Founder tells his side of the FTX debacle

#Web3Weekly: Nov. 27 to Dec. 3, 2022

  • The lending platform BlockFi filed for Chapter 11 bankruptcy, citing its financial exposure to FTX. The filing makes BlockFi the first industry casualty directly attributable to FTX’s meltdown, according to Reuters. BlockFi said in court filings it has over 100,000 creditors. It has also set up a website for parties to the bankruptcy case here.
  • Kraken, the world’s number-three crypto exchange by trading volume, laid off almost a third of its workforce. The exchange said the job cuts are needed to weather the current bear market in token prices.
  • A dispute erupted between Coinbase and Apple over non-fungible token sales. Apple wants a 30% cut of any NFT sales executed through Coinbase’s wallet app on iDevices, but the exchange is balking. Hence NFT sales are disabled for iDevice users for now.
  • Galaxy Digital acquired the self-custody platform GK8 in a bankruptcy auction of the Celsius Network’s assets.
  • Brave founder Brendan Eich recently did an interview with the Bad Crypto Podcast. The discussion thoroughly covered not only the evolution of Brave’s privacy-focused browser but also Eich’s considerable place in the broader history of the web as a former Netscape engineer and inventor of the JavaScript programming language.
  • Five major Western newspapers published a joint open letter imploring U.S. prosecutors to drop their charges against WikiLeaks founder Julian Assange, citing the chilling effect the case could have on press freedom.
  • Government workers in Suffolk County, N.Y., are still relying on ‘90s-era technology for some tasks following a ransomeware attack two months ago, the New York Times reports.
  • A Modernist painting by Piet Mondrian may have been hanging upside-down for decades in a Berlin art gallery. But they’re going to leave it that way for now, according to CNN.



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Peter A. McKay

I publish the newsletter #Web3Weekly. Former Head of Content & Writer Development at Capsule Social. Other priors: WSJ, Washington Post, and Vice News.