The provisional liquidator overseeing the FTX Digital Markets bankruptcy proceedings says FTX wasn’t authorized to file for bankruptcy in the U.S without his approval. Brian Simms, the court-appointed provisional liquidator overseeing the bankruptcy proceedings of FTX Digital Markets in The Bahamas, has called into question the validity of a Chapter 11 bankruptcy filing by subsidiary...Continue Reading

TSM confirmed that it remains “strong, profitable and stable” despite its decision to suspend the sponsorship with FTX. Professional esports organization Team SoloMid (TSM) (previously TSM FTX) has suspended its $210 million sponsorship deal with the now-bankrupt FTX crypto exchange “effective immediately” following the cryptocurrency trading platform’s shock collapse last week. The United-States-based esports organization made...Continue Reading

The new CEO of FTX gave a curt statement in response to the series of intermittent tweets by former CEO Sam Bankman-Fried. The new CEO and chief restructuring officer for the bankrupt FTX cryptocurrency exchange, John Ray, has icily responded to the erratic series of tweets from former CEO and founder Sam Bankman-Fried. The official...Continue Reading

People need time to catch up before Jack Dorsey tries to launch the next generation of the internet. It’s barely been a decade since the launch of Web3, and some are already talking about the next generation of the web Web5.  The concept of Web5 first emerged earlier this year with Jack Dorsey’s announcement about...Continue Reading

The stablecoin operator said the reliability of its reserves is important to highlight “at a time like this.” Tether has historically had issues with transparency. Tether issued a short statement on Nov. 16 saying that it has no exposure to institutional crypto lender Genesis Global or the Gemini Earn program after the announcement that Genesis...Continue Reading

Evidence suggests “FTX’s fraudulent scheme was designed to take advantage of unsophisticated investors,” according to the lawsuit. Former FTX CEO Sam “SBF” Bankman-Fried and a number of celebrities who endorsed FTX have been named in a class-action lawsuit filed on Nov. 15 in Miami.  Implicated in the class-action lawsuit are celebrities, athletes and teams, including...Continue Reading

An image of the sandals worn by Steve Jobs was minted as a nonfungible token and sold for over $200,000. In this week’s newsletter, read about how the FTX contagion led to the sale of a collection containing high-ticket nonfungible tokens (NFTs). Check out the struggles in onboarding artists to Web3 through NFTs and find...Continue Reading

On-chain data flashed positive for DEXs and an increase in protocol revenue, even as markets corrected due to FTX’s insolvency. A week after the fallout from the FTX and Alameda chaos some on-chain data points are interesting to observe. Although record amounts of Bitcoin (BTC) and Ethereum (ETH) volume are leaving the exchanges, not all...Continue Reading

“I was on the cover of every magazine, and FTX was the darling of Silicon Valley,” said the former CEO on the crypto firm’s path to bankruptcy. Former FTX chief executive officer Sam Bankman-Fried said he was “wrong” in his estimates of the crypto exchange’s leverage prior to its collapse, claiming it wasn’t $5 billion,...Continue Reading

The wallets seem to indicate that over $1billion worth of BTC, USDT, ETH, and USDC are held by the exchange. Crypto exchange Bybit publicly released the addresses of its largest crypto wallets on Nov. 16. This came on the heels of FTX’s collapse and calls within the industry for greater transparency. Bybit listed the addresses...Continue Reading