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Weekly Wrap Up #68

Quote of the week: “I think basically we’ve been set back a few years now. Regulators rightfully will scrutinize this industry much, much harder, which is probably a good thing, to be honest.” – Changpeng “CZ” Zhao, Binance CEO 

Source:  Cointelegraph

FTX Files for Bankruptcy:  FTX, FTX United States, and Alameda filed for Chapter 11 bankruptcy in the United States.  FTX’s Bahamas unit, FTX Digital Markets, filed for bankruptcy under Chapter 15, which allows a foreign debtor to shield assets in the country. Typically, companies outside of the United States file Chapter 15 bankruptcy to block creditors who wish to file lawsuits or tie up assets in the United States. Sources:  FXempire.com and Cointelegraph

Genesis’ Crypto-Lending Arm Halts Withdrawals: In the wake of the FTX collapse, the lending unit of Genesis Global Trading temporarily suspended redemptions and new loan originations. The company stated that Genesis Trading is independently capitalized and its custody services remain completely operational.  Source: Coindesk

FTX Owes Miami:  FTX owes the owners of the former “FTX arena” $16.5 million, according to the contract signed last year. The contract specified in the event of default by FTX, including an “insolvency event,” that the exchange will be liable to pay three years of fees, within 60 days. In the event that the exchange does not pay those fees, Miami-Dade County says that it has the right to charge 12% interest per annum until the payment is made. Source: Coindesk

ARK Adds $12.1M in Coinbase Shares: Despite market turbulence, Cathie Wood’s  ARK investments purchased 237,675 shares of Coinbase stock, worth $12.1M, after Coinbase revealed that it had “minimal exposure” to FTX. Source: Cointelegraph

Nike Dives Deeper Into the NFT and Metaverse Space: This week, Nike has unveiled the launch of its NFT marketplace called “.Swoosh.” The NFT marketplace is still in its beta phase. Nike announced that its “first digital collection” will launch on the Web3 platform in 2023.  Source: Cointelegraph

And, that’s a wrap!

Jordana Cohen,

Associate

Alpha Sigma Capital

jcohen@alphasigmafund.com

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Alpha Sigma Capital
Daniel Siciliano

F. Daniel Siciliano is an Independent Director of the Federal Home Loan Bank of San Francisco and Chair of the American Immigration Council. He is the former faculty director of the Rock Center for Corporate Governance at Stanford University and former Professor of the Practice and Associate Dean at Stanford Law School. His work has included expert testimony in front of both the U.S. Senate and the House of Representatives and for 2009, 2010, and 2011, alongside leading academics and business leaders such as Ben Bernanke, Paul Krugman, and Carl Icahn, Professor Siciliano was named to the “Directorship 100” – a list of the most influential people in corporate governance.

Siciliano was also co-founder, CEO and ultimately Executive Chairman of LawLogix Group, Inc. – a global software technology company named 9 consecutive times to the Inc. 500/5000, several times ranked as one of the Top 100 fastest-growing private software companies in the US and named to the US Hispanic Business 500 (largest) and Hispanic Business 100 (fastest growing) lists for 2010 and 2011. In 2012 he sold a majority stake of the company to PNC Riverarch Capital, continued as Executive Chairman, and led the sale of the company to Hyland Software/Thoma Bravo in 2015.

Siciliano is a co-founder and board member of the Silicon Valley Directors’ Exchange (SVDX), Chairman of the national non-partisan American Immigration Council, past-President of the League of United Latin American Citizens (LULAC) Council #1057, and an active member of the Latino Corporate Directors’ Association.


Siciliano’s related areas of expertise include executive compensation, corporate compliance, the legal and social impact of autonomous (AI/robotic) systems, and corporate technology strategy and security. He has served as a governance consultant and trainer to the Board of Directors of dozens of Fortune 1000 companies (including Google, Microsoft, Fedex, Disney, Entergy and Applied Materials), is an angel investor and consultant to several firms and companies in Silicon Valley, Hong Kong, India, and Latin America, and currently serves as an independent director on the board of the Federal Home Loan Bank of San Francisco. He lives in Los Altos, California.