WuBlockchain Weekly：FTX may restart、Genesis files for bankruptcy reorganization、CoinDesk taps bankers for potential sale and Top10 News

Jan 20, 2023

Top10 News

1. FTX’s new chief executive has set up a task force to explore restarting FTX link

FTX’s new chief executive said that he has set up a task force to explore restarting FTX, because some customers have praised its technology and suggested that there would be value in rebooting the platform.

2. Genesis’ weekly summary

a. Genesis Global Holdco, LLC (“GGH”) filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code link

Genesis Global Holdco, LLC (“GGH”) and two of its lending business subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.

b. Relevant information of Genesis creditors disclosed in court documents link

The largest creditors include the Gemini lenders with 765m; followed by Bybit’s Mirana with 151m; Babel Finance with 150m; Coincident Capital 110m and other 50 largest unsecured claims.

c. Gemini: Barry, DCG, etc. are responsible for fraud link

Gemini said the decision to let Genesis go bankrupt does not insulate Barry, DCG and any other wrongdoers from liability for the fraud, and that unless Barry and DCG come to their senses and make a fair offer to creditors, an immediate lawsuit will be filed against Barry and DCG.

3. CoinDesk’s weekly summary

a. CoinDesk taps bankers for potential sale link

DCG Subsidiary CoinDesk has retained investment bankers at Lazard to help it explore options including a partial or full sale. CoinDesk generated $50m in revenue last year from online advertising as well as its index and events business.

b. Cardano co-founder Charles Hoskinson considers buying CoinDesk for $200 million link

Charles Hoskinson, co-founder of the Cardano, said that he is considering buying crypto news service CoinDesk to revamp it into a mix of a news and community site. CoinDesk is a subsidiary of DCG, and the current price is about $200m.

4. Circle releases first annual “State of the USDC Economy” report link

More than $213 billion have been redeemed. 80% USDC reserves are held in three-month Treasury bills; Circle has been audited by Grant Thornton and will be audited by Deloitte in the future.

5. The 22nd quarterly BNB token burn has been completed link

The 22nd quarterly BNB token burn of 2,064,494.32 BNB has been completed, about $617 million. The latest quarterly burn includes 7,181.03 BNB that was effectively burned via the Pioneer Burn Program.

6. Binance is now registered as a virtual assets service provider in poland link

As part of this process, Polish users are to sign new Terms and Conditions with Binance Poland sp. z o.o. in order to continue using Binance’s services.

7. Bitwise released ten predictions for 2023 link

Bitwise released ten predictions for 2023: the market may grind sideways for a period before entering its next bullish phase; ETH will deflate in 2023, total circulating supply will drop by at least 1%; USDC will surpass USDT; Uniswap will surpass Coinbase in trading volume.

8. Robinhood officially launched the Robinhood Wallet mobile app link

Robinhood officially launched the Robinhood Wallet mobile app, which supports token trading and NFT viewing on Ethereum and Polygon. Currently, the wallet is being opened to 1 million candidate users.

9. OKX reserves rose 16.64% to $7.5 billion from $6.43 billion last month link

OKX released its third proof of reserve report, which increased by 16.64% to $7.5billion from $6.43billion in the previous month. According to DeFiLlama, in the past month, Binance reserves increased by $1.95 billion, while Huobi decreased by $336 million.

10. Founders Fund sells cryptocurrency shortly before last year’s market crash link

Founders Fund, co-founded by Peter Thiel, sold its holdings of crypto (mainly bitcoin) at the end of March last year when the price of bitcoin was around $45,000, bringing about $1.8 billion return. Around the same time that the Founders Fund sold most of its cryptocurrency holdings, Peter Thiel said Bitcoin could rise 100-fold.

Fundraising

User-generated content (UGC) metaverse engine, Createra, has closed a $10 million Series A funding round led by a16z link
FilSwan announced $3M in funding led by Binance Labs and SNZ holdings link
Web3 infrastructure provider Parfin has raised $15 million in a seed round led by Framework Ventures link
Decentralized finance protocol Elixir raised $2.1 million in a seed round link
South African mobile gaming and web3 startup, Carry1st has raised $27M in the latest funding round led by BITKRAFT Ventures link
Ethereum Startup Obol Labs has raised $12.5M co-led by Pantera and Archetype link
Polygon-backed web3 gaming platform Intella X raised $12 million from investors that include Polygon, Animoca Brands and Magic Eden link
Circle Ventures backs $4M round for blockchain-based debt provider obligate link
ZK proof startup Ulvetanna has raised $15 million in seed funding co-led by Bain Capital Crypto and Paradigm link
The web3 spin-off of the classic virtual pet game Neopets raised $4 million in a new funding round link
ZK tech developer Nil Foundation has raised $22 million at a $220 million valuation link
Y Combinator led a $4.3 million round into multichain web3 wallet Cypher link
Web3 social platform builder Plai Labs has raised $32 million in a seed funding round led by a16z link

Wu Blockchain

Discussion about this post