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The Coin Weekly: Latest News in Crypto, NFT, DeFi & GameFi

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Jito Airdrop: $5,000 to $110,000 for eligible users

After the launch of its JTO token, the Jito protocol offered a lucrative airdrop to its eligible users, with rewards ranging from $5,000 to $110,000.

Users who interacted with the protocol and accumulated points were able to benefit from this airdrop, with minimum rewards of 4941 JTO per user. Those who generated more points received even higher amounts, highlighting the magnitude of this airdrop in the Solana ecosystem.

Following its introduction to the market, the JTO token experienced a significant increase, going from $0.30 to over $1 before stabilizing around $3.40 per unit.

With a market capitalization of approximately $400 million, Jito positions itself as a major player in the Solana ecosystem, right behind Marinade Finance.

To access our detailed guides on the best upcoming airdrops:

Platypus Finance Hack: Brothers acquitted by the French justice system

In February 2023, Platypus Finance, an Automated Market Maker (AMM) platform on Avalanche, experienced a hack of $8.5 million.

The brothers Mohammed and Benamar M. were quickly arrested following the hack. Mohammed, 22 years old, was charged with various offenses related to the attack, while Benamar was charged with complicity. Prosecutors requested a five-year prison sentence for Mohammed.

The brothers were eventually acquitted after Mohammed claimed to be an “ethical hacker,” stating that he wanted to return the stolen funds in exchange for a reward. Although Mohammed accidentally locked a large portion of the funds and only recovered $270,000, Platypus saved $2.4 million in USDC through a counter-hack.

The judges determined that the allegations of unauthorized access to a computer system were unfounded, as Mohammed was using an open smart contract accessible to all. Therefore, the money laundering and possession of stolen property charges were also dismissed. However, the case is not completely resolved, as the judges warned the brothers that Platypus could still pursue civil action against them.

Cosmos Hub: Future merger between Osmosis & UX Chain (Umee)?

Osmosis, the leading decentralized exchange (DEX) on Cosmos, and UX Chain (formerly Umee), a lending protocol, are considering a strategic merger.

This initiative aims to integrate the lending features of UX Chain with the exchange services of Osmosis, creating a comprehensive DeFi hub. Initially, both chains will maintain their separate tokens, $OSMO for Osmosis and $UX for UX Chain.

The merger first involves the integration of UX Chain’s codebase into Osmosis, aiming to combine their capabilities and increase their Total Value Locked (TVL). In the long run, there could be a token merger, forming a “unified token” under the governance of both communities. This collaboration could also enhance on-chain security for Osmosis and pave the way for innovations such as advanced liquidations, native margin trading, and MEV markets.

Cristiano Ronaldo involved in a $1 billion legal dispute with Binance

Cristiano Ronaldo, the football star playing for Al Nassr Football Club, is at the center of a $1 billion legal dispute.

The class-action lawsuit, filed on November 28th with the Southern District Court of Florida, accuses him of promoting and selling unregistered securities in collaboration with Binance. The main plaintiff in this case is a California resident named Michael Sizemore.

These promotions, widely broadcasted on various media platforms, allegedly encouraged Ronaldo’s millions of fans to invest in these financial products.

Ronaldo is said to have received significant compensation, including digital assets, for his promotional services. The lawsuit highlights the SEC’s warnings about virtual tokens and the need for celebrities to disclose any compensation received for such promotions.

SEC postpones decision on Grayscale’s Spot Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) has decided to postpone its decision regarding the approval of Grayscale’s proposed Spot Ethereum ETF.

Initially expected to receive a quick response, the SEC has extended the deadline by 45 days, setting the new date to January 25th, 2024. This extension aims to give the regulator more time to thoroughly examine the proposal and the issues it raises.

Grayscale, which filed for the conversion to a Spot ETF in October 2023, manages approximately 2.5% of all circulating ETH, representing a value of ~$7 billion. This makes it the largest ETH investment vehicle in the world. So far, the SEC has not approved any Spot ETFs for Ethereum or Bitcoin and continues to delay decisions on all received applications.

LayerZero plans to launch its token during the first half of 2024

LayerZero, a protocol focused on interoperability and scalability, has announced that it will launch its own token, named ZRO, during the first half of 2024. LayerZero had already established the integration of a native token into its code from the protocol’s launch. In April 2023, the company behind LayerZero raised $120 million in a Series B funding round, valuing the company at $3 billion.

Although the distribution of the ZRO token is scheduled for the first half of 2024, specific details, including the distribution method and eligibility criteria, remain unknown.

It is likely that the distribution will be in the form of an airdrop, a common practice to reward loyal and active users since the project’s inception. The distributed tokens may offer governance rights, highlighting the importance of user engagement in the future development of the protocol.

For those interested in the potential LayerZero airdrop, we have created a dedicated article:

News in Brief

  • The President of El Salvador resigns ahead of his 2024 re-election campaign
  • BlackRock files a new amendment for its Spot Bitcoin ETF
  • Binance announces a $500,000 airdrop to promote its web3 wallet
  • AEUR Depeg: Binance announces compensation for its investors
  • Cryptos transferable via links: Coinbase launches new service
  • Terra Luna: Do Kwon set to be extradited to the United States
  • Tether freezes 41 crypto wallets sanctioned by OFAC
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