- AlphaPacked — Daily Crypto Newsletter
- Posts
- Terraform Labs To Dissolve
Terraform Labs To Dissolve
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/436b66c4-4d6e-4b90-871b-ae082a89c919/terra-sec-768x403.jpg?t=1718387753)
⚖️ Terraform Labs Dissolves Amid Legal Troubles
Company Dissolution: Chris Amani, CEO of Terraform Labs, announced the firm's plan to dissolve operations and sell its projects in the Terra ecosystem, including Pulsar Finance, Station Wallet, and Enterprise DAO. Amani asked the community to take control.
SEC Settlement: The dissolution follows a $4.47 billion settlement with the SEC over the collapse of the UST stablecoin in 2022. The settlement includes $3.58 billion in disgorgement, a $420 million civil penalty, and bans Do Kwon from public company roles.
Future Governance: Amani proposed a community-led governance model for the Terra and Terra Classic blockchains. He confirmed plans to burn all unvested Luna tokens, signaling the firm's end and transition of control to the community. Read More.
️ On today's Top Picks:
- 🔜 LayerZero Foundation posts 06.20.2024 on X.
- 🪂 Eigen Phase 2 of $EIGEN stakedrop launches next week.
- 🟠 MicroStrategy $MSTR to raise $700M for Bitcoin.
- 💰 Paradigm raises $850M venture fund for crypto projects.
Read time: ⏰ 8 minutes
Crypto News
• US SEC Chair Gary Gensler estimates Ethereum ETF S-1 approvals by end of Summer.
• ⭐️ Terraform Labs to dissolve following $4.47B SEC settlement.
• Ripple $XRP argues for lower than SEC's proposed $2B fine citing Terraform settlement.
• Nigeria FIRS drops tax charges against Binance executives & revises to Binance representative.
• Gemini crypto exchange to pay $50M in settlement with NYAG.
• Cardano $ADA to hand over control of ~$682M treasury to the community.
• MetaMask introduces Pooled Ethereum Staking powered by Consensys Staking.
• Eigen Labs acquires Rio Network to accelerate mission of creating an open verifiable cloud.
• Stacks $STX block generation pauses for 9+ hours due to block interruption.
Alpha
• Earndrop's Weekly Airdrop Claims, Checkers & News.
• ⭐️ LayerZero Foundation $ZRO posts 06.20.2024 on X.
• Blast launches Gold Distribution 5 (10M Blast Gold) to dapps this week.
• Zapper introduces Zapper Protocol powered by $ZAP token.
• Caldera launches Quest #7 of Caldera Crusade on Galxe.
• Uniswap adds support for ZKsync ahead of $ZK airdrop.
• Catalyst distributes Round 3 of Catalyst's Egg Drop.
• Infinex introduces CRATERUN campaign beginning June 25th.
• ICYMI Nekodex by Perpetual Protocol thread by Earndrop.
Airdrops
• ZKsync makes no changes to $ZK airdrop, claiming begins June 17th.
• ⭐️ Eigen Phase 2 of the Season 1 $EIGEN stakedrop to launch next week.
• penumbra launches airdrop eligibility checker.
• Azuro launches $AZUR airdrop eligibility & allocation checker.
• Pirate Nation by Proof of Play launches $PIRATE airdrop.
• Orderly Network launches $ORDER airdrop eligibility & allocation checker.
• Lista unveils $LISTA airdrop details, claiming begins June 20th.
• Nostra unveils $NSTR airdrop details, claiming begins June 17th.
• Mystiko Network unveils 1st Airdrop details with points checker launching on June 18th.
• ICYMI Solv Protocol Airdrop Strategy by Earndrop.
• 16 Airdrop Claims by Aram Z.
Finance News
• ⭐️ MicroStrategy $MSTR to raise $700M to purchase more Bitcoin $BTC.
• US President Biden to accept crypto donations through Coinbase Commerce.
• Riot Platforms $RIOT buys $3.87M worth of Bitfarms $BITF shares.
• Elon Musk's $56B pay package approved by Tesla $TSLA shareholders.
Security and Exploits
• UwU Lend exploited again by same attacker for ~$3.7M.
• Holograph Operator Contract exploited enabling the attacker to mint 1B additional $HLG.
• Microsoft delays rollout of controversial AI-powered Recall feature.
• Google discloses security flaw impacting Pixel firmware.
Token Unlocks
• Starknet / 64M $STRK / ~$63M / JUN 15
• Render / 760.57K $RNDR / ~$6M / JUN 16
• Arbitrum / 92.65M $ARB / ~$87M / JUN 16
• ApeCoin / 15.6M $APE / ~$17M / JUN 17
• Nym / 2.96M $NYM / ~$411K / JUN 17
Funding
• ⭐️ Paradigm raises $850M venture fund focusing on early stage crypto projects.
• Equilibrium Group launches Equilibrium Ventures, raises over $30M.
• Nuffle, a NEAR DA & Fast Finality Layer AVS, raises $13M in funding led by Electric Capital.
• Unite, an L3 chain solution for mobile games, raises $3M in Seed Extension funding from Superlayer.
• GenomesDAO, a platform for monetization of genomic data, raises an undisclosed amount in funding from Pantera Capital & Modular Capital.
• CARV, a Modular Data Layer for Gaming & AI, raises an undisclosed amount in funding from double jump tokyo.
The Degen Farmer
Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!
PROTOCOL | ASSETS | APY |
---|---|---|
![]() | USDEUSDC | 108.51% |
![]() | NUSDC | 59.94% |
![]() | MIMUSDCUSDT | 52.83% |
![]() | USDCUSDC | 52.38% |
![]() | USDEDAI | 42.08% |
![]() | SUSDEUSDC | 41.63% |
![]() | IUSD | 38.77% |
![]() | USDC | 38.67% |
🟠 Solv Protocol: Introducing SolvBTC, A Liquid Yield Token for Bitcoin | ![]() |
Solv Protocol: Solv Protocol is a unified platform for optimizing yield and liquidity across major assets. Backed by Binance Labs, NOMURA Group, Blockchain Capital.
Also, Ethena Partnership: Solv Protocol will integrate Ethena to launch the first yield vault for SolvBTC, allowing users to earn yields ($sUSDe yield + Ethena SATs + Solv Points) from Ethena’s strategies while maintaining Bitcoin exposure.
🪂 SOLV Token Airdrop Campaign: Solv Protocol and Binance Web3 Wallet have partnered to launch a 150,000 SOLV Token Airdrop Campaign. Users can join the campaign from June 4th to June 17th.
⚡️ Participation: New users can participate by registering for a Binance Web3 Wallet, while existing users can leverage their wallets to dive straight into BTCFi. Read more and tutorial below:
That’s it for today’s edition! See you soon.
Reply