Welcome back to Chain Reaction.
To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12 p.m. PT, subscribe here.
Hello, frens and cheers to the end of September!
We’re recovering from Disrupt 2023 and gearing up for the highly anticipated Sam Bankman-Fried trial, which starts on October 3. Keep an eye out for lots of coverage from us as it all unravels over a six-week period to determine whether the 31-year-old former CEO of FTX is guilty on seven counts of fraud and conspiracy. More to come.
As for other news, it’s been an interesting and somewhat slower week for the crypto community.
But, black hat hackers struck the industry, yet again. On Sunday, Hong Kong-based crypto company Mixin lost around $200 million to hackers in a breach. The hack on Mixin is the biggest theft in the crypto world in 2023, according to data maintained by Rekt. What was the second largest hack, you’re wondering? I can’t give everything away, so go read the story below.
This week in web3
The latest pod
Tools for Humanity, which is the team building Worldcoin, raised $115 million in a Series C round back in May with investors like Blockchain Capital, a16z, Bain Capital Crypto and Distributed Global. In March 2022, Worldcoin raised $100 million at a $3 billion valuation.
The project was co-founded by OpenAI CEO Sam Altman with a three-part mission to create a global ID, a global currency and an app that enables payments, purchases and transfers with its token.
Worldcoin has been on a world tour since April, hitting major cities like Tokyo, Miami, New York City and San Francisco. It has also set up shop in major cities in countries like Kenya, India and China.
We dive into why someone would scan their eyes, alternate options and privacy concerns some skeptics have about the project.
We also talked about:
The global adoption of Worldcoin
Kenya "indefinitely" pausing Worldcoin iris scans
The project's biggest challenges for growth
How AI can fit into Worldcoin
Future opportunities and roadmaps
Follow the money
On-chain leverage trading platform Avantis Labs raises $4 million seed round led by Pantera Capital
Privacy-centric blockchain Fhenix raises $7 million in round led by Multicoin Capital
Web3 dev platform Alchemy acquired blockchain indexing platform Satsuma
Bitmain will invest $54 million in now-bankrupt bitcoin mining firm Core Scientific
This list was compiled with information from Messari as well as TechCrunch’s own reporting.
What else we’re writing
Want to branch out from the world of web3? Here are some articles on TechCrunch that caught our attention this week.
Follow me on Twitter @Jacqmelinek for breaking crypto news, memes and more.