TL;DR
Gemini will return $2.18B to users after an 18-month freeze. Memecoins like Shiba Inu have knocked Cardano out of the top 10 crypto rankings. PlayDapp suffered a $31 million hack, while ZKasino offers a refund process to investors. Beijing releases a Web3 white paper, and Marathon Digital partners with Kenya for renewable Bitcoin mining.
Gemini Set to Return $2.18B to Earn Users
In a significant development, crypto exchange Gemini announced the distribution of $2.18 billion to users of its now-defunct Earn lending program. This move comes after an 18-month withdrawal freeze and is part of a broader effort to make users whole, including returning initial deposits and any asset appreciation. The decision follows the approval for crypto lending firm Genesis to pay out $3 billion in creditor claims, with Gemini having significant client funds locked up at Genesis since January 2023. This restitution marks a vital step in rebuilding trust within the crypto community and reinforces the necessity for robust security and transparency in financial systems.
Memecoin Mania Sees Cardano Knocked Out of Top 10 Crypto Rankings
The recent surge in memecoins has dramatically altered the landscape of the cryptocurrency market. Shiba Inu has dethroned Cardano from the top-10 crypto rankings by market capitalization. Memecoins like PEPE, SHIB, and Dogwifhat (WIF) have reached new all-time highs, causing a significant shake-up among crypto heavyweights. Cardano, which once ranked third during the 2020-21 bull run, now sits at 11th with a market cap of $16.3 billion. Meanwhile, Shiba Inu boasts a market cap of $16.4 billion. This shift underscores the volatile and unpredictable nature of the crypto market, where community-driven projects can rapidly gain prominence.
PlayDapp Hacked for $31 Million
In a major security breach, the Web3 gaming platform PlayDapp experienced the unauthorized minting of 200 million PLA tokens, valued at approximately $31 million. The hack was detected by Cyvers Alerts and confirmed by PlayDapp, which is now working with exchanges to contain the situation and recover the stolen assets. PlayDapp has also contacted the hacker with a reward offer for the return of the stolen funds and has threatened to involve law enforcement if the offer is declined. This incident highlights the critical need for enhanced security measures in the rapidly growing Web3 ecosystem to protect user assets and maintain confidence in digital platforms.
ZKasino Investors Get 72 Hours to Retrieve Deposited ETH
Blockchain-based gambling project ZKasino has initiated a 72-hour “2-step bridge back process” to return funds to investors following allegations of a $33 million “rug pull.” Investors can sign up to bridge back their ETH at a 1:1 ratio, but they must send back their full ZKAS token balance from the original address used for the Ether deposit. While this refund process promises the return of ETH, investors will forfeit any ZKAS and the remaining 14 months of ZKAS release. This scenario illustrates the precarious nature of investing in nascent blockchain projects and the importance of due diligence.
Beijing Releases Web3 White Paper
In a notable shift in its approach to digital innovation, Beijing has published a white paper to promote the development of the Web3 industry. The paper emphasizes Web3 technology as a key trend for future internet development and includes a commitment to invest around $14 million annually until 2025 to support this initiative. This comes as Hong Kong prepares to implement new crypto regulations next week. The publication of this white paper signals China’s recognition of the transformative potential of Web3 technologies and its intent to be a leader in this emerging field.
Marathon Digital Partners with Kenya for Renewable Energy
Marathon Digital is collaborating with Kenya to utilize renewable energy for Bitcoin mining, highlighting a growing trend towards sustainable practices in the crypto industry. This partnership reflects an increasing awareness of the environmental impact of crypto mining and the need for more sustainable solutions. By leveraging renewable energy, Marathon Digital sets a precedent for other companies in the sector to follow, aligning economic interests with environmental responsibility.
The decentralization of finance and technology represents a seismic shift in power from centralized institutions to individual users. The recent events in the crypto world underscore the importance of personal sovereignty and the potential of blockchain technology to democratize access to financial systems. As the landscape evolves, it is crucial to remain vigilant and proactive in safeguarding these freedoms against any attempts to centralize control. The future belongs to those who champion transparency, security, and the empowerment of the individual.
Thank you for reading “Today’s Highlights From Within the Crypto World“.
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Sources:
- Gemini announcement
- Genesis creditor claims
- Cardano and Shiba Inu market data
- PlayDapp security breach report
- ZKasino refund process
- Beijing Web3 white paper
- Marathon Digital and Kenya partnership
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