Evening News | Temasek will write down its investment in FTX to zero; Multicoin's assets fell by 55% due to the FTX bankruptcy事件

整理：润升，链捕手

"What Important Events Happened in the Last 24 Hours"

1. Temasek: Invested approximately $275 million in FTX and FTX US, spent 8 months on due diligence showing FTX was profitable

Temasek released a statement regarding FTX, stating that from October 2021 to January 2022, it invested $210 million to acquire about 1% minority stake in FTX International and $65 million to acquire about 1.5% minority stake in FTX US. As of March 31, 2022, the investment cost in FTX accounted for 0.09% of our portfolio net worth of SGD 403 billion. Given FTX's financial situation, Temasek decided to write down its entire investment in FTX, regardless of the outcome of FTX's bankruptcy protection application.

In terms of due diligence on FTX, it took about 8 months from February to October 2021, reviewing FTX's audited financial statements, which showed it was profitable; additionally, it focused on regulatory risks associated with cryptocurrency financial market service providers; qualitative feedback on the company and management team was collected. After the investment, Temasek continued to manage business strategy and performance monitoring. However, eliminating all risks is not practically feasible.

From this investment, it is clear that "our faith in Sam Bankman-Fried's actions, judgment, and leadership seems to have been misplaced." (Source link)

2. Sources: Multicoin Capital's assets dropped 55% due to FTX bankruptcy event

According to sources cited by Blockworks, cryptocurrency investment firm Multicoin Capital lost more than half of its flagship fund's capital in about two weeks. Three sources stated that due to the FTX bankruptcy event, Multicoin's assets dropped 55% in about two weeks. In addition to 9.7% of assets being held by FTX, losses were also due to its long-term bullish position on Solana and Solana ecosystem assets, such as Mango, holding equity in FTX.US, and unfinished derivative contracts.

Furthermore, Multicoin has no plans to shut down its flagship product or switch to proprietary trading, and is working on operational and infrastructure improvements, including efforts to reduce counterparty risk. A spokesperson for Multicoin declined to comment. (Source link)

3. zkSync developer Matter Labs completes $200 million Series C funding, led by Blockchain Capital and Dragonfly

zkSync developer Matter Labs has completed a $200 million Series C funding round, led by Blockchain Capital and Dragonfly, with participation from LightSpeed Venture Partners, Variant, and a16z.

It is reported that Matter Labs did not disclose its valuation, and the total funding amount reached $458 million. Additionally, Matter Labs committed to submitting its core software under the MIT open-source license by the end of 2022, meaning third parties will be allowed to view, use, and enhance the zkSync code. (Source link)

4. Notable short-selling firm Citron: continues to short ETH, believes it has fundamental flaws like FTX

US-based notable short-selling firm Citron Research shared its views on the FTX incident on Twitter. Citron stated that the FBI did not conduct a two-hour examination of the second-largest donor to the Democratic Party. This is a national security issue.

"This reignites our short-selling flame… We continue to short ETH because we believe this $130 billion market cap token has many fundamental flaws, just like the entire SBF story." (Source link)

5. El Salvador President: Starting tomorrow, we will buy one BTC every day

El Salvador President Nayib Bukele tweeted, "Starting tomorrow, we will buy one BTC every day." (Source link)

6. Binance API adds CNY, with a red background and yellow ¥ symbol

Binance API adds CNY, with a red background and yellow ¥ symbol.

7. Insider: Binance.US to relaunch bid for Voyager

According to CoinDesk, citing insiders, Binance.US will relaunch its bid for the bankrupt cryptocurrency lending platform Voyager. The last auction was completed around the end of September this year, where FTX defeated competitors Wave Financial and Binance to win the Voyager auction. In the previous auction, Binance's bid for US Voyager was rejected due to national security concerns.

After FTX announced its bankruptcy last week, Voyager stated that it has restarted the bidding process for the company, with Wave Financial and trading platform Cross Tower also participating in the bidding. (CoinDesk)

8. BAYC#5429 sold for 0.1 ETH

According to nftgators, an NFT whale known as 99Vault purchased BAYC#5429 for 0.1 ETH, less than an hour after the buyer C3FC3F acquired it from HipHop_VAULT for 95 ETH. NFT traders analyzed that this transaction may be related to tax manipulation. (nftgators)

"What Exciting Articles Are Worth Reading in the Last 24 Hours"

1. "SBF replied to my DM, and I decided to make the conversation public"

Vox writer Kelsey Piper recently chatted with SBF on Twitter and published an article titled "SBF Tries to Explain Himself." The article describes how SBF insisted in the conversation that FTX did not invest the deposits of cryptocurrency account holders in the exchange, but stated that Alameda borrowed far more funds for investment from FTX's balance sheet than he imagined, ultimately exposing FTX to a bank run-like impact. SBF stated that the top priority now is to raise $8 billion to restore normalcy for account holders, calling it "essentially the most important thing for the rest of my life." However, Kelsey noted that SBF showed little sign of being troubled by the situation during the conversation.

2. "a16z: Using Zero-Knowledge Proofs to Achieve Crypto Privacy and Regulatory Compliance"

Without ensuring privacy, blockchain technology cannot achieve mainstream adoption. However, the same solutions that maximize privacy may hinder the government's ability to investigate, combat illegal financial activities, or recover stolen assets for law enforcement and national security purposes. So does this mean that blockchain technology will inevitably force people to choose between compliance with the detection, prevention, and disruption of illegal financial activities and privacy and consumer protection? This article argues that the answer is no, and that using modern cryptographic techniques to resolve this contradiction is not necessarily a zero-sum game.

3. "BendDAO Discusses Liquidity Crisis: 'The Community is Our Backbone'"

In early November, the Web3 Founders Real Talk column held a conversation with Splinter, the development lead of BendDAO. In this conversation, Splinter discussed the basics of BendDAO, development setbacks, and how to cope in a bear market. Additionally, Splinter shared how to capture the right market insights to develop a truly game-changing product. Splinter does not believe that the DeFi sector will collapse and sees it as a great investment opportunity, while also being fun, as history is being written.