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Linea Halts Network
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/b4da84fb-5d81-4270-bb00-fbb7fc86735e/linea-cover.jpg?t=1717450579)
🔒 Linea's Decentralization Plans Post-Hack
Security Breach Response: Ethereum Layer 2 blockchain Linea paused block production after a $2.6M security exploit on Velocore. This action aimed to prevent the hacker from converting stolen tokens, safeguarding the broader ecosystem.
Industry Reaction: The sequencer halt led to comments from industry leaders, including Matter Labs' CEO, who stressed the need for decentralization in Layer 2 networks. Linea is in its "training wheels" phase but aims to decentralize soon.
Decentralization Commitment: Linea's product lead reiterated their commitment to decentralizing the network aggressively. This shift would prevent central points of failure and ensure fairness, following industry practices seen in other networks. Read More.
️ On today's Top Picks:
- 🚓 Binance Founder Changpeng Zhao begins prison sentence.
- ⛔ Matter Labs drops all trademark applications for “ZK”.
- ⚡ Linea to drop LXP for Linea Park soon.
- 📈 Gamestop $GME stock halted amid price volatility.
Read time: ⏰ 6 minutes
Crypto News
• ⭐️ Binance Founder Changpeng Zhao begins prison sentence in California.
• MicroStrategy Founder Micheal Saylor reaches $40M deal to settle income tax charges.
• ⭐️ Matter Labs drops all trademark applications for “ZK” following discussion & feedback.
• Taiko commits 10M $TAIKO to Protocol Guild & its 170+ L1 maintainers.
• Binance to delist OmiseGO $OMG, Waves $WAVES, Wrapped NXM $WNXM, & NEM $XEM on June 17.
• US President Joe Biden vetoes resolution to overturn SEC’s SAB 121 accounting rules.
• Binance to restrict availability of Unauthorized Stablecoins for EEA users.
• Coinbase donates $25M to crypto super PAC Fairshake, following Ripple & a16z.
• US Senator Ted Cruz posts "I just bought 3 Bitcoin miners that started hashing today.." on X.
Alpha
• Optimism releases commemorative Onchain Summer NFT on Zora.
• ⭐️ Linea to drop LXP for Linea Park soon; confirm PoH status by June 5th.
• =nil Foundation posts "Devnet is coming" on X.
• Caldera launches Quest #4 of Caldera Crusade on Galxe.
• Rabby alludes to a snapshot with picture of a camera on X.
Airdrops
• Ultiverse unveils $ULTI token airdrop & claim details with TGE coming soon.
• Nostra introduces $NSTR token with snapshot, TGE, & airdrop coming soon.
• ICYMI Rivo Airdrop Confirmed by Earndrop.
• ICYMI Elixir Airdrop Strategy by Earndrop.
Finance News
• Berkshire Hathaway $BRK.A & several other stocks fall amid technical issues.
• ⭐️ Gamestop $GME stock halted amid price volatility.
• Tether buys $100M stake in Bitcoin miner Bitdeer $BTDR with option to buy another $50M.
• FTX offloads remaining Anthropic shares amid rising bankruptcy costs.
• Gryphon Digital Mining $GRYP to join Russell Microcap Index $RUMIC.
• Microsoft $MSFT to invest $3.21B to expand cloud and AI infrastructure in Sweden.
Security and Exploits
• ⭐️ Linea temporarily halts block production amid Velocore DEX hack.
• Privacy Guides warns against using Raivo 2FA due to deletion of TOTP codes & forced subscription model.
• Fake Web Browser Updates are being used by cybercriminals to deliver malware.
• Cox modems flaw allowing unauthorized access to devices uncovered by researchers.
Token Unlocks
• Liquity / 657.35K $LQTY / ~$763K / JUN 05
• Galxe / 2.03M $GAL / ~$7M / JUN 05
• Euler / 60.56K $EUL / ~$284K / JUN 06
• Hashflow / 13.62M $HFT / ~$4M / JUN 07
Funding
• Neynar, an infrastructure platform for Farcaster, raises $11M in Series A funding led by Huan Ventures.
• Fortunafi, a real-world asset (RWA) tokenization platform, raises $9.51M in Strategic & Seed funding.
• ARPA, a permissionless threshold network, raises $6M in Strategic funding led by Nomura’s Laser Digital.
• Smart Transactions, a transaction creation and execution framework, raises $5.5M in Seed funding.
• Trala, a Web 3.0 all-in-one gaming platform, raises $5M in funding.
• Mint, a native Ethereum L2 for NFTs, raises $5M in Seed funding.
• Marketnode, a digital market infrastructure firm, raises an undisclosed amount in Series A funding led by HSBC.
• beoble, a chat solution for Web3, raises an undisclosed amount in funding from Ripple.
• CARV, a modular data layer for gaming & AI, raises an undisclosed amount in Strategic funding from Animoca Brands.
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PROTOCOL | ASSETS | APY |
---|---|---|
![]() | MIMUSDCUSDT | 77.16% |
![]() | USDCUSDC | 76.58% |
![]() | USDT | 71.43% |
![]() | NUSDC | 70.95% |
![]() | USDC | 70.60% |
![]() | USDCSUSD | 43.63% |
![]() | IUSD | 38.03% |
![]() | DOLAUSDC | 37.50% |
+$600,000,000 in airdrops was lost | ![]() |
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That’s it for today’s edition! See you soon.
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