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Crypto collapse: it’s looking like a long, cold, contagious winter

On January 1st of 2022, one Bitcoin would cost you about $46,000. By November 8th, that same coin went for about $18,500. The year’s most significant crypto story began with the ongoing crash of the FTX Exchange ,, which brought new existential threats to crypto.

This past year was a nightmare for crypto. The Terra / Luna crash, which wiped away billions of dollars in value almost immediately, was another. There was Axie Infinity, the once-hot NFT game that lost $625 million in a hack and has struggled to recover. Celsius collapsed. Three Arrows Capital collapsed . NFTs were trendy back when people believed their JPGs were worth millions. All this occurred after the stock market crashed due to a pandemic that caused a spike in stock prices. This also lowered society’s tolerance for nonsensical, chaotic gambling with internet money. Crypto became a risky investment . as the economy started to recover and our collective risk tolerance decreased.

Crypto crashed before and the HODLers believe there is still upside. The future of cryptocurrencies looks very grim right now.

Here’s all our coverage from the ongoing crypto winter:

  • Sam Bankman-Fried scored $300 million during a big FTX funding push.

    The now-collapsed cryptocurrency exchange FTX raised $420 million in a big funding round in October 2021, but $300 million of it went to founder Sam Bankman-Fried, according to The Wall Street Journal. He sold some of his stake in FTX, but that still gave him a lot of money investors wanted to invest directly in the company.


  • FTX would like to make sure you know Sam Bankman-Fried doesn’t work there anymore.

    With FTX’s founder and former CEO steadily tweeting away and apparently DMing with Vox reporters (despite a precarious legal status as his former firm attempts to declare bankruptcy), John Ray, the new CEO of FTX, has an important message to share.


  • Sam Bankman-Fried on the FTX failure: his “single biggest fuckup” was filing for Chapter 11 bankruptcy.

    Apparently Alameda took huge losses when Luna went down, and sloppy accounting prevented Bankman-Fried from realizing how bad it was. Also, his meetings with regulators were “PR.”


  • The House Financial Services Committee is going to look into Binance’s role in FTX’s collapse.

    Hey, remember yesterday, when I said Changpeng “CZ” Zhao had painted a target on his exchange, Binance, by helping topple FTX? Well, the Republican most likely to lead House Financial Services Committee said The that Binance’s role in the debacle would be part of a December hearing.


  • FTX’s “company therapist” says he really provided dating advice. A “career coach” has been added to the company. This person also acts as a personal therapist for large portions of the company. From Vice:

    In his telling, Lerner worked for FTX not exactly as a therapist and certainly not as a doctor, but as a coach, even as he maintained independent doctor-patient relationships with about 20 employees and prescribed medication to at least some of them. Lerner stated that he was focused on the health and well-being of employees at FTX. He did not just care about their careers but also their personal (and sometimes even romantic) lives.


  • BlockFi is preparing for bankruptcy after FTX implodes. I feel like I have been saying “yikes!” a lot. However, it is my general feeling about the whole situation. If BlockFi or FTX has affected you, please email me at liz@theverge.com. I would love to talk to you.


  • Who looks at FTX and sees an investment opportunity?

    Sure, it might sound like a bad idea to invest in a bankrupt exchange with more accusations of fraud than anything else we’ve seen on this side of Enron, but the Wall Street Journal reports Sam Bankman-Fried is asking around anyway.

    Mr. Bankman-Fried spent the weekend calling around to find investors in order to fill a gap of up to $8B in order to repay FTX’s customers. In Mr. Bankman Fried’s case, funds were not meant to support a bare-bones workforce, but to repay individuals traders and institutional customers who have been unable get funds out.


  • No, FTX was not required to release Bahamian funds first.

    On Friday, the bankrupt FTX said it started facilitating withdrawals for its clients in the Bahamas (where the company’s based) at the request of “Bahamian HQ’s regulation and regulators.”

    But the Securities Commission of The Bahamas says that’s not the case, stating it never “directed, authorized or suggested… the prioritization of withdrawals for Bahamian clients.” Meanwhile, hundreds of millions of dollars are still missing from the exchange.


  • BlockFi cuts off credit card customers.

