NORN.xyz Newsletter Week 46
The past 10 days have been absolutely crazy in the world of crypto. One week ago CZ announced Binance was buying FTX, 24 hours later they pulled out of the deal and FTX filed for chapter 11 bankruptcy
TL;DR
FTX officially in chapter 11 - SBF regrets filing for it
Crypto lender Genesis halts withdrawals
Highly anticipated Klaymeta announces game launch
3AC founders Su Zhu and Kyle Davies return to the spotlight
CryptoPunks flip BAYC again
Business & Markets
FTX is officially in chapter 11 - SBF still in denial
Last week after Binance pulled out of the FTX acquisition Sam Bankman-Fried had no apparent choice but to file for chapter 11 bankruptcy. In recently leaked messages in this Vox article SBF opens up about the procedure.
In the messages, Bankman-Fried opens up on his thoughts on regulators, his “good actor” scheme and his biggest regrets. As shown in the screenshot below, he still thinks his biggest mistake was filing for bankruptcy. According to the resigned CEO everything would be fine within a month if he hadn’t filed.
We have been covering the most important events in the story, read more on FTX here:
Giant crypto lender Genesis halts withdrawals
As tweeted by Genesis Global on November 16th the lender has now halted withdrawals due to unforeseen market turmoil created by the FTX collapse.
As the name indicates, lenders do lend out the money you deposit, which means they won’t immediately have it when you want to withdraw. Lenders should maintain some form of liquidity, but a big bank run will naturally cause a liquidity crunch.
We are monitoring the Genesis situation closely and will report once we hear more on it.
Innovation & Launches
Highly anticipated Klaymeta announces launch in Q1 2023
KLAYMETA is an NFT platform and metaverse MMORPG game that plans to usher in the new age of gaming with its innovative ‘Play-and-Earn’ approach to incentivize players. Built on block 76,267,058 on the Klaytn chain, KLAYMETA aims to bridge the gap between Web3 and traditional gaming with its extensive gaming metaverse.
Players can earn rewards and NFTs as they progress through the game, and can use the KLAYMETA internal NFT platform to buy, sell, trade, or convert tokens and in-game assets into $META utility tokens. The platform also goes beyond gaming and NFTs by empowering smaller blockchain game platforms to experiment with crypto and NFTs for the opportunity to profit from the KLAYMETA platform.
Research & Misc.
3AC founders return to the spotlight - it doesn’t go very well
The founders of the failed hedge fund have decided to return to the spotlight amidst the FTX crisis. The return was not received well by the community.
Their return, however, has not been received very well, and both of the founders still seem to be in complete denial. On November 16th co-founder Kyle Davies appeared on CNBC to talk about FTX and the 3AC collapse, alleging that 3AC collapsed because FTX along with Alameda was hunting their positions.
He also claimed he was NOT in Bali because it’s one of the 7 countries that doesn’t have an extradition treaty with the US, but because it’s a nice place to be.
CryptoPunks flip Bored Apes
The OG NFT collection CryptoPunks has once again flipped BAYC in terms of floor price. The cheapest BAYC is now at 56 ETH which is still around $67,200 at the time of writing. The CryptoPunks do not have any items listed at the moment, but the last reported sale was for 60 ETH which is $72,000 at the time of writing. The large drop in the floor of BAYC is speculated to be due to a large amount of the company’s own $APE coin being held on FTX.
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