The investment team behind Temasek’s $275 million investment into FTX prior to its collapse “took collective accountability” and had their compensation cut.
While the company was the second largest outside investor in FTX, it was one of the first to write off its entire investment only days after the collapse of the exchange.
Sui Network was developed by Mysten Labs, which was founded by ex-Meta employees, using the Rust-based Move programming language.
Unlike other blockchains that use proof-of-work and proof-of-stake consensus mechanisms, Sui relies on delegated proof-of-stake that allows users to elect and vote for delegates.
The new funding will help Chaos Labs build out and expand its suit of risk and security products that can help DeFi protocols.
The seed funding round was co-led by PayPal and Galaxy Digital, but also saw participation from including Coinbase Ventures, Polygon, Avalanche, OpenSea, Uniswap, and others.
Acquiring a majority stake in the GOPAX crypto exchange will allow Binance to re-enter the South Korean market, two years after it left.
The funds for the acquisition came from Binance’s Industry Recovery Initiative, and will be used to enable customer withdrawals and interest payments on GOPAX.
The newly launched ecosystem fund is backed by Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital.
Highest priority will be given to interoperability and DeFi projects, but the fund will also support developers that are building trading platforms, scalability solutions, and PoS infrastructure.
People familiar with the matter have said that Genesis had hired investment bank Moelis to explore its options to cover the shortfall, but there was little capital infusion interest.
The sources further said that Genesis’ parent company, Digital Currency Group, was now looking to sell a portion of its venture capital portfolio to fill in the shortfall.
Binance has officially launched its $1 billion industry recovery fund, and said it is ready to set aside another $1 billion in the near future “if the need arises”.
Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have all joined the fund with a combined contribution of $50 million.
Bloomberg sources have said that Genesis warned investors it could possibly file for bankruptcy if it fails to cover a $1 billion shortfall caused by the collapse of FTX.
Crypto exchange Gemini, whose Earn program was affected by Genesis’ withdrawal suspension, noted it continues to work with the company to fulfil its obligation to Earn users.
Part of the investment will support the establishment of a new Crypto.com European headquarters in the capital city of Paris.
Funds will also be alocated to hire new talent in the region, and advance the exchange’s brand presence in Europe through customer engagement and education.
Kris Marszalek, Co-Founder and CEO of Crypto.com, during RISE 2018 conference, Hong Kong, June 2018. Seb Daly/RISE via Sportsfile