World News
SEC to appeal XRP, PayPal launches stablecoin, and Microsoft partners with Aptos on August 10, 2023 at 7:00 pm
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.
This week was a busy one for crypto (per usual) with the SEC, PayPal, Coinbase and Microsoft leading the headlines. Let’s get into it.
This week in web3
The SEC said in a court filing on Wednesday that it would file an “interlocutory appeal” for the federal court ruling on Ripple and the XRP token last month. Read more.
Artificial intelligence has captured the hearts, minds and wallets of the technology industry. So it’s little surprise that Microsoft, which has several irons in the AI fire, is working to expand its footprint in the area. On Wednesday, the company announced that it is partnering with layer-1 blockchain Aptos Labs to work on AI and web3. Details here.
PayPal is rolling out a stablecoin for payments and transfers. Yes, you read that right. Find out what that means for users and the traditional payment world here.
Will the Law Commission’s digital assets final report make the UK a DeFi jurisdiction of choice?
Coinbase reported its second-quarter earnings Thursday afternoon after the bell, beating market estimates. We dove into what it means for the company, so you don’t have to.
Beacon, an early-stage web3 accelerator program, held its demo day on Wednesday during which the teams homed in on infrastructure, gaming, decentralized social media and DeFi, held its second cohort graduation on Wednesday. Learn more here.
The latest pod
For this week’s episode, Jacquelyn interviewed Robbie Ferguson, co-founder and president of Immutable.
Immutable is a web3 company consisting of two entities: Immutable Platform, a developer platform for building and scaling Ethereum-based web3 games, and Immutable Games, a web3 game developer and publisher. Some traditional gaming studios and IP holders are also building on its platform like GameStop, TikTok, Illuvium and NFT marketplace OpenSea, to name a few.
In March 2022, Immutable raised $200 million at a $2.5 billion valuation and last June it launched a $500 million developer and venture investment fund, which TechCrunch covered exclusively.
We discussed the web3 gaming market and how it’s grown in the past year and where it’s going in the future.
We also talked about:
Creating value in games
Mobile gaming vs web3 gaming
Global adoption
Advice for developers
Subscribe to Chain Reaction on Apple Podcasts, Spotify or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!
Follow the money
Spearbit raises $7M to improve security audits in crypto through its open marketplace
Cube3.AI raised $8.2M in a seed round to improve web3 security
SphereX also raised $8.2M to improve smart contract security
Orbital raised $6.4M for to provide crypto solutions for traditional finance
Institutional decentralized exchange D8X raised $1.5M in a pre-seed round
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’s some articles on TechCrunch that caught our attention this week.
Fearless Fund responds to racial discrimination lawsuit
So your startup’s runway is dwindling and fundraising is hard. What’s next?
Researchers watched 100 hours of hackers hacking honeypot computers
Imagine for a moment that you’re an AI
6 startup founders gaze into a future-of-work crystal ball
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. This week was a busy one for crypto (per usual) with the SEC, PayPal, Coinbase and Microsoft leading the headlines. Let’s get into it. This week
Politics
Netanyahu’s UN Speech Triggers Diplomatic Walkouts and Mass Protests

What Happened at the United Nations
On Friday, Israeli Prime Minister Benjamin Netanyahu addressed the United Nations General Assembly in New York City, defending Israel’s ongoing military operations in Gaza. As he spoke, more than 100 delegates from over 50 countries stood up and left the chamber—a rare and significant diplomatic walkout. Outside the UN, thousands of protesters gathered to voice opposition to Netanyahu’s policies and call for accountability, including some who labeled him a war criminal. The protest included activists from Palestinian and Jewish groups, along with international allies.

Why Did Delegates and Protesters Walk Out?
The walkouts and protests were a response to Israel’s continued offensive in Gaza, which has resulted in widespread destruction and a significant humanitarian crisis. Many countries and individuals have accused Israel of excessive use of force, and some international prosecutors have suggested Netanyahu should face investigation by the International Criminal Court for war crimes, including claims that starvation was used as a weapon against civilians. At the same time, a record number of nations—over 150—recently recognized the State of Palestine, leaving the United States as the only permanent UN Security Council member not to join them.
International Reaction and Significance
The diplomatic walkouts and street protests demonstrate increasing global concern over the situation in Gaza and growing support for Palestinian statehood. Several world leaders, including Colombia’s President Gustavo Petro, showed visible solidarity with protesters. Petro called for international intervention and, controversially, for US troops not to follow orders he viewed as supporting ongoing conflict. The US later revoked Petro’s visa over his role in the protests, which he argued was evidence of a declining respect for international law.

