Here are the top web3 stories from this week.
Challenges Continue in Crypto
⚖️ Popular meme coin Pepe had $15MM stolen from their treasury by former team members. The SEC settled charges with NFT media company Impact Theory with a $6MM fine for selling NFTs to individuals and making outlandish claims about potential profits. DeFi project Balancer was hit for a $1MM exploit. Digital Currency Group reached a settlement with failed DeFi lender Genesis’ creditors that could pay out up to 90% of claims.
Possible Bitcoin ETF Coming
🚀 Federal judges agreed that the SEC’s effort to block Bitcoin ETFs exceeded their authority, potentially opening the door to a spot $BTC fund nearly 10 years after the first SEC application. Last week, I featured the then red hot web3 social app Friend.Tech, but the app has seen volumes plummet 90% as interest disappeared fast.
No New Significant Startups Funded this Week
💰 MoonPay announced a venture fund to invest in web3 infrastructure, gaming, and FinTech.
Atlanta Web3 Expo
September Event and Founder Opportunity
🗓️ W3 Studio has partnered with other leading Atlanta web3 organizations (Atlanta Blockchain Center, 404 DAO and Solidity ATL) on the Atlanta Web3 Expo event taking place on September 28th. You can register free to attend here. Also, web3 founders can apply for our pitch event and expo here.
Diversity in Tech
Stories of Diverse Founders, VCs, and Builders
💪🏽 Atlanta’s Russell Center receives a $1MM grant from PayPal to support Black entrepreneurs. The Venture Atlanta conference announced 83 startups for the September event with nearly 40% diverse founders. Spotlight on Black founder Dedren Snead of Subsume, who just opened a creative studio in Atlanta. I was a guest on the Kabila Conversations podcast, which you can check out here. You can also learn more about Kabila’s founder matching app on their website and in this article about their founder.
Our nonprofit W3 Studio is a 501c3 charitable organization. You can support us by donating or purchasing a digital membership pass here. Also, check out our list of pitch competitions, grant programs, and other founder resources here.
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