🧠 The weekly round-up.

Happy Friday Seedphrase Nation 👋 It's been a hell of a week. You deserve a drink for making it this far.

Today's Agenda 📓:

• 🔍 FTX recap

• ⏮ Weekly round-up

• 😂 Meme of the Day

If you're sick hearing about FTX- scroll to the next section for everything else that happened this week in web3.

Here we go.. 📆

November 2 — Reports SBF-founded company held significant amounts of FTT

November 5 — Trackers pick up significant FTT movement to Binance

November 6 — Binance moves to liquidate FTT holdings due to 'recent revelations' and Alameda CEO offers to buy Binance's FTT holdings

November 7 — FTX "bank-run" begins, and CZ refuses Alameda's over-the-counter deal.

November 8 — FTX faces a "liquidity crunch" moves to sell exchange to Binance.

November 9: 

• SBF removes the "assets are fine" tweet, FTX websites go dark.

• Binance officially backs out of the agreement

• Crypto market in a sea of red

• SBF reportedly tells investors he needs $8B in emergency funding

• FTX website urges against depositing, unable to process withdrawals.

November 10 :

• Sequoia Capital marks down the entire $214M FTX stake to zero

• Sam Bankman-Fried apologizes over FTX liquidity crisis: 'I fucked up twice.'

• Maxine Waters warns of 'major consequences' for users of unregulated crypto firms, citing FTX

• Republican lawmaker claims SEC chair was coordinating with FTX 'to obtain a regulatory monopoly.'

• FTX US announces it may halt trading on its platform in a few days.

Now we are seeing one of the darkest times in crypto. But that's what they say about every bear market. BTC is floating at $16.5K, ready to plunge even further. ETH is floating at $1.2K.

And for the altcoins, let's have a prayer, my brothers. Many projects won't survive this shit storm, so be prepared for the worst. Put your money in cold wallets and sit on the sidelines for now.

What about NFTs?

Also bleeding. NFTs are suffering from everyone's fear in the market.

BAYC - 67Ξ floor

MAYC - 11Ξ floor

Doodles - 6Ξ floor

DeGods - 220 SOL floor

How the people reacted:

Founder of Cardano, Charles Hoskinson, on FTX and the crypto markets

• "The market is still trying to digest the collapse of Luna. And this asset was the one that got too much value and effect Alameda way too much."

• "The issue here is we should see more industry failures. The fear is we will experience more regulatory scrutiny or more draconian laws."

• Alameda had way more exposure to Luna than people thought.

Karine Jean-Piere (White house secretary)

• "Regulation of cryptocurrencies is needed."

• Governments buckling down on regulation.

Michael Saylor on a CNBC interview

• "Bitcoin will be the winner because bitcoin is a digital commodity, and it's the least controversial of everything."

• Saylor has been saying the same shit since 2012.

Phew. We're done with FTX, for now. Here's everything else that's been going on.

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⏮ Weekly NON FTX Events:

OpenSea on NFT creator royalties.

• Opensea tweeted out that creators should choose whether to have royalties and that its not the marketplaces choice.

• They launched an on-chain enforcement tool for “new collections” that will enforce fees for new collections using royalties.

• For old collections, they are pretty much Shit out of luck. Not much Opensea can do.

MagicEden announces that royalty-enforced NFTs will likely be a new asset class or a new form of NFT.

• New projects will have stronger, more sophisticated smart contracts that will allow them to collect royalties and prevent traders from bypassing them.

• The old projects don't have much choice and might be left without the ability to enforce the royalties.

Mark Zuckerberg talks about his long-term vision and fires 11,000 employees.

• A call has leaked with Mark's long-term vision

• Most employees have been fired with the most extensive and unexpected layoffs.

Kim Kardashian and Floyd Mayweather are set to win the Ethereum Max lawsuit.

• SEC is trolling at this point.

Cathie Wood's Ark investment adds another $21.4 to Coinbase stock

• Every time she buys something, the price dumps. It makes you wonder.

Buy this NFT and get Maine Lobster delivered to your door.

• Groundbreaking utility.

Tether briefly depegged today.

• Watch out for a bigger shitstorm.

This week has been crazy, man.

To keep up with the fastest-moving market on earth, read back Monday.

We'll spoon-feed you all the info you need.

😂 Meme of the Day

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research