Movement Faces Insider-Dealing Scandal Over $38 Million Token Selloff
Key Crypto Developments
Movement Token-Dump Scandal: Movement Labs is under scrutiny for insider dealings related to a market-making agreement that allowed a middleman to control 66 million MOVE tokens, resulting in a $38 million selloff. Internal contracts reveal potential self-dealing and have sparked a rift among leadership.
Ethereum Gas Limit Proposal: EIP-9698 aims to automatically increase Ethereum's gas limit from 36 million to approximately 3.6 billion units over four years. This could enable around 2,000 transactions per second, up from the current 15-20 TPS.
Bitcoin Blockchain Data Debate: Developers are divided over a proposal to lift the 80-byte data cap on Bitcoin transactions, reminiscent of past controversies. Critics warn it may undermine Bitcoin's financial integrity.
Coinbase’s Base Network Update: Base has achieved “stage 1” rollup status, reducing centralization risks by establishing a security council with ten independent entities, advancing towards full decentralization.
Additional News
BlackRock plans to introduce blockchain technology in its $150 billion Treasury Trust fund, using digital share classes to mirror ownership records, potentially paving the way for broader adoption of tokenized assets.
Tokenization firm Libre aims to tokenize $500 million worth of Telegram bonds on the TON network, providing accredited investors access to institutional-grade yield products.
Regulatory Updates
Coinbase filed a brief in the U.S. Supreme Court case regarding IRS requests for customer data, advocating for user privacy rights.
Arizona is moving towards establishing a crypto reserve as part of its fiscal strategy, though the governor's approval remains uncertain.
