headlines
Yuga Labs announces team reorganization and will focus on three new directions in the future
Yuga Labs said on its official Twitter that its team will be reorganized to better focus on core priorities. The reorganization will affect many colleagues but these changes are necessary for the growth of the organization. Last week, Yuga Labs After discussions in New York, the leadership team decided that the team will focus on three directions: 1. Committed to community expansion, growth, and brand interaction; 2. Go all out to implement the Otherside strategy, including games, entertainment experiences, and interactive social connections and other unique initiatives; 3. Focus internal development efforts on a few core things and continue to build complementary long-term partnerships. The team also said it will hold a meeting with affected employees today. The companys proposed transition package includes generous severance packages, COBRA insurance and assistance in finding new job opportunities.
cryptocurrency
Analyst: Cryptocurrency market could rebound in December and January
Cryptocurrency trader and analyst Altcoin Sherpa wrote on the X platform that December and January are “the absolute best times of the year to trade/buy cryptocurrencies.” BTC almost always performs well during this period, even in bear markets. ETH also tends to outperform the rest of the altcoin market in December and January, which typically leads to altcoin trading season. Sherpa said December and January are prime months for Bitcoin. These two months have always rallied at times over the past few years, and ETH has done the same (despite its poor performance last year).
CZ once rejected SBF’s $40 million futures trading platform cooperation proposal, but was later willing to pay $80 million to purchase 20% of FTX shares.
The Big Short author Michael Lewis revealed in his new book Going Infinite that FTX founder Sam Bankman-Fried (SBF) proposed cooperation to Binance founder CZ in early 2019, hoping to develop his team for $40 million Cryptocurrency futures trading platform technology introduced to Binance. In this proposal, Alameda Research is responsible for providing technical support, while Binance is responsible for bringing customer and market trust. After detailed deliberation, CZ decided to reject SBF’s proposal and chose to develop a futures trading platform independently. To this end, SBF turned to independent development, intending to build a futures trading platform that not only caters to the cryptocurrency community, but also caters to large professional trading companies such as Jane Street. FTX initially issued 350 million FTT tokens, with some offered to employees at 5 cents and some to prominent cryptocurrency figures, including CZ, at 10 cents. Although CZ and most FTX employees chose to refuse, strong buying demand from external investors prompted SBF to increase the token price from 20 cents to 70 cents. FTT was listed on FTX on July 29, 2019, opening at $1 and later rising to $1.5. Weeks later, CZ contacted SBF with an offer to buy 20% of FTX for $80 million.
Solana Compass data shows that during epoch 512, a total of approximately 16.12 million SOL (approximately US$370 million) was unlocked, of which the BZpEFk starting address marked a16z unlocked approximately 5 million SOL (approximately US$115 million) during epoch 512, and was The GCmFQ starting address marked a16z unlocked approximately 2.03 million SOL (approximately US$47.13 million) during epoch 512.
Project News
ZachXBT: The Galxe attacker may be the same person as the previous Balancer front-end attacker
On-chain detective ZachXBT posted on the It looks likely to be the same hacker who recently conducted the Balance frontend attack.
Official information shows that the teams of NFT projects Meebits and 10 KTF will be reorganized and will become part of Otherside after the reorganization. But Yuga Labs also stated that this does not mean that the brand’s creative storytelling opportunities have disappeared, and there is still a lot to be done in Otherside. Meebits is a series built for the Metaverse, and the 10 KTF store will finally have a permanent home. Today Yuga Labs announced a team reorganization that will allow its team to better focus on core priorities. Department staff will be made redundant and the reorganization will affect many colleagues.
Filecoin development team Protocol Labs launches Venture Studio program
Filecoin development team Protocol Labs launched the Venture Studio program, which aims to use Filecoin, IPFS, lib p2p, Ethereum and other technologies in the Protocol Labs ecosystem to develop and support new startups to establish breakthrough technologies. The focus areas are based on Filecoin, IPFS Projects built among others, including those in blockchain scalability, cloud data storage, data availability network (DAN), content delivery network (CDN), and computing over data network (CoD). The first batch of projects includes Interplanetary Consensus, a new data availability network, cloud storage platform DeStor, blockchain-based CDN network Filecoin Saturn, and more.
