Singapore’s Temasek writes down USD 275M investment in FTX
Singapore State investor Temasek International will write off its USD 275 million investment in cryptocurrency firm FTX prior to the exchange’s bankruptcy. In a statement issued early Thursday, Temasek International said that it would not support FTX during this period. Temasek also clarified that they currently had no direct exposure in cryptocurrencies and their investment in FTX was an investment into technology development.
FTX and Bankman-Fried sued in USD 11 billion consumer class action
Investors have officially sued crypto exchange FTX and Sam Bankman-Fried for the losses of up to USD 11 billion.
The lawsuit comes amid increasing reports over the possible extradition of Bankman-Fried from the Bahamas to the U.S. to face interrogations over his role in the FTX collapse.
Nike launches .Swoosh Web3 platform, with Polygon NFTs due in 2023
Nike has been one of the biggest fashion-world players in Web3 through RTFKT, the NFT and digital apparel startup it acquired in late 2021. Now, Nike aims to gradually bring its own brand into the Web3 space in 2023 by stepping up its efforts with the launch of a new platform, .Swoosh. The .Swoosh platform is positioned as the epicenter for Nike’s digital efforts around Web3. This platform is designed to highlight Nike’s NFT and apply Web3 to own digital product copyrights.
U.S. House Committee to hold hearing on collapse of FTX
The House Financial Services Committee said that it would hold a hearing next month to investigate the collapse of cryptocurrency exchange FTX and its huge impact on the digital industry.
The committee said it expected to hear from the companies and individuals involved, including FTX founder Sam Bankman-Fried, Alameda Research, Binance, FTX and related entities as the fallout of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange. The hearing will take place in December.