June 13: Andrew Tate Shill, Wu Tang Forever, Aliens Among Us
It’s Matt and let's get straight into it.
Terraform Labs and Do Kwon Settle
Terraform Labs and Do Kwon, the individuals behind the $40 billion collapse of UST and Luna in 2022, were found liable on civil fraud charges last month. The SEC has announced that they have agreed to pay around $4.5 billion as part of the settlement. Terraform Labs will pay $3.58 billion in disgorgement, $466 million in prejudgment interest, and $420 million in civil penalties. Do Kwon himself is liable for $110 million in disgorgement, $14.3 million in prejudgment interest, and an $80 million civil penalty. The big question is, can they actually pay this?
Fortune 100 Companies Go On-Chain
America's Fortune 100 companies have been busy on-chain, deploying a record number of on-chain initiatives in the first quarter of 2024, according to research from Coinbase. These initiatives grew by 39% year-over-year. However, the United States continues to lose developer share, down 14 points in the past five years, with only 26% of crypto developers based in the US today. The median salary for crypto engineers in North America is around $166,000 a year, compared to $102,000 in Europe, $90,000 in Latin America, and $75,000 in the Asia Pacific. It's clear why US companies might be losing out on hiring developers.
Bitcoin Miners Eye AI
Bitcoin miners are looking to diversify their revenue streams by leveraging their computing power for AI. Core Scientific is adding 300 megawatts of high-performance computing power to their existing 200 megawatts committed under a deal with AI hyperscaler CoreWeave. This full 500 megawatts of computing power could generate more than $8 billion in revenue over a 12-year term. This move could help Bitcoin miners stay profitable during bear markets or difficulty adjustments.
Andrew Tate’s Meme Coin Shenanigans
In the latest crypto drama, Andrew Tate has been shilling meme coins, the latest being "Daddy" token, which skyrocketed past a $275 million market cap. On-chain analysts allege significant insider trading activity ahead of the surge. Bubble Maps tweeted that insiders bought 30% of the supply at launch before Tate started promoting it, and they’re currently sitting on $45 million. This is a classic case of insider trading and market manipulation, so be careful out there.
PleaserDAO to Sell Wu-Tang Album
PleaserDAO, a crypto collective, will begin selling encrypted on-chain copies of "Once Upon a Time in Shaolin," a one-of-a-kind Wu-Tang Clan record they acquired in 2021 for $4 million. The encrypted album will be available today for $1 on a dedicated website. PleaserDAO has been working with the album's producers to get exclusive commercialization rights and will progressively decrypt the entire album to hodlers piece by piece.
The Stupidest Headline of the Day
Decrypt has a headline claiming "Aliens could be walking among us," citing a peer-reviewed study urging the scientific community to be open to the possibility of aliens on Earth or hiding on the moon. What’s going on at Decrypt?
Crypto Prices
10:25 AM Eastern Daylight Time.
The fear and greed index is at 58, indicating neutrality. Here are the latest prices:
Bitcoin: $57,465 (down 3.5% in 24 hours, down 5.2% in 7 days)
Ethereum: $3,488 (down 4% in 24 hours, down 9% in 7 days)
Binance: $605 (down 4% in 24 hours, down 15.3% in 7 days)
Solana: $149 (down 6.6% in 24 hours, down 13.3% in 7 days)
Toncoin: $7.55 (up 4% in 24 hours)
The total market cap is $2.45 trillion, with Bitcoin dominance at 54.3% and Ethereum at 17.1%.
Sarah will be back tomorrow with an Asia Focus and more Daily Crypto News. Make sure to check us out on Twitter at DCNDailyCrypto, and email me at matt@dailycryptonews.net.
Happy hodling, everyone.
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News Links👇
https://decrypt.co/235070/terraform-labs-and-do-kwon-to-pay-4-5-billion-to-settle-sec-fraud-case
https://unchainedcrypto.com/the-us-lost-14-of-blockchain-developer-share-since-2018-coinbase/
https://decrypt.co/235020/andrew-tate-solana-token-daddy-450-insider-buying
https://decrypt.co/235081/wu-tang-clan-once-upon-time-shaolin-sold-nft-base
https://decrypt.co/235074/aliens-could-be-walking-among-us-harvard-researchers
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT!
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