💹 ETH to $4,000?
In today’s edition: 🚀 Farcaster's Frames bounties, 🚫 SEC to drop Debt Box suit, 💸 MIM stablecoin depegs, and more!
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What’s Poppin’?
by Sam Sriram, Benjamin Powers and Sage Young
Spot Ethereum ETFs Likely to Be Approved on May 23: Standard Chartered Bank
The bank’s report also predicted ether (ETH) could hit $4,000 in the lead-up to an approval.
Bounties to Build Frames on Farcaster Are Growing Rapidly
Farcaster, a decentralized social network, recently released Frames, which turns posts on the social network into interactive applications. Since the roll out, a number of bounties have emerged to motivate developers to build Frames.
SEC Seeks to Dismiss Lawsuit Against Debt Box After ‘Misleading’ Allegations
The SEC plans to file a motion to dismiss a lawsuit against crypto firm Debt Box after facing the possibility of sanctions for making “misleading” statements to the court.
MIM Loses Peg After $6.5 Million Exploit on Abracadabra Ethereum Cauldrons
The Magic Internet Money (MIM) stablecoin lost its US dollar-peg after decentralized crypto lending platform Abracadabra.money was hit by an exploit.
Chris Dixon, founder and managing partner of a16z crypto, believes the internet’s early ideals of democratization and community ownership have been subverted by the consolidation of power into just a few small companies such as Facebook and Google. He’s written a new book called Read Write Own in which he writes about this phenomenon, and argues that blockchain technology can help reverse the trend by providing an environment in which developers and entrepreneurs can once again build direct relationships with their audiences.
Dixon joins Unchained to discuss criticisms of crypto venture capital firms, how he feels now about a16z’s previous investment in Facebook, how crypto has become overly politicized in the US, why Facebook’s Libra project was ultimately shut down, the significant promise of restaking and EigenLayer in particular, and why he believes that creator royalties are essential for the NFT market.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
Daily Bits…✍️✍️✍️
🚓 German Police seized $2.1 billion in bitcoin from a piracy operation, which is their largest cryptocurrency confiscation to date.
📉 Terraform Labs said that its Chapter 11 bankruptcy filing aids its appeal against the SEC's securities fraud lawsuit.
🪙 Global X withdrew its application for a spot bitcoin ETF. Cboe BZX Exchange filed notice of the withdrawal with the SEC.
🔙 Effective Ventures Foundation agreed to return about $26.8 million in donations received from the now-bankrupt FTX.
🔧 Ethereum's "Dencun" upgrade activated on its second testnet, bringing the network closer to mainnet implementation with just one testnet remaining.
🤖 Ethereum cofounder Vitalik Buterin advised caution when integrating AI with crypto, acknowledging the potential benefits but also warning of the risks.
🏦 Crypto exchange Bitpanda announced withdrawal from the Netherlands, citing regulatory compliance and a desire to focus on core markets.
🇨🇳 A former Chinese takeaway worker in the UK faces charges for laundering bitcoin from a $6.3 billion fraud based in China.
Today in Crypto Adoption...
👍 Thailand's SEC updated regulations to be more crypto-friendly, allowing unrestricted investment in digital tokens backed by real assets.
The $$$ Corner…
🔑 Fintech company Portal secured $34 million for developing a Bitcoin-based decentralized exchange, emphasizing peer-to-peer transactions without intermediaries.
💰 Uncorrelated Ventures raised $315 million for a new fund focusing on software and crypto investments.
What Do You Meme?
Recommended Reads
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Blockworks: Big Geth users are diversifying their clients following Nethermind bug
Unchained: Do You Have to Pay Taxes on a Crypto Airdrop?
Those “free” tokens from your favorite crypto project must be reported as income in the United States.
📈 Your Market Update 📉
BTC is down 2.3%, trading at $42,459
ETH is down 1.1%, trading at $2,288
BTC dominance: 48.86%
Crypto market cap: $1.7T
*All data as of today, 06:18 am ET. Source: CoinGecko
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