The FTX saga continues to move at a blistering pace, with FTX, FTX US and Alameda Research all filing for Chapter 11 bankruptcy last Friday and Sam Bankman-Fried, its co-founder, resigning as CEO. We're starting to see the contagion of the FTX collapse spread to crypto lending companies including BlockFi and Genesis, both of which have halted withdrawals for lending services. (More on that below.)

FTX’s venture backers now have to deal with the reality that their investments are effectively worthless. Paradigm and Sequoia both announced that they had written their investments—$278 million and $214 million, respectively—to zero, as Kate detailed in her story last week.