Hey there, PoI readers! 🎉

Mochi here, your trusty tech and web3 navigator, ready to serve up a fresh batch of sizzling news 🌎 In this edition, we'll dive into the memecoin mania that's shaking up the rankings, the stunning sentencing of a former FTX exec, and the epic battle between BlackRock and Grayscale for Bitcoin ETF supremacy. Oh, and let's not forget about Iggy Azalea's brush with an alleged memecoin scammer! So, grab your favorite crypto-themed snack and let's embark on this thrilling journey together! 🗺️

INTEL BRIEF

🟧 BlackRock's iShares Bitcoin Trust (IBIT) has surpassed Grayscale's Bitcoin Trust (GBTC) as the world's largest Bitcoin ETF.

🟧 Australian musician Iggy Azalea distances herself from an alleged scammer's $300K memecoin presale bearing her name.

🟧 Shiba Inu has dethroned Cardano from the top 10 crypto rankings amidst the ongoing memecoin mania.

🟧 Former FTX Digital Markets co-CEO Ryan Salame has been sentenced to 7.5 years in prison after pleading guilty to two felony charges.

BlackRock's Bitcoin ETF Dethrones Grayscale as the World's Largest

BlackRock's iShares Bitcoin Trust (IBIT) has claimed the crown as the world's largest Bitcoin ETF, overtaking the long-standing champion, Grayscale's Bitcoin Trust (GBTC). As of May 28, IBIT recorded impressive inflows of $102.5 million, while GBTC suffered a significant outflow of $105 million.

This remarkable shift in the Bitcoin ETF landscape has left many in the crypto community buzzing with excitement. IBIT now holds a whopping 288,670 Bitcoin, surpassing GBTC's 287,450 Bitcoin. It's worth noting that GBTC once boasted a staggering 620,000 Bitcoin at the time of its conversion in January, but it seems that the tides have turned in favor of BlackRock's offering.

The news of IBIT's ascent to the top spot has been met with enthusiasm from investors and industry experts alike. "There is a new king in the land of Bitcoin ETFs & its BlackRock," proclaimed HODL15Capital, a prominent figure in the crypto space.

Interestingly, recent regulatory filings reveal that BlackRock's income and bond-focused funds have also jumped on the Bitcoin bandwagon. The Strategic Income Opportunities Fund (BSIIX) purchased $3.56 million worth of IBIT shares, while the Strategic Global Bond Fund (MAWIX) made a more modest $485,000 investment.

As the crypto market continues to evolve, spot Bitcoin ETFs globally now hold over one million Bitcoin, valued at more than $68 billion. This represents a significant 5.10% of the total Bitcoin circulating supply, showcasing the growing institutional interest in the world's largest cryptocurrency.

With Bitcoin currently trading at around $68,550, all eyes are now on the potential launch of spot Ether ETFs, which analysts believe could happen as early as mid-June. As the ETFs undergo the final S-1 approval process, the crypto community eagerly awaits the next chapter in the ever-evolving world of digital assets.

BlackRock's iShares Bitcoin Trust (IBIT) has become the world's largest Bitcoin ETF, surpassing Grayscale's Bitcoin Trust (GBTC).

IBIT recorded $102.5 million in inflows, while GBTC suffered a $105 million outflow on May 28.

Spot Bitcoin ETFs globally now hold over one million Bitcoin, representing 5.10% of the total circulating supply.

Iggy Azalea Denies Involvement in Alleged Scammer's $300K Memecoin Presale

Australian rapper Iggy Azalea has found herself entangled in the world of memecoins, thanks to an alleged serial scammer named Sahil Arora. A token presale bearing Azalea's name has reportedly raised over $300,000, but the artist quickly distanced herself from the project.

Taking to X (formerly Twitter), Azalea revealed that while she had been interested in creating a legitimate cryptocurrency with utility, Arora had taken matters into his own hands. "Sahil tried it n thought I wouldn't see his weirdo lil presale telegram shit," she wrote in a now-deleted post.

Azalea isn't the only celebrity who has crossed paths with Arora and his memecoin endeavors. American rapper "Rich the Kid" accused Arora of hacking his X account to promote the "RICH" token, while Caitlyn Jenner claimed that Arora scammed her during her own token launch.

Arora's alleged illicit activities have been drawing public attention, with accusations of Avalanche-based rug pulls and stolen fees. One investor even claimed that liquidity was removed within five minutes of a coin's launch, leaving many burned.

However, Arora denies that his campaigns on Avalanche are scams, stating that people "couldn't time right entries so they got burned." He added, "Tons of people make big from my launches. The few that don't become haters."

Arora's history of controversy dates back to 2017 when he dropped out of an international school to launch a taxi application. Since then, he has founded numerous businesses, including payments project ZelaaPayAE and influencer platform Habibi. However, a former contractor for ZelaaPayAE claims that Arora failed to pay 800 British pounds owed until threatened with being reported to authorities.

As the memecoin craze continues to sweep the crypto world, it seems that celebrities are increasingly finding themselves caught up in the hype, whether they like it or not.

Iggy Azalea denies involvement in an alleged scammer's $300K memecoin presale bearing her name.

