Maker on Solana? 😯
In today's edition: 🤔 Ripple disagrees with SEC, 💸 Robinhood's $600 million buyback, 🛥️ Samuel Trabucco's yacht, and more!
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What’s Poppin’?
by Samyuktha Sriram
MakerDAO Cofounder Proposes Forking Solana to Build New Blockchain
The technical quality, resilience to FTX’s collapse and the functionality of existing forks of Solana are the three main reasons why the Maker cofounder believes it is the “most promising codebase” for the new chain.
On the Pod…
This week’s emphatic ruling in favor of Grayscale in its suit against the SEC to convert its massive bitcoin trust into an ETF generated plenty of hopium among the bitcoin faithful that a spot bitcoin ETF will get approved soon and open a flood of investment in bitcoin. What are the odds of that truly happening now, though, and if it did, how much additional money could wind up being invested in bitcoin as a result?
Also, which companies’ applications would get approved first and how would the various products compete with one other? Bloomberg’s senior ETF analyst Eric Balchunas separates the hype from the reality in answering these questions and more.
Daily Bits…✍️✍️✍️
📝 Ripple contended that the U.S. Securities and Exchange Commission (SEC) lacks sufficient grounds to appeal a federal judge's ruling in favor of Ripple's XRP sales.
🚔 Robinhood agreed to buy back $605.7 million in stock previously owned by Sam Bankman-Fried and Gary Wang, whose shares were seized by the U.S. government.
📉 FTX's Solana wallet transferred $10 million in tokens to Ethereum, raising concerns about price dumps related to potential token sales as the company's bankruptcy hearing nears.
⚓ FTX's recent filing shows a $2.5 million payment to the American Yacht Group to purchase a yacht for former co-CEO Samuel Trabucco, among other internal cash transfers to executives.
🚨 The SEC charged Hawaii resident Jeremy Koski for allegedly manipulating the price of unsecured loans through false press releases and then selling them in a pump-and-dump scheme.
📊 JPMorgan analysts anticipate that the SEC will be compelled to approve pending spot bitcoin ETF applications, following Grayscale's recent legal victory against the commission.
🎮 Gala Games CEO Eric Schiermeyer sued cofounder Wright Thurston for allegedly stealing $130 million in GALA tokens, causing a 13% drop in the token's value.
🔍 Arkham Intelligence identified over 500 wallet addresses linked to the Grayscale Ethereum Trust, the second-largest ETH entity globally with $5 billion in holdings.
Today in Crypto Adoption...
🌐 The London Stock Exchange Group is advancing its plans to create a blockchain-based trading platform for traditional assets, steering clear of crypto assets, according to an executive.
The $$$ Corner…
📉 Venture capital investment in crypto startups dropped to under $500 million in August, marking a two-year low and the fourth consecutive month of decline.
What Do You Meme?
Recommended Reads
Ryan Berckmans on what Lido should do to become more Ethereum-aligned
hxrts on the Cosmos ecosystem
Unchained: Crypto Arbitrage Trading: What Is It & How Does It Work?
📈 Your Market Update 📉
BTC is down .1%, trading at $25,922
ETH is down .1%, trading at $1,634
BTC dominance: 46.47%
Crypto market cap: $1.09 trillion
*All data as of today, 7:15 am ET
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