Week in review: Bitcoin holds above $20,000 as Solana unveils Web3 smartphone

Bitcoin rose above $21,000, Cristiano Ronaldo will release an NFT on Binance, Solana unveiled a Web3 smartphone, and other events from the week.

Bitcoin holds above $20,000

Over the past weekend Bitcoin prices rose above $20,000 and over the week the asset managed to hold above this level. As of writing, the first cryptocurrency is trading near $21,390.

The flagship asset traditionally led the rest of the market. All top-10 assets by market cap closed the week in the green. The strongest performers were Solana (+28.3%), Ethereum (+23.8%), and BNB (+21.7%).

Despite the positive market momentum, Arcane Research stated that the downside risk for Bitcoin remains to around $10,350.

According to CoinCodex, over the week among mid-cap assets the metaverse token CEEK VR rose the most. CEEK’s price jumped by 98%.

The native token EVER of the Everscale platform fell the most, dropping 11.5%.

Total market capitalization stood at $1.01 trillion. Bitcoin’s dominance index fell to 40.6%.

Major players expressed readiness to support companies affected by the market downturn

Sam Bankman-Fried, head of Alameda Research and the FTX exchange stated, that he is taking steps to mitigate negative developments in the crypto market due to Celsius and 3AC problems. The next day it emerged that FTX provided BlockFi with a renewed $250 million credit line.

Morgan Creek Digital believe that the agreement would allow FTX to buy the lending platform at virtually zero price. To prevent this, the venture firm is trying to raise $250 million from investors to buy a controlling stake in BlockFi.

Binance CEO Changpeng Zhao said that his company is “obligated” to protect users and help the rest of the industry survive. He added that rescues should only go to “strong” projects.

What about 3AC and Celsius?

BnkToTheFuture co-founder Simon Dixon proposed a rescue plan for Celsius Network similar to Bitfinex’s post-2016 hack recovery.

Chainge Finance proposed to acquire part of Celsius Network’s assets. Media reports say Goldman Sachs has also shown interest in the platform. The financial conglomerate allegedly plans to raise $2 billion from investors to buy its portfolio in the event of bankruptcy.

The troubles at 3AC affected broker Voyager Digital. According to media reports, the company demanded crypto assets worth about $650 million on its loan of 15,250 BTC and 350 million USDC. In response to the disclosure, Voyager’s shares moved up 60%. The next day the company reduced the daily withdrawal limit for users from $25,000 to $10,000.

Joining the list of market-down companies this week was joined by CoinFLEX, a crypto derivatives platform, which suspended withdrawals due to “extreme market conditions” and “counterparty uncertainty.” The company’s head Mark Lamb clarified that the counterparty is not a hedge fund tied to Three Arrows Capital or “any lending firm.”

On 24 May a representative of Dubai’s Financial Services Authority said that 3AC does not hold a license to operate in the emirate. The fund had previously planned to relocate its headquarters there.

Do Kwon denies fraud allegations

In an interview with WSJ, Terraform Labs chief Do Kwon said that he does not intend to comment on investigations by law enforcement. He called the lawsuits “baseless” and said the company intends to defend itself.

According to Do Kwon, the Terra collapse wiped out almost all his wealth. He added that he does not consider himself a fraudster, as he was fully convinced of TerraUSD’s stability.

Meanwhile, in the U.S. District Court for the Northern District of California a class-action lawsuit was filed by Terra investors against Terraform Labs and Do Kwon, seeking reimbursement of the tokens’ purchase price.

What about stETH from Lido?

The MakerDAO community voted to disconnect Aave from the Direct Deposit Module. The move excludes users from borrowing DAI using “staking Ether” from Lido Finance as collateral.

CoinShares analysts explained why the de-linking of staked Ether at Lido Finance differs from Terra USD’s parity loss against the dollar.

Additionally, the Lido-backed ecosystem’s decentralized organization launched a vote to limit the protocol’s share in the Ethereum 2.0 staking pool.

