Here are the top web3 stories from this week.
Third Largest Crypto Exchange on the Brink of Collapse
📉 FTX is certainly the most important story in the industry this week, probably for the whole year. I did a high-level recap of this rapidly evolving situation here. If you want more details, I’ll also link a few articles. On Sunday, Binance announced they were going to sell their FTT token holdings. On Tuesday, Binance said they would buy FTX to protect customer liquidity. On Wednesday, Binance cancelled the purchase, sending FTX into freefall. I’m sure there will be more to come as a potential FTX bankruptcy would have far-reaching impact on the Crypto and broader financial markets.
I’m going to quickly cover some other topics below, but I feel like a lot of this is less relevant until the FTX situation is clearer.
More Crypto VC Funds Growing
💰 Bakkt is buying the Crypto exchange Apex for up to $200MM. Ramp payment network added $70MM, and so did data intelligence firm TRM Labs. The Archax exchange raised $28.5MM. Two Crypto wallet solutions raised funding, Fordefi got $18MM and WalletConnect received $12.5MM.
Huge Chunk of BTC Seized
👮 The Feds arrested a man in Georgia for the theft of 50,000 $BTC, currently worth around $1Bn. The Crypto was stolen from the Silk Road website, and the man sat on it for nearly a decade. In less juicy news, a Federal judge sided with the SEC in their case against LBRY that their Cryptocurrency should have been registered as a security.
A16Z on Bankrolling the Blockchain
🎙️ A16Z Crypto leader Chris Dixon was interviewed on the Chain Reaction podcast about their firm’s major moves in the Crypto sector.
Follow me on Twitter for more frequent updates on web3.
*Thank you for reading this post. If you would like this directly to your Inbox twice a week, please subscribe. I would also really appreciate if you could share this post with someone who is interested in learning about Crypto and web3.*