🦎🚀 U.S. Election = Crypto Pump? ⬆️

Monday, May 27, 2024

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The political scene is heating up!

Will crypto get boosted by the upcoming U.S. elections?

In today's news:

Trump had some good things to say about crypto 👍
Normie hacked 😪

Read on!

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Ethereum (+2.9%)

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Everybody loves crypto during election season

Just days after accepting crypto donations, Donald J. Trump voiced his support for the crypto industry.

Posting on Truth Social, Trump said "I am very positive and open minded to cryptocurrency companies and all things related to this new and burgeoning industry," as he continues to seek to woo pro-crypto voters. The former president then went on to say "Our country must be the leader in the field. There is no second place," before taking a jab at his rival Joe Biden.

Soon after praising crypto, Trump pledged to commute Silk Road founder Ross Ulbricht's life sentence, if he's re-elected president. "If you vote for me, on Day 1, I will commute the sentence of Ross Ulbricht to a sentence of time served," Trump said during the Libertarian National Convention.

Editor's Take:

Donald Trump has taken a rather pro-crypto approach in recent months, having made comments in support of crypto, and most recently becoming the first major party presidential candidate to accept crypto donations.

However, Joe Biden's administration has also begun softening his administration's stance towards crypto. Just last week, the House of Representatives passed a bipartisan crypto market structure bill known as FIT21. While the White House issued a statement in opposition to the bill, Biden didn't threaten a veto.

Meanwhile, the U.S. Securities & Exchange Commission (SEC) approved spot Ethereum ETFs last week, a move that was seen as unlikely even just a couple of weeks back. Perhaps we will see more positive regulatory developments in the U.S. for the crypto space over the next few months, as election season heats up.

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Not a very Normie exploit

Normie (NORMIE) saw its price plunge 99.5% in a matter of hours after a smart contract vulnerability was exploited.

The attacker used a loophole in the contract's tax mechanism to perform a flash loan attack. This led to a significant increase in the supply of NORMIE, which in turn caused its market cap to fall from $40 million to less than $200,000 due to the sell-off.

However, the hacker has since reached out to the team, offering to return 90% of the stolen funds. In return, the Normie team is to use the returned funds and $2.3 million in the dev wallet to launch a new token to reimburse NORMIE holders. The hacker also requested for no reprisals.

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In Other News...

Centralization Risks. Experts say that centralization concerns could lead to "serious" security risks, amid the U.S. spot Ethereum ETF approval.
Exchanges Withdrawing from Hong Kong. OKX, the third-largest crypto exchange by volume, has withdrawn its application to provide digital asset services in Hong Kong.
Introducing Ether.fi Cash, which includes a mobile wallet and Visa credit card. This card allows crypto natives to borrow USDC against their decentralized finance (DeFi) investments and pay off bills directly with crypto.
Hints at Leaving Base. The price of Web3 social network Friend.tech's token fell sharply today following a social media post from its co-founder that expressed a desire to leave Base, the Ethereum Layer-2 network which hosts the project.
10X Growth. The total value locked (TVL) on The Open Network blockchain has surpassed $300 million, marking an over tenfold increase since early March.
Hacked? The social media accounts of famous traders, rappers and even Caitlyn Jenner are shilling tokens in what many believe is part of an orchestrated string of hacks.

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