FTX to provide $6M in compensation to account holders impacted by a phishing incident via a 3rd-party site but says this kind of relief will not become the norm (Sunil Jagtiani/Bloomberg)

Sunil Jagtiani / Bloomberg:
Crypto prices sink, with bitcoin dropping ~4% and ether ~7%, dragged down by the ongoing FTX saga, potential contagion, and the FTX hacker offloading ether  —  Cryptocurrency prices struggled Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once powerful FTX empire.

Kari McMahon / The Block:
London-based Archax, the UK’s only digital asset exchange licensed by the Financial Conduct Authority, raised a $28.5M Series A led by investment firm abrdn  —  Archax, the UK’s only digital asset exchange to be licensed by the Financial Conduct Authority, has raised $28.5 million in a Series A fundraising round.

Stefanie Marotta / Bloomberg:
Shopify changes its compensation practices to let staff choose a mix of cash, restricted stock units, and stock options; Shopify stock is down 75% in 2022  —  Shopify Inc. is changing its compensation practices to let staff decide how much of their pay will be cash versus equity …

Bloomberg:
A look at the digital asset diehards at Art Basel in Miami, who tried to ignore the fallout from FTX’s collapse even as FTX merch remained, hidden in storerooms  —  At a dazzling new hotspot in the center of Miami’s crypto scene, the remains of Sam Bankman-Fried’s collapsed empire are stuffed in trash bags.

Dustin Volz / Wall Street Journal:
US DOJ forms the Digital Asset Coordinators Network with 150+ federal prosecutors across the country to target illegal activities involving digital currencies  —  New effort is part of trend toward putting more resources to target illegal activities involving digital currencies