LensLinks: SPECIAL MIDDAY EDITION (No. 31)

Today in LensLinks:

• FTX Files Chapter 11 Bankruptcy, SBF Steps Down as CEO

• Alameda Research, FTX.US and roughly 130 affiliated entities follow suit

• Wintermute removed funds from FTX.US before the announcement

• BlockFi limits its platform activity and pauses client withdrawals amid the FTX crisis.

• SBF Apologizes (via Twitter)

• And Much, Much, More...

The FTX crisis appears to have concluded.

In a press release shared on Twitter, the crypto exchange announced that it had filed for Chapter 11 bankruptcy "to begin an orderly process to review and monetize assets for the benefit of all global stakeholders."

The firm's sister entity algorithmic trading firm Alameda Research, its American subsidiary FTX.US, and roughly 130 affiliated entities will also be filing for bankruptcy.

The global metaverse in entertainment market size is expected to grow by USD 28.92 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 8.55%. The market is segmented by end-user (film production, music labels, OTT platforms, television broadcasters, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). Get a comprehensive report summary that describes the market size and forecast along with research methodology. The FREE sample report is available in PDF format

Quant trading firm Alameda Research, the sister company of the embattled cryptocurrency exchange FTX, withdrew $35m worth of tokens from the platform as FUD around FTX was spreading across the market – according to on-chain data compiled by blockchain analytics firm Nansen, CoinDesk has reported.

Alameda’s relationship with FTX – founded by CEO Sam Bankman-Fried, who is also known as SBF – was thrown into the spotlight after CoinDesk published Alameda’s balance sheet revealing 40% of the company’s assets were in the crypto exchange’s native ftx token (FTT).

Sam Bankman-Fried of the suddenly ailing FTX exchange has insisted repeatedly that FTX US – a U.S.-based crypto exchange – is a separate legal entity, insulated from its own financial troubles. Some traders with balances on FTX US took no chances.

Prominent crypto trading firm Wintermute says it stopped trading and market-making operations on FTX US soon before FTX halted withdrawals on Tuesday, spokespersons for FTX US and Wintermute told CoinDesk.

The London-based trading firm also moved all of its funds from FTX US, according to a Wintermute spokesperson.

Metaverse & Gaming - A Little More...

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

Crypto Trading - A Little More...

Dear reader: You made it to the bottom. How about forwarding LensLinks to a friend or reposting/re-tweeting? Click the handy links at the top to do so easily. Thanks for reading.

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.