.com/newsletters/5yKJ21nHWy8FlNAUn6e6yJ/articles/10KCJCjTVi37CddnkJSB65/) at behemoths like __DCG__ and __Gemini__. In this contracting environment, it's surprising that crime rose at all. But zooming out, that record high looks like crypto business as usual.

Crypto crime had a banner year as the industry stumbled, but it’s still a small slice of the pie

Black women are the US's fastest-growing group of entrepreneurs, but funding remains scarce

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