Why Is This News Important?
The Gaza conflict is one of the world’s most contentious and closely-watched issues. It has drawn strong feelings and differing opinions from governments, activists, and ordinary people worldwide. The United Nations, as an international organization focused on peace and human rights, is a key arena for these debates. The events surrounding Netanyahu’s speech show that many nations and voices are urging new action—from recognition of Palestinian rights to calls for sanctions against Israel—while discussion and disagreement over the best path forward continue.
This episode at the UN highlights how international diplomacy, public protests, and official policy are all intersecting in real time as the search for solutions to the Israeli-Palestinian conflict remains urgent and unresolved.
News
Is a Nuclear-Powered Alien Spacecraft Flying Toward Earth?

A mysterious interstellar object speeding through our solar system has reignited debates about extraterrestrial technology — and whether Earth might currently be under quiet observation.
The object, known as 3I/ATLAS, is only the third confirmed interstellar visitor ever detected. Unlike ordinary comets, however, this cosmic traveler has baffled astronomers with its unusual brightness, strange trajectory, and lack of a visible cometary tail. While most scientists cautiously describe it as a natural body, one leading astrophysicist believes something much stranger is at play.

Harvard Scientist’s Bold Claim
Professor Avi Loeb of Harvard University, head of the Galileo Project, has suggested that 3I/ATLAS may in fact be a nuclear-powered alien spacecraft designed to test how humanity would respond to an interstellar visitor. He argues that its flight path is improbably precise, bringing it close to Mars, Venus, and Earth — a pattern highly unlikely to occur by chance.
Loeb also points out that telescope images show a glow inconsistent with ordinary dust behavior. Instead of trailing behind like a comet, the halo-like light appears to extend in unusual ways, sparking debate about whether the object could be emitting energy of its own.
Headed Toward Earth’s Neighborhood
3I/ATLAS is expected to make its closest approach in late 2025, passing near Mars before swinging by the inner solar system. Although Earth itself will be on the opposite side of the Sun when it comes closest, the alignment will still enable space-based observatories to capture sharper data.

Loeb has called on NASA and other agencies to use spacecraft already stationed near Mars or Jupiter — including the Juno mission — to take high-resolution photographs. He believes such efforts could reveal whether the interstellar object is truly natural, or the first technological probe humanity has ever encountered.
Should We Be Worried?
While most astronomers argue caution before jumping to alien conclusions, Loeb insists that scientific openness is key. “If it’s just a comet, we learn something new,” he said. “But if it’s a spacecraft, it would be the most important discovery in human history.”
For now, 3I/ATLAS remains a mysterious speck on astronomers’ charts, drifting closer with each passing day. Whether it proves to be a frozen remnant of another star system or something far more advanced, the interstellar visitor has already succeeded in one mission: reminding us how vast and unpredictable the universe really is.
News
AI Automation Could Cause Up to 20% Unemployment—A Workforce on the Brink

Stark Warning from Anthropic CEO Highlights Rapid Job Displacement Risk
The looming threat of widespread unemployment due to AI automation has sparked intense debate among experts, business leaders, and policymakers. Dario Amodei, CEO of Anthropic—the company behind the influential AI language model Claude—issued a stark warning that has sent shockwaves through corporate America:

“Up to half of all entry-level white collar jobs could disappear within the next one to five years, potentially pushing unemployment rates as high as 20% during this period.”
This dramatic forecast paints a picture of a rapid and unsettling transformation in the workforce, driven by AI technologies that can perform complex cognitive tasks.
Balancing Predictions: Worst-Case Scenarios vs. Moderate Impact
However, this forecast represents one end of a spectrum of expert predictions. While Amodei’s warning highlights the worst-case scenario driven by the swift adoption of AI agents capable of coding, analyzing data, drafting legal documents, and managing workflows around the clock, other analyses suggest a more moderate impact. For example, Goldman Sachs estimates that AI could temporarily displace about 6-7% of U.S. jobs, with unemployment rising by approximately half a percentage point during the adjustment period. Their research anticipates a more gradual transition with a mixture of job disruption and creation.

The Unprecedented Speed and Scope of AI-Driven Job Disruption
The truth likely lies somewhere in between. AI is advancing at unprecedented speed, and the scope of jobs affected spans far beyond blue-collar roles to white-collar positions that required college degrees and years of training. Entry-level roles such as customer service representatives, data entry clerks, junior analysts, and administrative assistants face the greatest near-term risk. Mid-level roles in accounting, marketing, law, and engineering could soon follow, with companies already laying off workers citing AI-driven efficiencies.
Preparing for an AI-Transformed Workforce: Adaptation Is Essential
Ultimately, the AI-driven job transformation is no longer a distant prospect but unfolding now. Whether unemployment spikes to 20% or stabilizes at lower levels depends on many factors, including business adoption rates, government policies, and the ability of workers to reskill. What is certain is that the workforce of tomorrow will look very different from today—and the time to prepare is right now.
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