FTX condemned as “unprecedented failure” amidst restructuring efforts

Edition #43 - 20 NOV 2022

In a stinging court filing posted on Thursday, John Ray III, the new boss of the bankrupt crypto exchange FTX, said the company had suffered an “unprecedented and complete failure of corporate controls”. Ray has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, and has 40 years of experience in restructuring companies. He said he had never seen anything as bad as FTX.

He wrote in a filing with the Delaware bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here”

gaming developments

  • Blockchain football game Sorare under pressure from France’s gambling regulator, will expand free access;

  • Axes Metaversem a play-to-earn metaverse on the BNB Chain, has been officially released on mainnet, introduces a $2,000 prize pool during Season 1;

  • VeChain enters billion-dollar blockchain gaming market through new partnership with ExoWorlds.

metaverses & Adoption


funding rounds

  • zkSync parent company Matter Labs raises $200 million in a Series C round led by Blockchain Capital and Dragonfly, with participation from LightSpeed Venture Partners, Variant and a16z;

  • Freelancer-focused neobank Ping raises $15 million in a Seed funding round. Y Combinator, Race Capital, BlockTower, Danhua Capital, Signum Capital and Goat Capital are among investors;

  • World’s largest network of web3 builders Buildspace raised $10 million in a Seed funding round led by a16z. Founders Inc, Weekend Fund, Y-Combinator, Vayner Fund, Protocol Labs, OrangeDAO, DreamerVC, We3, Solana Ventures, Open Sea Ventures, Alchemy Ventures, Dunce Capital, Melo7, MastryVC, Earl Grey Capital and ShrugVC are among investors.


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