Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
The biggest acquisition in gaming history could have important implications for the Web3 and crypto gaming communities. Meanwhile, the firm behind USDT (USDT) appointed chief technology officer Paolo Ardoino as its new CEO, and a secret recording from a meeting involving former Alameda CEO Caroline Ellison has revealed a number of insights into what occurred in the days and weeks leading up to the FTX crisis.
Microsoft’s Activision buy may see more metaverse in the office and crypto in gaming
Microsoft’s recently finalized buyout of Activision Blizzard — the largest acquisition in gaming history — could prove to be the catalyst for an uptick in cryptocurrency in gaming and the expansion of the metaverse for the office.
The Redmond behemoth’s Xbox division was never really meant to be a profitable arm of the Microsoft corporation, and the $68.7 billion acquisition of Activision Blizzard demonstrates the company’s intent to bet on long-term synergy between its gaming, software and enterprise verticals.
The principal players in the buyout — Microsoft CEO Satya Nadella, Xbox boss Phil Spencer and former Activision Blizzard CEO Bobby Kotick (who will stay until the end of 2023 to help with the turnover) — have all, at one time or another, expressed fervent interest in exploring the metaverse space.
And if leaked internal documents are to be believed, both companies (prior to the buyout) had explored the crypto gaming space and, at least at the drawing board stage, developed potential plans.
Together, these notions indicate that both Web3 and crypto could have a bright future under the massive umbrella of Microsoft/Xbox — now the third-largest gaming outfit in the world, trailing only Tencent and Sony.
Today is a good day to play. We officially welcome Activision Blizzard King to Team Xbox. Together, we’ll create stories and experiences that bring players together, in a culture empowering everyone to do their best work and celebrate diverse perspectives. https://t.co/KBCESknYYh https://t.co/jTHOeH48Wx
— Phil Spencer (@XboxP3) October 13, 2023
Tether stablecoin firm appoints CTO Paolo Ardoino as CEO
Tether, the issuer of the world’s largest stablecoin by market capitalization, is replacing its CEO as the company works to expand its areas of focus.
Ardoino, who has been serving as Tether’s chief technology officer since 2017, will become the new CEO of the firm in December 2023, Tether announced on Oct. 13.
He will replace Jean-Louis van der Velde, who will transition to an advisory role for Tether while retaining his position as CEO of Tether’s sister company, Bitfinex. Ardoino will continue in his roles as chief technology officer for Bitfinex and chief strategy officer for the Bitcoin layer-2 solution Holepunch.
Ardoino will also “continue to oversee the technology department for the time being” at Tether, a spokesperson for the firm told Cointelegraph.
Tether said the change in leadership reflects the company’s commitment to actively exploring new business operations, including peer-to-peer communications, renewable energy, resilient data storage and Bitcoin (BTC) mining.
As Ardoino has been leading Tether’s expansion strategy over the last couple of years, the transition should be seen as a “natural progression,” a representative of the firm told Cointelegraph.
Secret Alameda recording reveals moment staff learned about FTX deposits
A 75-minute secretly recorded audio clip of Ellison has revealed the exact moment 15 former Alameda Research staff found out the hedge fund was “borrowing” user funds from FTX.
The full-length recording, obtained by Cointelegraph, provides fresh insights into the palpable tension felt by Ellison and Alameda staff in the lead-up to FTX’s collapse.
“Alameda was kind of borrowing a bunch of money via open-term loans and using that to make various illiquid investments,” said Ellison during an all-hands meeting in Hong Kong on Nov. 9, 2022.
Judge Kaplan: This is for prior consistent statement.
AUSA: Who recorded the all-hands meeting?
Drappi: Rick Best. He had started at Alameda three days before this. He gave me the recording.
AUSA: Here's a CD, have you reviewed it?
Drappi: Yes. It's audio clips.— Inner City Press (@innercitypress) October 12, 2023
“So, like a bunch of FTX and FTX US equity. […] Most of Alameda’s loans got called in in order to meet those recalls,” she added.
“We ended up like borrowing a bunch of funds from FTX, which led to FTX having a shortfall in user funds.”
“[FTX] basically always allowed Alameda to borrow users’ funds,” she added, speaking to the 15 or so staff in the meeting.
Select segments of the audio recording of the meeting were also played before the court on the eighth day of Sam Bankman-Fried’s criminal trial on Oct. 12, which was part of witness testimony from Christian Drappi, a former software engineer at Alameda.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
