📈 More SOL Inflation?
In today’s edition: ⏱️ Linea halts LXP mint due to sybil activity, 💰 $68M in 'Dust' attack returned to victim, and more!
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Union is the first sovereign interoperability layer pioneering trustless bridging between appchains, L1s, and L2s without depending on trusted third parties, oracles, multi-signatures, or MPC. Looking to future-proof blockchain bridging, it is the only protocol that fully addresses the sovereign bridging trilemma, unlocking a horizontally-scaled future.
Thomas Braziel, managing partner at 117 Partners, dives into the draft FTX bankruptcy plan, which was praised for paying out at more than 100% in dollar terms, but has a number of intricacies that are drawing criticisms from creditors—including a group that is urging creditors to vote not.
The episode delves into the nuances of the proposed payout, explaining how the estate was able to pay back more than 100% than the dollar value of the claims, why some creditors are being pitted against each other, and why it might get approved even “over the kicking and screaming” of some creditors.
Braziel gives his insights into the rapid formation of this plan, the controversial role of Sullivan and Cromwell, and the logistical challenges posed by what may end up being paper check payouts.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Sam Sriram and Sage Young
Solana Devs Propose New Governance Proposal to Enhance Network Security, but It Would Make SOL More Inflationary
The proposal would change Solana’s priority fee model by sunsetting the burn mechanism in an attempt to prevent offchain side deals which hurt the network’s security.
Linea Delays LXP Mint After Detecting Sybil Activity
Linea has paused distributing LXP tokens after detecting sybil activity that bypassed issuers and attained attestations as if they were genuine users.
$68 Million Stolen in ‘Dust’ Attack Returned to Victim
The victim of an address poisoning attack has recovered the entirety of WBTC tokens that were stolen after successful recovery efforts led by Match Systems and Cryptex.
Daily Bits…✍️✍️✍️
🎉 EigenLayer launched its long-awaited EIGEN token airdrop, but they're non-transferable for now, with current market valuations on side exchanges placing them around $9 each.
😮 The U.S. Department of Justice bypassed Sullivan & Cromwell for a critical Binance monitorship, choosing a London-based firm to oversee compliance following the exchange's $4.3 billion plea deal.
📊 The U.S. Commodity Futures Trading Commission initiated a proposal to ban trading on political events, reflecting a lengthy legal battle to protect public interest against prediction market trading.
🔍 The SEC refuted Coinbase's demand for completely new crypto regulations, arguing the existing rules are workable and don't need an overhaul.
😕 Degen Chain, a Layer 3 blockchain, stopped producing new blocks on Sunday afternoon due to operational issues affecting its services and decentralized applications.
🇨🇳 Chinese authorities dismantled a $295 million underground banking operation using cryptocurrency to illegally exchange Chinese yuan and South Korean won.
🪙 MarginFi plans to launch XBY, a decentralized stablecoin backed by Solana's liquid staking protocols.
🎁 Layer3 is set to release its governance and utility token $L3 this summer, with initial airdrops planned for community members and early adopters.
🚀 Erik Voorhees introduced Venice, a privacy-focused AI platform leveraging blockchain for payment and web3 infrastructure for secure data storage. (Tomorrow, we’ll release an episode about Venice with Erik, stay tuned!)
What Do You Meme?
📈 Your Market Update 📉
BTC is up 2.5%, trading at $62,596
ETH is up 1.1%, trading at $2,960
BTC dominance: 51.17%
Crypto market cap: $2.41T
*All data as of today, 07:45 am ET. Source: CoinGecko
Recommended Reads
CoinDesk: Was Sam Bankman-Fried Proven Right About FTX’s Solvency?
The Block: Friends again? A closer look at FriendTech hype and post-v2 activity
Bloomberg: Crypto VCs Turn Back to ‘Professor Coins’ as Funding Rebounds
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