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Can FTX bankruptcy bring order to chaos?


welcome to Chain reaction.

In last week’s podcast, FTX Collapse, this is still in progress.We are closed this week Thursday Thanksgiving news episode many Also story for you On the TechCrunch website, including some of the crypto events held in Miami last week.

Before we get to the heart of the matter, Anita wanted to share a personal note.

Hi guys! It is with bittersweetness to announce that my time on TechCrunch is coming to an end, and with it my involvement with the Chain Reaction newsletter and podcast. I learned a lot about the wild world of cryptocurrencies with you each week.It’s sad to say goodbye, but I know you and Jacquelyn and the rest of her TechCrunch team will cherish you.As for me, feel free to connect twitter, which details my professional next steps. Thank you for reading and listening each week. I’m really thankful to you!

If someone forwards you this message, you can subscribe TechCrunch newsletter page.

web3 of the week

Here are some of the biggest crypto stories TechCrunch covered this week.

FTX bankruptcy hearing details previous control by ‘inexperienced and unsophisticated individuals’ (TC+)

Hearings to decide the fate of FTX, once one of the world’s largest cryptocurrency exchanges, began Tuesday in the US Bankruptcy Court for the District of Delaware.James Bromley, a partner at Sullivan & Cromwell and co-head of the firm’s global restructuring operations, said at the hearing, “We face unprecedented challenges and I take those words lightly. “This is a first day hearing that has been over a week since it was filed. [ … ] It’s a different kind of animal. ”

NFT Marketplace Magic Eden Integrates With Polygon To Grow Blockchain Games

NFT Marketplace Magic Eden Integrated with Ethereum Scaling Layer 2 Blockchain polygon To delve even deeper into the blockchain game and NFT ecosystem, the companies announced Tuesday. The purpose of this expansion is to allow Magic Eden to support Polygon’s ecosystem of game developers and creators. Polygon Network is Ubisoft, Atari, Animoka brandDecentraland, Sandbox and more.

FTX processed billions monthly in Africa before bankruptcy

On November 14th, Nestcoin, one of the startups leading cryptocurrency and web3 efforts in Africa, lay off several employeesAt least 30 employees have been laid off in various departments, and salaries for those who remain in the company have been cut by up to 40%, according to people familiar with the matter. According to CEO Yele Bademosi, part of the news is related to the downfall of cryptocurrency exchange FTX.

Cryptocurrency firm Genesis says it has “no plans to file for imminent bankruptcy”

Genesis, a digital asset financial services company, could be in a difficult situation as it seeks to raise new capital for its lending arm, and could face bankruptcy if it fails to do so. said one person. report at Bloomberg. A Genesis spokesperson said in an email to TechCrunch on Monday that the company has “no immediate plans to go bankrupt.” “Our goal is to reach a consensual resolution of the current situation without filing for bankruptcy. Genesis continues to have constructive conversations with its creditors.”

Binance’s CZ on FTX: ‘We were the last straw that broke the camel’s back’

Binance co-founder and CEO Changpeng Zhao, also known as CZ, commented on the collapse of FTX: TechCrunch Session: Crypto 2022. he eventually FTX bankruptcy filing“I still don’t think I have that much influence. I think we were the last straw that broke the camel’s back. It’s not the straw that’s really strong,” he said. told TechCrunch’s Anita Ramaswamy.

latest pod

This week we skipped the news episodes thanks to the aforementioned Thanksgiving.But in Chain Reaction tuesday episode Last week, along with Binance Founder and CEO Changpeng “CZ” Zhao, played a very timely recording of Anita’s panel on stage. CZ has made a lot of noise in the crypto ecosystem over the past few weeks, so Anita dives into what’s next.

  • His tweet about rival exchange FTX sparking the fire and whether he expected the repercussions
  • What Binance Is Doing to Earn User Trust and Demonstrate Transparency Despite Regulatory Issues Worldwide
  • Binance’s Revenue Sources and Strategies for Surviving an Even Worse Crypto Recession

apply Chain reaction upon apple podcast, Spotify Or check out the latest episodes on your favorite pod platform. If you like it, please leave us a review!

follow the money

  1. curve $40 million worth As investors vie to back the web3 identity builder
  2. Zulu Bank $5M A digital wallet in Latin America amid unstable cryptocurrency ground
  3. game developer Thirdverse Raises $15 million to build web3 and VR game studio
  4. Infrastructure startup focused on privacy and Ethereum NucleoRaises $4 Million in Seed Round Led by Bain Capital Crypto and 6th Man Ventures
  5. NFT utility platform tropical Closes €5M in seed round led by Tioga Capital

This list is compiled with information from Messari and TechCrunch’s own reports.





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