Hey there, PoI readers! 🥳

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From the drama at MarginFi and the closure of LA's beloved Bored & Hungry, to the roller coaster ride of leveraged Bitcoin trading and the importance of immutable smart contracts, 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

🟧 MarginFi, a Solana-based borrowing and lending platform, experienced a significant withdrawal of over $260 million following accusations from SolBlaze and the resignation of its CEO, Edgar Pavlovsky.

🟧 Bored & Hungry, an LA-based burger restaurant that used a Bored Ape Yacht Club NFT as its brand, is closing its original location but plans to reopen in the U.S. under new ownership.

🟧 Analysts warn that Bitcoin traders with leveraged positions could face significant losses as the cryptocurrency reaches a critical juncture, with the potential for price volatility in either direction.

🟧 A policy executive, advises developers to ensure their smart contracts are immutable to avoid potential legal liability for illegal activities occurring on their platforms.

MarginFi Weathers the Storm: CEO Resignation and SolBlaze Accusations Trigger Massive Withdrawals

MarginFi, a popular borrowing and lending platform on Solana, recently found itself in the eye of a storm. It all started when staking protocol SolBlaze (BLZE) accused MarginFi of pocketing three weeks' worth of BLZE emissions meant for users and dumping hundreds of millions of BLZE tokens intended for protocol governance. Yikes, talk about a bad look!

As if that wasn't enough, MarginFi's co-founder and CEO, Edgar Pavlovsky, decided to jump ship amidst the chaos. In an X post, Pavlovsky announced his resignation, stating, "It's a world-class team -- it really is -- but I don't agree with the way things have been done internally or externally." Ouch, sounds like trouble in paradise!

Panic spread like wildfire among MarginFi users, causing a massive exodus of over $260 million from the platform. Users quickly shuffled their coins to competing Solana platforms, looking for a safer haven. Solend (SLND), another lending protocol, saw an opportunity and promised an airdrop to those who moved their friends from MarginFi to its platform. Talk about some sneaky marketing tactics!

But wait, there's a plot twist! It turns out that SolBlaze might have been a bit too hasty with their accusations. One of MarginFi's co-founders revealed that the delay in distributing emissions was only eight days, not three weeks, due to recent congestion on the Solana blockchain. Phew, crisis averted... or is it?

Despite the withdrawal exodus, MarginFi staff and the now-resigned CEO have praised the protocol's resilience. It seems like MarginFi might just weather this storm after all!

MarginFi faced accusations from SolBlaze and the resignation of its CEO, triggering a $260 million withdrawal.

Competing Solana platforms, like Solend, tried to lure users with airdrop promises.

SolBlaze's accusations were found to be inaccurate, and MarginFi's team remains confident in the protocol's resilience.

Bored Apes Go Hungry: LA's NFT-Themed Burger Joint Closes Shop

Bored Apes are going to be a little less hungry in LA (pun intended). Bored & Hungry, the iconic burger restaurant that used a Bored Ape Yacht Club (BAYC) NFT as its brand, is shutting down its original Long Beach location after two years of serving up delicious patties and fries.

But don't worry, Bored Ape enthusiasts! This isn't the end of the road for Bored & Hungry. The brand has been acquired by a decentralized autonomous organization (DAO) called Hungry DAO, and the founding team will be joining as shareholders. In an X post, co-founder Andy Nguyen hinted that the brand "will be announcing their new home in the U.S. soon." Ooh, the suspense!

Bored & Hungry has been making waves in the NFT world since its opening in April 2022. It wasn't the only Bored Ape-themed business out there, though. Other BAYC NFT holders have also started ventures, like a Cuban restaurant in Miami, using their NFTs and the rights that come with them.

Nguyen expressed his gratitude to the supportive BAYC and Web3 community, stating, "We're proud to have made our mark, and excited to see where the community takes it next." It's heartwarming to see the power of digital assets bringing people together over a shared love for burgers and NFTs.

So, while the original Bored & Hungry location in Long Beach may be closing its doors, the brand is far from done. Keep your eyes peeled for their new U.S. location, and who knows, maybe we'll see a Bored Ape-themed restaurant popping up in your neighborhood soon!

