#TheBlock__

UPDATE: BitMEX appears to be approving funds withdrawals outside of the usual window for such requests. HDR declined to comment further when reached.

https://twitter.com/TheBlock__/status/1311733711839416320

#TheBlock__

Binance under CFTC investigation over trading activities: report
https://t.co/Q2aw4vZ5sZ

https://twitter.com/TheBlock__/status/1370364942025699330

#INJ #TheBlock__

Injective Protocol raises $10 million from Mark Cuban and other investors
https://t.co/Uc94cb2tRP

https://twitter.com/TheBlock__/status/1384507390113067010

#TheBlock__ #ETC

DCG plans to buy $50 million in Grayscale's ETC Trust shares as discount persists

https://www.theblockcrypto.com/post/109198/dcg-grayscale-ethereum-classic-trust-shares-plan-discount

#TheBlock__

UK regulator bans crypto exchange Binance from operating in the country

https://twitter.com/TheBlock__/status/1409142618001399811

#TheBlock__

CORRECTION: The FCA has banned Binnace from carrying out regulated activities.

The exchange will continue to be able to provide unregulated activities until the FCA deadline in March 2022.

https://twitter.com/theblock__/status/1409150755710308352?s=21

#TheBlock__

👀💰

BREAKING: At least $611 million stolen in massive cross-chain hack

https://t.co/d3bknAn6QJ

https://twitter.com/TheBlock__/status/1425087344944853004

#TheBlock__

👀

BREAKING: Bitfinex just spent $23.7 million in fees to make a single Ethereum transaction

Crypto exchange Bitfinex just paid $23.7 million in transaction fees to send $100,000 of tether (USDT) in what was presumably a bit of a slip up. 

https://www.theblockcrypto.com/post/118753/bitfinex-just-spent-23-7-million-in-fees-to-make-one-ethereum-transaction

#PSP #DEX

For ParaSwap users…

Introducing the PSP token to make ParaSwap even more efficient and decentralized

The ParaSwap Foundation is issuing the PSP token to make the protocol more efficient and decentralized. The total supply will be 2 billion PSP tokens, with 7.5% (150M PSP) given to existing active users to bootstrap the community.

https://medium.com/paraswap/introducing-the-psp-token-to-make-paraswap-even-more-efficient-and-decentralized-c4730e50be72

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#TheBlock__

DEX aggregator ParaSwap launches its own token, to airdrop 150 million PSP

#TheBlock #vc

$300m 👀

OneFootball raises $300 million in Series D funding round

https://www.theblockcrypto.com/post/144044/onefootball-raises-300-million-in-series-d-funding-round

#theBlock.frank

Scoop: "FTX had been looking to raise outside capital from venture investors prior to agreeing to the deal with Binance. The firm was seeking to raise funds at a valuation of $10 billion to $20 billion, according to sources familiar with the firm's plans."

• Frank Chaparro • The Block


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#TheBlock #SBF_FTX

The Block CEO resigns after failure to disclose loans from Bankman-Fried’s Alameda

The Block’s Chief Revenue Officer Bobby Moran named CEO

Loan preceded The Block’s 2021 management buy-out

The Block Chief Executive Officer Michael McCaffrey resigned after failing to disclose a series of loans from disgraced former FTX head Sam Bankman-Fried’s Alameda Research.

He was the only person with knowledge of the funding at the company.

Bobby Moran, The Block’s chief revenue officer, will step into the role of CEO.

McCaffrey received three loans in total, the first of which was in the amount of $12 million and was used in 2021 to buy out other investors in the crypto news, data and research provider. He took over day-to-day operations as the CEO at that time.

A second $15 million loan in January was used to help fund day-to-day operations, while another $16 million earlier this year was used to purchase personal real estate in the Bahamas.

The resignation is the latest in a string of industry casualties related to the collapse of Bankman-Fried’s crypto empire.

In addition to stepping down as CEO, McCaffrey will step down from the company’s board, which is set to expand to three people. The company is currently working to bring on two members to join Moran on the expanded group.

McCaffrey remains the company’s majority shareholder.

• The Block • Axios

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Ok, GM or GE 🥱 What did we miss?? Let's start with The Block...

#TheBlock

The Block lays off a third of staffers amid leadership shakeup

The Block, a crypto media company that got caught up in a funding scandal related to disgraced FTX founder Sam Bankman-Fried, has laid off roughly one-third of its staff as part of a broader leadership shakeup, sources told Axios.

