🇯🇵 Mt. Gox to return BILLIONS to users

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Mt. Gox to Begin Repayments in July; BTC Slides Under $61K (2 minute read)
The defunct bitcoin exchange Mt. Gox announced on Monday that it will begin distributing assets stolen from clients during a 2014 hack in the first week of July. Preparations are underway to repay in Bitcoin and Bitcoin Cash according to the Rehabilitation Plan.

He mentioned that these repayments, starting in early July 2024, will require due diligence and safety measures before processing. These repayments are expected to create selling pressure in the bitcoin market.

Early investors are likely to sell some of their holdings since they will receive assets valued much higher than their pre-2013 investments.

Mt. Gox, which once managed over 70% of all bitcoin transactions, was the world's leading crypto exchange. The 2014 hack resulted in the loss of approximately 740,000 bitcoins, valued at $15 billion today, marking the largest of several attacks on the exchange between 2010 and 2013.

Why Meme Coins Could Create a Legal Minefield for Celebrities (3 minute read)
Carlo D’Angelo, a lawyer and former law professor, specializes in blockchain technology law, particularly advising on crypto and NFTs. In May alone, over 500,000 tokens were launched, signaling a huge surge in meme coin offerings. This trend has prompted a wave of celebrities introducing their own tokens, bringing significant legal risks.

Recently, a debate arose over whether Donald Trump's son Barron is behind the DJT meme coin on Solana. Celebrity involvement in crypto isn't new; during the last crypto cycle, many A-list celebrities endorsed various projects. Following the collapse of FTX and other platforms, numerous celebrities faced lawsuits for allegedly misleading consumers about crypto risks. Now, not only B-list celebrities like Caitlyn Jenner and Iggy Azalea but also lesser-known figures are launching meme coins.

Both scammers and well-meaning celebrities can overpromise during market peaks. Celebrities promoting or launching meme coins risk civil liability and fraud charges if found to have manipulated markets or made false claims. Consumers must prove a false statement of material fact, intent to deceive, and detrimental reliance to succeed in a fraud claim.

LayerZero’s ZRO token leads market declines with 14% drop (2 minute read)
LayerZero, a leading player in interoperability, saw its native token, ZRO, tumble by 14%, marking it as the biggest loser in the crypto market today.

ZRO only airdropped last Thursday. The price decline is partly due to user dissatisfaction with LayerZero's proof-of-donation mechanism during its airdrop. To claim their tokens, users had to donate $0.1 to the Protocol Guild, an unconventional requirement that drew criticism.

Tech 

'ZK Compression' to further scale Solana apps (2 minute read)
Solana-based developers have introduced a new scaling technology for Solana applications called "ZK Compression.". Sound familar?

This innovation uses state compression to store data on Solana's cheaper ledger space instead of its more expensive account space.

Light Protocol claims that with ZK Compression, developers can store 100 compressed token accounts for around 0.000004 SOL, compared to the typical cost of 0.2 SOL, a 5000x reduction.

Helius Labs founder Mert Mumtaz highlighted the cost efficiency, noting that an airdrop to 1,000,000 users would now cost $50 instead of $260,000. However, some in the Ethereum community, like ZKsync founder Alex Gluchowski, were critical of this new development, suggesting it undermines Solana's monolithic approach and contrasting it with ZKsync's asynchronous composable ZK solutions for Ethereum.

Solana’s cofounder replied.

Kraken’s CSO confirms CertiK returned funds (3 minute read)
Earlier this week, Kraken and CertiK clashed on Crypto Twitter over a security issue. On Wednesday, Kraken announced it had received a bug bounty alert from a researcher about a vulnerability allowing users to fake their account balance.

Kraken's Chief Security Officer, Nick Percoco, said their team resolved the issue in 47 minutes. The researcher who discovered the bug shared it with two colleagues, leading them to withdraw about $3 million from Kraken accounts after demonstrating the flaw by crediting their account with $4. “After addressing the risk, we conducted a thorough investigation and found that three accounts exploited this flaw within days of each other. We identified one account KYC’d to a person claiming to be a security researcher,” Percoco explained.

CertiK then identified themselves as the security researchers involved, sparking further questions. The two parties disagreed on the amount involved. CertiK asserted it never refused to return the funds, countering Percoco's "extortion" claim, and stated that the total amount differed from Kraken's report.

Finally, Kraken’s CSO confirmed that CertiK returned the funds.

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