Here are the top web3 stories from this week.
FTX Continues
SBF Extradited, Others are Cooperating
👮 FTX founder Sam Bankman-Fried has been sent back to the U.S. to face trial after agreeing to extradition. The government announced charges against Caroline Ellison and Sam Yang, who are both cooperating in exchange for lighter sentences. Meanwhile the FTX bankruptcy trustee has located $1Bn in cash spread across hundreds of bank accounts.
Market Updates
Some Good and Some Bad This Week
😕 On the positive side, a heavy hitter from the gaming space took the CEO spot with Yuga Labs, creators of the Bored Apes and more. Daniel Alegre was previously President of Activision Blizzard. Binance has stepped in with a $1Bn deal to buy the assets of bankrupt DeFi lender Voyager, after that company’s deal with FTX cratered. Crypto minor Core Scientific declared bankruptcy, with others potentially to follow. These uneven weeks will likely continue deep into the new year as people look to capitalize on the reset and problems wash out of the market.
Capital Raised
More Deals as Year-end Approaches
💰 We saw another solid week of deal announcements in the web3 space. Axelar announced a $60MM ecosystem fund. Web3 infrastructure startup Blocknative closed a $15MM Series A-1. Virtualness got $8MM to help brands activate in web3. Revel added $7.8MM for a Instragram and Robinhood combo app. Crypto wallet Foundation received $7MM.
Content
Learn about Atlanta Blockchain Center
🎙️ Marlon Williams came to Atlanta and couldn’t find his Crypto community, so he leased a space and opened the Atlanta Blockchain Center. They run a pre-accelerator program, host weekly events, and more. Williams joined the Web with Me podcast to share his story.
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