Hey there, PoI readers! 🌟 

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From hacked fast-food accounts and vanishing Bitcoin collateral to deflating NFTs and dollar-pegged stablecoins in Brazil , we've got a smorgasbord of digital delights to digest. So, grab your favorite beverage, settle into your comfiest chair, and let's dive into this week's crypto rollercoaster! 🍔🎨💱

INTEL BRIEF

🟧 Hackers commandeered McDonald's Instagram account to promote a fake Grimace-themed cryptocurrency, swindling $700,000 from unsuspecting investors.

🟧 Justin Sun defends the removal of 12,000 Bitcoin from USDD's collateral as standard DeFi practice, despite concerns over lack of DAO approval.

🟧 Once-valuable NFTs have significantly decreased in worth, with some losing millions in value since their peak sales.

🟧 Mercado Libre introduces the Meli Dollar, a USD-pegged stablecoin, in Brazil to help customers manage finances amidst economic volatility.

McDonald's Instagram Hack Serves Up a $700K Crypto McFlurry

It seems the Hamburglar has gone digital, and he's got a taste for cryptocurrency. On August 21st, McDonald's Instagram account fell victim to a hack that would make even the Grimace grimace.

Picture this: You're scrolling through Instagram, dreaming of french fries, when suddenly McDonald's official account starts pushing a cryptocurrency called "$Grimace".

The cyber-criminals, clearly not content with just stealing Wi-Fi and ketchup packets, used McDonald's massive following of 5.1 million burger enthusiasts to promote their "McDonald's experiment on Solana." Spoiler alert: Ronald McDonald did not approve this message.

Within 30 minutes, this purple-tinged crypto ballooned from pocket change to a whopping $25 million market cap. . The hackers pulled the rug faster than a magician at a birthday party, leaving investors with nothing but a bad taste in their mouths and significantly lighter wallets.

In a move that would make any supervillain proud, the hackers even edited McDonald's Instagram bio to brag about their $700,000 haul. It's like leaving a Yelp review for your own heist!

McDonald released a statement acknowledging an "isolated incident" and apologized for any offensive language.

Hackers took over McDonald's Instagram, promoting a fake "Grimace" cryptocurrency

The scam netted the hackers approximately $700,000 in Solana

McDonald's regained control and removed the offending posts, calling it an "isolated incident"

"Sun's Out, Funds Out - Justin Sun's USDD Loses Its Bitcoin Shine

It looks like Justin Sun, the Tron founder and self-proclaimed DeFi wizard, is pulling a digital disappearing act that would make David Copperfield jealous. In a move that's got the crypto community more shaken than a James Bond martini, 12,000 Bitcoin (worth a cool $729 million) has vanished from USDD's collateral faster than you can say "blockchain."

Now, you might be thinking, "Mochi, isn't removing collateral from a stablecoin like removing the buns from a burger?" And you'd be right to be concerned. But fear not! Our crypto ringmaster, Justin Sun, assures us this is all part of the show. It's just "DeFi 101," he says, probably while juggling private keys and riding a unicycle.

According to Sun, this magical disappearing act is totally normal and doesn't need a DAO vote. It's like telling your roommates you don't need their permission to eat the last slice of pizza - it's just how things work, right?

But wait, there's more! The USDD transparency page (which might need to work on its definition of "transparency") now shows the stablecoin is backed primarily by Tether and TRX.

Despite the Bitcoin vanishing act, USDD is still 230% collateralized. That's like having 2.3 slices of pizza for every slice you promised - not bad, but we can't help wondering where that extra-cheesy Bitcoin slice went.

Remember when USDD launched in 2022, aiming to be the cool kid on the block after Terra's UST took a nosedive? Well, it's had its ups and downs, once dipping to $0.92 and giving everyone a mini heart attack. But hey, what's a little volatility between friends, right?

12,000 Bitcoin ($729 million) was removed from USDD's collateral without a DAO vote

Justin Sun claims this is normal DeFi practice, likening it to MakerDAO's DAI

USDD is now primarily backed by Tether and TRX, maintaining a 230% collateralization ratio

The Great NFT Nosedive Million Dollar JPEGs Plummet From Digital Gold to Pixel Dust

Remember when owning a JPEG was cooler than having the latest iPhone? Well, buckle up, buttercup, because we're taking a trip down memory lane to revisit some of the most expensive NFTs ever sold. Spoiler alert: If you invested in these, you might want to grab a tissue... or a whole box.

