😫 $1.5m Coachella NFTs Stuck on FTX

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Markets

Bitcoin Won't Budge. Cryptos Ignore the FTX Chaos for Another Day (6 minute read)FTX's failure has parallels to energy company Enron's massive bankruptcy two decades ago, including now the presence of John J. Ray to oversee the wreckage. Sam Reynolds considers the messes. Bitcoin continued to trade sideways and hold comfortably above its $16,000 support.

Never seen ‘such a complete failure’ of corporate controls, says new FTX CEO (6 Minute Read)Newly appointed FTX CEO John Ray III minced no words in a filing with the U.S. Bankruptcy Court for the District of Delaware, declaring that “in his 40 years of legal and restructuring experience,” he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” In the filing, Ray disclosed that he did “not have confidence” in the accuracy of the balance sheets for FTX and its sister company Alameda Research, writing that they were “unaudited and produced while the Debtors [FTX] were controlled by Mr. Bankman-Fried.”

DeFi platforms see profits amid FTX collapse and CEX exodus (5 minute read)According to Token Terminal’s earnings leaderboard, in the last seven days, three protocols had revenue above $1 million. Ethereum led the on-chain earnings with over $8.5 million total, a sign of strong post-Merge fundamentals. Not all decentralized applications (DApps) and protocols have shown growth, mainly due to reliance on FTX and Alameda.

Six-Year Dormant Ethereum Whale Wallet Activated Before ETH’s $1,500 Rally (3 minute read)An anonymous Ethereum (ETH) wallet that has been dormant for over six years was reawakened shortly before ETH embarked on its 15% spike that has seen its price rally over $,1500 for the first time in over six weeks. According to Santiment, the transaction was the first recorded on the wallet since October 4th, 2016. The 15,000 ETH moved was not the only whale transaction recorded before the ETH rally.

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Web3: DeFi & NFTs

Solana NFT Protocol Metaplex Announces Layoffs in Wake of FTX Collapse (5 minute read)Solana NFT protocol maker Metaplex announced on Thursday that it has undergone a company-wide round of layoffs, as the contagion induced by crypto exchange FTX’s collapse last week continues to spread across the Web3 ecosystem. An undisclosed number of Metaplex employees were pink-slipped today due to worsening market conditions for crypto generally, and for Solana particularly, the company’s co-founder and CEO Stephen Hess announced today in a tweet.

Coachella NFTs Sold for $1.5M—Now They’re Stuck on FTX (4 minute read)FTX customers around the world have assets frozen on the cryptocurrency exchange after its sudden collapse last week, apparently to the tune of billions of dollars’ worth in total. And it’s not just cryptocurrency or DeFi tokens either—some users have NFTs stuck in FTX, too. The affected projects include major music and sports brands, including concert festivals Coachella and Tomorrowland, NBA star Steph Curry’s 2974 NFT collection, and Formula One-themed NFTs from the Mercedes-AMG Petronas racing team.

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Misc

Binance Holds Football Fiesta Ahead of World Cup, Brings Games, Rewards, and More (4 minute read)BNB Chain is determined to introduce Web 3.0 and the metaverse to newer users through fun-to-play challenges and games centered around football. Football Fiesta is undoubtedly one of the most prolific and lively Web 3.0 football events yet. Over 60 activities for the football season will be hosted, including match predictions, games and a hackathon. It also has over $600,000 in prizes from partner projects.

Here Are the Sports Marketing Deals Crumbling Along With FTX (4 minute read)Following FTX’s bankruptcy filing, many of the sports teams and leagues that it sponsored are suspending their deals. FTX signed a wide array of sports marketing deals in 2021 and 2022, agreeing to pay at least $375 million to various partners. The partners suspending their deals include: Mercedes-AMG Petronas, Miami Heat, Golden State Warriors and Team SoloMid.

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