Bored & Hungry, an LA burger restaurant using a Bored Ape Yacht Club NFT, is closing its original location.

The brand has been acquired by Hungry DAO, and the founding team will join as shareholders.

Bored & Hungry plans to reopen in a new U.S. location soon, continuing the NFT-themed restaurant trend.

Bitcoin's Wild Ride: Leveraged Traders Beware of Choppy Waters Ahead

According to some crypto traders, Bitcoin is no longer in "easy mode," and those with leveraged positions could be in for a nasty surprise. Pseudonymous trader Honeybadger warns that "market makers are having a field day exploiting high emotions and degenerate behavior." Yikes, sounds like a recipe for disaster!

Data from CoinGlass reveals that a whopping $39 million worth of leveraged positions in Bitcoin were liquidated in just 24 hours, with both long and short positions taking a hit. It's like watching a high-stakes game of tug-of-war, but with millions of dollars on the line!

The Bitcoin price chart appears to be forming a symmetrical triangle, which has traders scratching their heads. Some might interpret it as a bullish sign, prompting them to go long with high confidence. However, Honeybadger cautions that these traders could be caught off guard by a fakeout – a cruel twist of fate in the crypto world.

Not everyone is doom and gloom, though. Mechanism Capital co-founder Andrew Kang believes the upward trend will continue, boldly predicting that "BTC will touch $80K by May." Only time will tell if his optimism is well-founded.

Bitcoin is currently trading at around $70,500, but recent price fluctuations have left many traders on edge. A sudden 5% drawdown on April 2 saw $50 million in Bitcoin long positions liquidated, and the increased leveraged positions suggest that another similar drop could have an even greater impact.

Gold bug and Bitcoin skeptic Peter Schiff chimes in, claiming that there are "way too many" overconfident Bitcoin bulls who think they can't lose. He warns that "markets seldom work out the way speculators expect them to." Ouch, talk about raining on the Bitcoin parade!

Some traders, like Honeybadger and Jelle, are choosing to sit on the sidelines and wait for the right moment to enter the market. They'd rather protect their capital than risk getting "rinsed on leverage" in the short term. Smart move, if you ask me!

Bitcoin faces a critical juncture, with the potential for significant price volatility in either direction.

Leveraged traders are at risk of substantial losses, with $39 million in positions liquidated in 24 hours.

Some traders advise caution and waiting for the right moment to enter the market to avoid getting "chopped up" by leverage.

Immutability is Key: How Developers Can Avoid Legal Troubles in the DApp World

At the recent 2024 Bitcoin Policy Summit in Washington, D.C. Van Valkenburgh emphasized the importance of ensuring that smart contracts backing DApps can't be changed once deployed. This, he argues, could help developers steer clear of legal troubles should any illegal activity occur on their platforms.

But what about those smart contracts that can be switched on and off by a multisignature mechanism or governance vote? Well, according to Van Valkenburgh, they're much more likely to land developers in hot water. So, if you want to avoid a stay in the slammer, it's best to steer clear of such designs.

And don't even think about keeping your smart contracts closed-source! Van Valkenburgh warns that this approach raises "very hard questions" about the liability of everyone involved in the platform. In his words, "I don't see those questions having good regulatory outcomes." Yikes!

For Bitcoin developers, the Ethereum ecosystem serves as an interesting model for avoiding regulatory choke points. By building truly immutable and decentralized applications, developers can potentially sidestep the pitfalls of human discretion.

The recent dismissal of the Uniswap lawsuit supports this idea, with the court ruling that developers shouldn't be held liable for a third party's misuse of their platform. However, the indictment of Tornado Cash's founding developers shows that even immutability-enforced contracts don't guarantee complete protection from prosecution.

As the case of Tornado Cash developer Roman Storm unfolds in the U.S. Van Valkenburgh believes we'll gain more clarity on the legal landscape for DApp developers. Until then, it's better to err on the side of caution and embrace immutability!

Developers should ensure their smart contracts are immutable to minimize legal liability for illegal activities on their platforms.

Ethereum's ecosystem serves as a model for avoiding regulatory choke points through decentralization and immutability. 

The dismissal of the Uniswap lawsuit and the indictment of Tornado Cash developers highlight the complex legal landscape for DApp developers.

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

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