From BONK reviving Solana's phone to SafeMoon Filing for bankruptcy, here is a 2-minute breakdown of everything important that happened in crypto today.
Today brought some somber news in the world of memecoins. SafeMoon finally filed for bankruptcy after its execs got arrested by the SEC on fraud charges last month.
While SFM holders tried to catch this falling knife, their portfolios got utterly REKT'd as the price dumped over 50%.
But it's not all doom and gloom in the memecoin space. BONK just pulled a power move, throwing a 30 million token airdrop to revive interest in Solana's struggling Saga phone. You've got to respect the marketing skills - creating a strategic FOMO by essentially transforming the devices into BONK mining rigs.
So memecoins taketh away, but also giveth.
In today's newsletter, we'll catch you up on the latest major developments across the crypto landscape:
- BONK rescues Solana's Saga phone with airdrop 📱
- Balaji Srinivasan launches fund to build "Network States" 🏛️
- Crypto exchange CoinList pays $1.2M settlement 💰
- Once high-flying SafeMoon plunges over 50%, files bankruptcy 💥
- Venture firm a16z to lobby politicians for crypto-friendly policies 🗳️
Now let's dive deeper into those top crypto news stories of the day!
BONK Saves Solana's Phone
Solana's blockchain-based Saga phone is seeing surging sales. Traders are scooping up the phone to claim a 30 million token BONK airdrop.
Co-founder Raj Gokal tweeted Saga sales have jumped 10x in 48 hours, putting the phone on track to sell out before 2023. Another co-founder jokingly suggested raising the price.
The $599 Saga phone was facing bleak outlooks previously with low sales. But the BONK airdrop changed everything.
Saga’s Discord blew up with new phone buyers sharing receipts.
Memecoin mania wins again. Even if temporarily, the BONK drop strategically rescued Saga from the brink of failure. Creating urgent FOMO was genius.
But how can a Saga phone holder claim this airdrop? And what’s the deadline? Read the full story!
And here is our Word of the Day…
It’s FOMO!
FOMO stands for "fear of missing out" and is often used to describe herding behavior in crypto markets.
When cryptos experience massive price spikes or bull runs, it often generates excitement and media hype. This can tempt individuals to jump into the market out of worry that they'll lose out on big gains everyone else seems to be enjoying.
However, making hasty investment decisions based on fear rather than fundamentals frequently leads to buying at the top before significant downward corrections or crashes. The extreme volatility ends up burning those reacting emotionally rather than rationally.
So how can you control your FOMO, especially around the top of the market? Read more!
Now back to our daily stories!
Balaji’s "Network States"
A new fund launched by Balaji Srinivasan aims to create libertarian "Network States" and boasts backing from major tech billionaires.
Their goal is to build entire societies from scratch that exist outside traditional centralized states. We are talking new forms of government, economic systems, legal frameworks - the whole enchilada!
The group shares deep ties to crypto, with several serving in top roles at Coinbase and other blockchain firms.
This isn't the first time the industry persona has led this charge. He has been preaching his vision for these network states for over a decade already. But now he's finally got the people for this experiment.
While success is uncertain, the resources committed ensure these concepts will be tested seriously. But bridging the gap from theory to outcomes remains the ultimate challenge.
Considering Balaji is leading the project, anything can happen! Learn how this project will work!
CoinList’s Settlement
Crypto exchange CoinList agreed this week to pay $1.2 million to settle allegations it violated US sanctions on Crimea.
Apparently, the exchange let nearly 1,000 transactions slide through between 2020 and 2022 tied to users in a sanctioned region.
Although labeled "non-egregious," the regulators said CoinList failed to voluntarily disclose the violations stemming from deficient screening procedures.
Specifically, CoinList opened dozens of accounts for users who claimed Russian residency but provided Crimean addresses.
But regulators went light on penalties since the volume was small and the exchange played nice.
Read the full story!
Memecoin Comes Crashing Down
It finally happened - SafeMoon is officially filing for bankruptcy. The filings hit this week and the token lost over 50% of its value within hours.
This comes just after the project's top exec got slammed with securities fraud charges. The authorities called it a "massive fraudulent scheme."
Understandably, a bunch of former fans are now venting online that they got duped and wrecked. And ex-employees say they worked for weeks with no pay before they got terminated.
Here is what SafeMoon had to say about the bankruptcy and all other issues!
Lobby for Crypto
Prominent venture firm Andreessen Horowitz (a16z) has revealed plans to advance crypto and AI policy by financially backing aligned politicians.
In a recent blog post, co-founder Ben Horowitz said a16z aims to donate to candidates embracing an optimistic technology vision for the future. They'll also work against those who threaten progress in key areas.
The firm has gone all in on crypto, so no surprise they want regulators on their side.
They argue crypto and other emerging tech have big potential to improve lives if allowed to thrive without too many roadblocks.
A16z has invested in numerous crypto firms including Coinbase, Uniswap, and Dapper Labs. They have a vested interest in prudent policy.
What else a16z is going to do to protect crypto from harsh regulations? Read the full story!
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