Let's start with CryptoPunk #5822, the alien punk that sold for a whopping $23.7 million in February 2022. Fast forward to today, and it's worth about half that. Ouch! But hey, at least the Ethereum it was bought with is worth more now. So... yay for crypto?

Next up, we have EtherRock #93. Yes, folks, we're talking about a digital pet rock that someone paid $1.8 million for. Today, it's worth about $800,000. That's a million-dollar loss for a picture of a rock. Let that sink in.

But wait, there's more! Remember the Bored Ape craze? Bored Ape #8817, with its fancy gold fur, sold for $3.4 million in October 2021. Fast forward to 2024, and a similar golden ape sold for just $665,000. That's a drop bigger than my jaw when I first heard about NFTs.

Now, here's the kicker: 95% of NFT collections are now worth... drumroll, please... absolutely nothing. Zero. Zilch. Nada.

But hey, NFT collectors, don't despair! You may have lost millions, but you still have that immutable proof of ownership on the blockchain. So the next time someone right-clicks and saves your million-dollar JPEG, you can proudly say, "But I have the receipt!"

CryptoPunk #5822, once worth $23.7 million, has roughly halved in value

EtherRock #93 dropped from $1.8 million to around $800,000

A Bored Ape similar to one that sold for $3.4 million now only fetches $665,000

95% of NFT collections are currently valued at zero

Samba with Stablecoins Mercado Libre Launches Meli Dollar in Brazil

Move over, Brazilian real! There's a new currency in town, and it's got more stability than a Jenga tower made of cement blocks. Mercado Libre, Latin America's e-commerce behemoth, has just dropped its latest creation: the Meli Dollar. It's like the US dollar, but with a spicy Latin twist!

This shiny new stablecoin is making its debut in Brazil, Mercado Libre's biggest playground. And let's face it, in a country where the economy is more unpredictable than a soap opera plot, having a stable currency option is like finding an oasis in a desert of financial uncertainty.

Mercado Libre is offering this digital dollar without any fees for purchases or trades. Now, you might be wondering, "Mochi, why would anyone want a dollar-pegged stablecoin in Brazil?" Well, imagine trying to save money in a currency that's more volatile than a teenager's mood swings. That's where the Meli Dollar swoops in, cape fluttering, ready to save the day (and your savings).

Andres Chaves, Mercado Pago's senior VP, put it best when he said the Meli Dollar offers "an alternative for our customers who want to protect themselves from exchange rate variation." In other words, it's like financial bubble wrap for your money!

Mercado Libre have already been accepting Bitcoin, Ether, and other stablecoins since 2021. It's like they're saying, "You want crypto? We've got all flavors!"

Mercado Libre launches Meli Dollar, a USD-pegged stablecoin, in Brazil

The stablecoin aims to provide stability in Brazil's volatile economy

Initial purchases and trades of Meli Dollar will be fee-free

Mercado Libre continues to expand its crypto offerings in Latin America

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe even a little bit richer (in knowledge, of course). Remember to stay curious, stay informed, and keep spreading the love. Until next time, this is Mochi, signing off with a virtual high-five! 🙌✨

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

🍨📰 Catch you in the next issue! 📰🍨

Hey there, PoI readers! 🌟

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From Coinbase's victorious legal battle and Solana's transaction woes to Pantera Capital's soaring crypto fund and Genesis's Bitcoin shopping spree, we've got a lot to unpack. So, buckle up and get ready for a wild ride through the wonderland of digital assets! 🌐

INTEL BRIEF

🟧 Coinbase emerges victorious in a lawsuit concerning the classification of cryptocurrencies as securities, with the U.S. Court of Appeals for the Second Circuit ruling in their favor.

🟧 Fantom creator Andre Cronje defends Solana amid recent transaction failures, attributing the issues to the network's rapid growth and increased demand for block space.

🟧 Pantera Capital's Liquid Token Fund achieved a 66% return in Q1 2024, driven by investments in tokens like Solana, Ribbon Finance, and Stacks, while reducing exposure to Bitcoin and Ether.

🟧 Genesis, a bankrupt crypto lender, has acquired 32,041 Bitcoins at an average price of $65,685 to repay customers by redeeming Grayscale BTC shares, as per a recent court filing.

