The Recap: RIP FTX, MaJ Ethereum, future Solana, Meta stumbles …

FTX And Sam Bankman Friedthe big disappointment and the shipwreck of the confidence; Half Delete 11,000 jobs; The Scourge, new Ethereum update; Solana disturbed, but also sustained … Back tocryptographic news of the week.

Sam Bankman Fried, the man who heard the whisper in the ear of the US regulator and lawmakers. The head of FTX flew this summer to the aid of other cryptocurrency players threatened with being overwhelmed by a liquidity crisis. The flamboyant head and the exchange of him, which eventually ended declared bankrupt Friday, he actually had all the colossus with feet of clay.

And SBF he masked this reality until he could no longer deny it and quickly appeal Binance, his executioner. ” Sorry I made a mistake “, Recognizes the young man in his thirties. Binance and CZ they are not even exempt from reproaches. They have largely contributed to accelerating the fall of a competitor, indefinitely penalizing many retail customers whose tokens are now blocked. By declaring the liquidation of all its FTTs over the weekend, the Binance CEO has sparked panic, even though the prime culprit remains the FTX executives.

For Elon Muskthe the fall of the FTX empire was foreseeable. “My bullshit detector was ‘redlining’. Was like this guy is a cheat Dogecoin supporter and new Twitter CEO said Saturday.

Crypto: essential changes

The FTX affair sign a new one blow to confidence towards the industry, its companies and their practices. It might justify a new one regulatory tightening, and not necessarily balanced and conducive to innovation. Jesse Powell, co-founder of Kraken, summary just the situation.

We let the clowns ride under our flag as they sell us for their interests. We give them the power to speak on our behalf, but they have not earned this privilege. When they blow up, our house, our reputation, our people suffer the consequences ”.

A reconquest operation now it is required. Binance, defeated by a troubled rival, hopes to embody a new, more transparent crypto finance. Ironically, when until recently it was called the ugly duckling of conformism e Reuters continues to damage its image in this industry.

Ethereum continues to write its future

In the shadow of events FTX this week, other Web3 projects continue their development, without completely escaping the consequences. It is in fact the prices of all cryptocurrencies that have gone unscrewed. Bitcoin it also hit a new low at around $ 15,600.

Second public blockchain in uppercase, Ethereum Think ahead, though, and what is taking shape for its ecosystem after The Merge. She awaits him, for example, a new update phase titled The scourge, or the plague. Despite this name, it is indeed a positive development for Ethereum that is coming.

The goal of The scourge is therefore to “Ensure the inclusion of reliable and fair, credible and neutral transactions [et] troubleshoot the VPD [Maximum Extractable Value] Summarizes Vitalik Buterin, co-founder of Ethereum.

Meta stumbles on the metaverse, without giving up

The ambitions of Half in the metaverse they are expensive for the company. And the benefits will not be perceptible for years to shareholders and investors. The company’s stock market title of Zuckerberg it is therefore largely downward-oriented. The leader must then let go.

Like other tech companies, Half so he announced his first restructuring plan. This concerns 11,000 employees of the Californian. This represents 13% of its workforce. “In this new environment, we need to become more efficient (…) We have shifted more resources to fewer high-priority growth areas (…) and our long-term vision of metaverse “, Announces Zuckerberg.

Solana between promises and ferment

Crises are triggered systematically risks of contagion. The fall of FTX has thus exacerbated fears for the ecosystem Solana, in which SBF has been heavily invested, particularly through the DEX serum. the SOL course it then took a big hit, retreating dramatically over the course of the week and dropping below $ 15. Crypto.com also announced that it will freeze USDC and USDT withdrawals and deposits on Solana due to the events of the week.

This story has gone very badly since then Solana held its major annual conference until Monday 7 November. The the party was largely ruined. However, the blockchain is well established in the main Web3 panel. The proof is Google intends to bring its new Blockchain Node Engine service to Solana next year. The same goes for BigQuery, its popular cloud data warehouse. As for Circleplans to launch its euro stablecoin, EUROC, on Solana in the first half of 2023.

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