Authors argue that Lido’s dominance could pose a security risk to the blockchain after the so-called “merge.” Some analysts, such as Danny Ryan, call the protocol’s dominant position a potential centralization point.

What to discuss with friends?

• Eminem and Snoop Dogg released an animated clip with Bored Ape Yacht Club. The NFT collection’s creators were accused of using ultraright symbolism.
• Binance and Cristiano Ronaldo will release an exclusive NFT collection.
• A Bitcoin investor from Thailand robbed a jewelry store due to crypto losses.
• The Solana team unveiled a Web3-focused smartphone Saga.

Vitalik Buterin criticises PlanB’s Stock-to-Flow model

The Ethereum co-founder Vitalik Buterin backed The Daily Gwei’s Anthony Sassano, who urged PlanB to delete his account after the model’s failure:

“Gloating is rude, but I think financial models that give people a false sense of confidence and inevitability regarding asset price growth are harmful and deserve ridicule,” wrote Buterin .

ZigZag DEX to conduct governance token airdrop

The decentralized exchange ZigZag announced an airdrop for early followers. Eligibility for recipients will be determined by the token sale participants. The ZZ token sale will start on June 24. 2 million tokens are allocated to the sale from a total supply of 100 million. USDC will be accepted as payment.

Owners of the new asset will become members of ZigZag DAO. One of the first tasks of the decentralized autonomous organization will be to determine the airdrop terms.

dYdX to launch its own blockchain in the Cosmos ecosystem

The decentralized derivatives exchange dYdX announced the creation of its own network using the Cosmos SDK. Its launch will take place as part of the dYdX V4 upgrade, which envisages leaving the Ethereum ecosystem.

The new dYdX network will be controlled by a distributed set of validators, not only by the founders’ team. The upgrade is expected to launch in the coming months.

Hacker attacks on Horizon cross-chain bridge and Convex Finance

The Harmony team reported an attack on the Horizon cross-chain bridge, in which the attacker stole about $100 million. An unknown withdrawn tokens in several transactions, then moved them to another wallet and swapped on Uniswap.

In another incident, the attacker hijacked the DNS server of the DeFi protocol Convex Finance to persuade users to approve malicious smart contracts. The project team changed domain names. It later emerged that Allbridge, Ribbon Finance and DeFi Saver were similarly affected.

In ForkLog’s interview, Allbridge co-founder Andrey Velikiy said the number of victims had reached 23. All used Namecheap as domain registrar. Namecheap’s head Richard Kirkendall wrote on Twitter that the company had identified a “compromised agent” and removed access.

On May 24 a Dubai Financial Services Authority spokesperson said that 3AC does not hold a license to operate in the emirate. The fund had planned to relocate its headquarters there.

Do Kwon denies fraud allegations

In a WSJ interview, Terraform Labs chief Do Kwon said he does not intend to comment on investigations by law enforcement. He called the lawsuits “baseless” and said the company intends to defend itself.

According to Do Kwon, the Terra collapse wiped out almost all his wealth. He added that he does not consider himself a fraudster, as he was fully convinced of TerraUSD’s stability.

Meanwhile, a class-action lawsuit by Terra investors against Terraform Labs and Do Kwon was filed in the U.S. District Court for the Northern District of California, seeking reimbursement of the tokens’ purchase price.

What about stETH from Lido?

The MakerDAO community voted to disconnect Aave from the Direct Deposit Module. The initiative effectively excludes users from borrowing DAI using “staking Ether” from Lido Finance as collateral.

CoinShares analysts explained why the de-linking of staked Ether at Lido Finance differs from Terra USD’s parity loss against the dollar.

Additionally, the Lido ecosystem’s decentralized organization launched a vote to limit the protocol’s share in the Ethereum 2.0 staking pool.

Authors argue that Lido’s dominance could pose a security risk to the blockchain after the so-called “merge.” Some analysts, such as Danny Ryan, call the protocol’s dominant position a potential centralization point.

