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- 10/10/24: The FBI's Crypto Trap 🕸️📜🦄
10/10/24: The FBI's Crypto Trap 🕸️📜🦄
Top News
FBI creates fake cryptocurrency and catches 14 fraudsters
World Liberty Financial submits proposal to AaveDAO
Uniswap launches Unichain, a new Ethereum L2
Specs’ Insights
1. FBI creates fake cryptocurrency and catches 14 fraudsters
Wow, this case get even more insane
The FBI created their own coin called "The NexFundAI Token" and enlisted the services of the firms indicted to catch them
“The FBI took the unprecedented step of creating its very own cryptocurrency token and company to identify, disrupt, and… x.com/i/web/status/1…
— db (@tier10k)
8:05 PM • Oct 9, 2024
⌐◪-◪ → The ultimate honeypot. The FBI created a memecoin called NextFundAI and successfully entrapped 4 companies for fraud and market manipulation — here is the contract address.
The best part? Their smart contracts appear to be in direct violation of the MIT license and thus subject to copyright infringement — shoutout to Cygaar for this one.
A fellow NFT collector, Pop Punk, audited the FBI’s smart contracts without knowing he was working with the feds. It’s okay, Pop Punk, we forgive you!
This shows the lengths to which authorities will go to bust crypto criminals and fraudsters. The FBI fully committed to the bit.
That said, they didn’t cover their tracks very well. Twitter user @jconorgrogan identified multiple wallets connected to the FBI’s primary funding source, one of which holds 1.7B “Pornrocket” tokens. What a time to be alive.
2. World Liberty Financial submits proposal to AaveDAO
🧵 1/5 We’re excited to announce that World Liberty Financial has officially posted our governance proposal to Aave’s forum to launch an Aave V3 instance on Ethereum Mainnet! 📜 Check it out here:
— WLFI (@worldlibertyfi)
9:44 PM • Oct 9, 2024
⌐◪-◪ → Trump’s DeFi project, World Liberty Financial (WLFI), just posted a governance proposal on Aave, the world’s leading DeFi lending/borrowing protocol.
In addition to onboarding new DeFi users and expanding Aave’s user base, Aave DAO stands to gain two other major benefits:
Aave DAO will receive a 20% revenue share.
Aave DAO will receive 7% of WLFI governance tokens.
The move shows strong Ethereum alignment, as the team chooses to build on top of existing standards/protocols instead of reinventing the wheel.
Next steps? WLFI plans to build on Scroll, the leading zero-knowledge proof rollup, to deliver low transaction fees and high throughput. They’re also planning a $300M raise.
Honestly, I’m starting to feel pretty bullish on World Liberty Fi, and from the looks of it, the Aave community is responding favorably too.
3. Uniswap launches Unichain, a new Ethereum L2
Introducing @unichain — a new L2 designed for DeFi ✨
Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network
Built to be the home for liquidity across chains
— Uniswap Labs 🦄 (@Uniswap)
1:04 PM • Oct 10, 2024
⌐◪-◪ → Another L2 enters the fold! Uniswap Labs just revealed Unichain, their new Ethereum L2 within the Optimism Superchain ecosystem.
Generally speaking, I’m pretty tired of new Layer 2 blockchains; it’s starting to feel oversaturated, but this is different — this is Uniswap.
The network is launching with 1-second confirmation times but plans to work with Flashbots to introduce 250 millisecond block times, delivering near-instantaneous transactions.
If you want to learn more, read the full blog post and whitepaper.
Everything Else
⛓️ Crypto & DeFi
Vitalik Buterin could receive the Nobel Prize in Economics
Liquid restaking platform Puffer introducer token with airdrop
Stripe lets businesses accept crypto again after 6-year ban
Optimism launches 5th airdrop with 10.3M OP tokens worth $16M
PlusToken’s $1.3B seized crypto starts moving to exchanges
Hyperliquid calls Arbitrum bridge failure “rare edge case”
Bitcoin dev counters HBO’s claim that Peter Todd is Satoshi
Sui DeFi platform DeepBook reveals DEEP token launch plans
🏦 Wallstreet & VC
Ark Invest buys $2.2M Coinbase shares, offloads $36M Robinhood
State Street working on tokenized bond and money market fund
Bernstein predicts Bitcoin could hit $80-90k if Trump is elected
VanEck launches $30M venture fund for crypto, fintech, and AI
🏛️ Legal & Regulatory
Iris Energy accused of overstating data center capacity in lawsuit
Gary Gensler says it’s unlikely crypto will become a currency
Gary Gensler gets grilled by NYU law students over crypto
Tucker Carlson interviews Ryan Salame, former FTX exec
Former FTX exec asks to delay prison sentence due to dog attack
US gov says Bitfinex may be sole victim of Razzlekhan’s 2016 hack
Mt. Gox extends repayment deadline by 1 year to Oct. 31, 2025
Wisdomtree introduces debit card for tokenized onchain fund
47% of traditional hedge funds have crypto exposure
🌎 Rest Of The World
South Korea to review lifting ban on spot crypto ETFs
Thai SEC proposes new rules for crypto mutual funds
Stablecoin use booms in Argentina amid rapid inflation
Palau tests digital savings bond on blockchain, may issue more
LatAm bank Littio to switch from Ethereum to Avalanche
India delays crypto policy discussion paper amid other priorities
Argentina overtakes Brazil in terms of crypto inflows
🖼️ NFTs & Metaverse
Decentraland reveals launch plan for long-awaited desktop client
Rhynotic launches first memecoin on shape, hits $14M market cap
SHILLR launches Media S3 mint on Base via Highlight
XCOPY 1/1 sells for 800 ETH ($1.95M)