    After pausing client withdrawals just a couple of days ago, now BlockFi is shutting off its credit card. It sent customers an email stating that it was suspending “purchasing privileges on the BlockFi Rewards Visa Card” due to “recent developments at BlockFi”, but did not elaborate further.


  • FTX feels the heat.

    After FTX filed for bankruptcy on Friday, the Miami Heat announced that it’s terminating its partnership with the company, which acquired the naming rights to its basketball stadium last year. The stadium will remain known as the FTX Arena on Saturday, when the Heat takes on the Charlotte Hornets. This is likely to continue for the foreseeable future. While the team searches for a new sponsorship deal,


  • Is FTX’s founder a League of Legends genius? (No. )

    One of the funniest parts of this week’s FTX meltdown was learning that CEO Sam Bankman-Fried apparently blew investors’ minds by playing League of Legends during a meeting.

    It was first reported as a bit of gee-whiz startup mythmaking, and in the tradition of Kyle Orland’s brilliant investigation into Travis Kalanick’s Wii Tennis prowess, FT does the vital job of puncturing it by running down his actual history with the game. It turns out that he is a poor player, but he doesn’t deny it. Maybe not a sign that he is a genius.


  • Coinbase is undergoing additional layoffs.

    As first reported by The Information, crypto exchange Coinbase is adding to the 1,100 or so people it let go earlier this year with cuts to two other teams.

    As confirmed in a statement from the company, they affect the recruiting and institutional onboarding groups, which are shrinking by about 60 people in total.

    Coinbase CEO Brian Armstrong tweeted this week that the company isn’t affected by the ongoing FTX flameout and doesn’t engage in that kind of “risky behavior.”


  • The Department of Justice would like to know how Binance’s due diligence on the now-canceled FTX acquisition went.

    So remember when FTX was going to get bought by Binance, except whoopsie, Binance did due diligence for a couple hours and noped out? US authorities would love to see what Binance saw.


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Locker Token, Euro Ice Hockey Champs Rogle BK To Hold In-Person NFT Events

press release

PRESS RELEASE. Locker token & Ice Hockey experts Rogle BK announced an In-Real-Life NFT (In-Real-Life) event at the Catena Arena, the home of European champions. This event will showcase NFTs as an innovative asset class and educate Rogle fans about how to use the blockchain to purchase their favorite player trading cards.

The event, due to take place on December 30th, will feature educational content, a free mint for the first 500 fans, and in-person interaction with cryptocurrency experts – The Nordic Whales.

About The Event

Rogle BK fans were the first fanbase able to mint their favourite players and in-game moments via the Locker sports NFT marketplace. With the Locker Token app, the team has the technology to create any NFTs desired by fans. The event was planned in line with the partnership to help blockchain enthusiasts make their first steps.

The event will be hosted and supported by local natives the Nordic Whales, who are located a mere 20 minutes from the stadium. Because they are close to the team, the AMA enthusiasts can provide educational content in English and Swedish.

The first 500 fans are in for a treat upon arrival after scanning the event QR code. This will provide them with a free mint, with a further 6500 being minted on the day that will be made available for purchase. The first 500 will be randomized in terms of rarity.

What is Locker Token?

Locker Token provides an ecosystem that allows athletes and sports teams to futureproof their offerings and monetize them through blockchain. It also connects fans and athletes via a unique asset type. After a successful contract migration, Locker’s ticker $LKT is now listed on CoinMarketCap.

Despite being a relatively new project, the ecosystem features a number of the worlds best Ice Hockey teams and players including; Rogle BK, Manchester Storm, and HC Bolzano. There are more Ice Hockey teams than other sports. The goal is to get each team’s fans to Locker and become engaged buyers and fans.

From a token perspective, the Ethereum price decline of late has dragged the price of $LKT with it due to the closely-connected nature of Locker as an ERC20 token. Despite the market downturn, the team has maintained its efforts to create and build new partnerships.

500 lucky fans will receive a free mint upon scanning a QR code.

About Rogle BK

RogleBK (Rogle Bandyklubb), is a professional Swedish ice hockey team based in Angelholm. The club has featured in the SHL most-recently since the 2015-16 season. Rogle has previously played in the SHL in 1992-1996, 2008-2010, and briefly in 2012-13.

