Crypto UPDATE: $4B Airdrops, Trump’s Mining Talk, Shkreli’s Wu-Tang Trouble
Here are the top stories from the past 24 hours:
Terraform Labs Faces Massive Penalties
The US Securities and Exchange Commission has ruled that Terraform Labs and its former CEO, Do Kwon, must pay up following the $40 billion collapse of USD and Luna in 2022. As part of a massive settlement agreement, Terraform Labs will pay $4.5 billion, and Do Kwon will pay a $420 million civil penalty. Do Kwon is currently in custody in Montenegro, fighting extradition to both the US and South Korea.
Trump Speaks on Crypto Mining
Former US President and current Republican presidential candidate Donald Trump has once again brought up cryptocurrency during his campaign events, this time focusing on crypto mining. Trump met with several Bitcoin miners at Mar-a-Lago, expressing his support for cryptocurrency.
Infamous 'Pharma Bro' Martin Shkreli Ordered to Halt Wu-Tang Clan Album Use
Martin Shkreli, infamously known as 'Pharma Bro,' has been ordered by a judge to stop using, streaming, or selling any interests in the one-of-a-kind Wu-Tang Clan album "Once Upon a Time in Shaolin." Shkreli originally bought the album for $2 million and later sold it to the Ethereum art collective PleasrDAO for $4 million in 2021. Despite selling it, Shkreli made public comments about the album, claiming he made copies and played it publicly. Now, PleasrDAO is suing him, planning to eventually make the album public and pay Wu-Tang Clan royalties.
Crypto Airdrops:
Crypto airdrops remain a popular strategy to attract users within the industry, with over $4 billion distributed this year alone. Airdrops, which involve the free distribution of cryptocurrency tokens, have proven to be an effective method for blockchain projects to build their user bases and increase engagement.
