South Australian Crypto Player Has Received Funding From FTX, Alameda

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The group’s spokesperson did not immediately respond to a request for comment as to who owns the majority of StepN parts.

On April 28, 2022, approximately three months into the seed funding round of groups such as Alameda, Sequoia Capital, Solana Capital, and 6th Man Ventures, the StepN coin reached an undiluted market cap of $2.4 billion at a record price of $4. .05.

The leaked document details Maclaurin Investments Ltd (formerly known as Alameda Ventures) as a StepN investor through a Simple Agreement for Future Tokens (SAFT), which is described as a security issued for the future transfer of digital tokens from cryptocurrency developers to investors.

StepN Find Satoshi Lab is founded by Adelaide-based cryptocurrency entrepreneurs Yawn Rong and his former neighbor Jerry Huang, who graduated from the University of South Australia and Zhejiang University in China respectively.

Mr. Rong previously co-founded Crypto SA, a blockchain investment firm headquartered in downtown Adelaide, where he is described as an initial coin offering (ICO) analyst and a crypto connoisseur.

The StepN website describes itself as a Web3 lifestyle and gaming app that rewards users with non-fungible StepN tokens (NFTs) for walking, jogging, and running outdoors.

In September 2022, StepN boasted that its vast Web3 and NFT product empire had 4.7 million registered users with its decentralized DOOAR exchange as the world’s number one for Solana-based users.

It said it has integrated Binance Smart Chain, Solana, and Ethereum blockchains into its StepN platform with daily active users, including those who walk, run, and jog for NFTs, hitting an all-time high of 1 million on the 2nd. June.

In November 2022, South Australian entrepreneurs launched MOOAR, a multi-channel NFT marketplace.

Leaked list

Other companies on the leaked list of FTX’s portfolio of around 500 venture capital investments include SkyBridge Capital and venture capital group Sequoia Capital.

SkyBridge invested $45 million, while the Sequoia Capital Heritage Fund and Sequoia Capital Fund invested $200 million, according to the documents.

Reports suggest around $1 billion in assets have been recovered so far on behalf of FTX creditors in what will likely be the biggest fraud in US history.

On Dec. 7, the Financial Times first reported the leaked portfolio of some 500 investments and said it showed FTX’s scattergun approach to venture capital investing in the universe of cryptography.

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