What to discuss with friends?

• Eminem and Snoop Dogg released an animated clip with Bored Ape Yacht Club. The NFT collection’s creators were accused of using ultraright symbolism.
• Binance and Cristiano Ronaldo will release an exclusive NFT collection.
• A Bitcoin investor from Thailand robbed a jewelry store due to crypto losses.
• The Solana team unveiled a Web3-focused smartphone Saga.

Vitalik Buterin criticises PlanB’s Stock-to-Flow model

The Ethereum co-founder Vitalik Buterin backed The Daily Gwei’s Anthony Sassano, who urged PlanB to delete his account after the model’s failure:

“Gloating is rude, but I think financial models that give people a false sense of confidence and inevitability regarding asset price growth are harmful and deserve ridicule,” wrote Buterin .

ZigZag DEX to conduct governance token airdrop

The decentralized exchange ZigZag announced an airdrop for early followers. Eligibility for recipients will be determined by the token sale participants. The ZZ token sale will start on June 24. 2 million tokens are allocated to the sale from a total supply of 100 million. USDC will be accepted as payment.

Owners of the new asset will become members of ZigZag DAO. One of the first tasks of the decentralized autonomous organization will be to determine the airdrop terms.

dYdX to launch its own blockchain in the Cosmos ecosystem

The decentralized derivatives exchange dYdX announced the creation of its own network using the Cosmos SDK. Its launch will take place as part of the dYdX V4 upgrade, which envisages leaving the Ethereum ecosystem.

The new dYdX network will be controlled by a distributed set of validators, not only by the founders’ team. The upgrade is expected to launch in the coming months.

Hacker attacks on Horizon cross-chain bridge and Convex Finance

The Harmony team reported an attack on the Horizon cross-chain bridge, in which the attacker stole about $100 million. An unknown withdrawn tokens in several transactions, then sent them to another wallet and swapped on Uniswap.

In another case, the attacker hijacked the DNS server of the DeFi protocol Convex Finance to urge users to approve malicious smart contracts. The project team changed domain names. It later emerged that Allbridge, Ribbon Finance and DeFi Saver were similarly affected.

In ForkLog’s interview, Allbridge co-founder Andrey Velikiy said the number of victims had reached 23. All used Namecheap as domain registrar. Namecheap’s head Richard Kirkendall wrote on Twitter that the company had identified a “compromised agent” and removed access.

On May 24 a Dubai Financial Services Authority spokesperson said that 3AC does not hold a license to operate in the emirate. The fund had planned to relocate its headquarters there.

Do Kwon denies fraud allegations

In a WSJ interview, Terraform Labs chief Do Kwon said he does not intend to comment on investigations by law enforcement. He called the lawsuits “baseless” and said the company intends to defend itself.

According to Do Kwon, the Terra collapse wiped out almost all his wealth. He added that he does not consider himself a fraudster, as he was fully convinced of TerraUSD’s stability.

Meanwhile, a class-action lawsuit by Terra investors against Terraform Labs and Do Kwon was filed in the U.S. District Court for the Northern District of California, seeking reimbursement of the tokens’ purchase price.

What about stETH from Lido?

The MakerDAO community voted to disconnect Aave from the Direct Deposit Module. The initiative effectively excludes users from borrowing DAI using “staking Ether” from Lido Finance as collateral.

CoinShares analysts explained why the de-linking of staked Ether at Lido Finance differs from Terra USD’s parity loss against the dollar.

Additionally, the Lido ecosystem’s decentralized organization launched a vote to limit the protocol’s share in the Ethereum 2.0 staking pool.

Authors argue that Lido’s dominance could pose a security risk to the blockchain after the so-called “merge.” Some analysts, such as Danny Ryan, call the protocol’s dominant position a potential centralization point.

What to discuss with friends?

