Five U.S. states are ordering TruthGPT Coin promoters to stop using images of Elon Musk, CZ and Vitalik Buterin to promote what they describe as an investment scam.
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Author: Jack Schickler
The Fed’s latest interest rate hike may be the last for this cycle, which could set the market up for another strong rally, the report said.
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Author: Will Canny
WSB prices fell sharply as the apparent token sale by insiders led to token holders dumping holdings en masse.
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Author: Shaurya Malwa
A key figure behind a cryptocurrency associated with the WallStreetBets subreddit appears to have sold off a large number of the tokens that had been reserved for the team.
The WSB Coin community sounded the alarm this morning, pointing to blockchain data that shows zjz.eth — who according to his Twitter profile runs WallStreetBets’ moderation bots — selling off large sums of WSB Coin via Uniswap over the course of a few hours.
WSB Coin’s price plummeted nearly 90% in the hours after the news, according to CoinGecko data.
A Twitter user named Ice Bagz first drew attention to the incident this evening. Blockchain sleuth ZachXBT later weighed in, stating that zjz.eth had “suddenly dumped a large portion of the WSB team supply for $635k (334 ETH).” Crypto security analysts PeckShield later stated, in a tweet, that another wallet that had been sent a large amount of WSB Coin from zjz.eth “also seems to have dumped for 8.312 ETH.”
ZachXBT later claimed, in a separate tweet, that another WSB Coin moderator named OIP helped authorize the transactions, acting as the second co-signer on a multi-signature wallet.
Zjz.eth did not immediately respond to a request for comment.
Community panic
Another key figure in the project named WSBMod hosted an urgent Twitter Spaces late on Wednesday to address the community’s concerns. Over 8,000 people joined. According to one attendee, the Spaces organizers were attempting to contact zjz.eth for clarity on the situation, but he failed to answer. WSBMod did not immediately respond to a request for comment.
WSBMod later published a tweet addressed to zjz.eth, warning, “If you don’t get in touch with me within 4 hours I will file a police and FBI report. You are fully doxxed. I don’t understand why you would do this. If somehow there’s an explanation you have to speak up but idk how that’s possible. You can still return the money.”
WSB Coin went live on May 2, declaring itself the “official unofficial memecoin of r/wallstreetbets,” with 10% of the token’s supply reserved for WallStreetBets and 5% reserved for moderators, per a WSBMod tweet at the time.
The exact nature of the relationship between the token and the subreddit — which is known for coordinating trading strategies among retail investors — is not entirely clear.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Ryan Weeks
May 10 is the final day customers will be allowed to take out new loans through Coinbase Borrow.
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Author: Cheyenne Ligon, Nikhilesh De
PLUS: The Madlads hype appears to be over, although it hasn’t dragged down the price of Solana. Cryptos return to positive territory.
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Author: Sam Reynolds
Episode 43 of Season 5 of The Scoop was recorded with The Block’s Frank Chaparro, and CoinFund President Chris Perkins.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co.
Ethereum’s transition to proof of stake brought significant changes to the network, including a more predictable yield for investors. Unlike proof of work, which relies on miners to validate transactions and secure the network, proof of stake involves validators holding a stake in the network and earning yield in ether for their support.
CoinFund, a crypto investment firm, is attempting to standardize the yield model to create a new benchmark yield rate for Web3.
In this episode, CoinFund President Chris Perkins explains how CoinFund’s new Composite Ethereum Staking Rate (‘CESR’) aims to provide investors with a clear and comparable metric that can serve as the foundation for new financial products for the crypto space such as basis swaps and the development of a forward curve tied to Ethereum’s interest rate.
This episode is brought to you by our sponsor CleanSpark.
About CleanSpark
CleanSpark (NASDAQ: CLSK) is America’s Bitcoin Miner™. Visit cleanspark.com/theblock to learn more about the CleanSpark way.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Davis Quinton and Frank Chaparro
The U.S. Securities and Exchange Commission (SEC) took one small step backwards in regulating the crypto sector on Wednesday, when it deleted what would have been its first formal definition of “digital asset” from its latest hedge fund rule.
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Author: Jesse Hamilton
Bankrupt crypto exchange FTX wants to claw back nearly $4 billion in funds from similarly bankrupt Genesis Global Capital, the company said in a court filing Wednesday.
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Author: Nikhilesh De
The California-based regional lender is weighing strategic options, according to Bloomberg.
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Author: Stephen Alpher
