- Specs ⌐◪-◪
- Posts
- 5/17/24: Counter-Terrorists Win 🇺🇸🪙💊
5/17/24: Counter-Terrorists Win 🇺🇸🪙💊
Valko
May 17, 2024
Top News
Today marks the 200th issue of Specs!!! 🎉
To celebrate, we're running a special giveaway and survey.
Thank you all for your dedicated readership — your time, attention, and support mean the world to me. I promise to never waste a second of it!
Specs’ Breakdown
1. Senate overturns SAB 121, the SEC’s anti-crypto policy
⌐◪-◪ → The US Senate voted 60 to 38 to overturn Staff Accounting Bulletin No. 121 (SAB 121).
SAB 121 was the SEC’s anti-crypto rule that wanted to prevent certain regulated firms from providing custody for digital assets.
Even majority leader Schumer voted to overturn SAB 121, which can not be overstated. Sadly, there’s still a chance President Biden will veto it.
If he does, his chances of reelection grow slimmer — 50M voters hold crypto, and Trump just declared himself a pro-crypto candidate.
2. Notcoin goes live on TON, airdrops over 80 billion tokens
⌐◪-◪ → Telegram’s viral web3 clicker game “Notcoin” just launched on the TON blockchain, airdropping over 80 billion tokens to participants.
The token has a fully diluted value of $1B and already surpassed $1B in trading volume, making it 2024’s biggest gaming token drop.
The game itself has real traction too, with over 35M players — beautifully showcasing the power of Telegram’s new mini apps.
If you haven’t checked out Telegram’s mini apps yet, I highly encourage you to do so — they are part of a growing trend that I’m calling “bringing dApps to the edge” — just like Farcaster Frames.
3. Pump.Fun suffers $1.9M flash loan exploit by former employee
And now; Magick: everybody be cool, this is a r o b b e r y. What it do, staccattack? I'm about to change the course of history. n then rot in jail. am I sane? nah. am I well? v much not. do I want for anything? my mom raised from the dead n barring that: /x
— 🔥🪂staccoverflow ; j'arrête ; (@STACCoverflow)
3:51 PM • May 16, 2024
⌐◪-◪ → Popular Solana-based memecoin launcher Pump.Fun just experienced a $2M flash loan exploit — the company since identified a former employee @STACCoverflow as the attacker.
Here’s a brief overview of the attack:
Trading has been paused on the site and the team says it has upgraded the smart contracts so that additional assets cannot be stolen.
With that said, if you’re still paranoid about the situation, here’s how to disconnect your wallet from the site.
Everything Else
⛓️ Crypto & DeFi
PancakeSwap offers to pay off interface fees for Uniswap users
Solana DEX Drift opens airdrop claims for 120M tokens with bonus
FLock.io to merge Decentralized AI with Morpheus 'smart agents'
Ether-Bitcoin ratio slides to its lowest since April 2021
Developers of notorious wallet drainer Pink Drainer shut down
🏦 Wallstreet & VC
Bitcoin ETFs see 4th straight day of inflows, totaling $257M
Morgan Stanley discloses $270M in spot BTF ETF holdings
JPMorgan revises Bitcoin production cost estimate to $45,000
DTCC completes pilot with Chainlink, JPMorgan, Templeton, BNY
Param Labs raises $7M for gaming platform
Peaq Network raises $35M for DePIN infra
🏛️ Legal & Regulatory
US Congressman introduces legislation to abolish the Federal Reserve
FTX’s defunct token volume surges following positive creditor news
Former Alameda CEO calls for 'fair' consequences for Ryan Salame
U.S. Treasury wants better money laundering regulations for crypto
Georgetown law professor to open crypto disclosure firm, Bluprynt
🌎 Rest of the World