Are We At Web3 Rock Bottom?

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• Cathie Wood’s Ark Invest ($ARKK) is buying the Bitcoin dip, purchasing $1.4 million worth of Grayscale Bitcoin ($GBTC) and even Coinbase shares ($COIN) (Decrypt)

• Grayscale Bitcoin Trust $GBTC is at a 45% discount from BTC(YCharts)

• Billionaire investor Bill Ackman jumps on the crypto train (CT)

• Over 50% of Bitcoin addresses are in a loss (CD)

• Coinbase shares $COIN hit all time low (CD)

• BTC and ETH are being shoreted in record numbers (Decrypt)

• The FTX hacker is leaving more footprints by splitting 180,000 Ether amongst 12 different wallets on Monday (CT)

• ETH whales are hungrier than ever, accumulating $1.03B of additional ETH in the recent crash (INV)

• Upfront Ventures, Multicoin Capital, and Polygon Ventures back Heroic Story with $6 million in funding to build on-chain technology for role-playing game creation (VB)

• Decentralized Identity (DID) solution, Carv, raises $4 million to attack the gaming industry (TC)

• Tiger Global paid Bain & Co. $100 million to complete due diligence for a $38 million investment into FTX, now worth $0 (BB)

• YC’s alumni network Orange DAO partnered with Press Start Capital to create fellowship for Web3 gaming and entertainment (EIN)

• South Korea is leading the way with regulatory planning for crypto exchanges and customer deposits (CN)

• Prosecutors were investigating FTX months before collapse (TB)

• Founder of India Blockchain Alliance believes India will be a driver in Web3 policy and growth (DTN)

• $575 million crypto fraud and money laundering conspiracy leads to the arrest of 2 Estonian citizens (Reuters)

• The latest details on FTX-ties including SBF’s parents, Bain & Co., and more (@GRDecter)

• The recent crypto collapse causing a loss of legitimacy and hundreds of millions of dollars with ties to the sports industry (CNN)

• Mark Zuckerberg rumor to resign from Meta in 2023 shut down by insiders (@Investingcom)

• NFT Platform Magic Eden partners with Polygon as it’s third supported chain along with Ethereum and Solana (MagicEden)

• Coinbase’s value has plummeted nearly 90% year-to-date, potentially having a bigger fallout than FTX (Axios)

• The good and bad of web2 joining web3 (CN)

• How web3 is helping musicians make a living (Youtube)

• DeFi startup Orbeon Protocol launches to democratize VC investment to investors for as little as $1 (AMBC)

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