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⌐◪-◪ → Bitcoin loans are back baby!

Coinbase just relaunched its Bitcoin-backed loan service, allowing U.S. customers (excluding New York) to borrow up to $100,000 in USDC, using their Bitcoin as collateral.

But this revival comes with a shadow. Users are voicing frustrations on social media about account restrictions, poor customer service, and significant fraud issues. Griffin McShane, for instance, shared how Coinbase blocked access to his wedding funds.

Even ZachXBT, our favorite onchain sleuth, weighed in saying, “Coinbase has a large fraud problem they haven’t disclosed publicly and their ‘solution’ is falsely blocking legitimate users.” Zach has reportedly received countless messages from victims who feel abandoned by the platform.

Coinbase needs to act fast to restore trust. Otherwise, this serves as yet another reminder of the cold hard truth we all know…

Not your keys, not your crypto.

⌐◪-◪ → Is the FDIC trying to cover its tracks?

Sen. Cynthia Lummis, champion of the Strategic Bitcoin Reserve Bill, has revealed alarming claims from FDIC whistleblowers. Allegedly, the agency is destroying documents linked to crypto and Operation Chokepoint 2.0.

She has already sent a letter to FDIC Chair Marty Gruenberg, demanding the agency cease its illegal actions. If proven true, Lummis warns this could lead to swift criminal referrals to the Department of Justice.

This exposes deep flaws in our financial system and highlights the ongoing battle for monetary freedom. Crypto isn’t just for apocalyptic scenarios—it’s becoming essential in a system rife with permission and censorship.

Shoutout to Lummis for her relentless advocacy for crypto in Congress. Just when you thought she couldn’t get any cooler, she’s simultaneously pushing back against the U.S. Marshals’ plan to sell 70k seized Silk Road Bitcoin.

If a Strategic Bitcoin Reserve becomes a reality, we’ll have her to thank for it.

⌐◪-◪ → Let the farming begin!

Abstract just announced its rewards/incentive program to recognize and reward “true supporters” of the Abstract ecosystem.

The program will distribute XP to users and creators who engage with Abstract apps and stream via the Abstract Global Wallet app.

For those unfamiliar, Abstract is an L2 built by Igloo Inc. (the parent company of Pudgy Penguins) using zkSync’s ZK stack and EigenDA to power consumer-facing web3 apps. The XP system could potentially lead to a future token allocation, though for now, it’s positioned as a reputation score within their ecosystem.

It’ll be interesting to see how Abstract stacks up against other L2s built on competing technologies like the OP Stack from Optimism. So far things are looking good, Igloo (led by Luca and team) has done a solid job onboarding participants into their ecosystem.

Abstract launches later this month—something to keep an eye on!

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