LensLinks: Issue 29

A blockchain news roundup, brought to you by Regiment LLC

Author

Len Pacek
November 10, 2022

Today in LensLinks:

  • ABOUT FACE: Crypto chaos continues as Binance drops bid to buy rival FTX

  • Alameda's Ethereum Wallet Holdings Slumped 50% Since October

  • Solana Founder Sees Potential for Growth in Blockchain-based Gaming (2023)

  • Blockchain Gaming And Metaverse Initiatives Raised $1.3 Billion In Q3 2022, Says Report

  • And Much, Much More...

QUOTABLE... 

“If the news is really this bad at FTX, then I’d have an extremely bleak prognosis.  FTX was a company that had a halo around it. If it’s essentially on its last legs, then that spells bad news for customers and the industry as a whole — it would heighten panic, further losses and create a sense of existential doom.”

- Yesha Yadav, a law professor at Vanderbilt University and former legal counsel at the World Bank 

NOTABLE...  

Crypto chaos continues as Binance drops bid to buy rival FTX

Binance, the world's largest crypto exchange, said it is dropping its offer to buy rival FTX after a review of the company turned up serious problems.

https://www.washingtonpost.com/business/2022/11/09/binance-ftx-deal/

Bitcoin values have fallen sharply in recent days as one of the industry’s biggest firms has faltered.

In a startling about-face, Binance, the world’s largest cryptocurrency trading platform, said Wednesday that it was walking away from a deal to buy rival exchange FTX. The announcement came one day after Binance said it planned to acquire FTX amid a surge of customer withdrawals.

"(Binance) was abandoning the deal (to purchase FTX) because of 'mishandled customer funds' turned up by its review of FTX’s books and because of press reports that U.S. regulatory agencies would be investigating FTX."

 Metaverse & Gaming

Blockchain Gaming And Metaverse Initiatives Raised $1.3 Billion In Q3 2022, Says Report

BGA Games Report for third quarter by DappRadar reveals that Blockchain games and metaverse projects raised $1.3 billion in Q3 2022

https://www.outlookindia.com/business/blockchain-gaming-and-metaverse-initiatives-raised-1-3-billion-in-q3-2022-says-report-news-230127

Blockchain gaming and metaverse projects raised an astonishing $1.3 billion in Q3 of 2022, the latest BGA Games Report for Q3 2022 by DappRadar reveals.

Web 3.0 games, the report says, continues to be a “driving force for the dapp business despite the challenging market conditions”.

 Blockchain, Tokens & DeFi

Solana Founder Sees Potential for Growth in Blockchain-Based Gaming in 2023 By DailyCoin

Solana Founder Sees Potential for Growth in Blockchain-Based Gaming in 2023

https://www.investing.com/news/cryptocurrency-news/solana-founder-sees-potential-for-growth-in-blockchainbased-gaming-in-2023-2936600

In an interview with Fortune Magazine, Anatoly Yakovenko discussed his perspective on the future of blockchain-based gaming going into 2023.

The main message conveyed throughout the interview was that smaller creators, such as artists, may be enabled to create full-time, as they will have much stronger guarantees for creator rights and revenue.

 Crypto Trading

Crypto Fund Alameda's Ethereum Wallet Holdings Slumped 50% Since October

On-chain analysis shows Alameda has a $3 million debt spread over several Ethereum addresses.

https://www.coindesk.com/business/2022/11/09/crypto-fund-alameda-ethereum-wallet-holdings-slumped-50-since-october/

Crypto fund Alameda Research holds just over $222 million in cryptocurrencies over 56 Ethereum addresses, analysis by on-chain researcher Lookonchain showed Wednesday.

That's half the more than $500 million it had Oct. 1, according to data compiled by The Block. Ethereum fell just over 8% in the same period.

Alameda has come under scrutiny following a CoinDesk report last week that found its balance sheet was full of FTT, the native token of crypto exchange FTX. Both companies are owned by Sam Bankman-Fried, meaning the trading fund rested on a foundation largely made up of a coin invented by its sister company, not an independent asset like a fiat currency or another crypto.

Metaverse & Gaming - A Little More...

Metaverse 'yada yada yada' — Anything World raises $7.5m for its AI animation tool

Anything World says that the metaverse only represents a small part of its plans, as it diversifies its customer base

https://sifted.eu/articles/anything-world-metaverse-raise/

How 'gamefluencers' are transforming the world of gaming | Marketing | Campaign Asia

With constant live-streaming and live-chatting, their connections with their followers can run deeper, turning virtual spaces into social hubs connecting tight-knit communities.

https://www.campaignasia.com/article/how-gamefluencers-are-transforming-the-world-of-gaming/482114

Blockchain, Tokens & Defi - A Little More...

FTX collapse is ironic and sad | Invezz

Dan Ashmore writes that the collapse of FTX is very ironic, in the worst possible way

https://invezz.com/news/2022/11/09/ftx-collapse-is-ironic-and-sad/

Tether, Circle and Coinbase deny having exposure to FTX and Alameda

Circle CEO Jeremy Allaire clarified that the firm has not made loans, received FTX tokens (FTT) as collateral, or taken any positions on FTT.

https://cointelegraph.com/news/tether-circle-and-coinbase-deny-having-exposure-to-ftx-and-alameda

Bitcoin falls to its lowest level in nearly two years as Binance abandons FTX deal

Bitcoin fell to a new bear market low Wednesday after Binance walked away from a deal to bail out FTX.

https://www.cnbc.com/2022/11/09/cryptocurrencies-pressured-as-investors-digest-ftx-fallout-solana-loses-another-20percent.html

Crypto Trading - A Little More...

'Long' Crypto Traders Take on $700M in Losses as Markets Falls on FTX Contagion Fears

Crypto market capitalization fell 8.8% in the past 24 hours, data shows.

https://www.coindesk.com/markets/2022/11/09/long-crypto-traders-take-on-700m-in-losses-as-markets-falls-on-ftx-contagion-fears/

Crypto Trading for Japanese Nomura Bank Clients Rolls Out in Early 2023

Japanese bank Nomura will offer institutional clients crypto trading in early 2023. The bank is one of Japan’s largest and launched a crypto unit earlier this year.

https://beincrypto.com/crypto-trading-roll-out-japanese-nomura-bank-institutional-clients-early-2023/

Liquidity Crunch Spreads to Crypto Lending as Institutional Borrowers Max Out Credit Pools

Multiple crypto investment firms received a “warning” label on lending protocol Clearpool for draining almost the maximum amount of credit from their credit pools.

https://finance.yahoo.com/news/liquidity-crunch-spreads-crypto-lending-013506325.html

 ESG (Environment, Social & Governance)

Metaverse Pros and Cons: Top Benefits and Challenges

Lifelike experiences, better collaboration, new business opportunities, higher costs, limited access and privacy issues are among metaverse pros and cons.

https://www.techtarget.com/searchcio/tip/Metaverse-pros-and-cons-Top-benefits-and-challenges

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Disclaimer: This note is distributed by Regiment, LLC for informational purposes only and is sourced from publicly available media reports.  It is not an investment recommendation or solicitation for any investment.  The information is current as of date and subject to change. In such case Regiment, LLC does not undertake to provide any updates.  Recipients must be aware that any private, alternative investments discussed are speculative in nature, often illiquid, and subject to loss of capital.