🧑‍⚖️ PleasrDAO vs Shkreli

Plus: Trump supports miners

June 12, 2024

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Good Morning!

Bitcoin dumped yesterday as investors wait for CPI and FOMC. Meanwhile Martin Shkreli and PleasrDAO are fighting on Crypto Twitter.

Let’s dive in. 👇️ 

Markets

Bitcoin ETFs See $200M Net Outflows in Fed, CPI Jitters (3 minute read)
Yesterday’s data shows $200 million in net outflows from eleven ETFs on Tuesday, the biggest since May 1's $580 million plunge. The exodus happened as BTC nosedived to $66,200 before bouncing back.

QCP Capital's broadcast message summed it up: "Markets are in risk-off mode ahead of CPI and FOMC tomorrow." With the FOMC set to release the Dot Plot, which hints at future Fed rate cuts, tension's running high. Yet, QCP remains bullish long-term, seeing this dip as a buying opportunity. They anticipate bullish events like the ETH spot ETF launch and a crypto showdown between Biden and Trump.

ZkSync to distribute 21 billion ZK tokens (3 minute read)
Ethereum layer-2 zkSync Era and the ZK Stack are gearing up for a major token airdrop: ZK. Matter Labs is taking a smart approach, aiming to avoid the missteps of their predecessors.

Firstly, they're setting aside two-thirds of the tokens for community distribution, with a huge 17.5% for the initial airdrop. That's right, a 17.5% airdrop to 695,232 wallets—the biggest token giveaway among major L2s to date. And unlike other launches, these tokens will be unlocked and transferable from day one. No vesting periods here, addressing the gripes from past releases like EigenLayer's EIGEN token.

Like every single airdrop this year, some people are still unhappy (probably because they didn’t qualify).

Best of Crypto Twitter

PleasrDAO, known for collecting culturally significant art, has slapped Martin Shkreli with a lawsuit for allegedly copying a unique Wu-Tang Clan album. Shkreli bought "Once Upon a Time in Shaolin" for around $2 million in 2015, but lost it in a $7.4 million asset forfeiture after his 2017 securities fraud conviction.

PleasrDAO bought the album for $4 million in 2021 and an additional $750,000 in 2024, securing exclusive rights to the music, data, files, and packaging. However, Shkreli, post-prison release in May 2022, bragged to his social media followers about keeping and sharing the album, even streaming it on X Spaces to thousands of listeners.

PleasrDAO's lawsuit accuses Shkreli of statutory misappropriation of trade secrets, claiming his actions will lead to severe financial and irreparable damage for the DAO.

PleasrDAO announced the lawsuit on Twitter.

Martin responded.

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Misc

Donald Trump Supports Crypto Miners (2 minute read)
Trump is once again stepping into the Crypto debate. At a Mar-a-Lago gathering, he pledged his support for crypto miners, wooing tech-savvy voters and digital asset stakeholders.

CleanSpark Inc.'s Matthew Schultz revealed that Trump understands and values crypto. Key players like Riot Platforms CEO Jason Les and policy head Brian Morgenstern were also in the mix. Morgenstern quoted Trump, saying he'd defend your right to own, mine, and transact with Bitcoin, and support the Bitcoin industry workforce.

Trump praised Bitcoin mining for stabilizing the energy grid and vowed to push these technologies hard if he returns to the White House. "We want all the remaining Bitcoin made in the USA. It'll help us be energy-dominant," Trump declared.

Paradigm-backed Symbiotic unveils restaking protocol (2 minute read)
Symbiotic is launching their restaking protocol and securing a hefty $5.8 million from Paradigm and cyber.Fund to boost development. This newcomer takes aim at Ethereum’s EigenLayer, offering a competitive shared security model for user deposits to back third-party networks.

Much like EigenLayer, Symbiotic is tackling blockchain’s nagging issues of development and network security by reallocating existing staking capital and infrastructure.

From petrodollar to petrobitcoin (7 minute read)
Saudi Arabia is not renewing its 50-year petrodollar agreement with the United States, which expired on June 9, 2024. This move could shake up global finance, what does it mean for Bitcoin?

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