📊 Eigen Foundation Boosts Token Allocation
In today’s edition: 🤑 Block to invest more in Bitcoin, 🧮 Coinbase adopts new crypto accounting standards for Q1 earnings, 🏆 Record earnings highlight Tether's dominance, and more!
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What’s Poppin’?
by Sam Sriram, Sage Young, and Nelson Wang
Eigen Foundation to Allocate an Additional $1,000 in EIGEN Tokens to Over 280,000 Users
The $280 million move from the Eigen Foundation comes three days after EigenLayer announced its initial plans for its token genesis event, which attracted a range of criticisms, including how the airdrop allocation followed a linear distribution model that favored whales.
Jack Dorsey’s Block to Invest 10% of Bitcoin Profits Into BTC Purchases
Fintech firm Block plans to invest 10% of its monthly bitcoin-related gross profits into buying the asset itself till the end of the year, adding to its existing stash of $482 million worth of bitcoin.
Coinbase Adopts New Crypto Accounting Standards Early, Boosting Q1 Results
Coinbase recorded an extra $737 million, mostly unrealized, crypto gains in the first quarter of this year by using mark-to-market rules.
Tether’s Record $4.5 Billion Q1 Profit Highlights Its Dominance of the Stablecoin Industry
Tether’s record earnings come as US stablecoin issuers have been tracking a new stablecoin regulation bill that is making its way through Congress.
Daily Bits…✍️✍️✍️
👮♂️ Dutch authorities arrested a member of the ZKasino team and seized over $12 million in assets linked to the alleged rug pull scheme, which involved over $33 million in lost investor funds.
📅 A Nigerian court postponed the money laundering trial involving Binance and two executives to May 17, marking several delays in the case.
💰 US Sen. Elizabeth Warren called for action against Iran's profitable bitcoin mining operations, citing its use to circumvent sanctions.
🌐 Ethereum Name Service challenged Unstoppable Domains' patent at the United States Patent and Trademark Office, arguing the patent uses open-sourced ENS technology.
🌎 Terraform Labs' legal team contends that their token sales occurred mostly outside the US, arguing against the SEC's claim of targeting US investors and the proposed $5.3 billion in fines.
🚨 Yaroslav Vasinskyi, affiliated with ransomware group REvil, was sentenced to 13 years in prison for conducting over 2,500 ransomware attacks demanding over $700 million. REvil once demanded $70 million in bitcoin after hacking US-based software provider Kaseya.
⬇️ Friend.Tech's native token, FRIEND, experienced a severe price drop from $169 to $1.25 following its airdrop and the debut of platform version 2.
The $$$ Corner…
💼 Paragraph closed $5 million funding round from USV and Coinbase Ventures and acquired Mirror, maintaining operational continuity for the Web3 blogging platforms under new leadership.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 1.4%, trading at $59,043
ETH is down 0.7%, trading at $2,969
BTC dominance: 50.0%
Crypto market cap: $2.32T
*All data as of today, 07:19 am ET. Source: CoinGecko
Recommended Reads
Blockworks: Fintech has hit a wall. Blockchain will break through it.
DL News: Ethereum has burnt $12.7bn since the London hard fork. But that may be slowing down
Mayday by Arthur Hayes, the co-founder of BitMEX and chief investment officer at Maelstrom.
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