top of page

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


defi


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.

 



Subscribe to Weekly Essentials



Recent Posts

See All

Edition #89 - 02 DEC 2023 Video gaming analytics company Newzoo released its Global Games Market Industry report this week: The number of players worldwide will reach 3.38 billion in 2023, growing by

Edition #88 - 25 NOV 2023 Binance founder Changpeng Zhao agrees to step down, plead guilty, names Richard Teng as new CEO. • Binance agrees to pay fines totalling $4.3 billion; • Binance reached agre

Edition #87 - 20 NOV 2023 Binance Labs, the venture capital and incubation arm of crypto exchange Binance, has raised a new $500 million fund to back web3 projects. Backers of the fund include DST Gl

Ready Player DAO
bottom of page