π 4 Months for CZ: Is It Fair?
In todayβs edition: π Renzo and Kamino tokens plummet post-airdrop, πΉ Rise of RWA protocols in crypto, π§ Glassnode identifies key seller group, π¬ Hashprice hits all-time low, and more!
π―ββοΈ Refer Unchained with a friend and earn a Premium subscription
Union is the first sovereign interoperability layer pioneering trustless bridging between appchains, L1s, and L2s without depending on trusted third parties, oracles, multi-signatures, or MPC. Looking to future-proof blockchain bridging, it is the only protocol that fully addresses the sovereign bridging trilemma, unlocking a horizontally-scaled future.
In this episode of Unchained, host Laura interviews Alexei Zamyatin, co-founder of Build on Bitcoin (BOB), Willem SchroΓ©, founder of Botanix Labs, and Orkun KΔ±lΔ±Γ§, co-founder of Chainway Labs. They discuss their respective projects, all of which are focused on developing Layer 2 solutions for Bitcoin.
Zamyatinβs Build on Bitcoin is a hybrid Layer 2 that connects to both Bitcoin and Ethereum, aiming to bring innovation back to the Bitcoin ecosystem. SchroΓ©βs Botanix Labs is developing a decentralized Layer 2 solution using the βSpiderchain,β which uses a series of multi-signature wallets to secure the chain. KΔ±lΔ±Γ§βs Chainway Labs is building Citrea, a zk-Rollup on Bitcoin that aims to create a Bitcoin-backed economy.
All three projects are in various stages of development and testing, with BOBβs mainnet launch expected shortly.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
Whatβs Poppinβ?
by Sam Sriram, Sage Young, Kollen Post, and Michael Bodley
How Binance Founder CZβs Sentence Compares to Other Recent Crypto and Banking Prosecutions
How fair was the founder and former CEO of Binanceβs sentence? See how it stacks up to other recent banking prosecutions across crypto, tradfi, and the casino industry.
Binance Founder and Former CEO Changpeng Zhao Sentenced to 4 Months in Prison
The former chief of Binance, Changpeng Zhao, was sentenced by a Seattle judge to four months behind bars for violating the Bank Secrecy Act.Β
Renzo and Kamino Tokens Tank as Airdrops Go Live
Tokens REZ and KMNO have both decreased substantially since their market debut early Tuesday, continuing a trend for recently airdropped tokens.Β
Cryptoβs New Hype Sector? TVL in RWA Protocols Nears $8 Billion
As memecoins drive much of the trading activity on one end of the crypto market, protocols with perhaps a more legitimate use case are quietly growing in value.
This Group of Investors Contributed Most to Bitcoin Selling: Glassnode
Onchain analysts at Glassnode have identified the cohort of investors behind the duration and depth of each market pullback, noting that we are still within βthe Euphoria zone.β
Bitcoin Mining Profits Plunge as βHashpriceβ Hits All-Time Low
While Bitcoinβs new non-fungible feature, Runes, has attracted attention and initially buffered the bottom lines of miners, its usage quickly plummeted.
A16z Makes $90 Million Private Purchase of Optimismβs OP Token
Blockchains including Celo have recently chosen Optimismβs OP Tech Stack to deploy Layer 2s on Ethereum.
π Your Market Update π
Crypto Market Retreats as Investors Wonder if There Are Enough Bullish Catalysts
by Juan Aranovich
With bitcoin, ether, and solana facing sharp declines, some point to dwindling bullish catalysts and regulatory risks, while others see potential for a market rally.
BTC is down 6.7%, trading at $57,523
ETH is down 5.1%, trading at $2,886
BTC dominance: 49.73%
Crypto market cap: $2.25T
*All data as of today, 06:57 am ET. Source: CoinGecko
Daily Bitsβ¦βοΈβοΈβοΈ
π Justin Sun's USDD stablecoin depegged again, trading at $0.97, amidst broader struggles within Sunβs cryptocurrency ventures, including issues with Poloniex's wrapped bitcoin and TUSD stability.
π Efforts to pass US stablecoin legislation by attaching it to the FAA reauthorization bill have been stalled, with congressional leaders opting for a clean bill.
π¨ββοΈ Roger Ver, also known as "Bitcoin Jesus," was indicted for tax fraud related to undeclared capital gains from selling bitcoin in 2017 and is currently awaiting extradition from Spain.
πΌ BlackRock's USD Institutional Digital Liquidity (BUIDL) Fund reached $375 million in assets under management, slightly outperforming Franklin Templetonβs FOBXX mutual fund.
π° The FTX estate concluded its second sale of locked solana tokens with successful bids of around $100 per token, involving 1.8 million SOL.
π¨ββοΈπ In Finland, a hacker was sentenced to nearly seven years in prison for blackmailing 30,000 psychotherapy patients, demanding over $500,000 in bitcoin.
Today in Crypto Adoption...
β‘ Coinbase introduced support for the Lightning Network to provide faster and cheaper bitcoin transactions, aiming to enhance the user experience significantly.
π³ Uniswap now allows users to buy cryptocurrencies using Robinhood Connect, enabling purchases with Robinhood funds, debit cards, or bank transfers, and offers a promotional $10 USDC for first-time buyers.
The $$$ Cornerβ¦
π΅ Tokenized asset issuer Backed secured $9.5 million in funding, led by Gnosis, to enhance its private tokenization services and integrate asset managers into blockchain technology.
ππΈ X10, a hybrid crypto exchange, launched on testnet after raising $6.5 million.
What Do You Meme?
Recommended Reads
DL News: Why airdrops promising billions are fizzling out as hype gives way to βshort-term scalpersβ
Forbes: TikTok And Instagram Have An AI Influencer ProblemβBlockchain Can Help
We Are Hiring!
A Sponsorships Manager to grow sponsorships across all its platforms as the publication itself grows. See the details and apply here.
A Bitcoin Reporter to cover all things Bitcoin. See the details and apply here.
A Regulatory Reporter to cover regulatory topics in the space. See the details and apply here.
A Senior Editor to help assign and edit daily news stories, as well as work on features and other editorial projects as needed. See the details and apply here.
An Audience Development Director to broaden the reach of the publicationβs content, whether through the web, social media, newsletters, podcast platforms, or videos. See the details and apply here.
π Are you hiring and want to promote the postings in the Unchained newsletter? Let us know!
Its funny that I had the same idea when I wrote this weekβs substack post π
In my opinion it s very fair and much better than what I was expecting. In my last comment after reading your piece I mentioned that if the sentence is very hash it may affect the other exchanges and other regulations but with this 4 months sentence, it is obvious that regulatory framework is becoming lenient on crypto offenders signaling that there are strong objectivity in government and much more officers are believing in BTC