Jupuary and beyond
#4 Crypto Crib Newsletter
Welcome folks, we bring you another week of drama revolving around crypto. This week was a heavy one, mainly because of the long anticipated Jupiter Exchange airdrop and token launch. Eligible wallets can claim the airdrop until 31st July. There will be yearly airdrops of Jup to users on 31st Jan of each year as well.
FTX to pay customers in “full”;
Ripple co-founder hacked for $112mm of XRP.
As expected, FTX bankruptcy estate said that they will pay the customers in “full” but there may be a catch as it is expected they will pay in USD and at the prices of 11th Nov, 2022, the day bankruptcy was filed effectively putting claims at sub 20 cents on a dollar.
In another interesting event, Ripple co-founder Chris Larsen got hacked for $112mm of XRP tokens which was reported as a hack of Ripple earlier. Chris himself came forward and confirmed that it was in fact, his personal holdings. XRP saw a sharp decline in price following the hack.
Opensea open to be acquired; Polygon Labs lays off 19% work force;
Pixelmon raises $8m in seed round Leading NFT marketplace Opensea is reportedly open to being acquired and is taking offers. We currently do not know at this moment if they have received any bids but the event is not too shocking considering how they lacked behind in innovation and adaption to current market standards.
In another unsurprising event, Polygon Labs laid off 19% of their team citing the motivation behind it to be “enhancing performance”. This move is seen as yet another setback for the company that constantly comes under scrutiny and criticism from industry veterans on Crypto Twitter and beyond.
To end the newsletter rather surprisingly, the very infamous and widely mocked NFT project Pixelmon raised $8mm in seed round from reputed investors like Animoca Brands, Delphi Ventures and other investors. This move is seen as a redemption as they were replaced by a new team after being widely criticized for a $70m+ NFT raise and underwhelming product delivery 3 years ago. The future is yet to be seen unfolded.
This is it from our end. We will see you same time next week with more spicy and dramatic events revolving around the crypto industry.
Have a safe week ahead
finally!