Pocket News

Hey There!
Welcome to Clutch’s weekly Pocket News. 👛 In Crypto news, BlockFi unsurprisingly files for bankruptcy🚨, BTC drops with the DOW because of China’s strict lockdown😷, and Coinbase delists several tokens from their wallet🙅‍♀️. In Clutch news, our DeFi module is out💥 and we did a TwitterSpace with Nimble Insurance about Women in Web3🎤. In Community Updates, BFF is partnering with EarlyMajority on their NFT collection, and we spoke on a podcast with InsideWeb3 on the Fall of FTX!🔥

Clutch Wallet

A non-custodial social wallet offering users an all-encompassing transacting experience underpinned by social, media, education, and seamless web3 integration.

BlockFi files for bankruptcy 💰, Coinbase Wallet delists tokens 🙅🏻‍♀️, BTC drops due to China's lockdown policy 📉

Defi[ne] the Relationship

Clutch’s DeFi module is out 👀. DeFi is something we need to rely on more than ever in the wake of the FTX crash, so let get it. This module answers the important questions:

How does DeFi fit into Web3?

  • Isn’t DeFi just Web3?
  • When did DeFi begin?
  • What’s the difference between DeFi and CeFi?
  • How De you DeFi?

Nimble Insurance Twitter Space: Women in Web3 Takeover

Clutch did a TwitterSpace with Nimble Insurance yesterday on Women in Web3!

Crypto News

BlockFi files for Chapter 11 bankruptcy.

So everything was not fine at BlockFi. Crypto lender BlockFi blames the falling crypto prices over the summer and a liquidity crisis spurred by FTX’s collapse for their bankruptcy filing. According to the filing, BlockFi’s top ten creditors are owed $1.2 billion. The lending platform initially denied that FTX held most of its assets but stated they had “significant exposure” to FTX. BlockFi halted withdrawals earlier this month.

BlockFi sues Sam Bankman-Fried's holdingcompany for Robinhood shares.

Monday was a big filing day for BlockFi’s legal team! The same day BlockFi filed for Chapter 11 bankruptcy, they sued SBF’s Emergent Fidelity Technology for their Robin Hood (HOOD) shares pledged to BlockFi as collateral on Nov. 9. The complaint stated that an unnamed borrower agreed on a payment plan, but defaulted on their payment.

Coinbase Wallet app delists four tokens.

Citing “low usage,” crypto exchange Coinbase delisted Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM), and XRP (XRP) from their wallet app on Dec 5. These tokens are still listed on the exchange itself, except for XRP. They said in a statement that the assets will not be lost but only accessible with a recovery phrase. Since the news, all four tokens have increased in value in the market.

Bitcoin drops as China's strict lockdown shakes global markets.

Protestors gathered in China after 10 people were killed in a fire due to strict lockdown measures. China’s zero-Covid policy has created a sluggish economy, with the Dow dropping 500 points when protests erupted on Monday. This, in turn, affected Bitcoin, with it dropping 5% the same day. In light of the protests, two NFT collections with photos and painted images from the protests were created to cement the protests in history.  
Image from CNN.

Markets, you up?

Bitcoin(BTC) is up 1.91%, and Ethereum (ETH) is up 8.49%. Bitcoin hit a high of $16,522.26, while Ethereum hit a high of $1,217.69. The markets will likely change based on Jerome Powell’s remarks today at the Hutchins Center on Fiscal and Monetary policy.

Community Update

BFF partners with EarlyMajority

Early Majority is a women-led outdoor brand community. BFF will partner with them on their Member Badge NFT, which comes with incredible physical gear! BFF holders who mint get a custom badge to put on their gear and a special price on the mint.


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Written By

Nargiza Schmidt