Silicon Valley investment firm Proof Group is bidding for FTX's restart plan
According to CoinDesk, Silicon Valley investment firm Proof Group is bidding for FTX's restart plan, according to two people familiar with the matter. Proof Group is part of the Fahrenheit consortium, which successfully bid for the bankrupt crypto lender Celsius. Proof Group has also invested in crypto projects such as Aptos, Lightspark and Sui. In addition, fintech company Figure has also shown interest in restarting FTX. Venture capital firm Tribe Capital has also submitted an acquisition offer for FTX. According to Perella Weinberg Partners, an investment bank involved in the bidding, the bidders have been narrowed down to three companies. FTX plans to make a decision on the restart plan by mid-December. Other options under consideration include selling the entire exchange, which includes a list of more than 9 million customers, or introducing partners.
Ava Labs founder: Layoffs affect 12% of the company's employees
Ava Labs founder and CEO Emin Gün Sirer confirmed the company's layoffs on the X platform, revealing that the layoffs affected 12% of Ava Labs' employees.
“This allows us to reallocate resources to double down on the growth of our company and the Avalanche ecosystem,” said Emin Gün Sirer. “Bear markets are difficult to navigate. Ava Labs is fortunate to have significant runway and resources, which we will focus on advancing the Avalanche ecosystem in the coming years.”
Earlier news, Ava Labs employees revealed that the company had laid off employees, saying that "many people" were affected and that the layoffs had affected the company's communications and marketing teams.
Source: Kraken is seeking partners to help it build a Layer 2 network
Crypto exchange Kraken is considering launching its own Layer 2 network in partnership with several leading blockchain technology companies, people familiar with the matter said. The move would align Kraken with rival Coinbase’s move to launch its own Layer 2 network earlier this year.
Sources revealed that Kraken is considering companies such as Polygon, Matter Labs and Nil Foundation to use their technology as the basis for the new network. A Kraken spokesperson said: "We are always looking for and solving new industry challenges and opportunities. We do not have any further information to share at this time."
Kraken recently added a job posting to its website seeking a “senior cryptography engineer” with “knowledge of modern cryptography (including ZK proofs)” with the opportunity potentially including “designing and implementing Layer 2 solutions.”
Radiant’s STIP incentive proposal is now live, and 2 million ARB will be airdropped
Radiant Capital, a multi-chain lending protocol, tweeted that it will airdrop 2 million ARB. Radiant's STIP incentive proposal has been approved by Arbitrum DAO and is now live. New dLPs who lock up 6-12 months on Arbitrum after the first snapshot (block 147753665) and before the second snapshot (in the next 30-90 days) are eligible for the airdrop. Claims will end before January 31, 2024, and new dLPs such as Magpie and PlutusDAO will be allocated as appropriate. The final airdrop amount depends on the incremental TVL achieved during the event.
OpenAI launches a custom version of ChatGPT called “GPT”
According to official news, OpenAI announced the launch of a custom version of ChatGPT, "GPT", which allows users to create tailor-made ChatGPTs for daily life, specific tasks or work, and can be shared with others. Anyone can create a GPT, no coding required. Later this month, OpenAI will also launch a GPT store to offer works by verified authors. In the coming months, creators will also be able to make money based on the number of people using their GPTs. OpenAI also said it will launch a preview version of GPT-4 Turbo, which is built on a large amount of online data in April of this year, enabling it to better understand current events.
Later today, OpenAI CEO Sam Altman said that ChatGPT has 100 million active users per week.
Conflux: ShuttleFlow, the asset cross-chain protocol, will shut down its services on November 8, and asset bridging services will be migrated to Zero Gravity
ShuttleFlow, the cross-chain protocol for Conflux ecosystem assets, will shut down its services on November 8, and the Conflux ecosystem asset bridging service will be migrated to Zero Gravity. The ShuttleFlow website and dApp will be completely shut down on January 6, 2024 – 22:00 (GMT+8). Users do not need to do anything extra, and all assets are safe. Users who have completed bridging and received assets will be seamlessly migrated to Zero Gravity.
Llama Completes $6 Million Seed Round Led by Founders Fund and Electric Capital
Llama, an access control and governance platform for smart contracts, announced the completion of a $6 million seed round of financing led by Founders Fund and Electric Capital, with participation from Elad Gil, Sandeep Nailwal, Stani Kulechov, Will Gaybrick, Amplify Partners and FJ Labs.
Llama is a full-stack platform for on-chain access control and governance, making access control and governance more effective and secure. Currently available on all major EVM chains.
Cryptocurrency bankruptcy firm pays $770 million in bankruptcy fees to lawyers and other professional services firms
According to the Wall Street Journal, court records show that since the "crypto winter" of 2022, professional firms (lawyers, etc.) that have served at least 9 bankrupt companies have received about $770 million in fees so far as some of these Chapter 11 cases drag on. In terms of getting paid, fees charged by law firms, bankers and other professional advisors who guide companies through bankruptcy are generally prioritized over corporate creditors. So far, FTX, which has the largest share, has paid $317 million in fees and expenses, nearly two-thirds of which went to its leading law firms and financial advisors.
Moody’s launches service using AI to predict stablecoin depegging
According to Cointelegraph, Moody's Analytics is launching a new stablecoin service that will use artificial intelligence to predict potential depegging "within a 24-hour range" while providing real-time insights into the liquidity and stability of stablecoin issuers. Moody's DAM will track 25 fiat-backed stablecoins, accounting for more than 92% of the total market value of stablecoins. Including USDT, USDC, PYUSD. According to its website, more stablecoins will be included in the service in a timely manner.
In a digital asset monitoring bulletin released on November 6, Moody's pointed out that the stablecoin market is becoming more stable. So far in 2023, there have been 1,914 depegging events, of which 609 were large-cap stablecoins backed by fiat currencies. In contrast, there were 2,847 companies listed in the whole of 2022, of which 707 were large-cap stocks.
In the past 20 hours, FTX deposited 1.21 million SOL and 1,583 ETH to Binance and Kraken
PANews reported on November 7 that according to Spot On Chain monitoring, FTX deposited 1.21 million SOL ($48.6 million) and 1,583 ETH ($3 million) to Binance and Kraken in the past 20 hours. Since October 24 (13 days ago), FTX and Alameda have transferred a total of 31 tokens worth $310 million to the exchange.
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