It’s the season for more FTX charges

welcome back to chain reaction.

And happy holidays!

It’s the time to have some fun and review your cryptocurrency portfolio before buying more Christmas gifts for your family and friends. It’s also the season of more FTX indictments and SBF renditions…

It progressed further into the FTX meltdown as co-founder and former CTO Gary Wang and former Alameda Research CEO Caroline Ellison pleaded guilty to charges related to their role in the cryptocurrency’s demise, US Attorney Damian Williams said on Wednesday. Both Wang and Ellison are cooperating with the investigation, Williams added.

And in related news, nine days after being arrested in the Bahamas on multiple criminal charges by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), former FTX CEO Sam Bankman-Fried is returning to the United States. States to face them.

Bankman-Fried took his own plane back to the United States and is on trial in Federal District Court in Manhattan. Where he will stay in the US is yet to be determined, but I’m sure it won’t be as lavish as his $40 million abode in the Bahamas, but hey, who is he to complain?

Meanwhile, things are shaking in the NFT world as Yuga Labs, makers of flagship NFT project Bored Ape Yacht Club, has named Activision Blizzard COO Daniel Alegre as its new CEO. The current CEO, Nicole Muniz, will continue as a strategic advisor.

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this week on web3

Here are some of the biggest crypto stories TechCrunch covered this week.

Binance.US buys Voyager Digital assets for $1 billion

It’s been a long year for Voyager Digital. After declaring bankruptcy, the crypto lender thought he could return some money to his customers by selling his assets to FTX. As you know, things didn’t go well with FTX either. That’s why Binance.US stepped in today and offered to buy Voyager Digital’s assets for $1.022 billion.

Magic Eden exec sees NFT gaming as the ‘early days of mobile gaming’ (CT+)

Blockchain gaming has grown exponentially over the past year as a new and innovative alternative to the traditional gaming world. Although the two areas are largely separate, some market participants see an integrated future. In the past, big game companies have focused heavily on the mobile gaming space and started buying smaller games to go along with it, Chris Akhavan, Game Director at NFT Magic Eden Marketplace, told TechCrunch. “We think the same journey will take place on web3,” added Akhavan.

The governor of India’s central bank warns that cryptocurrencies, if allowed to grow, will cause the next financial crisis

India’s central bank governor said on Wednesday he is not at war with cryptocurrencies, but warned that private cryptocurrencies will spark the next financial crisis unless their use is banned. RBI Governor Shaktikanta Das told a roomful of bank executives and lawmakers that cryptocurrencies pose a huge inherent risk to the country’s macroeconomic stability. “After last year’s development, including the last FTX-related installment, I don’t think we need to say more. Time has shown that cryptocurrencies are worth what they are worth today.”

Starbucks NFT Program Could Drive More Big Brand Digital Collectibles Integrations (CT+)

As the world becomes more digital, consumer demands and needs are changing, and NFTs can be a big part of the future for brands looking to transform their rewards programs, said Adam Brotman, co-CEO and co-founder of Forum3 TechCrunch. “We hear from many other brands, whether they have a loyalty program or not, that all major brands are experiencing consumer shifts right now,” said Brotman, who also served as Starbucks Chief Digital Officer. 🇧🇷 “It’s not just Gen Z or Millennials, but the general consumer has become more hyper-digital and has a greater appreciation for digital products.”

Accounting firm Mazars throws out evidence of booking activity for Binance and others

Global audit firm Mazars has taken down the website that organized backup testing work for cryptocurrency exchanges. The company told Bloomberg that it is ceasing its work with cryptocurrency companies due to reports of future evidence of reserves. Clients of the accounting firm include Crypto.com and Kucoin. But the most prominent client was Binance.

the last sleeve

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Follow the money
Crypto trading firm Amber is raising $300 million to seek protection for clients affected by the FTX. Layer 2 Labs raises $3 million in first round
Arrakis Finance raises $4 million for its decentralized market making infrastructure

This list was compiled from information provided by Messari and TechCrunch’s own reports.