The past week was quite eventful for crypto community members. The news of an A-list celebrity X account getting hacked was shocking. For the week, Gemini started paying Earn users sparking excitement. Not to mention, the rebirth of a major Shiba Inu Whale and the launch of Ethereum Layer-2 on Mainnet stirred up crypto enthusiasts.
Here’s a recap if you missed the top stories this week.
Celebrity Cyber-rage
This week’s recap covers the celebrity crypto scam saga involving Caitlyn Jenner’s compromised social media accounts.
Autism Capital disclosed the hack involving a complex pump-and-dump scheme using deepfake videos and collaboration with crypto influencers. The fraudulent coin linked to Jenner’s hack amassed over $100 million in trading volume.
Additionally, pseudonymous trader Gigantic Rebirth (GCR) faced a similar identity theft hack, leading to price manipulation of the ORDI token.
Despite GCR’s security measures, the hack underscores the challenges posed by insider threats in the crypto space.
Shina Inu Whale Rebirth
The Shiba Inu (SHIB) community buzzed this week as a dormant whale known as “Super diamond trader” resurfaced after 3.5 years. The whale sold 48 billion SHIB tokens for a massive profit.
This whale initially bought the tokens for 2 Ethereum (ETH) and stayed dormant despite market fluctuations. The tokens were transferred to a single wallet, impacting the SHIB market liquidity.
Gemini Begins $2.18 Billion Repayment to Earn Users
Gemini Exchange has started distributing $2.18 billion to its Earn program investors affected by Genesis’s bankruptcy.
The distribution includes 97% of digital assets owed to Earn users, marking a significant recovery compared to when Genesis halted withdrawals. Gemini’s approach to bankruptcy differs from that of FTX. FTX plans to repay its customers based on their claims’ per dollar value.
The Winklevoss twins, the owner of Gemini, expressed gratitude for users’ support and emphasized the importance of clear regulations for crypto innovation and consumer protection.
CZ resumes prison term
Changpeng ‘CZ’ Zhao, the founder of Binance, has commenced serving his four-month jail term in a low-security Federal prison in Lompoc, California.
The jail term was a result of his role in violating the US Bank Secrecy Act. The leniency shown by the judge was not expected by many in the industry.
CZ plans to stay active in the crypto world and invest in digital currencies even after his jail term. He believes this time marks a new phase for the crypto industry, emphasizing the importance of following regulations.
Ethereum Layer 2 Rollup Taiko Launches on Mainnet
Taiko, an Ethereum Layer-2 scaling solution officially launched on the mainnet over the past week. It operates as an Ethereum-based rollup, using Ethereum validators for transaction sequencing, ensuring security and performance.
The protocol initially uses SGX proofs and later transitioned to ZK proofs for enhanced scaling and security. Taiko’s CEO, Daniel Wang, emphasizes the security of the technology in a highly competitive terrain.
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