5/31/24: Do Kwon Settles ⛓️💰🗳️

Author

Valko
May 31, 2024

Top News

  1. Do Kwon and SEC reach a tentative settlement agreement

  2. Pump.Fun hits all-time high daily revenue of $1.47M

  3. Trump's chance of winning still 54% despite guilty verdict

Specs’ Breakdown

1. Do Kwon and SEC reach a tentative settlement agreement

⌐◪-◪ → Terraform Labs and co-founder Do Kwon reached a tentative settlement agreement with the SEC in their civil fraud case.

The planned oral argument for May 29 was canceled; next, both parties must file papers in support of the settlement by June 12.

For those who don’t know, the charges relate to the 2022 collapse of Terra USD (UST), with fines disputed between $1M to $5.3B.

Looks like Do Kwon might be joining SBF in the slammer.

2. Pump.Fun hits all-time high daily revenue of $1.47M

⌐◪-◪ → Pump.Fun just hit $1.47M in daily revenue, highlighting the market’s obsession with memecoins.

Despite recent hacks and the volatility of celebrity-endorsed memecoins, Pump.Fun’s no-code memecoin launcher continues to attract users, with over 750,000 tokens deployed to date.

With $28.9 million in fees collected since January, the platform’s 1% trading fee model is proving to be very lucrative.

I reckon we’ll see more projects/ecosystems debut memecoin launchers to compete for this market share.

3. Trump's chance of winning still 54% despite guilty verdict

⌐◪-◪ → Trump's election odds remain strong at 54% on Polymarket, down just 2% post-verdict.

Biden's odds rose to 40%, still trailing behind.

Crypto bettors also see a 17% chance Trump will go to jail before the election.

Some believe the verdict could help Trump, painting a classic underdog vs. establishment story — the PolitiFi memecoin market disagrees though.

Everything Else

⛓️ Crypto & DeFi

  • EOS approves proposal to cap EOS supply at 2.1B tokens

  • LayerZero adds Solana to its cross-chain bridge network

  • Chainlink and Circle partner to bring stablecoins to institutions

  • Crypto hacks lead to $473M of losses in 2024, says Immunefi

  • Bitcoin Conference launches legal education program in Nashville

  • Polyhedra opts for 'ZKJ' ticker for listing on HashKey Global

  • Vitalik publishes blog post on block size wars

  • Pump.Fun partners with Bubblemaps to help users track memecoins

🏦 Wallstreet & VC

  • JPMorgan warns of 'negative' initial market reaction to spot ETH ETFs

  • BlackRock receives $10M seed money for spot Ethereum ETF

  • Goldman Sachs says Bitcoin ETFs are an 'astonishing success'

  • University of Austin raises $5M for Bitcoin endowment fund

  • a16z donates $25M to Fairshake PAC

  • Babylon raises $70M for Bitcoin staking protocol

  • Talos acquires Skolem to expand DeFi capabilities

  • BitDeer raises $150M from Tether for ASIC-based Bitcoin mining

🏛️ Legal & Regulatory

  • SEC tells spot ETH ETF issuers to submit S-1 forms in by Friday

  • Grayscale files amended registration statement for ETH ETF

  • Sen. Warren calls for answers on crypto’s ties to fentanyl

  • Sen. Cynthia Lummis urges Biden not to veto SAB 121

  • RFK Jr. is ‘delighted’ Trump is pro-Bitcoin

  • RFK Jr. reveals he purchased 21 BTC during his campaign

  • Trial begins for $575M HashFlare crypto mining fraud defendants

  • Elon Musk denies ever talking to Trump about crypto

  • FTX lawyers charged over $500M in bankruptcy process so far

  • NYDFS issues new crypto firm guidance for consumer complaints

🌎 Rest of the World

🖼️ NFTs & Metaverse

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