Can FTX's bankruptcy bring order to its chaos?

Welcome back to Chain reaction.

Last week on the podcast we talked about FTX crash, which is still ongoing. This week we are taking a break from ours Thursday news episode for Thanksgiving, but we had a lot on stories for you on the TechCrunch website, including some from our crypto event in Miami last week.

Before we get into the details, Anita wanted to share a personal note:

Hello everyone! I’m bittersweet to share that my time at TechCrunch has come to an end, and with it my participation in the Chain Reaction newsletter and podcast. I have learned so much about the wild world of crypto along with all of you every week. I’m sad to say goodbye, but I know you’ll be in great hands with Jacqueline and the rest of the TechCrunch team. As for me, please feel free to get in touch Twitter, where I share more about my next professional steps. Thanks for reading and listening every week. I appreciate you all so much!

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

this week on web3

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

FTX bankruptcy hearing details pre-screening by ‘inexperienced and unsophisticated persons’ (TC+)

Hearings that will determine the fate of FTX, once one of the largest crypto exchanges globally, began on Tuesday in the US Bankruptcy Court for the District of Delaware. “We are here on an unprecedented matter, and I do not say those words lightly,” James Bromley, a partner at Sullivan & Cromwell and co-head of the firm’s global restructuring practice, said at the hearing. “This is a hearing from day one more than a week after they were filed; this in itself is unusual. But what do we have here? [ … ] is a different kind of animal.

NFT Market Magic Eden Integrates with Polygon to Grow Blockchain Gaming

The Magic Eden NFT marketplace integrates with Ethereum’s Level 2 blockchain A polygon to dive deeper into the blockchain gaming and NFT ecosystems, the companies announced on Tuesday. The expansion aims to give Magic Eden the ability to support Polygon’s ecosystem of game developers and creators. The Polygon Network hosts some of the biggest web3 game projects and publishers such as Ubisoft, Atari, Animoca brandsDecentraland, Sandbox, etc.

FTX processed billions a month in Africa before it went bankrupt

On November 14, Nestcoin, one of the startups leading crypto and web3 efforts in Africa, announced that it is lay off several employees. At least 30 employees in various departments have been let go, and those who remain at the company have taken pay cuts of as much as 40 percent, according to people familiar with the matter. The news is partly related to the fall of crypto exchange FTX, according to CEO Yele Bademosi.

Crypto firm Genesis says it has ‘no imminent plans to file for bankruptcy’

Genesis, a digital asset financial services firm, could be in hot water as it seeks to raise fresh capital for its credit unit or potentially face bankruptcy if it fails, according to report from Bloomberg. “We have no plans to file for bankruptcy in the near future,” a Genesis spokesperson said in a statement emailed to TechCrunch on Monday. “Our goal is to resolve the current situation amicably without the need for bankruptcy filing.” Genesis continues to engage in constructive discussions with creditors.”

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

Binance co-founder and CEO Changpeng Zhao, also known as CZ, commented on the FTX crash on TechCrunch Sessions: Crypto 2022. He played down his personal role in the series of events that eventually led to FTX filing for bankruptcy. “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 a straw that’s really strong,” he told TechCrunch’s Anita Ramaswamy. “There’s a whole bunch of stuff that’s built next to it. I might be the last thing to push him.

the latest pod

We missed the news episode this week thanks to good old Thanksgiving, as mentioned above. But in Chain Reaction Tuesday’s episode we’re releasing a super timely recording of Anita’s panel on stage last week with Binance founder and CEO Changpeng “CZ” Zhao. CZ has sent a number of shockwaves through the crypto ecosystem in recent weeks, so Anita dived into:

  • His tweets about the rival FTX exchange sparked a firestorm and whether he predicted their impact
  • What Binance is doing to gain user trust and demonstrate transparency despite its regulatory issues around the world
  • Binance’s revenue streams and strategy for dealing with a crypto slump that just got much, much worse

Subscribe to Chain reaction On Apple Podcasts, Spotify or your favorite sub platform to keep up with the latest episodes and please leave us a review if you like what you hear!

follow the money

  1. Carv valued at $40 million as investors race to back web3 identity creators
  2. zulu banks $5 million for its LatAm digital wallet amid shaky crypto ground
  3. Game developer Third element raises $15M to build web3 and VR game studio
  4. Infrastructure startup focused on privacy and Ethereum Nucleois raising a $4 million seed round led by Bain Capital Crypto and 6th Man Ventures
  5. NFT platform for utilities Trope closed a €5 million seed round led by Tioga Capital

This list is compiled with information from Messari as well as TechCrunch’s own reporting.

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