04 May

Weekly Summary: Airdrop Craze and Bitcoin Recovery

Debut of the Rocky Airdrop

Two of the largest, if not the largest, airdrops, EigenLayer and Friend.tech, made their debut this week. EigenLayer's token launch details release on Monday left many users disappointed, citing concerns over geo-blocking, governance, equity distribution, and the non-transferrable nature of tokens.

However, EigenLayer demonstrated responsiveness to user feedback by making adjustments to their plans, including granting 100 EIGEN tokens to all past protocol users. This move implies that U.S. users may need to plan international travel to access the airdrop!

On the other hand, Friend.tech encountered token claim issues and glitches with their new update. Users also faced difficulties in claiming most of their tokens due to errors hindering transactions. Nevertheless, with FRIEND experiencing a significant drop in value since its launch, some speculate that it has already been oversold.

Bitcoin's Recovery

Bitcoin experienced volatility for most of the week, initially witnessing a turbulent period with U.S. spot BTC ETFs recording significant outflows of $534 million, leading to a price drop to approximately $56,000. However, as the week unfolded, Bitcoin staged a strong recovery, approaching the $63,000 mark following the FOMC meeting and recent employment data release.

The unexpected softness in job data and higher unemployment rates are indicative of the effectiveness of rate hikes, potentially influencing the Federal Reserve's future decisions. Meanwhile, the debut of Hong Kong's new BTC and ETH ETFs was met with strong demand, garnering $292 million in investments and surpassing initial expectations.

LayerZero Takes Action Against False Users

This week, the LayerZero community received the snapshot announcement for their forthcoming airdrop with excitement. Introducing an element of mystery, the team unveiled a 'Sybil turn-in' initiative, providing individuals who voluntarily disclose fake accounts with 15% of their potential airdrop, as opposed to receiving nothing if identified through other means. Approximately 500 wallets have already come forward as part of this program.

ZKasino Team Member Detained Following Rug Pull

ZKasino, an on-chain casino accused of pulling a rug on its community despite asserting innocence, appears to face consequences swiftly. Dutch authorities apprehended a team member on Friday and confiscated approximately $12 million worth of assets, leading many to speculate that the individual arrested might be the project's founder.

CZ Receives a 4-Month Jail Term

Changpeng Zhao, also known as CZ, the ex-CEO of Binance, appeared in a Seattle court where he was handed a four-month jail term for money laundering allegations. Originally facing a sentence of 36 months, the reduced verdict underscored CZ's longstanding positive reputation. The judge notably emphasized the numerous letters received advocating for leniency in Zhao's sentencing, indicating their impact on the final outcome. It appears the efforts paid off.

May 2024, Cryptoniteuae

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