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The collapse of FTX is still going on. This week, we are taking a break from our Thursday news show for Thanksgiving, but we had a lot of stories for you on the website, including some from last week.
A personal note was written byAnita before we began.
I'm happy to say hello to everyone! I am sad to say that my time at TechCrunch is over and I am no longer involved with the Chain Reaction newsletter or the show. I've learned a lot about the world of digital currency. I know you will be well taken care of by the rest of the team at TechCrunch. I will be sharing more about my professional next steps on my social media accounts. Every week, I would like to say thanks for reading and listening. I am so appreciative of you all.
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Some of the biggest stories of the week have been covered by techcrunch.
There is prior control by inexperienced and unsophisticated individuals.
Hearings that will determine the fate of FTX began Tuesday in the U.S. bankruptcy court. James Bromley, a partner at Sullivan & Cromwell and co-head of the firm's global restructuring practice, spoke during the hearing. This is the first day of a hearing, and it is rare. There is a different type of animal here.
NFT marketplace MagicEden has a partnership with Polygon.
The companies announced on Tuesday that they are integrating with the platform to dive deeper into the NFT community. The goal of the expansion is to support the game developers and creators. Some of the largest web3 gaming projects and publishers are hosted by the Polygon network.
Billions of dollars were processed in Africa before the company went bust.
Several employees were laid off by the company on November 14. According to people familiar with the situation, at least 30 employees were let go, while those who were left at the company had their salaries slashed by as much as 40%. The downfall of FTX is connected to the news.
Genesis doesn't have plans to file for bankruptcy soon.
Genesis, a digital assets financial services firm, may be in hot water as it looks to raise fresh capital for its lending unit or possibly facebankruptcy if it can't. Genesis has no plans to file for bankruptcy in the near future, according to an email statement from the company. We want to resolve the situation without having to file for bankruptcy. Genesis is having constructive conversations with its debt holders.
The camel's back was broken by the last straw.
Changpeng Zhao, also known as CZ, commented on the collapse of FTX at the conference. He played down his role in the events that led to FTX filing for Chapter 11. I don't think I have a lot of power. The camel's back was broken by the last straw. He said that it was not a strong straw. There are a lot of things built up to it. I might have been the last person to push it.
Thanks to good ol' Thanksgiving, we didn't have the news show this week. In Chain Reaction's Tuesday episode, we play a recording from last week's panel on stage with Changpeng "CZ" Zhao, the founder and CEO of the world's largest exchange. There have been a number of shocks in thecryptocurrencies in the last few weeks.
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The list was compiled with information from Messari.
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