Coinbase Triumphs in Crypto Securities Lawsuit: U.S. Court of Appeals Rules in Their Favor

Coinbase, the big kahuna of crypto exchanges, just scored a major win in court. The U.S. Court of Appeals for the Second Circuit ruled that secondary sales of cryptocurrencies on Coinbase's platform do not violate the Securities Exchange Act. That's right, folks, Coinbase is in the clear!

The lawsuit, which covered a nationwide group of people who traded tokens on Coinbase from October 2019 to March 2022, centered around whether the traded cryptocurrencies were considered securities. The plaintiffs threw everything but the kitchen sink at Coinbase, accusing them of offering and selling unregistered securities and violating various securities laws.

But Coinbase wasn't going down without a fight. They argued that secondary crypto-asset sales didn't meet the criteria for securities transactions, and the Court of Appeals agreed... mostly. They did find Coinbase potentially liable under Section 12(a)(1) of the Securities Act for selling unregistered securities, but they also rejected the plaintiffs' claims under the Securities Exchange Act.

The court's decision came down to interpreting Coinbase's user agreements, which changed more often than a chameleon's colors. The varying language across versions made it harder to determine title and privity issues, which were crucial to the case.

Both sides are claiming victory here. The plaintiffs see it as a step towards holding crypto platforms accountable under securities laws, while Coinbase believes the decision reinforces their position that secondary crypto sales aren't securities transactions.

Coinbase's CLO, Paul Grewal, took to X (formerly Twitter) to express his gratitude, emphasizing that the Second Circuit reaffirmed the lack of private liability for secondary trading of digital assets on exchanges like Coinbase under federal securities law.

Coinbase emerges victorious in a lawsuit over the classification of cryptocurrencies as securities.

The U.S. Court of Appeals ruled that secondary sales on Coinbase's platform do not violate the Securities Exchange Act, although they may be liable under the Securities Act for selling unregistered securities.

The decision hinged on interpreting Coinbase's evolving user agreements.

Fantom's Andre Cronje Stands by Solana Amidst Network Congestion Woes

Solana, the network that's been making headlines for all the wrong reasons lately.

Solana has been experiencing some serious transaction failures, with approximately 75% of non-vote transactions failing on April 4, according to Dune Analytics. Users have been up in arms, complaining about failed transactions and a less-than-stellar user experience.

But fear not, because Solana has found an unlikely ally in Fantom creator Andre Cronje, one of the most influential thought leaders in DeFi. Cronje took to X (formerly Twitter) to defend Solana, stating that the network's performance issues are a result of its own success.

According to Cronje, the ongoing congestion is a testament to Solana's rapid growth, which has led to an increased demand for block space. He argued that these are technical challenges, not flaws in the consensus mechanism.

Other members of the community echoed Cronje's sentiments, pointing out that people often praise blockchain technology for its principles and capabilities but are quick to criticize when increased demand leads to temporary user experience issues.

However, Solana CEO Anatoly Yakovenko expressed frustration, noting that addressing congestion bugs is more challenging than dealing with total liveness failure. While the latter can be fixed quickly, congestion bugs require extensive testing and updates, which can't be deployed as rapidly.

This isn't the first time Solana has faced downtime. Since January 2022, the network has experienced around half a dozen significant outages and 15 partial or primary outage days. The most recent outage in early February 2024 halted block progression for over five hours.

A postmortem report by Anza revealed that a bug in Solana's Just-in-Time (JIT) compilation cache was the culprit. The Solana Foundation's strategy head, Austin Federa, told Cointelegraph that they plan to replace the old loader system with a new one to address these issues.

Despite the recent challenges, Solana's native token, SOL, has only fallen around 3% in the last week, following a 45% rally in the previous month. However, the drawdown has pushed Solana back to being the fifth-largest cryptocurrency by market capitalization, with a valuation of $89 billion, according to CoinGecko data.

Fantom creator Andre Cronje has come to Solana's defense amid the network's recent transaction failures, attributing the issues to rapid growth and increased demand.

Despite user complaints and ongoing challenges, Solana's team is working on solutions to address the congestion bugs and improve the network's performance.

Pantera Capital's Crypto Fund Soars 66% in Q1 2024 Amid Market Optimism

Pantera Capital have been making some smart moves in the crypto world. Their Liquid Token Fund has reportedly posted a whopping 66% return in the first quarter of 2024, and it's all thanks to their savvy investments in tokens like Solana (SOL), Ribbon Finance (RBN), and Stacks.

