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  • 11/27/23: Pacman On Blast From Both Sides 💥💼🏦

11/27/23: Pacman On Blast From Both Sides 💥💼🏦

Author

Valko
November 27, 2023

Top News

  • 💥 Blast founder, Pacman, addresses “Ponzi scheme” allegations

  • 💼 CZ’s lawyers argue he’s not a flight risk, DOJ says it’s manageable

  • 🏦 Bankless to separate from Bankless DAO amid controversy

Blast founder rejects Ponzi scheme criticism, says Paradigm suggested change of strategy

Pacman addressed “too good to be true” yields, the rationale behind its invite rewards and the role of Paradigm in Blast’s launch.

⌐◪-◪ → Blast’s TVL is nearly $600M and continues to rise despite the many Ponzi allegations, which the founder addressed in a Twitter thread on Friday. Meanwhile, one of Blast’s biggest investors, Paradigm, criticized them, saying Blast “crossed lines” in its messaging and execution. Looks like Pacman is on blast from both sides, but despite the drama, many experts beleive his innovations are legitimate.

Binance's Changpeng 'CZ' Zhao Is a Manageable Flight Risk: U.S. DOJ

The U.S. Department of Justice (DOJ) argues that Binance's former CEO should remain free until sentencing – but only in the U.S.

⌐◪-◪ → The DOJ doesn’t want CZ locked up until sentencing, but they also don’t want him to leave the US. Last week, DOJ prosecutors tried to overturn CZ’s $175M bail bond, stating he was an “unnaceptable flight risk”, but it looks like they’ve changed their tune. A new filing indicates that the DOJ believes CZ’s flight risk “could be managed”, which makes perfect sense considering he voluntarily entered the US to give himself up.

Bankless controversy forces founders to burn tokens and separate from DAO

Bankless co-founders David Hoffman and Ryan Sean Adams have suggested separating the brand from the DAO.

⌐◪-◪ → Bankless is taking a lot of heat for the confusion between Bankless (media) and Bakless DAO. This all started after Bankless DAO got slammed for submitting a $2M proposal to the Arbitrum community, catching Bankless (media) in the crossfire. At the root of the issue is the fact that Bankless (media) allowed Bankless DAO to use the Bankless brand in exchange for governance tokens, but when things went south, the insisted the two are separate entities. Bankless proposed a fair solution to the issue in a tweet where they plan to 1) separate the brands and 2) burn the governance tokens.

Peripheral Vision

⛓️ Crypto & DeFi

  • KyberSwap recovers $4.7M after $47M exploit last week

  • Ripple-owned infrastructure provider Metaco partners with HSBC

  • Cosmos community approves capping Atom inflation rate at 10%

  • Paradigm says Blast launch “crossed lines” in messaging & execution

  • Indexed DAO to distribute treasury after defeating hijack attempts

  • DYdX to unlock $500 million of tokens on Dec. 1st, 30% of supply

  • BTC user who paid a $3M transaction fee says they got hacked

  • Ninety-Eight launches Starship, crowdfunding for builders

🏦 Wallstreet & VC

  • Grayscale discount shrinks to narrowest since July 2021

  • ARK Invest sold $5M worth of Grayscale BTC shares last week

  • Coinbase stock price rose to it’s highest value since May 2022

🏛️ Legal & Regulatory

  • SEC struggling to serve Hex founder Richard Heart with its lawsuit

  • US crypto regulations likely “in a holding pattern,” says Paradigm

  • Coinbase CEO says crypto can turn the page after Binance settlement

🌎 Rest of the World

  • Hamas & Hezbollah seem to prefer Tron to Bitcoin

  • UK regulators welcome fund tokenization plan from industry leaders

  • Zipmex exchange halts trading in Thailand amid compliance issues

  • Circle seeks to expand USDC presence in Japan with SBI Holdings

  • HTX exchange reinstates Bitcoin services after $30M hack

  • Standard Chartered China offering exchange services for digital Yuan

🖼️ NFTs & Metaverse

  • Square Enix to launch Symbiogenesis game via auction starting today

  • Axie Infinity grants NFT owners commercial rights

  • Friend Tech shifts point system to votes received on posts

  • Bored Ape owner narrowly avoids fake Forbes journalist scam

  • Magic Eden launches cross-chain NFT and crypto wallet