crypto news

The Daily Dose: Instagram NFTs Sell Out Every Time, FTX Attorneys ‘Find’ $5B, New $1B Crypto Fund Inbound & More

Disclaimer This article is for general information purposes only and isn’t intended to be financial product advice. You should always obtain your own independent advice before making any financial decisions. The Chainsaw and its contributors aren’t liable for any decisions based on this content.

Here’s the crypto news you need to know this morning:

  • All of the NFT collections hosted on Instagram have sold out every time.
  • FTX attorneys have uncovered more than US$5 billion in ‘recoverable’ assets in the Bahamas.
  • Abu Dhabi-based Venom Foundation will launch a US$1 billion super fund for crypto and Web3.
  • Digital Currency Group CEO Barry Silbert writes a letter of his own but strangely fails to mention the Winklevii.

NFT collections on Instagram sell out every single time

While a number of critics were sceptical about the Instagram, one of the largest social media platforms in the world, venturing into NFTs, the proof is very much in the pudding.

All of the NFT collections hosted on Instagram so far, from artists such as Drifter ShootsRefik AnadolAmber VittoriaDave Krugman and Micah Johnson, have completely sold out every single time time.

Drifter Shoots recalls how his November 11 NFT project sold out in just ten seconds.

When Instagram first started tinkering with NFTs early last year it only allowed for a select number of people to connect their digital wallets and show off the NFTs they owned. On November 3, Instagram fully launched its ‘Digital Collectibles’ feature, allowing select digital artists to begin minting and selling NFTs directly on the platform.

FTX attorneys ‘find’ $5 billion worth of assets in the Bahamas.

In some seriously good news for those with funds stuck on FTX,the new FTX bankruptcy team led by CEO and asset recovery specialist John Ray III, has managed to recover more than US$5 billion in liquid assets from the Bahamas.

“We have located over US$5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value”, claimed FTX lead attorney Adam Landis.

“There were dozens of illiquid cryptocurrency tokens but the holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token.”

Adam Landis.

Popular crypto exchange FTX collapsed in mid-November after it emerged they had engaged in high-risk borrowing strategies to sister trading firm Alameda Research who had been utilising the funds to over-collateralise loans and orchestrate lavish spending sprees.

Venom Foundation to launch $1 billion crypto superfund

The Abu Dhabi-based blockchain platform Venom Foundation and investment manager Iceberg Capital have joined forces to launch a US$1 billion venture fund for crypto and Web3 firms through a new partnership.

The fund, dubbed ‘Venom Ventures Fund’ (VVF) is marketed as the place where “old money meets new,” and will invest in pre-seed to Series A rounds for web3 protocols and decentralized applications (dApps) that focus specifically on trends like payments, DeFi, asset management and GameFi.

According to the press release, VVF will also use Iceberg Capital’s resources to offer incubation programs as well as assisting projects with marketing, exchange listing and technical and legal support.

Barry Silbert’s mysterious letter

Hours after Gemini’s Cameron Winklevoss sent Digital Currency Group CEO Barry Silbert a scathing letter, demanding that he be removed from leadership, Silbert has responded in a letter to shareholders… kind of.

In the letter Silbert addressed some of the more hot-button issues surrounding DCG, telling shareholders that DCG’s subsidiary Genesis Global Trading had a “relationship” with defunct hedge fund Three Arrows Capital and invested US$250,000 in FTX’s Series B funding round in July 2021. According to the letter DCG also borrowed US$500 million between January and May of last year at an approximate interest rate of 11% and currently owes Genesis US$447.5 million.

What was most confusing to the crypto community was that Silbert made no mention of Cameron Winklevoss’ claims, something that many Twitter users were quick to pile up on.

“TL:DR, you not getting your money back b*tch” wrote one user.

Another user King Kong broke it down it into simpler language.

And that’s all the crypto news you need to know before you start your day.