Evening News | Twitter officially sues Musk for canceling the acquisition plan; Su Zhu is accused of not cooperating with the liquidation process

Organizer: Linqi, Chain Catcher

1. Twitter officially sues Musk after he cancels acquisition plan

After Musk announced on July 8 that he was canceling the $44 billion acquisition of Twitter, the company has hired the law firm Wachtell, Lipton, Rosen & Katz and will file a lawsuit in the Delaware Court of Chancery. It remains unclear whether this potential lawsuit will ultimately result in Musk acquiring the platform, possibly at the previously agreed price, possibly at a renegotiated price, or possibly not acquiring it at all.

Last week, Twitter Chairman Bret Taylor took legal action against Musk, stating that the board is committed to completing the deal according to the previous agreement and plans to take legal action to "enforce the merger agreement." (Cointelegraph)

2. Su Zhu accused of not cooperating with liquidation process, emergency hearing for Three Arrows creditors to be held in New York

Due to accusations against Three Arrows founder Su Zhu for not cooperating with the liquidation process, a New York court has approved an emergency hearing for Three Arrows Capital creditors, scheduled for Tuesday morning (July 12) local time. Currently, NFTs from Three Arrows' NFT fund Starry Night have been transferred to a new wallet for unknown reasons. Creditors are seeking to freeze Three Arrows' assets and have first requested the court to compel the founders to disclose all assets of the fund.

In court documents submitted by the creditors' attorney on Friday evening in New York, it was stated that the fund's founders "have not begun to cooperate with the litigation process in any meaningful way." The attorneys noted that during an initial Zoom call, individuals claiming to be "Su Zhu" and "Kyle" were present, but their video and audio were turned off, and they did not respond to direct questions, with only their legal representatives answering. Court documents revealed that creditor attorneys who visited the Three Arrows Group's Singapore office found it abandoned. (CoinDesk)

3. Web3 Foundation announces 14th batch of Grant projects, totaling 36 projects selected

The Web3 Foundation announced the list of the 14th batch of Grant projects on its official blog, which includes 36 projects such as TDSoftware, ChainSafe Systems, Simply VC, Rusty Crewmates, Web3 Labs Ltd, Perun Network, Sequester, Fennel Labs, and Faceless Protocol. (Source link)

4. Polygon Studios CEO: Over 48 Terra projects have begun migrating to Polygon

Polygon Studios CEO Ryan Wyatt stated on Twitter that over 48 Terra projects have begun migrating to Polygon, including the NFT marketplace OnePlanet and the virtual world game Derby Stars. "We will invest funds and resources to facilitate these migrations to welcome developers and their respective communities." (Source link)

5. Jubi Labs establishes a $100 million Web3 venture capital fund

According to an official tweet, Jubi Labs, the innovative business laboratory under Jubi Group, announced the establishment of a Web3 venture capital fund with an initial scale of $100 million. This fund will be used to discover and invest in potential projects in cutting-edge fields such as DeFi, NFTs, Layer 2, Social-Fi, and GameFi, as well as to lead the construction of Web3 infrastructure.

It is reported that Jubi Labs was established in 2020 and aims to become a world-class blockchain project investment incubation laboratory. In addition to early-stage venture capital for incubated projects, Jubi Labs will also provide comprehensive solutions for project incubation, including product model design, market strategy development, community promotion resources, and more. (Source link)

6. Former U.S. Ambassador to China Terry Branstad joins Mask Network's nonprofit sector as a strategic advisor

Mask Network announced that former U.S. Ambassador to China and Iowa Governor Terry Branstad, along with former Chief of Staff at the U.S. Embassy in Beijing Steven Churchill, have officially joined Mask Network's nonprofit sector as strategic advisors. Ambassador Branstad and Mr. Churchill will be the first two former U.S. policymakers to join the Web3 community as advisors. They will provide strategic advice to the Mask Network team to help understand future launch strategies and expand Mask Network's global influence.

It is reported that Terry Branstad served as the U.S. Ambassador to China from 2017 to 2020 and was a guest speaker at the Ethereum Shanghai Summit held in May 2022. He met with Mask Network founder and CEO Suji Yan last month. (Source link)

7. Investment fund Generalist Capital completes $12.25 million financing, with participation from DCG, Polygon, and others
Chain Catcher reports that Mario Gabriele, founder of the tech community The Generalist, tweeted that he has established an investment fund Generalist Capital with a scale of $12.25 million. Co-founders of a16z Marc Andreessen and Chris Dixon, co-founders of Multicoin Capital Tushar Jain and Kyle Samani, Digital Currency Group, Polygon, LayerZero, and others participated in the funding. The raised funds are planned to be invested in about 20 companies over the next 18 months, focusing on cryptocurrency, fintech, and emerging markets. (Source link)
"What are the noteworthy articles to read in the past 24 hours?"
1. "More than a dozen Web3 unicorns see off-market valuations drop by 50%, primary market also weak in bear market"
In the context of a bear market, most projects are struggling to escape the decline in primary valuations. Data compiled by Messari founder Ryan Selkis shows that many Web3 unicorn projects are facing significant reductions in off-market trading prices compared to their previous funding valuations, including star unicorns like OpenSea, FTX, and ConsenSys. More than 10 Web3 unicorns have seen their valuations shrink by about 50%, with some even reaching 90%.
2. "Why did Musk 'flip-flop' on terminating the Twitter acquisition?"
On Friday, July 8, Eastern Time, Musk's team terminated the acquisition agreement with Twitter, citing serious violations of multiple terms in the agreement. Twitter responded by stating it would take legal action against Musk to enforce the acquisition deal and expressed "confidence" in achieving victory. Analysts believe that seeking a lower price has become Musk's core demand after Twitter's stock price plummeted.