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Wednesday, May 10, 2023

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Pudgy Up!

Popular Ethereum NFT project Pudgy Penguins has raised $9 million in seed round funding from 1kx, Big Brain Holdings, Kronos Research, Old Fashion Research, CRIT Ventures, and the founders of LayerZero Labs.

The success comes slightly over a year after CEO Luca Netz acquired the project's IP rights from the original founders in April 2022 for $2.5 million.

The collection had a market-defying performance, having risen from 1.55 ETH in April 2022 to the current price of 4.44 ETH; the likes of Bored Ape Yacht Club fell from 152 ETH to 45 ETH over the same period.

In today's news, former Coinbase employee guilty of insider trading, Biden calls to end tax loopholes in crypto, and interest in Bitcoin shorts eases.

Read on!

Most popular types of crypto exchanges

People might have the most complaints about Elon's Twitter, but the biggest decentralized social media aren't Twitter alternatives.

Instead, video sharing platform Odysee (5.30 million monthly users) and content sharing forum Steemit (3.11 million monthly users) are by far the most popular… for now.

24h Hot Searches Worldwide

Ethereum (-0.1%)
Bitcoin (-0.1%)
Pepe (-1.9%)
SnailBrook (-3.7%)
tomiNet (+1.1%)
Ben (+24.8%)
Arbitrum (+2.2%)

Will there be an Aptos Airdrop 2.0? 🚀 In this video, let's address the rumor of potential airdrops, including the tokenless dApps in its ecosystem

Check it out here!

Insider Trading Within Coinbase

Ex-Coinbase Product Manager Ishan Wahi has been sentenced to two years imprisonment after pleading guilty to insider trading charges.

The former employee was initially arrested in July 2022 when he was charged with wire fraud and feeding insider information on upcoming crypto listings.

The case marks only the second insider trading case in crypto, after the former head of product at OpenSea was convicted of using insider knowledge to illicit profits from NFT listings.

CoinDesk

Biden Calls to Plug Crypto Tax Loopholes

United States President Joe Biden called on Twitter to end tax loopholes that allegedly helped wealthy crypto investors.

The President claimed that ending said loopholes would save up to $18 billion, but did not share any information on where such loopholes existed and what reforms would lead to these savings.

The community was quick to challenge the claims on Twitter and Reddit, with some users theorizing that the loopholes lie with the Internal Revenue Service (IRS) wash sale rule.

Cointelegraph

No More Short?

Investors withdrew $23 million out of short-Bitcoin funds at record speed last week, as sentiments improved albeit remained negative.

Digital asset investment products recorded $54 million in outflows last week, significantly improving from $72 million in the prior week.

Despite institutional outflows, Bitcoin price remained relatively stable, with a -1.6% loss over the past 30 days.

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