The team is currently in a mixed season and are currently 9th in league standings. They are however on a two-game winning streak, with Adam Tambellini playing a big part in the team’s offensive play with 12 league goals to date.

Mint Rogle BK NFTs today via the Locker Token app for iOS and Android.

This is a press release. Before taking any action related to the promoted company, or any of its affiliates, or services, readers should do their due diligence. Bitcoin.com does not assume any responsibility for any loss or damage caused or alleged by the use or reliance of any content, goods, or services mentioned in this press release.

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Financie Begin to Prepare for the IEO of Entertainment DAO Project “SUPER SAPIENSS” Led by Yukihiko Tsutsumi and Katsuyuki Motorolahiro

press release

PRESS RELEASE. “SUPER SAPIENSS NFT” Public-Sale on December 24.

Financie, Inc. (headquarters, Tokyo; CEO, Hironao Kunimitsu; hereinafter “Financie”) has commenced to prepare for the IEO (*1) of the entertainment DAO project “SUPER SAPIENSS”. Additionally, “SUPER SAPIENSS NFT” will start a public sale from 24rd December, 6 am(EST) available for anyone.

SUPER SAPIENSS NFT https://supersapienss.com/nft/

SUPER SAPIENSS https://supersapienss.com/

Financie has launched the IEO support business in July 2022 to expand the “community-driven” creator economy. Financie will assist the entity/group in developing and creating the token economy. They will analyze and clarify the risks from the point-of-view of accounting and tax (*2) and prepare the applications to handle newly-issued crypto assets. Financie has a partnership agreement already with Light Inc. for their IEO. They are currently in discussions to Angkor Tiger FC and Iganmu Tiger FC about their IEO.

“SUPER SAPIENSS” is an entertainment project initiated by three directors, Yukihiko Tsutsumi, Katsuyuki Motohiro, and Yuichi Sato, who lead the Japanese entertainment and film industry, and the producer Takeshi Moriya, known for “Midnight Swan” and other films, to carry out the entire process from creation of the original work to its visualization. Since the launch of the project on FiNANCiE in January 2022, it has been active with the co-creation community in the production of original videos and webtoons, and the NFT. Financie supports the issuance “SUPER SAPIENSS”, crypto assets token. This will allow “SUPER SAPIENSS” token economy to grow beyond FiNANCiE.

*1 IEO stands for “Initial Exchange Offering”. Token offerings can be made through exchange platforms. Before a sale is initiated, there are many checks and due diligence. Tokens can be used to raise funds and to create and strengthen communities.

*2 Financie does not provide professional advice based on the Lawyers Act, the Certified Public Tax Accountants Act, etc.

[(Outline of Public Sale)]

Target: Anyone can purchase on the Mint website (first-come-first-served basis)

Period:

2022/12/24 6 am ~ 2022/12/25 6 am (EST)

2022/12/24 11 am ~ 2022/12/25 11 am (GMT)

2022/12/24 3 am ~ 2022/12/25 3 am(PST)

Quantity: 500 + the amount not sold out in the Pre-Sale at the Minting site (no limit of mints / up to 5 mints at a time)

Payment method: ETH payment

Remarks: The management will keep the unsold items and use them for burn or future development to avoid selling pressure.

Purchase Page:https://supersapienss.com/nft/

[(Comments from the producers)]

#Takeshi Moriya, SUPER SAPIENSS Producer

“I’m very excited to begin the preparations for IEO.

We have been engaged in various activities as SUPER SAPIENSS for about a year, and it has passed so fast.

Starting with the community creating onFiNANCiE platform, we organized and commenced actor auditions, the Japan tour of “SUPER SAPIENSS THE BEGINNING,” which is led by members of the community, and NFT and WebTOON, that is now being launched. Through such activities, we hope to create new entertainment opportunities.

In preparation for the IEO, we are considering various measures linked to the community tokens in FiNANCiE, and NFT holders, so that we can create an entertainment which everyone from all over the world can enjoy’.

#Hironao Kunimitsu, CEO, Financie, Inc.

