OVERVIEW

The Consolidation Continues 🪗

Folks - I'm not sure what happened there with the Litepaper today, but for some reason, a prior version of the draft got sent out instead of this well-polished final version that you have in your hands right now.

No major rockets or crash landings today, just continued consolidation and congestion. But one big thing did happen over the weekend: Bitcoin surpassed one billion processed transactions!🗜️

In today’s Litepaper: one ugly BTC fee, more FUD for Coinbase, Justin Suns most recent Ethereum moves, and Uniswaps big wig calling out rug pullers. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

DEFI
No More Token Tricks: Uniswap's Call for Ethical Distribution ⚔️

Hayden Adams of Uniswap ($UNI) is not mincing his words when it comes to token distribution ethics. He's slamming the 'farming the farmers' strategy like a judge with a gavel, pointing fingers at projects juicing up their numbers with artificial hype. 🌾

Principles Over Popularity

Adams has laid out what might as well be the Ten Commandments of token distribution. His list of no-nos includes exploiting public speculation and the sneaky "low float" token tactics that skew true market value. Adams is all for real price discovery from day one—no secrets, no shortcuts.

Meanwhile, Adams is throwing shade at the high-token-supply game, saying it’s more than just unfair—it's downright unethical. He's calling for a token economy that's generous, honest, and simple, something that wouldn’t make your grandma suspicious. As for those riding the price hype train? Adams suggests they're in it for a quick buck, not a long haul. 🪣

Uniswap’s price action has seen better days. If you remember, back on April 10, UNI sent out a presser stating that they received a Wells Notice (there are a lot of those going around) about the SEC coming after them. Since then, Uniswap has dropped from the $11.50 value area to trading around the $7.50 range.

The sentiment score is still extremely bearish (13), which is one of the lowest scores among the major market-cap cryptocurrencies. ⤵️

NEWS
Robinhood Made Gensler’s Naughty List 🏹

Robinhood Crypto ($HOOD) finds itself under the SEC's scrutiny. The SEC sent a Wells notice to Robinhood, letting Robinhood know big daddy government has its eye on them. 📥

Now, a Wells notice doesn't necessarily indicate misconduct, but it almost certainly means the SEC is telling you: hey, expect something in the mail.

Dan Gallagher, Robinhood's legal chief, asserts that their assets aren't easily classified as securities and anticipates a showdown with the SEC. Robinhood Crypto continues its operations, facilitating deposits, withdrawals, and trade orders. 📤

BITCOIN
Bitcoin Oops: A $100,254 Fee 💸

In what might just be one of the most expensive misclick in Bitcoin ($BTC) history, one user forked over a staggering $100,254 in transaction fees. Just for a single transfer. Talk about a high roller—or, should I say, miss-roller. Heyooo. 💼

An Expensive Mistake?

With transaction fees usually hovering around a couple of bucks, this blunder has left many scratching their heads. Was it a slip of the finger or something more nefarious? Either way, this transaction went first-class on an economy ticket.

This isn't the first time Bitcoin has seen wild fees. Some poor sap in September 2023 paid 19 BTC for a transfer. Thankfully, the pool in charge of that mishap sent the BTC back. 😐

STOCKTWITS EDGE
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NEWS
More Legal Yuck For Coinbase 🧑‍⚖️

Coinbase ($COIN) and its CEO, Brian Armstrong, are facing a class-action lawsuit filed by six of its customers. 🪙

The plaintiffs, hailing from California and Florida, include Gerardo Aceves, Thomas Fan, Edwin Martinez, Tiffany Smoot, Edouard Cordi, and Brett Maggard. They accuse Coinbase Global, along with two subsidiaries—Coinbase, Inc. and Coinbase Asset Management, LLC—of misrepresenting the nature of digital assets listed on its platform.

The lawsuit claims the following cryptocurrencies are securities under State law:

• Solana ($SOL)

• Polygon ($MATIC)

• Near Protocol ($NEAR)

• Decentraland ($MANA)

• Algorand ($ALGO)

• Uniswap ($UNI)

• Tezos ($XTZ)

• Stellar ($XLM)

This classification as 'investment contracts' implies that Coinbase, despite its assertions to the contrary in user agreements where it refers to itself as a “Securities Broker,” has allegedly engaged in deceit by stating it does not sell securities. 🤷‍♂️

Coinbase spiked higher to start the morning. After $HOOD’s news about the Well’s Notice from the SEC, COIN’s stream was full of comments about one of their main competitors under the SEC’s gaze. In a nutshell, traders found this bullish for Coinbase.

However, sentiment is neutral (53), and while the message volume has ticked higher back into neutral (45) territory, there’s been a noticeable slowdown in activity. 🎳

NEWS
That’s A Lot Of Ethereum 🌊

Justin Sun, founder of TRON ($TRX)) and all-around mega-shiller, moved $376 million worth of EETH into Swell Network (staking protocol on $ETH). All of that ETH now represents a whopping 46.6% of all the moolah parked on Swell. 🌪️

This isn't Sun's first ETH rodeo. Not too long ago, in March, he redirected the same amount from his stash of 120,000 ETH into EtherFi. Since offloading his Ethereum from Binance in February, he’s been shoveling around big chunks of his ETH.

So, what’s he doing with all that ETH inside that trunk? No friggin idea. Considering his track record, it’s safe to say probably nothing good. 😖

NEWS
Crypto News In Three Sentences 📰

📉 Hong Kong's ETF Hiccup
Hong Kong's newly minted Bitcoin ETFs are off to a rocky start. They pulled in a rather modest $5.5 million in trading volume last Friday, far below the launch day figures of their U.S. counterparts. Despite a regulatory green light hoping to position Hong Kong as a prime crypto hub, it is still dancing in the shadows of the global stage. Coin Edition has more.

📱 Brokewell Breach – Banking's New Nightmare
Heads up, Android users: a new malware named "Brokewell" is mimicking Chrome updates to swipe your banking details right under your nose. Security hotshots at ThreatFabric warn this Trojan is not just a one-trick pony; it's capturing everything from your swipes to your midnight musings, setting the stage for a financial horror show. More from NDTV.

💰 BTC-e's Billion-Dollar Bust
BTC-e founder Alexander Vinnik just copped to laundering a staggering $9 billion, drawing a line under a half-decade saga of crypto chaos. U.S. regulators, with their regulatory hounds sniffing out any scent of financial foul play, have chalked up another win against crypto's Wild West. From DailyCoin.

🚀 Kraken's Quiet Kill
Kraken's little-known London outpost, CF Benchmarks, is laughing all the way to the bank. As the brains behind the benchmarks for a whopping $24 billion in crypto ETFs, they're not just in the game; they're setting the pace. With eyes now set on markets from Israel to South Korea, CF Benchmarks is proving to be one of the best acquisitions by a US exchange. The DailyHODL has more.

Links That Don’t Suck 🔗

🐳 Crypto whale buys $10.4 million in meme coin PEPE

📼 Indie artist Washed Out's new music video was fully AI-generated

🖥️ Internet Computer Launches ckUSDC Sepolia, an ICP copy of USDC in ckERC20 token standard

🏎️ Swifter Justice Needed for Crypto Offenders, Says South Korean Prosecution Chief

🎟️ Crypto trader says three altcoins are his golden tickets, flips bullish on one memecoin

🎮 Sony removes Helldivers 2 from sale in 177 countries and territories that can't access PSN while Arrowhead CEO says 'I don't have the final say'

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