Crypto exchange Gemini will begin distributing billions of dollars locked up in its now-defunct lending program. Bad news for Cardano: The recent rush of memecoin launches knocked it out of the crypto top 10. Meanwhile, former FTX executive Ryan Salame was sentenced to 7.5 years in prisreceived a 7.5-year prison sentence on May 28.
Gemini set to return $2.18B to Earn users
Following an 18-month withdrawal freeze, cryptocurrency exchange Gemini has announced that it will distribute $2.18 billion to users of the Earn lending program.
According to the May 29 announcement, Gemini’s Earn users will be made whole for participating in the now-defunct program. When the distributions are complete, users will have received 232% of the value of their digital assets back. That includes initial deposits, plus any appreciation of assets that were lent out through the Earn program.
“This means, for example, if you had lent one Bitcoin in the Earn program, you will receive one Bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program,” the company said on X.
The distribution was announced after crypto lending firm Genesis was recently approved to pay out $3 billion in creditor claims. Gemini had billions of dollars in client funds locked up at Genesis when the lender filed for bankruptcy in January 2023.
Memecoin mania sees Cardano knocked out of the top 10 crypto rankings
The bullish memecoin run over the past couple of weeks has helped Shiba Inu dethrone Cardano from the top-10 crypto rankings by market capitalization.
The memecoin mania has seen another bullish run over the past couple of weeks, with Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF) and several others touching new all-time highs (ATHs). Many of these memecoins have dethroned several crypto heavyweights.
Cardano (ADA), once ranked third in the crypto rankings during the 2020-21 bull run, is currently placed 11th after SHIB. Shiba Inu currently has a market cap of $16.4 billion, while Cardano’s market cap is $16.3 billion.
Cardano is trading at $0.45, more than 80% below its all-time high of over $3.10. At a time when Bitcoin (BTC) and other altcoins have recovered most of their losses from the last cycle and some are making new ATHs, Cardano, similar to Ripple (XRP), seems to be stuck in a price range.
Former FTX executive sentenced to prison
Ryan Salame, the former co-CEO of FTX Digital Markets, was slapped with a 7.5-year prison sentence on May 28.
Judge Lewis Kaplan handed down the sentence in the U.S. District Court for the Southern District of New York. Salame was found guilty of conspiracy to operate an unlicensed money transmitting business and engaging in fraudulent campaign financing. He pleaded guilty to the charges in September 2023.
"Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law,” said U.S. Attorney Damian Williams.
Salame exposed FTX's fraud in November 2022, mere days before Sam Bankman-Fried stepped down as CEO. In March, Bankman-Fried was sentenced to 25 years in prison.
Additional reporting by Geraint Price, Sam Bourgi and Felix Ng.
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In the world of cryptocurrency, meme coins have found their place. These digital assets were created from internet jokes and popular culture references with little to no practical application outside of being funny or absurd. However, what started off as a parody cryptocurrency has gained significant attention in recent years due to community support and viral marketing campaigns.

List of Meme Coins

Reasons Why Meme Coins are Attractive

Community Involvement: Meme coins rely heavily on their communities. Platforms like Reddit, Twitter, and Telegram are filled with active groups where people share memes, news updates regarding the coin and investment advice. The sense of belonging created within such a group can lead to massive interest as well as investments.

Accessibility: Meme coins usually start off being very cheap thus making them affordable even for individuals who may not have a lot of money to spend on such things or are new in trading altogether. The affordability aspect alone could propel these coins into use within no time if adopted widely enough.
Speculative Investment: The potential for high returns attracts many investors to meme coins. Stories of modest investments turning into substantial profits create a sense of opportunity, though this comes with high risk.
Viral Marketing: Meme coins benefit greatly from viral marketing. A single tweet from a high-profile individual or a trending topic can send the value of a meme coin skyrocketing.
Risks and Challenges
High Volatility: Meme coins are notorious for their price volatility. While they can offer significant gains, they can also experience sharp declines, leading to substantial losses for investors.
Lack of Intrinsic Value: Unlike more established cryptocurrencies that offer technological innovation or solve specific problems, meme coins often lack fundamental utility, making their value heavily reliant on market sentiment.
Market Manipulation: The hype-driven nature of meme coins makes them susceptible to market manipulation and pump-and-dump schemes, where the price is artificially inflated and then sold off by early investors.
Meme coins represent a fascinating intersection of internet culture and the world of cryptocurrency. While they come with high risks, their ability to engage communities and generate viral interest has made them a significant part of the crypto ecosystem. As always, potential investors should approach meme coins with caution, conduct thorough research, and be aware of the inherent volatility.
Stay tuned to Binance Square for more insights and updates on the ever-changing world of cryptocurrencies.