Should SBF Have Stayed Silent? 🤫
In today's edition: 🎭 Uniswap's shocking firing, 🌪️ Zunami Protocol's security breach, 📉 $900,000 stolen from crypto wallets, and more!
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What’s Poppin’?
by Samyuktha Sriram
Uniswap Fires Employee That Allegedly Rugged Memecoin on Base Network
Uniswap Labs terminated an employee who removed liquidity from the FRENS meme coin deployed on Base.
Zunami Protocol Loses $2.1 Million in On-Chain Exploit
Blockchain data shows that the hacker has begun to launder the stolen funds through coin mixer Tornado Cash.
‘Milk Sad’ Issue Results in $900,000 Stolen From Crypto Wallets
Hackers took advantage of a vulnerability in the Libbitcoin explorer to secretly drain crypto from thousands of Bitcoin wallets.
Sam Bankman-Fried Remanded to Jail Ahead of Fraud Trial
by Juan Aranovich
Former FTX CEO’s bail revoked by U.S. District Judge following allegations of witness tampering and bond violations.
On the Pod…
A major player has entered the stablecoin wars. PayPal went deeper down the crypto rabbithole this week with the launch of its Ethereum-based PYUSD. The dollar-backed stablecoin now puts PayPal in competition with the likes of Tether and Circle for quickly sending value around the world on-chain.
José Fernández da Ponte, PayPal’s crypto SVP, joins the show to unpack how the fintech giant is building a long-term strategy around blockchain-based payments.
Daily Bits…✍️✍️✍️
💼 Venture capital firms Andreessen Horowitz (a16z) and Paradigm filed a joint amicus brief supporting Coinbase, expressing concern over the SEC's alleged overreach and its impact on blockchain technology development in the U.S.
⚖️ A group of blockchain advocacy organizations argued that the SEC's lawsuit against Coinbase is an attempt to "usurp Congress’s authority," urging the judge to dismiss the case.
📝 The Securities and Exchange Commission (SEC) requested new written comments on ARK Invest and 21Shares' proposed spot Bitcoin ETF, signaling an apparent delay in the decision-making process.
📉 Struggling crypto custodian Prime Trust is facing potential massive layoffs as it contends with financial and regulatory challenges, including a court order to cease all activities amid a shortfall in customer funds.
💬 Cameron Winklevoss publicly rebutted Digital Currency Group's (DCG) court filing, which argued that Gemini's fraud accusations over the Gemini Earn service should be dismissed, highlighting that DCG did not have a substantive involvement in the program.
📉 The Commodity Futures Trading Commission (CFTC) filed a complaint against four individuals and their entity, Fundsz, for fraudulent solicitation to trade crypto and precious metals, freezing their assets.
🎨 The class action lawsuit against MoonPay, Yuga Labs, and several celebrities over alleged Bored Ape Yacht Club NFT value inflation was amended to include a confidential witness and auction house Sotheby's as one of the defendants.
👨💻💸 The developer behind the viral token bald (BALD) transferred $12 million in ether back to the Ethereum network, following a 90% plunge in the token's value after reaching an $80 million capitalization.
🔒 Curve Finance recovered 70% of the approximately $50 million lost in a recent hack, with ongoing investigations for the remaining funds and plans for proper distribution to affected users.
🗳️ Aave's decentralized autonomous organization (DAO) approved a $2 million purchase of Curve tokens in an over-the-counter deal with Curve Finance founder Michael Egorov, aiming to improve liquidity and gain voting rights on the platform.
Today in Crypto Adoption...
💳 Visa is exploring a method to pay on-chain gas fees through fiat, aiming to eliminate the complexity of managing ETH balances and enhance user accessibility.
🏦 Crypto-friendly bank Custodia announced it is accepting dollar deposits and will soon offer Bitcoin custody for business customers in select U.S. states.
The $$$ Corner…
💼 Web3 advertising startup HypeLab raised $4 million in seed funding led by Shima Capital and Makers Fund, aiming to use on-chain data to personalize and serve ads.
💰 A joint venture led by former Binance strategy chief Gin Chao, focusing on early-stage investment in crypto startups, closed its first fund at over $50 million, with plans to invest in 20 more projects globally over the next year.
What Do You Meme?
Learn 🤓
What is Bitcoin Dollar-Cost Averaging (DCA)? A Beginner's Guide
Dollar-cost averaging bitcoin in an automated manner has emerged as a popular way to "stack sats" among Bitcoiners.
📈 Your Market Update 📉
BTC is down .1%, trading at $29,364
ETH is down .2%, trading at $1,845
BTC dominance: 46.87%
Crypto market cap: $1.22 trillion
*All data as of today, 7:30 am ET
Recommended Reads
The Daily Hodl: PayPal Executive Says PYUSD Will Be Made Available for DeFi in the Future
NY Times: Letter to a Young Crypto Enthusiast (or the Merely Curious)
Forbes: How The PayPal Stablecoin Will Change The Crypto Conversation
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