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Missing CEO 🔎 Degens burning millions 🔥
Crypto exchange Gate.io finds itself in a soup. Degens can’t stop sending millions in ETH to random twitter wallets. Tether MCap at $83.6B. Nike NFTs + EA Sports. Japan’s ANA airlines gets into NFTs
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The case of missing CEO
Centralised crypto exchange Gate.io is courting issues that it is struggling to manage. It's a windfall at the moment. The fire engines have been summoned.
What’s been going on with Gate.io lately?
Gate.io has recorded $158.49 million in outflows in the last 24 hours, according to DeFiLlama’s CEX Transparency page.
The withdrawals represent about five times the amount of Crypto.com's $30.88 million, the second-highest outflow.
The total withdrawals amount to nearly 10% of Gate.io’s total assets.
Why is it happening?
After the FTX collapse in November 2022, they've been desperately trying to regain their credibility. But alas, rumours and panic are spreading like wildfire, and even features like proof-of-reserves haven't been enough to quell the skepticism.
So, what's causing all this chaos? It's the Multichain drama. Some wallets associated with the Multichain team moved about $3 million worth of tokens to Gate.io on May 24.
Rumours started circulating that the Multichain team had been arrested in Shanghai.
Binance acted - They halted deposits for ten Multichain bridged tokens, citing transaction delays. It's like a domino effect of chaos! Then, on May 31, Multichain dropped a bombshell—its CEO was MIA (missing in action).
And then, as usual, Twitter started finding out stuff 🔎
Gate.io has spoken - They released a statement, reassuring everyone that their operations are running smoothly. They are functioning properly.
“There are no issues with our operations or withdrawals as rumoured.”
And guess what?
Gate.io is even launching a brand new platform in Hong Kong.
However, the GateToken (GT) hasn't fared so well in this wild rollercoaster ride. It has taken a beating, with its price dropping nearly 9% in the past 24 hours. Gate.io has witnessed the highest level of outflows among the top 10 centralised exchanges.
Punch out some tunes folks »» Muzify ««
TTD Degens 🧞
Here's a story from the meme coin world.
Degens (short for degenerate gamblers) are on a wild spree, sending millions of Ethereum to random Twitter users in exchange for... well, nothing at all.
It all started with PepeCoin, the meme coin that sent everyone hopping in May. But things quickly took a bizarre turn. People started trading tokens based on ordinary names like Ben or Jeff. And now, brace yourselves. Degens are literally throwing their hard-earned Ethereum at random Twitter users who promise them exclusive token "presales" with no returns or tokens guaranteed.
Notlarvalabs founder and the mysterious Twitter influencer known as Pauly posted a tweet saying, "Send ETH here," accompanied by a cheeky gif captioned, "You Get Nothing." It was like a fundraising trend on steroids, capturing the attention of Crypto Twitter since early May.
Pauly's wallet, registered as yougetnothing.eth via the Ethereum Name Service (ENS), received over 626 Ethereum worth a $1.1 million in just one day, according to Etherscan.
And amidst a flurry of nothing-related memes, Pauly had to clarify that the wallet had nothing to do with the launch of a new token.
On the following day, Pauly hosted a talk on Twitter Spaces and ... you guessed it, said absolutely nothing.
It's like a silent movie, but in the crypto world.
The meme coin mania has taken hold of Crypto Twitter, and it's a whirlwind of speculation and vibes. Traders are diving headfirst into tokens based on, well, pretty much nothing except their hopes for huge gains. Many of these meme coins offer little to no utility. It's like trading in the land of make-believe.
Some of these coins are outright scams. we had tokens like BEN and PSYOP, created by the Twitter user ben.eth. As recognizable crypto figures like YouTuber Ben "Bitboy" Armstrong got involved, digital artists like Beeple captured the phenomenon in their artwork. But ben.eth made it clear: he had no affiliation with any of these "dumbass coins" or the grifters running them.
Then the "Milady Coin" which raised a whopping $116,000 in ETH by offering a token presale for a project that didn't even exist.
TTD NFT 🐝
Nike's non-fungible token (NFT) platform, .Swoosh, will be integrated with EA Sports games, allowing virtual Nike footwear and apparel to appear in the games.
The integration will take place in the coming months, although specific game titles have not been disclosed yet. EA Sports games include popular titles like FIFA, Madden NFL, and NBA Live, attracting millions of gamers.
Nike's NFTs are expected to be customisable wearable add-ons that players can purchase and use to modify their in-game character avatars. The partnership aims to provide new experiences for both the .Swoosh community and the large EA Sports fan base.
TTD Numbers 🔢
Tether's USDT stablecoin has hit a record high, making it the third-largest cryptocurrency with a value of $83.6 Billion.
USDT dominates the stablecoin market with a 64% share. Tether plans to invest in sustainable Bitcoin mining operations in Uruguay. Most of USDT's supply comes from minting on the Tron blockchain, favoured for its cheaper and faster transactions. Tether's supply represents 0.4% of the total US dollar's M2 money supply.
TTD Flight ✈️
All Nippon Airways (ANA), Japan's largest airline group, has launched an NFT marketplace called ANA GranWhale.
This platform, built on the Ethereum blockchain, offers aviation photography and digital collectibles. ANA NEO, a subsidiary focused on immersive digital experiences, released the marketplace.
The first collection features the work of renowned aviation photographer Luke Ozawa. Additionally, NFTs of digital 3D airplanes and a generative art collection called Airbits are available.
ANA aims to apply NFTs to the aviation industry and enhance customer connections. ANA Holdings, comprising 69 companies including ANA and Peach Aviation, established ANA NEO. They are also working on a metaverse travel experience called ANA Gran Whale.
Other airlines, like an Argentinian carrier and Spanish airline Air Europa, have also embraced NFTs for ticketing.
TTD Surfer 🏄
Citing the brutal year for the crypto markets, blockchain analytics firm Nansen cuts workforce by 30%.
Intent-centric blockchain protocol, Swiss nonprofit Anoma Foundation, raises $25 Million to develop its third-generation architecture.
Binance Australia stops AUD bank transfers as search for the payment partner drags. Customers can transact crypto using credit and debit cards.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.