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  • Wormhole + Ethena Labs Airdrops Due Next Week🪂- Issue #134

Wormhole + Ethena Labs Airdrops Due Next Week🪂- Issue #134

Issue #134 : Web 3 News Headlines Of The Week📆

Airdrops from Wormhole and Ethena Labs are poised to inject a significant $2.4 billion into the crypto market next week, with additional contributions expected from Kamino and Parcl shortly after.

These airdrops represent a concerted effort by these projects to engage and reward their respective communities while fostering decentralized governance within their ecosystems.

Wormhole, a cross-chain protocol, plans to release 1.8 billion W tokens to the community on April 3, representing 11% of its total supply. The estimated value of this airdrop, based on current trading prices, is approximately $1.88 billion. This move aims to recognize and reward community supporters integral to Wormhole's development.

Ethena Labs will follow suit by airdropping 750 million ENA tokens on April 2, equivalent to 5% of its total supply. Valued at approximately $480 million, this airdrop targets users engaged with the Ethena ecosystem, including participants in its points program and holders of USDe stablecoin.

Parcl, a real estate trading platform on Solana, and Kamino Finance, a Solana DeFi protocol, are also preparing for significant airdrops in April. Parcl plans to distribute 8% of its PARCL token supply to early users, while Kamino Finance will drop KMNO tokens equivalent to 7% of its total supply. These initiatives underscore the commitment of these projects to decentralization and community involvement.

Overall, these airdrops not only provide financial incentives but also aim to cultivate decentralized governance and community participation within their respective blockchain ecosystems. They represent a key aspect of the broader decentralization movement in the crypto space.

SBF Waves Sunlight Goodbye For 25 Years👮‍♂️

The former FTX CEO, Sam Bankman-Fried, has been sentenced to 25 years in prison for seven counts of fraud and conspiracy by a federal judge in Manhattan on Thursday.

The sentencing falls between the prosecution’s recommendation of 40-50 years and the defense’s suggestion of six and a half years, with Bankman-Fried facing a maximum sentence of 110 years. Judge Lewis Kaplan emphasized the seriousness of the crimes, citing Bankman-Fried’s lack of remorse and instances of perjury during the trial.

Bankman-Fried appeared in court wearing a khaki prison uniform, with his parents visibly distressed during the proceedings. The court also ordered him to forfeit over $11 billion and specific properties. Despite not having to pay restitutions, the sentencing is seen as a significant message that crypto-related crimes will be met with serious consequences.

The sentencing hearing, lasting over two hours, included an in-person victim statement from Sunil Kavuri, expressing emotional and financial losses. FTX class action lawsuit lawyer Adam Moskowitz spoke in support of Bankman-Fried, highlighting his assistance in assembling the class action lawsuit. Bankman-Fried’s legal team plans to appeal the sentencing within 14 days.

Bankman-Fried was convicted in November 2023 on seven counts of fraud and conspiracy, with the government urging a hefty sentence while the defense argued for leniency due to the absence of financial losses. Current FTX CEO John J. Ray contested the defense’s claims, stating that the bankruptcy process might not fully compensate creditors and investors.

Bankman-Fried, who has been held at the Metropolitan Detention Center since August 2023, will likely serve his sentence in a low to medium-security prison close to San Francisco, CA, where his parents reside, according to Kaplan's request.

Grayscale PoS Investment Fund🏦

Grayscale is set to launch a "dynamic income fund," named GDIF, focused on investing in proof-of-stake tokens, catering specifically to accredited investors with a minimum net worth of $2.2 million.

This marks Grayscale's first actively managed investment product, aiming to optimize income through staking rewards associated with proof-of-stake digital assets.

The fund will manage staking and unstaking of multiple tokens, passing on rewards to its investors. Unlike Grayscale's spot bitcoin ETF, which is regulated by the Securities and Exchange Commission (SEC), GDIF won't be subject to securities laws. Interests in GDIF won't be registered under the U.S. Securities Act of 1933 or any state securities laws. Additionally, GDIF won't be registered as an investment company under the U.S. Investment Company Act of 1940, exempting it from certain restrictions and requirements of the Act, and investors won't have the protections afforded by the Investment Company Act.

Despite not being regulated by securities laws, GDIF provides accredited investors with a regulated and convenient avenue to access proof-of-stake digital assets, potentially offering attractive income opportunities through staking rewards. Grayscale's move reflects the growing interest in PoS tokens among investors and its commitment to expanding its product offerings in the crypto asset management space.

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Munchables $62m Breach Resolved?💵

Munchables, a gaming platform based on Blast, has successfully recovered $62 million in ETH following a security breach that resulted in unauthorized transactions.

The incident, initially suspected to involve an internal team member, prompted investigative efforts by on-chain detective ZachXBT, who suggested potential links to North Korean hackers, though this remains unconfirmed.

The breach occurred due to the misuse of developer privileges granted by the project's smart contracts, allowing the individual in question to transfer funds at their discretion. However, Munchables later reported that the developer agreed to surrender the private keys to the wallet holding the project's assets.

Subsequently, the wallet returned the misappropriated funds, totaling 17,412.6 ETH, equivalent to about $62.8 million, to a 2/3 multisig wallet, according to security firm BlockSec. This action brings the total assets in the multisig wallet to $97 million, including the recovered funds and previously unaffected assets.

Munchables reassured its users that all funds are secure and promised further updates in the coming days as the situation develops.

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