⚖️$20 Billion Celsius Halts Withdrawal - TWJ #164
The crypto lending firm is reportedly trapped in the stETH situation.
In today’s issue:
The crypto market is down with its total market cap sitting at ~$1 trillion. LEO Token (LEO) is the best performer in the top 100 in the past 7-d. Faster than expected US inflation number for May hammered risk-on assets.
In other news, Celsius pauses withdrawals, Coinbase CEO addresses company culture, and Tron deploys $2 billion to USDD reserves.
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- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Celsius Pauses Withdrawals
Crypto lender Celsius Network halted withdrawals amidst the market downturn and the ongoing rumor that the firm is stuck in the ETH-stETH situation, which might cause a liquidity/bank run for the firm if a significant majority of its users decided to withdraw their capital. Competitors firm, Nexo, has proposed to buy out Celsius.
⎆Coinbase CEO Addresses Company Culture
Coinbase CEO took to Twitter to address the now-deleted online post which called for the removal of three Coinbase executives. The author of the post claimed to be a Coinbase employee or a coalition of employees.
⎆Tron Deploys $2 Billion to USDD Reserves
Tron founder Justin Sun tweeted that the Tron DAO reserve would deploy $2 billion to defend short-sellers, and consequently, the USDD stablecoin. Tron’s USDD works similar to the infamous LUNA-UST but overcollateralized with other assets. Due to the market dump, this collateral is not as sufficient as a few weeks back.
👨🏻💻Decentralized Finance (DeFi)
Wintermute Exploiter Returns 17M $OP
Alchemix Goes Multi-Chain with LI.FI
Jai Bhavnani Left Tribe
NEAR Becomes Compatible with Metamask
NEAR is Partnering with Brave to Integrate with Aurora
Mystiko ZK^2 is now Live
DeCommas Live on Optimism
VOLT Available on Arbitrum
Velodrome Security Vulnerability Disclosure
RAILGUN v1.0 is Live
Moremoney v2 is now Live
🏛Governance - Active Proposals
ENS - [EP13] [Executable] Fund the Protocol Guild pilot with 200,000 $ENS
Gitcoin - Gitcoin FDD workstream S14 funding request ratification
Yam Finance - Contributors comps for May
🦮NFT & Metaverse
Yuga Labs Co-founder Prewarns Possible Attack
CZ Visits Palau to Kick off BNB Chain-supported ID NFTs
Mastercard to Allow 2.9B Cardholders to Make Direct NFT Purchases
Fractal Aims to Simplify Web3 Gaming With Google Sign-In
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Sealem Technology - $2M Unknown Round
Coinhouse - $42.5M Unknown Round
Haste Arcade - $1.5M Seed Round
Ballet - $13M Series A
Cybavo - Undisclosed $ of Acquisition by Circle
⚖️Regulatory Update
Ukraine to Use NFTs to Save Its Cultural ‘DNA’
Coin Center Sues US Treasury Over 'Unconstitutional' Tax Reporting Rule
US Treasury: Unhosted Crypto Wallet Rules Will Allow Innovation
Binance.US Accused of Misleading Investors in Class Action Lawsuit
📚Noteworthy Reads
Blake West’s Thread on DeFi to be Boring
Jon’s Read on Crypto is The Super App to Rule Them All
Cobie’s Read on Staking, Pegging and Other Stuff
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.