Sahil Arora, the alleged scammer, has been accused of rug pulls and stolen fees in the memecoin scene.

Arora denies the accusations, claiming that people who don't profit from his launches become haters. Although it's not the first time he has been accused like that.

Memecoin Shiba Inu Overtakes Cardano in Top 10 Crypto Rankings

The world of cryptocurrencies is experiencing a wild ride as memecoins continue to dominate the market, leaving some well-established players in the dust. In a surprising turn of events, Shiba Inu has dethroned Cardano from the top 10 crypto rankings by market capitalization.

The ongoing memecoin mania has seen several tokens, including Pepe, Shiba Inu, and Dogwifhat (WIF), hitting new all-time highs (ATHs) and overtaking crypto heavyweights. Shiba Inu currently boasts a market cap of $16.4 billion, while Cardano trails behind at $16.3 billion.

Cardano, once a top-three contender during the 2020–2021 bull run, now finds itself in the 11th spot, trading at $0.45, more than 80% below its all-time high of over $3.10. While Bitcoin and other altcoins have recovered most of their losses from the last cycle, Cardano seems to be stuck in a price range, similar to XRP.

The memecoin madness doesn't stop there. Pepe briefly overtook Polygon for the 18th rank, while WIF claimed the 28th spot from Hedera as it reclaimed its $4-billion market cap. Two memecoins, Dogecoin and Shiba Inu, are currently in the top 10 crypto rankings, showcasing the incredible impact of this new era of memecoins.

As Bitcoin and a majority of altcoins experience sideways price momentum, with most in the red, memecoins have not only thrived but have risen to new heights. Six out of the top 10 gainers over the past 24 hours are memecoins, and weekly charts paint a similar picture.

The memecoin mania continues to captivate the crypto community, leaving investors and enthusiasts wondering what the future holds for these viral tokens and the established players they've left in their wake.

Shiba Inu has overtaken Cardano in the top 10 crypto rankings amidst the ongoing memecoin mania.

Memecoins like Pepe, Shiba Inu, and Dogwifhat have hit new all-time highs, outperforming well-established cryptocurrencies.

The current memecoin bull run is led by tokens that are barely a year old, showcasing the incredible impact of this new era of memecoins.

Former FTX Exec Ryan Salame Sentenced to 7.5 Years in Prison

In a significant development in the ongoing FTX saga, former FTX Digital Markets co-CEO Ryan Salame has been sentenced to 7.5 years in prison after pleading guilty to two felony charges. The sentencing, handed down by Judge Lewis Kaplan in the U.S. District Court for the Southern District of New York, marks a pivotal moment in the legal proceedings surrounding the collapsed cryptocurrency exchange.

Salame, who pleaded guilty to conspiracy to operate an unlicensed money-transmitting business and engaging in campaign finance fraud in September 2023, is one of the first individuals connected to FTX and Alameda Research to receive prison time following the company's downfall.

U.S. Attorney Damian Williams emphasized the severity of Salame's crimes, stating, "Salame's involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system. Today's sentence underscores the substantial consequences for such offenses."

Interestingly, Salame was the one who reported FTX's fraudulent activities to the Securities Commission of the Bahamas on Nov. 9, 2022, just two days before Sam Bankman-Fried stepped down as CEO and the firm filed for bankruptcy. Bankman-Fried, who was later extradited to the U.S. and convicted of seven felony counts, was sentenced to 25 years in prison by Judge Kaplan in March.

As part of his plea deal, Salame will have to pay roughly $6 million in penalties to the U.S. government and $6 million to FTX debtors, as well as surrender two properties and a business. During forfeiture proceedings, his lawyers claimed that he would be left with "no remaining assets" after having a net worth in the millions in 2022.

The sentencing of Ryan Salame marks another significant chapter in the ongoing legal proceedings surrounding the collapse of FTX, as the crypto community awaits the fate of other key figures, including Caroline Ellison, Nishad Singh, and Gary Wang, who have all pleaded guilty to charges and testified in Bankman-Fried's criminal trial.

Former FTX Digital Markets co-CEO Ryan Salame has been sentenced to 7.5 years in prison for conspiracy to operate an unlicensed money-transmitting business and engaging in campaign finance fraud.

Salame reported FTX's fraudulent activities to the Securities Commission of the Bahamas just before the company's collapse.

As part of his plea deal, Salame will pay penalties to the U.S. government and FTX debtors, and surrender assets.

And there you have it, my brilliant PoI readers—another thrilling chapter in the never-ending saga of the crypto universe! 📜 As always, remember to stay vigilant, stay informed, and never stop exploring the fascinating world of digital assets. 🔍
Until next time, this is your favorite crypto ice cream, Mochi, signing off with a virtual fist bump! 👊 Don't forget to share your thoughts, questions, and wildest crypto predictions with us. After all, every voice matters in the PoI community! 📣❤️

P.S. If you enjoyed this edition, be sure to spread the love and share the newsletter with your fellow crypto enthusiasts. Together, we can make the world a little bit more crypto-savvy, one meme at a time!

🍨📰 Catch you in the next issue! 📰🍨