💸 😱 Celeb Tokens Crash, Traders Lose Big
In today’s edition: 💼 Elixir proposes $50M Arbitrum fund for startups, 🔥 ZK leaders slam Matter Labs, and more!
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What’s Poppin’?
by Sage Young and Juan Aranovich
Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures
Six new tokens from five different mainstream celebrities have similar trading patterns: an initial jump in price before a plummet.
Elixir Capital Submits Governance Proposal to Establish $50 Million Arbitrum Startup Collective
Investment accelerator firm Elixir Capital submitted a governance proposal to launch an investment vehicle, dubbed the Arbitrum Startup Collective, which would funnel capital into early-stage Arbitrum-focused startups over a three-year timeframe.
ZK Industry Leaders Condemn Matter Labs and Side With Polyhedra in ZK Ticker Debate
Leaders from StarkWare, Polygon, and Polyhedra Network denounce Matter Labs’ attempt to trademark “ZK,” calling it a threat to the crypto community.
ICYMI: Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH?
The U.S. Securities and Exchange Commission’s (SEC) approval for Ethereum spot ETFs may help clarify ether’s commodity status, but it still leaves room open for the agency to put staked ether, and staking, in its crosshairs.
Daily Bits… ✍️✍️✍️
⚖️ Terraform Labs and Do Kwon reached a tentative settlement with the U.S. SEC, leading to the cancellation of a planned court hearing, with both parties set to file support for a proposed final judgment by June 12.
📑 The SEC requested draft S-1 forms from spot Ethereum ETF issuers by today, with VanEck and BlackRock having already submitted updates following recent 19b-4 form approvals.
🇺🇸🇬🇧 SEC Commissioner Hester Peirce proposed a cross-border sandbox for crypto companies operating in the US and UK, suggesting a joint regulatory framework to foster innovation in both countries.
🚀 Elon Musk denied discussing crypto with Donald Trump, emphasizing his general support for crypto's potential to shift power from government to people, contrary to WSJ and Bloomberg reports.
💼 FTX's bankruptcy process has seen over $500 million in approved fees for lawyers and advisors, with Sullivan & Cromwell receiving 51% of the fees. Initial billings exceeded $700 million, however some requests were cut back or not approved.
🏦 A16z donated $25 million to crypto-focused PACs, adding to previous contributions by founders Marc Andreessen and Ben Horowitz, bringing their total campaign contributions to $47 million.
🦈 Singapore's largest bank, DBS, holds nearly $650 million in ether (ETH) and has made over $200 million from its holdings, according to Nansen. However, a spokesperson for the bank said DBS “does not have this position on our books.”
🐧 Pudgy Penguins plans to launch a mobile game in 2025 in collaboration with Mythical Games, aiming to expand its presence in the virtual world and mainstream market.
🔄 Polyhedra Network will use the ticker "ZKJ" for its listings amid a dispute with zkSync over the "ZK" ticker.
The $$$ Corner…
💰 Bitcoin staking protocol Babylon raised $70 million, led by Paradigm, to enhance its infrastructure for proof-of-stake systems, incorporating bitcoin as a staking asset.
What Do You Meme?
📈 Your Market Update 📉
BTC is up .8%, trading at $68,150
ETH is up 1.4%, trading at $3,769
BTC dominance: 50.26%
Crypto market cap: $2.66T
*All data as of today, 06:20 am ET. Source: CoinGecko
Recommended Reads
Unchained: What Are RPCs and Why They Play a Key Role in Crypto?
DL News: Will Trump go to jail after guilty verdict? Here’s what crypto bettors think
Forbes: Could BlackRock Change The Issuance Schedule Of Bitcoin?
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