According to a shareholder letter reviewed by Bloomberg, the fund's impressive performance from January to March was driven by these assets, while exposure to tokens tied to Bitcoin and Ether decreased during the period. Portfolio manager Cosmo Jiang even told Bloomberg that they've reduced their Bitcoin holdings by more than half since the beginning of the year.

Now, let's take a look at some numbers. TradingView data shows that the RBN token has skyrocketed by 400.43% so far this year, while SOL has gained 69.88%, outpacing Bitcoin's 62.59% appreciation in 2024. It seems like Pantera Capital's bets on these tokens have paid off big time!

For those of you who aren't familiar with the Pantera Liquid Token Fund, it's a pool of 10-20 liquid tokens that was launched way back in November 2017. The fund is designed for accredited investors who are willing to commit a minimum of $100,000 and primarily targets decentralized finance (DeFi) tokens.

It's worth noting that Pantera Capital is no small player in the crypto space. With $5.2 billion in assets under management, they're one of the early investors in the industry. In fact, they recently raised around $250 million to buy SOL tokens from the now-defunct crypto exchange FTX at a heavily discounted price of $64.

SOL's price performance has been attributed to a rise in its blockchain market dominance and the ongoing memecoins frenzy. Memecoins like Dogwifhat, Bonk, Cat in the Dogs World, and Book of Meme have been gaining popularity, contributing to the token's price rise. Additionally, institutional investors poured almost $25 million into SOL-based investment funds in March, according to a CoinShares report.

Pantera Capital's Liquid Token Fund achieved an impressive 66% return in Q1 2024 by investing in tokens like Solana, Ribbon Finance, and Stacks while reducing exposure to Bitcoin and Ether.

The fund's success is attributed to the strong performance of these tokens and the ongoing memecoins frenzy.

Genesis Spends Over $2 Billion on Bitcoin to Repay Customers for GBTC Shares

Genesis, the bankrupt crypto lender that's been making headlines for all the right reasons (well, mostly). is making headlines again…

According to an April 2 filing, Genesis has been on a Bitcoin shopping spree, scooping up a whopping 32,041 BTC at an average price of $65,685. That's right, they've spent over $2.17 billion on the world's favorite digital currency! But why, you ask? To repay customers, of course!

You see, Genesis received permission from a New York bankruptcy court to sell their Grayscale Bitcoin Trust (GBTC) shares and use the proceeds to pay back their customers. It's like a high-stakes game of musical chairs, but instead of chairs, we've got Bitcoins, and instead of music, we've got the sound of lawyers arguing in court.

Now, let's rewind a bit. Genesis filed for bankruptcy back in January 2023, and since then, they've been working on a plan to make things right with their customers. In February, they reached an in-principle settlement with Gemini, agreeing to distribute $1.8 billion to users affected by Genesis's Earn service.

But wait, there's more! On February 14 (how romantic), Genesis received permission to sell not only their GBTC shares but also their Grayscale Ethereum Trust shares. At the time, these shares were valued at nearly $1.4 billion and $165 million, respectively. Talk about a Valentine's Day gift!

Fast forward to the present, and Genesis has purchased 32,041 BTC to cover for the sale of nearly 36 million GBTC shares. The details were revealed in a court filing, as reported by Bloomberg Law. Originally, Genesis planned to distribute the tokens directly to Gemini Earn creditors, but it seems like they had a change of heart (or maybe their lawyers did).

Genesis, a bankrupt crypto lender, has spent over $2 billion to acquire 32,041 Bitcoins at an average price of $65,685. 

The move is part of their plan to repay customers by redeeming Grayscale BTC shares, as per a recent court filing.

And that's a wrap, my lovely PoI readers! 🎬 I hope this edition left you feeling informed, entertained, and maybe even a little hungry for more (crypto news, that is). Remember, in the wild world of web3, today's meme could be tomorrow's millions - or vice versa! 😉 Stay curious, stay informed, and keep that sense of humor handy. Until next time, this is Mochi, signing off with a virtual fist bump! 👊✨ 

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. Every voice matters in the PoI community, even if it's just to say "I'm lovin' it!" 📣❤️ Share the newsletter!

🍨📰 Catch you in the next issue! 📰🍨