• Eminem and Snoop Dogg released an animated clip with Bored Ape Yacht Club. The NFT collection’s creators were accused of using ultraright symbolism.
• Binance and Cristiano Ronaldo will release an exclusive NFT collection.
• A Bitcoin investor from Thailand robbed a jewelry store due to crypto losses.
• The Solana team unveiled a Web3-focused smartphone Saga.

Vitalik Buterin criticises PlanB’s Stock-to-Flow model

The Ethereum co-founder Vitalik Buterin backed The Daily Gwei’s Anthony Sassano, who urged PlanB to delete his account after the model’s failure:

“Gloating is rude, but I think financial models that give people a false sense of confidence and inevitability regarding asset price growth are harmful and deserve ridicule,” wrote Buterin .

ZigZag DEX to conduct governance token airdrop

The decentralized exchange ZigZag announced an airdrop for early followers. Eligibility for recipients will be determined by the token sale participants. The ZZ token sale will start on June 24. 2 million tokens are allocated to the sale from a total supply of 100 million. USDC will be accepted as payment.

Owners of the new asset will become members of ZigZag DAO. One of the first tasks of the decentralized autonomous organization will be to determine the airdrop terms.

dYdX to launch its own blockchain in the Cosmos ecosystem

The decentralized derivatives exchange dYdX announced the creation of its own network using the Cosmos SDK. Its launch will take place as part of the dYdX V4 upgrade, which envisages leaving the Ethereum ecosystem.

The new dYdX network will be controlled by a distributed set of validators, not only by the founders’ team. The upgrade is expected to launch in the coming months.

Hacker attacks on Horizon cross-chain bridge and Convex Finance

The Harmony team reported an attack on the Horizon cross-chain bridge, in which the attacker stole about $100 million. An unknown withdrawn tokens in several transactions, then sent them to another wallet and swapped on Uniswap.

In another incident, the attacker hijacked the DNS server of the DeFi protocol Convex Finance to urge users to approve malicious smart contracts. The project team changed domain names. It later emerged that Allbridge, Ribbon Finance and DeFi Saver were similarly affected.

In ForkLog’s interview, Allbridge co-founder Andrey Velikiy said the number of victims had reached 23. All used Namecheap as domain registrar. Namecheap’s head Richard Kirkendall wrote on Twitter that the company had identified a “compromised agent” and removed access.

On May 24 a spokesperson for Dubai’s Financial Services Authority said that 3AC does not hold a license to operate in the emirate. The fund had planned to relocate its headquarters there.

Do Kwon denies fraud allegations

In a WSJ interview, Terraform Labs chief Do Kwon said that he does not intend to comment on investigations by law enforcement. He called the lawsuits “baseless” and said the company intends to defend itself.

According to Do Kwon, the Terra collapse wiped out almost all his wealth. He added that he does not consider himself a fraudster, as he was fully convinced of TerraUSD’s stability.

Meanwhile, a class-action lawsuit by Terra investors against Terraform Labs and Do Kwon was filed in the U.S. District Court for the Northern District of California, seeking reimbursement of the tokens’ purchase price.

What about stETH from Lido?

The MakerDAO community voted to disconnect Aave from the Direct Deposit Module. The initiative effectively excludes users from borrowing DAI using “staking Ether” from Lido Finance as collateral.

CoinShares analysts explained why the de-linking of staked Ether at Lido Finance differs from Terra USD’s parity loss against the dollar.

Additionally, the Lido ecosystem’s decentralized organization launched a vote to limit the protocol’s share in the Ethereum 2.0 staking pool.

Authors argue that Lido’s dominance could pose a security risk to the blockchain after the so-called “merge.” Some analysts, such as Danny Ryan, call the protocol’s dominant position a potential centralization point.

What to discuss with friends?

• Eminem and Snoop Dogg released an animated clip with Bored Ape Yacht Club. The NFT collection’s creators were accused of using ultraright symbolism.
• Binance and Cristiano Ronaldo will release an exclusive NFT collection.
• A Bitcoin investor from Thailand robbed a jewelry store due to crypto losses.
• The Solana team unveiled a Web3-focused smartphone Saga.

