Here are the top web3 stories from this week.
SEC Takes Action Against NFT Project
⚖️ NFT project Stone Cats had previously raised $8MM to fund an animated TV show with actors Mila Kunis and Ashton Kutcher leading the project. This week, they settled with the SEC and paid a $1MM fine for selling unregistered securities. This is an important case showing the SEC sees NFTs sold with a focus on investment can be seen as securities.
One Coin scammer was sentenced to a 20-year prison term and fined $300MM. A South African Crypto scammer was hit with a $1.7Bn fine. There were several hacks this week including $28MM at exchange CoinEx, a dev took $1MM from NFT collection Milady, and a scammer got $690K from Vitalik’s Twitter takeover. The bankruptcy judge for FTX has approved the exchange to liquidate or hedge its $3.4BN Crypto holdings.
FTX Coming to Apple TV
🚀 Apple bought the TV/film rights to Michael Lewis’ new book on FTX collapse. NFT basketball game Rumble Kong partners with Stance on in-game sock collab. Applications have opened for the 2024 cohort of the Techstars Web3 accelerator. Binance.US entity loses President and cuts one third of its staff.
Two New Web3 Fund Announcements
Atlanta Web3 Expo
September Event Tickets
🗓️ 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.
Diversity in Tech
Stories of Diverse Founders, VCs, and Builders
💪🏽 Meet the new diverse founders in the Square One Startup School cohort.
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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