Welcome back to Chain Reaction, where we bring you the latest and most important crypto news. In this edition, we have two major stories to cover: the highly anticipated trial of Sam Bankman-Fried, also known as SBF, and the recent drop in web3 funding. Let’s dive in.
Key Takeaway
The trial of Sam Bankman-Fried is underway, and it promises to be a riveting case that will shed light on the inner workings of FTX and the losses suffered by investors. Additionally, web3 funding is facing challenges, but innovative projects like Pudgy Penguins continue to offer solutions to the NFT revenue problem.
The SBF Trial
The trial for Sam Bankman-Fried, the former CEO of FTX, has kicked off in the Southern District of New York (SDNY) federal court. Bankman-Fried is facing charges of fraud and conspiracy, and the trial is expected to last for six weeks.
Prosecutors have revealed that witnesses such as Matt Huang, co-founder of Paradigm, and Gary Wang, co-founder of FTX, will testify this week. Both Huang and Wang have ties to FTX and their testimonies are expected to shed light on the investors’ losses from the collapse of the crypto exchange.
To stay updated with the latest developments in the trial, make sure to check out our comprehensive coverage below:
- SBF’s trial has started, this is how he and FTX got here
- Was FTX an empire ‘built on lies’ or a startup that ‘grew too quickly’? (TC+)
- SBF’s trial promises to be just as riveting as the rest of the FTX drama (TC+)
- US government confirms it didn’t offer any plea deals to Sam Bankman-Fried
- Meet the 12 jurors on Sam Bankman-Fried’s trial
This Week in Web3
In addition to the trial, we also have updates on the web3 funding landscape. Three Arrows Capital co-founder Zhu was recently arrested in Singapore and sentenced to four months in prison. This news highlights the challenges and legal complexities surrounding the crypto industry.
Furthermore, web3 funding has experienced a drop as the crypto winter continues. Despite the challenges, there are still promising projects emerging, such as Pudgy Penguins, which aims to fix revenue problems in the NFT space. To learn more about these developments, read our articles:
- Three Arrows Capital co-founder Zhu arrested in Singapore airport, sentenced four months in prison
- Web3 funding is down again as the crypto winter drags on (TC+)
- Kenyan legislative committee calls for Worldcoin shutdown in the country
- Pudgy Penguins’ approach may be the answer to fixing NFTs’ revenue problems (TC+)
That wraps up this edition of Chain Reaction. Stay tuned for more updates on the trial and the latest developments in web3 funding. Until next time!