“I believe the success of this SUPER SAPIENSS IEO will be very important for NFT’s future. We will try our best to achieve it.

As the one and only Web3 platform provider in Japan, Financie will continue to support the formation and expansion of the token ecosystem through its token-issuing crowdfunding service “FiNANCiE”, NFT business, and IEO support business, in order to achieve its corporate vision of “Empowering the next billion dreams”‘.

About Financie, Inc.

Financie, Inc. provides the businesses that support the formation of communities and ecosystems using tokens, including FiNANCiE, a token-issuing crowdfunding service that utilizes blockchain, NFT business, and IEO support business. Currently, more than 180 sports teams, entertainment projects, and individuals have issued/sold/operated their own tokens on FiNANCiE. Japan’s only Web3 platform, which supports the creation and expansion of token ecosystems in an integrated way, will be established.

FiNANCiE|FiNANCiE https://financie.jp/

App: App Store (Supported OS: iOS 14.0 and above)

https://apps.apple.com/jp/app/financie/id1470196162

App: Google Play (Compatible OS: Android 6.0 and above)

https://play.google.com/store/apps/details?id=jp.financie.ichiba

This is a press release. This is a press release. Readers are responsible for their own research before making any decisions about the promoted company, or any of its affiliates. Bitcoin.com does not assume any responsibility for any loss or damage caused by the content, goods, or services mentioned in this press release.

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FTX-Hosted NFTs Show Broken Metadata, Issue Illuminates Flaws with NFTs Tied To Centralized Clouds

FTX-Hosted NFTs Point to Broken Metadata, Issue Illuminates Flaws With NFTs Tied to Centralized Clouds

On Wednesday non-fungible token supporters discovered that the NFT metadata hosted by FTX US pointed to broken metadata. The links now point to FTX’s restructuring website. The specific collections created on the Solana blockchain using the FTX USA NFT platform don’t show the NFT imagery. Also, the Coachella NFT marketplace listings have vanished.

FTX NFTs in the US Redirect Metadata to FTX Restructuring Page

This week, owners of FTX US-hosted NFTs discovered they cannot see their NFTs’ imagery or animations. NFTs derived from FTX US have broken metadata. The issue was discovered Wednesday by a number of NFT and crypto supporters.

“Oh look FTX hosted all the NFTs minted on their platform using a Web2 API and now all those NFTs have broken metadata, and the links go to a restructuring website,” the Twitter account jac0xb.sol wrote on Wednesday. Jac0xb.sol added:

There is a lesson to be learned here yet collections are still hosting metadata on [Amazon Web Services].

In addition to Jac0xb.sol, the Twitter profile @web3isgreat, an account that highlights Web3’s special moments, tweeted about the FTX US-hosted NFT issues as well. The Web3 is going just great Twitter account noted how the website nft.coachella.com/marketplace shows zero listings.

FTX-Hosted NFTs Point to Broken Metadata, Issue Illuminates Flaws With NFTs Tied to Centralized Clouds
The Coachella NFT marketplace on Dec. 8, 2022, shows zero listings.

Further the account stated that the FTX US-tethered NFTs of the Coachella NFT Collection do appear as secondary market listings, but don’t show imagery or the metadata is broken. The company behind the music and arts festival, Coachella, partnered with FTX US in Feb. 2022.

FTX-Hosted NFTs Point to Broken Metadata, Issue Illuminates Flaws With NFTs Tied to Centralized Clouds
Coachella NFT listing hosted on magiceden.io on Dec. 8, 2022.

If a user visits magiceden.io and searches for NFTs based on the Coachella collection, the listings will display micro-images from the compilation’s artwork. However, when a user toggles to see the details of the actual listing, the NFT’s imagery is not shown.

Similarly, FTX US-based NFTs listed on Opensea show the images on the main sale page and even some of the details on individually listed NFTs still show the images, but there are many that do not or they show errors. The NFTs that are listed on Opensea show a floor value of around 100 ethereum (ETH) and Coachella NFTs listed on magiceden.io are listed for prices between 1-100 SOL per unit.

What do you think about the broken metadata issue tethered to FTX US-based NFTs? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, a journalist and financial tech expert living in Florida, is the News Lead at Bitcoin.com News. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

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