Thursday, January 12, 2023

Sam Bankman-Fried publishes a Substack post offering his account of how FTX collapsed, sticking to his claims of innocence, even as ex-executives plead guilty (Lucinda Shen/Axios)

Lucinda Shen / Axios:
Sam Bankman-Fried publishes a Substack post offering his account of how FTX collapsed, sticking to his claims of innocence, even as ex-executives plead guilty  —  Disgraced FTX founder Sam Bankman-Fried on Thursday published his account of how the crypto company collapsed.



Sources: crypto broker Genesis owes creditors more than $3B, leading DCG to explore selling venture assets, estimated to be worth ~$500M, to raise cash (Nikou Asgari/Financial Times)

Nikou Asgari / Financial Times:
Sources: crypto broker Genesis owes creditors more than $3B, leading DCG to explore selling venture assets, estimated to be worth ~$500M, to raise cash  —  Barry Silbert's conglomerate weighs offloading venture assets to help wholly owned digital asset lender



Sources: Coinbase's internal "sentiment" tracker for media coverage showed Sam Bankman-Fried's FTX was consistently viewed more favorably until its collapse (Reed Albergotti/Semafor)

Reed Albergotti / Semafor:
Sources: Coinbase's internal “sentiment” tracker for media coverage showed Sam Bankman-Fried's FTX was consistently viewed more favorably until its collapse  —  Crypto exchange Coinbase has for years tracked how the company is portrayed in the press and online, and that “sentiment” …



Yuga Labs announces a skill-based game, Dookey Dash, accessed via a free mint for BAYC holders called Sewer Passes, running between January 18 and February 15 (Rosie Perper/CoinDesk)

Rosie Perper / CoinDesk:
Yuga Labs announces a skill-based game, Dookey Dash, accessed via a free mint for BAYC holders called Sewer Passes, running between January 18 and February 15  —  The gamified expansion of its Bored Ape Yacht Club ecosystem involves minting a free Sewer Pass to play a game called Dookey Dash.



South Korean social media giant's Kakao Entertainment, which offers apps for animated shows and novels, raised $930M from Saudi Arabia's PIF and Singapore's GIC (Bloomberg)

Bloomberg:
South Korean social media giant's Kakao Entertainment, which offers apps for animated shows and novels, raised $930M from Saudi Arabia's PIF and Singapore's GIC  —  Kakao Entertainment Corp. has won $930 million from the sovereign wealth funds of Saudi Arabia and Singapore …



TSMC reports Q4 revenue up 26.7% YoY to $19.93B and net income up 78% YoY to $9.72B, beating estimates of ~$9.5B, even as the chip industry downturn continues (Reuters)

Reuters:
TSMC reports Q4 revenue up 26.7% YoY to $19.93B and net income up 78% YoY to $9.72B, beating estimates of ~$9.5B, even as the chip industry downturn continues  —  Taiwanese chipmaker TSMC (2330.TW) reported a forecast-beating 78% rise in quarterly profit on Thursday, as strong sales …



Wednesday, January 11, 2023

The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both (Matt Levine/Bloomberg)

Matt Levine / Bloomberg:
The deep problem with SPACs is the sponsors' and warrant holders' cuts, paid by the target company or the SPAC shareholders, leading to a bad deal for both  —  SPAC SPAC SPAC  —  Simplifying a bit, the way a special purpose acquisition company works is that the sponsor of the SPAC raises …



Cologne-based DeepL, which offers instant translation-as-a-service to businesses and individuals, raised $100M-$125M led by IVP at a €1B valuation (Ingrid Lunden/TechCrunch)

Ingrid Lunden / TechCrunch:
Cologne-based DeepL, which offers instant translation-as-a-service to businesses and individuals, raised $100M-$125M led by IVP at a €1B valuation  —  Artificial intelligence startups, and (thanks to GPT and Open AI) specifically those helping humans communicate with each other …



After Chinese researchers claimed to break RSA encryption using quantum computers, experts are skeptical and caution that any commercial benefits are years away (Richard Waters/Financial Times)

Richard Waters / Financial Times:
After Chinese researchers claimed to break RSA encryption using quantum computers, experts are skeptical and caution that any commercial benefits are years away  —  China claims to have made a major breakthrough but western experts say any commercial benefits are still years away



UK-based Hack the Box, which wants to encourage white hat hackers via gamified training, raised a $55M Series B led by Carlyle and reports having 1.7M users (Ingrid Lunden/TechCrunch)

Ingrid Lunden / TechCrunch:
UK-based Hack the Box, which wants to encourage white hat hackers via gamified training, raised a $55M Series B led by Carlyle and reports having 1.7M users  —  There's long existed a divide in the world of computer hacking between those who are taking a malicious approach to crack a system …



Court documents: Sam Bankman-Fried invested $20M in Paradigm's $2.5B Paradigm One fund in late 2021, before the fund then invested in FTX and FTX US (Financial Times)

Financial Times:
Court documents: Sam Bankman-Fried invested $20M in Paradigm's $2.5B Paradigm One fund in late 2021, before the fund then invested in FTX and FTX US  —  Court documents shed light on Sam Bankman-Fried's circular transactions  —  Sam Bankman-Fried invested $20mn in a large venture capital fund …



How Section 19a of Germany's Competition Act gives antitrust authorities the power to divest and sanction Big Tech, as the EU slowly rolls out its enforcement (Javier Espinoza/Financial Times)

Javier Espinoza / Financial Times:
How Section 19a of Germany's Competition Act gives antitrust authorities the power to divest and sanction Big Tech, as the EU slowly rolls out its enforcement  —  While EU regulators slowly roll out their own enforcement mechanism, Berlin is already holding gatekeepers to account



Court documents: New England Patriots owner Robert Kraft, NFL star Tom Brady, a Peter Thiel-linked trust, and more own FTX Group stock, now considered worthless (Jeremy Hill/Bloomberg)

Jeremy Hill / Bloomberg:
Court documents: New England Patriots owner Robert Kraft, NFL star Tom Brady, a Peter Thiel-linked trust, and more own FTX Group stock, now considered worthless  —  Billionaire New England Patriots owner Robert Kraft and star NFL quarterback Tom Brady are among those sharing in the pain of FTX Group's sudden implosion.



Russian cryptocurrency payment network A7 expands to Africa, as Moscow builds an alternative payments system amid western sanctions after its Ukraine invasion (Financial Times)

Financial Times : Russian cryptocurrency payment network A7 expands to Africa, as Moscow builds an alternative payments system amid weste...