🦎🚀 Altcoins with an identity crisis 🌀

Monday, June 12, 2023

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Hoping for a good week!

Solana, Cardano, and Polygon push back on the SEC's claims of them being securities, arguing that their tokens serve a utility function and should not be labeled as securities.

Since the SEC's stance on the above altcoins, companies like Robinhood have stated that they will end support for these altcoins due to the uncertainty around these altcoins.

In today's news, Curve founder adds to Aave position, Sturdy Finance hacked, and Binance Nigeria ordered to cease operations.

Read on!

Can NFT Art Prices Go Up?

NFT art might have sold for shocking prices, but those valuations are still far behind traditional art.

To illustrate: Leonardo da Vinci's Salvator Mundi sold for $475 million, or 6.8X of Beeple's Everydays.

NFT floor prices on the go!

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32% of supply!

Curve Finance founder Michael Egorov deposited $24 million worth of CRV into Aave, a shocking 32% of CRV's total supply, to reduce his risk of liquidation in the protocol.

Given the volume of his collateral, a sharp decrease in the price of CRV could trigger a cascade of liquidations, which can cause waves in the DeFi landscape.

The Block

Not so Sturdy after all

Sturdy Finance, a decentralized finance protocol, lost $800k worth of Ethereum (ETH) to a hack.

This happened due to a faulty price oracle, which allowed the hacker to manipulate it and drain the funds from the protocol.

Cointelegraph

Binance Nigeria ordered to Halt 'Illegal' Operations

Binance Nigeria, was ordered to immediately halt operations in the West African nation by the local Securities and Exchange Commission (SEC).

The order follows the US securities watchdog against Binance last week, which alleged that it was operating illegally and was selling securities to the general public.

CoinDesk

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The reward is almost in your pocket

WhiteBIT giveaways 10 NFTs to its users. But it doesn't just throw them around, so you need to do the following:

Sign up for the WhiteBIT and confirm your identity;
Get a Polygon wallet;
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Fill out the form.

Hurry to participate until the 30th of June and become one of the ten lucky winners. Moreover, since June NFT holders will get pleasant bonuses.

Let's go