How Far Will FTX’s John Ray III Go? 💸
In today's edition: 🎙️ New episode on Goerli ETH, 👩⚖️ Alameda Sues Grayscale, 💵 MakerDAO to onboard more US treasuries, and more!
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ETH Denver Debate: Should Testnet ETH Be Free or Have a Price?
LayerZero launched a testnet bridge that allows users to swap mainnet ETH for Goerli ETH (GoETH), which led to a sudden emergence of a liquid market for GoETH tokens.
This was a hugely controversial decision, as many in the Ethereum community believe that testnet tokens should remain free.
At ETH Denver, Laura moderated a panel discussion about this hot topic with Bryan Pellegrino, cofounder and CEO of LayerZero Labs, Greg Markou, founder of Chainsafe, and Matt Garnet, software engineer for the Ethereum Foundation.
Show highlights:
why LazerZero launched a testnet bridge for Goerli ETH (GoETH)
the three reasons why Greg is opposed to Goerli ETH having a price
why Bryan believes it is impossible for a permissionless testnet to have free tokens
the three types of constituencies that use testnets
whether the Sepolia testnet solves the issues with Goerli
the upcoming Holli testnet and the problems it aims to solve
how to create a permissionless testnet that takes into account the needs of developers from all over the world
whether LayerZero’s move will create more problems in the future
What’s Poppin’?
by Samyuktha Sriram
Alameda Sues Grayscale Over ‘Improper Redemption Ban’
FTX’s sister company Alameda Research is seeking injunctive relief to allow its creditors to realize $250 million in value.
MakerDAO Proposes Allocating $750 Million More to US Treasuries
MakerDAO is considering deploying more funds into a six-month up Treasury ladder strategy to generate more revenue on its PSM assets.
Curious about RWA on MakerDAO? Listen to our latest Premium Episode!
Tornado Cash ‘Sequel’ Privacy Pools Launches on Optimism
A new coin mixer aims to deliver what Tornado Cash couldn’t – a way for users to prove their funds are not associated with hackers.
SEC Sues Green United for Raising $18M from Fake Crypto Mining Operation
The SEC has filed a lawsuit against a company that claimed to mine “green” tokens but instead mined Bitcoin and distributed ERC-20 tokens to investors.
Learn With Unchained✍️🤓
A Short Guide to Aave, DeFi’s Largest Lending Protocol
by Ben Munster
Aave is one of the most popular DeFi lenders, allowing users to borrow, lend and take out "flash loans"—without needing a bank.
In Other News…✍️✍️✍️
According to court records, the team working on the FTX bankruptcy case billed over $38 million in January.
The Singapore police started investigating Terraform Labs, the company behind the failed Terra blockchain.
BCB Group, a payments processor linking crypto companies to the banking system, is speeding up plans to add US dollar capabilities to fill the void left by the shuttered Silvergate Exchange Network.
Voyager Digital denies claims by the SEC that its VGX token is a security as it seeks court approval for a $1.02 billion buyout offer from Binance.US.
The SEC took emergency action against BKCoin Management, alleging that the Miami-based investment advisor raised $100 million from investors for crypto investments but used the funds for luxury items and Ponzi-like payments.
The U.S. Trustee in FTX's bankruptcy case filed an appeal against a recent court order by Judge John Dorsey, who denied the appointment of an independent examiner to investigate FTX's collapse.
Today, Grayscale will present oral arguments in its case against the SEC regarding the rejection of its proposal to convert its GBTC fund into a spot bitcoin ETF.
Yuga Labs' first Bitcoin NFT auction, TwelveFold, attracted 288 winning bids, with the highest reaching a price of almost $160,000.
Authorities in Egypt took action against a fraudulent online crypto platform, known as "HoggPool", which misled thousands of investors and swindled approximately $620,000. Twenty-nine individuals were apprehended, with 13 of them being foreign citizens.
Hermès is seeking to block the sales of NFTs based on its Birkin bags by filing a case in federal court, after a New York jury ruled that digital artist Mason Rothschild violated the company's IP rights with his "MetaBirkin" NFTs.
Michael Hsu, acting head of the U.S. Office of the Comptroller of the Currency, said that it's difficult to trust crypto companies without federal supervision and that people won't be able to determine which crypto firms are trustworthy until a consolidated home country supervisor oversees them.
Today in Crypto Adoption...
Brazil's central bank announced the launch of a digital currency pilot project, with plans for public use to begin at the end of 2024 after the completion of testing and evaluation.
TeraWulf launched the first nuclear-powered bitcoin mining facility in the US, with 8,000 mining rigs online producing 1.0 exahash per second, and expects to add another 8,000 in coming weeks.
A cross-border system connecting central bank digital currencies could lead to cheaper and safer global payments, according to a report published by the Bank of International Settlements.
The $$$ Corner…
Scroll, a Layer 2 on Ethereum that uses zk-rollups, raised $50 million, with sources claiming it has a valuation of $1.8 billion.
What Do You Meme?
📈 Your Market Update 📉
BTC is up .15%, trading at $22,412
ETH is up .38%, trading at $1,568
BTC dominance: 40.73%
Crypto market cap: $1.06 trillion
*All data as of today, 5 am ET
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