🤦3AC Borrowed $3.5 Billion From 27 Companies - TWJ #189
Yo uhh hmm
In today’s issue:
The crypto market is up with its total market cap close to ~$1 trillion. Fantom (FTM) is the best performer in the top 100 in the past 24-h. The Fed meeting is to happen next week and investors are pricing in at least a 75bps rate hike.
In other news, 3AC borrowed $3.5 billion from creditors, Circle eyes a public listing in Q4 2022, and Dubai aims to add $4 billion to the economy via its Metaverse strategy.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆3AC Borrowed $3.5 Billion From Creditors
The now-defunct crypto hedge fund 3AC owed 27 crypto companies approximately $3.5 billion according to a document published by 3AC’s liquidators. Genesis, the brokerage subsidiary firm of Digital Currency Group, had lent 3AC the largest amount, $2.3 billion.
⎆Circle Eyes a Public Listing in Q4 2022
The stablecoin issuer behind USDC, Circle, eyes a public listing in Q4 2022. The firm has previously aimed to go public via a SPAC but delayed its plan amidst market conditions. CFO Jeremy Fox-Geen stated that the firm now aims to go public regardless of market conditions.
⎆Dubai Aims to Add $4 Billion via the Metaverse
Dubai’s crown prince Mohammed bin Rashid Al Maktoum stated that the emirate aims to create 40,000 virtual jobs via its Metaverse strategy, aiming to add $4 billion to its economy in the next 5 years.
👨🏻💻Decentralized Finance (DeFi)
Slingshot Expansion to Osmosis
Vesta x RiskDAO Partnership
Maple Q2 2022 Treasury Report
Snapshot Adds 'Shielded Voting' for DAOs to Help Solve Voter Apathy
Lido Launches stETH on Layer 2
Aave Taps Pocket Network to Beef up Decentralized App Development
🏛Governance - Active Proposals
Gitcoin - Gitcoin Treasury Diversification (Part 1)
🦮NFT & Metaverse
Premint Exploit
Premint Hack: 300+ NFTs Stolen, $400K in Ethereum Taken
Otherside Metaverse Demo Kicks Off with 4,500 Participants
Christie's Launches Venture Fund Aimed at Web3 and Blockchain Investments
Yuga Labs Warns of ‘Persistent Threat Group’ Targeting NFT Holders
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Travel Coin - $35M Unknown Round
Metabit - $2M Seed Round
Lines - $4M Seed Round
Sunscreen - $4.65M Seed Round
Jakaverse - $3M Pre-series A
Meow - $22M Series A
⚖️Regulatory Update
Australian Central Bank Chief Believes Regulated Private Tokens Could Be Better Than CBDCs
Russian Activists Turn to Crypto for Donations to Aid Ukraine Refugees
US Treasury Open to Nonbanks Issuing Stablecoins, Official Says
Hong Kong Monetary Chief: ‘Crypto and DeFi Won’t Disappear’
3AC Liquidators Seek Time, Access to Headquarters as Genesis, Algorand Ties Are Untangled
FBI Issues Public Warning Over Fake Crypto Apps
📚Noteworthy Reads
Route2Fi’s Read on Some Thoughts On Money Management In Crypto
Wassielawyer’s Thread on 3AC 1000+ Pages Summary
Picodes’s Read on Angle Explains: Automated Market Makers
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.