Solana experienced another outage, causing its token price to nosedive even further. OP is still struggling and a discussion is underway who should get the next airdrop.
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Solana went offline yet again. For already the fifth time in 2022 alone, the network experienced downtime of four hours due to a technical problem concerning "durable nonce instruction." Although Solana validators eventually restarted the network and CEO Yakovenko promised a fix "will be out asap", Crypto Twitter scoffed at Solana's repeated problems to keep the network online. SOL is now down over 80% from its all-time high.
Former OpenSea executive Nate Chastain was charged with insider trading regarding his role as a former product manager at OpenSea. Chastain was taking advantage of his ability to feature new NFT collections and traded collections for a 2X to 5X profit by buying and listing them. The FBI stressed that it "will continue to aggressively pursue actors who choose to manipulate the market in any way." Chastain left OpenSea in September 2021 and was planning to launch a new project of his own in the coming months.
The token of Ethereum layer-two scaling solution Optimism continues to slide. It is down 12% over the last 24 hours. The price drop, forced by airdrop recipients selling their bags, prompted a discussion proposal to exclude airdrop sellers from future events. The proposal received a lot of feedback, both positive and negative. While some commentators agreed, others reminded the community to not exclude people that may want to contribute in the future. Crypto analyst Cobie chipped in with his own take, first mockingly criticizing the proposal before he struck a more serious tone and called to feel more sympathetic towards sellers.
Bitcoin miners had a poor month in May, with revenues down to $906 million. That marks a 21% decrease month-on-month and a 47% slide since October 2021. Mining stocks fell up to double-digits across stock exchanges, although Ben Gagnon, chief mining officer of Bitfamers, insists that its operations remain profitable. Meanwhile, mining profitability hit two-year lows.
Former BitMEX CEO Arthur Hayes says the local bottom is in at $25,000 for BTC and $1,700 for ETH. In his new blog post titled “Shut It Down!” Hayes looks at how the LUNA crash and the macroeconomic situation contributed to a risk-off sentiment in the markets. Hayes writes: "The politics and macroeconomic picture must coalesce before the crypto market can march meaningfully higher.” Hayes expects Bitcoin to eventually hit $1 million, though preceded by a massive financial crash as the catalyst.
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