TBW Premium #13: XAnge launches its Web3 fund, 5 potential airdrops to watch 🪂
Read all about The Big Whale's 12th Premium newsletter.
7 July 2022
Hello Whales and welcome to the new kids on the block who've just joined us in the Premium edition. Hold on tight, it's a bumpy ride at the moment! 🌊
THE BIG SPLASH
The domino effect 🌪️
This was the question we had all been asking ourselves for weeks: which "CeFi" (centralised finance) player would fall first? Many thought it would be lending platform Celsius, which has been much talked about, but in the end it was Three Arrows Capital (3AC) that cracked before anyone else... After several liquidations of its positions, the famous Singaporean crypto fund filed for bankruptcy earlier this week in the United States, where it manages a large part of its business.
It could all have ended there. Except that on the heels of this, broker Voyager, which is exposed to 3AC, announced yesterday that it was filing for bankruptcy in the United States. A chain of events that is now leading to fears of a domino effect of sorts in the 'CeFi' sector.
What will be the next company to explode in mid-air? Will there be victims in France? In an attempt to reassure everyone, FTX boss Sam Bankman-Fried explained that his company still had several billion dollars available to help the sector. Is this enough to stop the bleeding? That's the question we're all asking ourselves now...