Welcome back to Chain reaction.
And happy holidays!
This is the season to be merry and check your crypto portfolio before buying a few more Christmas gifts for your family and friends. It’s also the season for more FTX indictments and the extradition of SBF…
More has happened in FTX’s collapse as co-founder and former CTO Gary Wang and former Alameda Research CEO Caroline Ellison have pleaded guilty to charges related to their role in the crypto exchange’s demise, said US attorney Damian Williams Wednesday. Both Wang and Ellison are cooperating with the investigation, Williams added.
And in similar news, nine days after being arrested in the Bahamas on a handful of criminal charges from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), former FTX CEO Sam Bankman-Fried returns to the United States to face them.
Bankman-Fried got his own plane back to the US and is expected to face charges in Federal District Court in Manhattan. Where in the United States he will be held is yet to be determined, but I’m pretty sure it won’t be as lavish as his $40 million sojourn in the Bahamas – but hey, who is he to complain?
Meanwhile, things are being shaken up in the NFT world as Yuga Labs, creator of the blue-chip NFT project Bored Ape Yacht Club, appoints Activision Blizzard COO Daniel Alegre as its new CEO. The current CEO, Nicole Muniz, will continue as a strategic advisor.
If someone forwarded this message to you, please subscribe to the ExamPaper newsletter page.
this week in web3
Here are some of the biggest crypto stories ExamPaper covered this week.
Binance.US buys Voyager Digital’s assets for $1 billion
It’s been a long year for Voyager Digital. After filing for bankruptcy, the crypto lender thought he could return some money to his customers by selling his assets to FTX. As you know, FTX is not doing well either. That’s why Binance.US steps in today and offers to buy Voyager Digital’s assets for $1.022 billion.
Magic Eden exec sees NFT gaming as the ‘early days of mobile gaming’ (TC+)
Blockchain games have grown exponentially over the past year as a new and innovative alternative to the traditional gaming world. Although the two areas are far apart, some market players see an integrated future. In the past, big gaming companies became hyper-focused on the mobile gaming space and started buying smaller games to compete, Chris Akhavan, chief gaming officer at NFT marketplace Magic Eden, told ExamPaper. “We think the same journey will happen in web3,” Akhavan added.
India’s central bank chief warns crypto will cause next financial crisis if allowed to grow
The governor of India’s central bank said on Wednesday it is not at war with crypto, but warned that private cryptocurrencies will cause the next financial crisis unless their use is banned. RBI Governor Shaktikanta Das told a roomful of bank executives and lawmakers that crypto poses a huge inherent risk to the nation’s macroeconomic stability. “After the development over the past year, including the latest installment around FTX, I don’t think we need to say more. Time has proven that crypto is worth what it is worth today.”
Starbucks’ NFT program can drive more integrations of digital collectibles with major brands (TC+)
As the world becomes increasingly digital, consumer demands and needs are changing — and NFTs could be a big part of the future for brands looking to shake up their rewards programs, Adam Brotman, co-CEO and co-founder of Forum3, told ExamPaper. “We hear from a lot of other brands, whether they have a loyalty program or not, that what all the big brands are struggling with right now is that the consumer is changing,” said Brotman, who is also the former chief digital officer of Starbucks, said. “It’s not just Gen Z or millennials, but consumers in general are hyper-digitalized and have a higher appreciation for digital goods.”
Accounting firm Mazars discontinues proof-of-reserves for Binance, among others
Global accounting firm Mazars has taken down the website hosting proof of reservations for cryptocurrency exchanges. The company told Bloomberg that it is suspending its work with crypto companies on proof-of-reserves reports going forward. Clients of the accounting firm include Crypto.com and Kucoin. But the most prominent client was Binance.
the latest pod
The first season of Chain Reaction ended earlier this month and we’ll be bringing back new content in the new year.
Subscribe Chain reaction On apple podcasts, Spotify or your favorite pod platform to stay up to date with the latest episodes, and leave us a review if you like what you hear!
Follow the money
- Crypto trading firm Amber raises $300 million as it seeks protection for FTX-affected clients
- Revel raises $7.8 million to become the Instagram and Robinhood of NFT platforms
- Foundation raises $7 million to return ‘sovereignty’ to a chaotic crypto world
- Bitcoin development company Layer 2 Labs raises $3 million in a seed round
- Arrakis Finance raises $4 million for its decentralized market making infrastructure
This list was compiled using information from Messari and ExamPaper’s own reporting.