Investment and Financing
According to Nikkei Asia, citing people familiar with the matter, Singapore-based investment institution Whampoa Group plans to launch a US$100 million venture capital fund before the end of this year. The fund is expected to invest in Web3 and digital assets and It will focus on Series A stage financing transactions. It was previously reported that the fund will be launched in the fourth quarter of 2022. As of now, Whampoa Digital, the digital asset investment arm of Whampoa Group, has not responded to this matter.
Web3 hotel platform Blackbird completed $24 million in Series A financing, led by a16z Crypto
According to official news, Web3 hotel platform Blackbird announced the completion of a $24 million Series A financing. This round of financing was led by a16z Crypto, with participation from Amex Ventures and QED Investors. Blackbird is designed to provide restaurants with loyalty and connectivity tools so every guest can dine like a regular. Click on Blackbird to gain access, rewards, perks and FLY loyalty points every time you dine out. In October last year, Blackbird announced the completion of an $11 million seed round of financing, which was co-led by Union Square Ventures, Shine Capital and Multicoin Capital, with participation from Variant, Circle Ventures and IAC.
regulatory policy
Basel Committee on Banking Supervision plans to require banks to disclose cryptocurrency holdings
The Basel Committee on Banking Supervision has released a report on banking turmoil in 2023, agreeing to consult on climate and crypto asset disclosures and saying banks must disclose their cryptocurrency holdings. Meanwhile, the committee said a forthcoming consultation paper will set out “a range of disclosure requirements related to banks’ crypto asset exposures” to supplement existing digital asset capital requirements that were finalized in December. (CoinDesk)
U.S. prosecutors reiterated Wednesday that the existing legal framework is sufficient to charge Sam Bankman-Fried with fraud-related violations. In a filing on Wednesday, the U.S. Department of Justice rejected the SBFs claim that there was a lack of evidence of cryptocurrency regulation. Prosecutors said that prohibiting the misappropriation of customer assets was the law the defendants were accused of violating, and that the lack of regulation was related to whether the victim transferred the money. It has nothing to do with the custody entrusted to the defendant, and evidence or arguments about lack of supervision will only confuse the jury. Furthermore, the DOJ responded that it had no objection to the SBF providing admissible evidence regarding charitable activities so long as the evidence was for a proper purpose, including not for a disposition or character purpose.
Character*Voice
FTX co-founder Gary Wang revealed more details about Alameda Research’s corrupt relationship with its exchange on Friday during Sam Bankman-Fried’s fraud trial. Wang testified that the functionality Alameda needed to steal customer funds had been built into FTXs computer systems as early as 2019. Additionally, Alameda received three perks at FTX compared to other customers. One of these was allowing Alameda to trade with more funds than it actually had in its account. As Wang previously testified, Alameda can withdraw unlimited funds from FTX. It also increased Alamedas credit line to $65.3 billion. This feature was later exploited to withdraw $8 billion worth of fiat and cryptocurrencies, more than the trading firm held in its accounts - the same shortfall FTX faced when it failed to fulfill customer withdrawal requests last November Much the same. Wang clarified that the additional funds came from FTX customers who did not explicitly choose to lend their funds.
U.S. Department of Justice: SBF’s entire crypto empire is a “house of cards built on lies”
The U.S. Department of Justice said in opening statements in the trial of FTX founder SBF that SBF’s entire cryptocurrency empire is a “house of cards built on lies.” SBFs defense attorneys argued in their opening statements that SBF, the founder of FTX and Alameda Research, never intended to steal clients funds, that he was simply overwhelmed by the rapid growth of both businesses, that SBF acted in good faith and did not defraud anyone.
