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  • 8/22/24: Ethereum Is Good 🐂🦅🍔

8/22/24: Ethereum Is Good 🐂🦅🍔

Top News

  1. Vitalik bull posts Ethereum, Crypto Twitter goes wild

  2. Rumors circulate of CZ’s release from prison

  3. McDonald’s Instagram hacked to promote memecoin scam

Specs’ Insights

1. Vitalik bull posts Ethereum, Crypto Twitter goes wild

⌐◪-◪ → Vitalik finally posted something bullish about Ethereum, and the market is loving it—well, except for Ethereum’s price, which remains relatively unphased.

While it’s just a picture of a bull holding a sign that says “Ethereum is good,” it did way better than usual 10,000+ word blog posts.

Seriously though Crypto Twitter loved it — now everybody is saying it, “ETHEREUM IS GOOD”. Even Justin Sun joined in on the fun, saying, “I kind of like this bull.”

You’ve gotta love Vitalik. While every other founder in the space hypes their chain weekly, Vitalik—the high-integrity intellectual that he is—instead chooses to tweet about ETH’s scaling issues, how to live forever, and his general philosophy on life.

He’s already followed up with another proper bullish post, highlighting Ethereum’s various metrics and accomplishments, from lower tx fees, to cross-chain UX improvements, and how PoS is more decentralized than PoW.

It’s starting to feel like a new Vitalik upon us — one who likes to ratio influencers, shill his bag at any cost, and most importantly, FUD his competitors.

2. Rumors circulate that CZ has been released from prison

⌐◪-◪ → Rumors are circulating that CZ, Binance’s former CEO, has been released from prison; however, I’ve been unable to verify the story.

For context, CZ started serving a four-month prison sentence in June and was scheduled for release on September 29th, 2024.

These rumors are either completely fabricated or CZ may have been transferred to a more relaxed facility to finish the remaining 38 days of his sentence.

While this chapter may be closing for CZ, fresh legal troubles are on the horizon—more on that in yesterday’s issue.

3. McDonald’s Instagram hacked to shill memecoin scam

⌐◪-◪ → McDonald’s Instagram got hacked yesterday to shill a scam coin called $Grimace, resulting in over $700k stolen.

The post was shared with McDonald’s 5M Instagram followers and a senior employee’s Twitter audience—promising that McDonald’s would follow anyone who holds $Grimace. Wow, such utility 🙄.

The hack stemmed from a social media breach of a senior McDonald’s employee, allowing hackers to shill the $Grimace meme coin on Solana.

The hacker used multiple addresses to purchase roughly 75% of the token supply, then distributed them to roughly 100 wallets before dumping them for a quick $700k.

McDonald’s has since regained control of the account, but crypto Twitter is having a field day with all sorts of fresh pasta.

If you love your community/audience/followers, please use non-SMS-based 2FA. Sincerely, a guy who loves his community.

Everything Else

⛓️ Crypto & DeFi

  • SunPump flips PumpFun in daily revenue

  • NEAR launches scalability measure once proposed by Vitalik

  • Optimism & Forbes launched SUNNYs award show for web3 builders

  • WazirX halts open orders after problems with Indian Rupee

🏦 Wallstreet & VC

  • Franklin Templeton launches blockchain fund on Avalanche

  • Grayscale launched new investment trust for Avalanche’s AVAX token

  • Bitcoin ETFs inflows yesterday $40M, Ethereum ETFs -$18M

  • Bitcoin open interest rises to $1.3B post-Fed ‘dovish' minutes

  • Stork Network raises $4M seed funding for better product offerings

  • Zellic acquires smart contract audit platform Code4rena

🏛️ Legal & Regulatory

  • FTX exec Salame seeks to overturn conviction, citing plea deal breach

  • NBA all-star Jimmy Butler and Ben 'BitBoy' settle Binance lawsuit

  • Coinbase and Ripple lead corporate political donations

  • Kamala Harris signals friendlier stance on crypto: Bloomberg

🌎 Rest of the World

  • Coinbase to enable 1:1 conversions between Euro and EURC

  • Binance CEO urges Nigerian government to free detained exec

  • Latin America's Mercado Libre announces stablecoin tied to US dollar

🖼️ NFTs & Metaverse

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