Top Web3 Headlines from This Week 12.02.2022

Here are the top web3 stories from this week.

FTX Impact

FTX Collapse Fallout

📉 The challenges from the FTX bankruptcy continue to ripple through the Crypto markets. DeFi lender BlockFi filed for bankruptcy with billions in liabilities. Bankman-Fried had a live conversation at a NY Times event without taking responsibility for the losses incurred, repeatedly claiming ignorance of the problems with customer funds. Lastly, Binance announced a $1Bn fund to assist companies with challenges from the FTX failure, after starting the run on the bank themselves.

Market Challenges

Bad News not from FTX

😓 Kraken, now the third largest Crypto exchange, is laying off about 1,100 people as trading volumes and revenue drop. This is nearly 30% of their current staff. News out of Europe broke of another huge Crpyto scam. A group in Estonia allegedly bilked hundreds of thousands of victims out of $575MM.

Capital Raised

Web3 Gaming Funds Continue Strong

💰 Gaming and metaverse investor Animoca Brands announced a new $1Bn fund to invest in the sector. Fenix Games launched their $150MM blockchain gaming plan, and Game7 added $100MM for the sector too. In other Crypto cap raise news, Matrixport discussed their $100MM raise for Crypto financial services.

Content

The Future of Media and Web3

🎙️ I spoke with Offbeat CEO Shep Ogden on this podcast about how new media companies are emerging from web3 communities. Offbeat runs a stable of virtual influencers that stream live in the metaverse.

Follow me on LinkedIn for more frequent updates on web3.

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