Larry Cermak [Head of Research] has replaced Bobby Moran, the company's interim CEO, who was laid off as part of the cuts.

Every department was impacted by the layoffs, but not equally. A spokesperson confirmed that The Block's revenue team was scaled back significantly given the current market conditions.

The company has also brought on Evgeny Gaevoy, CEO of digital asset trading firm #Wintermute, to join its board alongside Cermak. A spokesperson noted that the company plans to announce another board member soon.

The company's previous CEO, Michael McCaffrey, brokered the funding agreement from Bankman-Fried. He resigned as CEO and left the company in December.

While he is not involved in the day-to-day operations and he is not on the board, he is still a majority shareholder and has the rights that a majority shareholder has, a spokesperson confirmed.

• AXIOS

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#MATIC #TheBlock

Ferrari worth $2.5 million is now a Polygon NFT

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Also:

Polygon Mulls Governance Restructure in Polygon 2.0 Roadmap

• The Block | Polygon

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#theblock #media

The crypto media TheBlock is selling more than 50% of its shares, worth about 60 million US dollars, and has communicated with many interested investors, according to two sources.

Alameda loaned 12 million US dollars to Michael McCaffrey for him to personally acquire The Block before 2023. The current restructuring of TheBlock is still in the early stages of communication and the valuation may change.

CoinDesk is also selling a $125m stake in DCG for a total valuation of more than $200m.

• Wu

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#DWF #nice

Fresh podcast with Andrei Grachev from DWF, about MM, markets and more on ICO Drops. Interesting…

Some Andrei’s thoughts:
Expects crypto to continue growing in 2024…
Crypto market - lots of risk tolerant people. A lot of gambling…
Andrei doesn't understand who can short when the funding reaches 2-3%😆
Only 2% of people make money on exchanges
We don't announce a lot of deals
Per 100 investment applications, we support 3-5
DWF Ventures is a separate entity from DWF
Top funds: #Sequoia, #Jump, Binance Labs, KuCoin…
#BLAST - pure gambling, but doesn’t expect scam
We bought a lot of #TON this year and hedge the deal body
Telegram may launch its own stablecoin
Don’t like #SOL
#EOS very good financial investment
I personally have only #BTC and #USDT, and #ETH for fees…
I have no beef with #GSR and #Wintermute, the whole conflict is pure competition.
#TheBlock is partially owned by Wintermute
We works with 20 projects from top100, and 350 from top1000
Social media is coming to the forefront
We don't plan to buy #media, we believe in KOL
To make a unicorn, you need either a product [#INJ] or a narrative with luck [memecoins]
#Binance is an important part of the market. Will close for Russians next fall
#Unlock is mainly about OTC, for good projects they do not have a strong impact on the price
We are being offered to buy the debt in FTX for 65%, previously offered 30%. Didn't sell
FTX Japan preparing to restart
FTX2.0 will launch and we'll see which way it goes, either offshore or pure American.
#USTC has no value but is going up because of the bull market and short term narrative, same with the #FTT. Speculative history
#AI is already highly developed in HFT trading. Prediction model for short and long term
#NFT doesn’t trade, but looking on it, depends on the season
Work on Crypto fight. I will fight myself)
Plan to sponsor sports
Hobby - sport, walking, living in Switzerland, don’t drink
Like: #SHRAP, #MASK

*Russian language

• Drops

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#Coindesk #media

Chronology:
Nov, 2022. Value ~$300M, revenue ~$50M
Jul, 2023. Value ~$200M, revenue ~40M
Nov, 2023. Value ~$100M [?], revenue ~26-27M. DCG's deal with Genesis includes one $10M payment from the sale of Coindesk

Similar deals:
May, 2023. #Blockworks - $135M
Nov, 2023. #TheBlock ~$100M ? [majority stake - $70M]

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CoinDesk Revenue Slowed Before Sale to Bullish

One of CoinDesk’s big moneymakers is its Consensus conference, which was held in April this year. It also sells price indexes for crypto. It brought in $24 million in revenue in the first nine months of 2023, putting it on track for full-year revenue that’s well below the $50 million it brought in for 2022. Its revenue is also on pace to come in below the projected $40 million it would generate this year as of July 2023.

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Sources:

• Revenue
Coindesk • 300M • 200M • Genesis
• Blockworks • The Block

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