Return to Chain Reaction.
We talked about problems for miners on the show. The fall from grace of once-revered FTX and its former billionaire founder Sam Bankman-Fried is what we think is the biggest story to unfold this year.
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Some of the biggest stories of the week have been covered by techcrunch.
FTX is in talks to raise capital, according to Sam Bankman- Fried.
Sam Bankman- Fried said on Thursday that he will be shutting down his trading firm, Alameda Research, and trying to raise money for the FTX International, as he scrambles to keep the world's second largest coin exchange alive. Letter of intent and term sheet deliberations are some of the discussions Bankman-Fried is having with a number of players to raise capital for FTX.
Regulators in the US are looking into the issue of customer funds on FTX.
FTX fell out of favor this week after the exchange experienced a liquidity crunch and agreed to give its rival, Binance, the option to purchase the company's non-U.S. operations in what appears to be a bail out. Regulators in the US are looking into whether FTX mishandled customer funds.
At Alliance DAO's demo day, you'll find the newestcryptocurrencies.
Alliance DAO held a demo day on Wednesday as the FTX implosion took place. There were about 953 applications for this cohort, but only 17 teams were chosen and graduated.
FTX investments are marked down to zero dollars.
As of last week, the stake in FTX that accounted for a small portion of the firm's capital had been marked down to zero. A copy of the letter that it sent out to its limited partners was shared in this article.
The future of decentralization is seen by some VCs.
As the market digests the past few days of chaos, venture capitalists see the moment as a warning, but also as an opportunity for the growth of decentralization. Following this week's news from FTX, we spoke with some investors to understand their long term view of the industry.
In our Thursday episode, we had to talk about the news that happened this week in the space of a few days. We gave you a rundown of how Sam Bankman-Fried's storied exchange fell so quickly, bringing down investors, cryptocurrencies and other companies in the space, and how the beef between two of the biggest exchanges in the world happened.
After running through the background behind the situation that has been unfolding in real time this week, we shared our thoughts on the massive implications this fiasco could have for the rest of the industry.
The billionaire who is seen as the catalyst for FTX's downfall will be talking with us at our Miami event next week. If you use the promo code REACT for 15% off a general admission ticket to the event, you'll hear from a lot of other players about what the future holds for the industry.
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The list was compiled with information from Messari.
It's free to hear CZ at the sessions.
Who better to give an inside look at the news than the CEO of the company? If you score a free ticket, you'll be able to explore the many conversations and networking opportunities at the event. The first 25 readers to register will get to go to Miami for free.
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