Welcome to Clutch’s weekly Pocket News. 👛 In Crypto news, Genesis halts withdrawals🔥, FTX’s cash reserve is revealed in court docs💰, and Sam Bankman-Fried (SBF) tells all in a Twitter DM🥲. In Clutch news, Bec did a TwitterSpace with Women Making Waves on changing the narrative for women in web3🌊. In Community Updates, Surge is partnering with EveWealth to offer financial well-being tools, and DCentral Miami is finally here!🏝
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Last Wednesday, crypto lender Genesis experienced a rush of withdrawals in the wake of the FTX collapse but didn’t have enough liquidity to support them. Money, Pleeeease! The lender asked crypto exchange Binance and global private equity firm Apollo for cash, but Binance turned them down. Genesis faced hundreds of millions in losses earlier this year after the collapse of Three Arrows Capital (3AC).
Bankruptcy court filings reveal FTX has $1.2 billion in cash reserves.
Court documents stated that FTX has only $1.2 billion in cash reserves while they owe $3.1 billion to its largest 50 creditors. FTX filed for bankruptcy on November 11 and appeared in Bankruptcy court yesterday. In the hearing, FTX counsel Jason Bromley described the situation as “the largest failure in this space” referencing the numerous ways that money was mismanaged by SBF and other executives from his inner circle. The court filings state that SBF and the other three recently fired members of his inner circle, Gary Wang, Nishad Singh, and Caroline Ellison, will not be receiving any compensation in the bankruptcy.
SBF DMs Vox on Twitter
Last Tuesday, SBF continued to defend his position as the reigning champ of mismanaged exchanges when he DM’d with Vox Reporter Kelsey Piper. In the DMs, SBF stated that his support for crypto regulation and his view on ethics was for PR, he was unaware how much money FTX had loaned Alameda, and the billion dollar oversight was due to “messy accounting” and life just “[creeping] up on you.” Click here to read the full article.
Macy's is hosting a Thanksgiving Day Parade in the Metaverse.
Macy’s is hosting their inaugural virtual Thanksgiving Parade on the metaverse. Users can access the parade on the OnCyber metaverse, featuring artwork from five popular NFT collections. Previously, the metaverse only provided an escape from holiday parades. The parade will be on November 24 at 9am EST.
Markets, you up?
Bitcoin(BTC) is down .37%, and Ethereum (ETH) is down 3.98%. Bitcoin hit a low of $15,649.42, while Ethereum hit a low of $1,081.76. The market is still down primarily due to the high-profile unraveling of FTX.
Surge partners with EveWealth
Surge is partnering with Eve Wealth to gift Surge Passport holders with financial well-being tools.