Vitalik Buterin criticises PlanB’s Stock-to-Flow model

The Ethereum co-founder Vitalik Buterin backed The Daily Gwei’s Anthony Sassano, who urged PlanB to delete his account after the model’s failure:

“Gloating is rude, but I think financial models that give people a false sense of confidence and inevitability regarding asset price growth are harmful and deserve ridicule,” wrote Buterin .

ZigZag DEX to conduct governance token airdrop

The decentralized exchange ZigZag announced an airdrop for early followers. Eligibility for recipients will be determined by the token sale participants. The ZZ token sale will start on June 24. 2 million tokens are allocated to the sale from a total supply of 100 million. USDC will be accepted as payment.

Owners of the new asset will become members of ZigZag DAO. One of the first tasks of the decentralized autonomous organization will be to determine the airdrop terms.

dYdX to launch its own blockchain in the Cosmos ecosystem

The decentralized derivatives exchange dYdX announced the creation of its own network using the Cosmos SDK. Its launch will take place as part of the dYdX V4 upgrade, which envisages leaving the Ethereum ecosystem.

The new dYdX network will be controlled by a distributed set of validators, not only by the founders’ team. The upgrade is expected to launch in the coming months.

Hacker attacks on Horizon cross-chain bridge and Convex Finance

The Harmony team reported an attack on Horizon, the Horizon cross-chain bridge, with about $100 million stolen. An unknown withdrawn tokens in several transactions, then moved to another wallet and swapped on Uniswap.

In another incident, the attacker hijacked the DNS server of the DeFi protocol Convex Finance to push users to approve malicious contracts. The project team changed domain names. It later emerged that Allbridge, Ribbon Finance and DeFi Saver were similarly affected.

In ForkLog’s interview, Allbridge co-founder Andrey Velikiy said the number of victims had reached 23. All used Namecheap as the domain registrar. Namecheap’s head Richard Kirkendall wrote on Twitter that the company had identified a “compromised agent” and removed access.

On May 24 a spokesperson for Dubai’s Financial Services Authority said that 3AC does not hold a license to operate in the emirate. The fund had planned to relocate its headquarters there.

Do Kwon denies fraud allegations

In a WSJ interview, Terraform Labs chief Do Kwon said that he does not intend to comment on investigations by law enforcement. He called the lawsuits “baseless” and said the company intends to defend itself.

According to Do Kwon, the Terra collapse wiped out almost all his wealth. He added that he does not consider himself a fraudster, as he was fully convinced of TerraUSD’s stability.

Meanwhile, a class-action lawsuit by Terra investors against Terraform Labs and Do Kwon was filed in the U.S. District Court for the Northern District of California, seeking reimbursement of the tokens’ purchase price.

What about stETH from Lido?

The MakerDAO community voted to disconnect Aave from the Direct Deposit Module. The initiative effectively excludes users from borrowing DAI using “staking Ether” from Lido Finance as collateral.

CoinShares analysts explained why the de-linking of staked Ether at Lido Finance differs from Terra USD’s parity loss against the dollar.

Additionally, the Lido ecosystem’s decentralized organization launched a vote to limit the protocol’s share in the Ethereum 2.0 staking pool.

Authors argue that Lido’s dominance could pose a security risk to the blockchain after the so-called “merge.” Some analysts, such as Danny Ryan, call the protocol’s dominant position a potential centralization point.

What to discuss with friends?

• Eminem and Snoop Dogg released an animated clip with Bored Ape Yacht Club. The NFT collection’s creators were accused of using ultraright symbolism.
• Binance and Cristiano Ronaldo will release an exclusive NFT collection.
• A Bitcoin investor from Thailand robbed a jewelry store due to crypto losses.
• The Solana team unveiled a Web3-focused smartphone Saga.

Excerpt: Bitcoin rose above $21,000, Cristiano Ronaldo will release an NFT on Binance, Solana unveiled a Web3 smartphone, and other events from the week.