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SEC ⚔️ Coinbase 🛡️
Will they end up in court? Arbitrum airdrop gets sold off. Block gets blocked by Hindenburg Research. Do Kwon arrested and charged. Binance accused of bypassing KYC in China. A $500,000 bug bounty.
Hello y'all. This is The Token Dispatch. SEC and Coinbase, are like them lovebirds who can't keep off each other. Someone ship them to Boston 😬
Dispatched racing to nowhere👇 Show us love on telegram, eh? 🤟
Coinbase wants a shakeup. SEC wants their head.
The SEC hit Coinbase with a Wells notice on March 22 about alleged securities violations. But Coinbase is “confident in the legality of [its] assets and services,” and that the regulator’s claims lacks detail about specific problems.
On a Twitter space on March 23, Coinbase CEO Brian Armstrong said that while the SEC’s move wasn’t totally unexpected, it was “a very strange outcome” after the firm met with the regulator roughly 30 times during the last nine months. Compared with countries like the UK, Brazil and Singapore, the U.S is the "farthest behind" in areas such as legislation and banking rails, and if action isn't taken, it could get worse.
SEC wants to corner Coinbase. Coinbase wants to take SEC to court. It's a battle that's been brewing, and the boss, has put it all out on the table👇
"We should not be subject to regulation by enforcement like this … In a way we're happy to go to court … If that's what it takes to finally get some case law developed for this industry."
“What we’re going to do is start putting out content where people can contact their congressman, donate to pro-crypto candidates, show up at town halls, make your voice heard … We are going to elect pro-crypto candidates in this country to make sure that our success is ensured.”
Listen in 📻
Cathie resumes buying. No stopping her. $18 Million shares on March 23.
Why not sponsor us, eh?
ARB Rock n Roll: Airdropped. Sold off.
Where do we begin, but we shall try …
The official Arbitrum airdrop page crashed at 1 am UTC on March 24.
Some claimed it through alternative methods like Arbiscan.
Massive sell-off, price declining from over $10.29 to lows of $1.
Only one address successfully sold the token at $10.29 through the ARB/USDC pool on Uniswap, bagging $64,340 for 6,250 tokens.
A few others were able to sell for $4.50, however, the price dropped quickly below $1.50 as more sellers arrived.
Nansen says, out of 6.03 Million claimed by “smart money” wallets, $5.01 Million were moved to a centralised/decentralised exchange, to sell.
Arbitrum airdrop sees 1,500 addresses consolidate $3.3M into two wallets
Despite the sell-off, traders remain bullish on the ARB token. The project has already gained significant traction in the DeFi space, with several major protocols integrating with Arbitrum to improve transaction speeds and reduce gas fees. Many believe that the long-term potential of the Ethereum scaling solution will drive demand for ARB.
TTD Look out for 👽
The blockchain company has been struck by the Hindenburg Research report, claiming that the company "misled investors" and engaged in "deceptive marketing tactics."
Block Stock, comes down block by block.
The report alleges that Block Stock's core product, a blockchain-based voting system, is not being used by any major clients and that the company has exaggerated its partnerships and revenue. Block Stock has denied the allegations and called the report "false and defamatory." The company's stock price dropped by over 25% following the report's release.
TTD What we following 👨🦯
Do Kwon was arrested, we know that from yesterday. Arrested in Montenegro while trying to board a flight to flee to Dubai with falsified documents. US, South Korea both are seeking his extradition. Now he faces the music.
The co-founder of Terraform Labs, has been charged with fraud by US prosecutors in New York. Kwon is accused of misleading investors about the profitability of his blockchain company, which raised $25 million in a 2018 initial coin offering (ICO). The charges allege that Kwon and his team made false statements about the company's revenue and user base, and that they used investor funds to enrich themselves. If convicted, he could face up to 20 years in prison.
Kwon has denied the charges and plans to fight them in court. Of course.
TTD Number picker 🔢
The Ethereum Foundation has doubled its bug bounty ahead of the upcoming Shapella upgrade. The Shapella upgrade is expected to bring significant improvements to the Ethereum network, including faster transaction times and lower gas fees. The bug bounty program is part of the foundation's ongoing efforts to improve the security and reliability of the Ethereum network.
TTD What the fuck 😲
Employees of cryptocurrency exchange Binance have been accused of helping customers in China bypass Know Your Customer (KYC) controls, according to a CNBC Investigation. The allegations were made by an anonymous source who claimed that Binance staff were using their access to customer data to help Chinese clients create accounts without going through the necessary KYC checks. Binance has denied the allegations, stating that it has "stringent security and KYC procedures in place" and that it takes "any allegations of misconduct extremely seriously."
TTD Surfer 🏄
Bittrex global offers no-fee trading on Circle stablecoins USDC and the newly-listed EUROC.
Aeropostale dugs itself out of bankruptcy via TikTok, and launches an NFT collection AeroPax, with 30,000 one-of-a-kind avatars.
Mysten labs to buy $96 Million in shares and token warrants back from FTX, just short of $102 million investment made by FTX.
BitGo and Sustainable Bitcoin Protocol launch ESG-friendly Bitcoin-backed token, designed to “verifiably” prove that BTC miners are using renewable energy sources.
Zipmex's rescue investor V Ventures misses a fourth tranche payment, company warns employees of liquidation.
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So long. OKAY? ✋
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.