Can the bankruptcy of FTX bring order to its chaos?

Welcome to Chain Reaction.

Last week on the podcast, we talked about the collapse of FTX, which is still ongoing. This week we're taking a break from our Thursday news episode for Thanksgiving, but we've got plenty of stories for you on the TechCrunch website, including some from our crypto event in Miami last week.

Before getting to the heart of the matter, Anita wanted to share a personal note:

Hi everyone! It's bittersweet to share that my time at TechCrunch is over, and with it, my participation in the Chain Reaction newsletter and podcast. I have learned so much about the wild world of crypto from your side every week. I'm sad to say goodbye, but I know you'll be in good hands with Jacquelyn and the rest of the TechCrunch team. As for me, feel free to tune in on Twitter, where I share more about my next professional steps. Thank you for reading and listening each week. I appreciate you all so much!

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Here are some of the biggest crypto stories TechCrunch has covered this week.

FTX Bankruptcy Hearing Details 'Inexperienced and Uninformed Persons' (TC+) Due Diligence

Hearings that will determine the fate of FTX, once one of the largest crypto exchanges in the world, began in US Bankruptcy Court for the District of Delaware on Tuesday. "We are here for an unprecedented matter and I do not say these words lightly," said James Bromley, partner at Sullivan & Cromwell and co-head of the firm's global restructuring practice, during the hearing. “This is a day one hearing well over a week after they were filed; that in itself is unusual. But what we have here [ … ] is a different type of animal.”

NFT Marketplace Magic Eden Integrates with Polygon to Develop Blockchain Game

NFT Marketplace Magic Eden integrates with Polygon, Ethereum's scaling layer 2 blockchain, to dive deeper into blockchain and NFT gaming ecosystems, techs announced on Tuesday. companies. The expansion aims to provide Magic Eden with the ability to support Polygon's ecosystem of developers and game creators. The Polygon network is home to some of the biggest Web3 game projects and publishers like Ubisoft, Atari, Animoca Brands, Decentraland, Sandbox, among others.

FTX processed billions of dollars a month in Africa before going bankrupt

On November 14, Nestcoin, one of Africa's leading crypto and web3 startups, announced that it was laying off several employees. At least 30 employees from various departments have been made redundant, while those who remained with the company saw their salaries cut by 40%, according to people familiar with the matter. The news is, in part, related to the fall of crypto exchange FTX, according to the CEO...