This article comes to you with the generous support of<a href="https://www.xtreme.game/?aff=c360&amp;cName=c360&amp;cSource=web"> Xtreme.game</a>. Discover the excitement and rewards that await you at<a href="https://www.xtreme.game/?aff=c360&amp;cName=c360&amp;cSource=web"> Xtreme.game</a> with a 100% deposit bonus!<h2>SEC Wields Regulatory Hammer, ConsenSys Fights Back</h2><a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> software company ConsenSys filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) on April 25th, challenging the regulator's authority to classify Ethereum (<a href="https://coin360.com/coin/ethereum-eth">ETH</a>) as a security. The lawsuit alleges that the SEC aims to unlawfully regulate Ethereum through enforcement actions against various companies, including ConsenSys, constituting an "aggressive and unlawful" overreach.ConsenSys seeks&nbsp;<a href="https://cryptoslate.com/consensys-sues-sec-seeks-court-declaration-that-ethereum-is-not-a-security/">a court declaration</a> affirming that Ethereum is not a security and that the firm neither acts as a broker nor sells securities by operating&nbsp;<a href="https://coin360.com/review/metamask">MetaMask</a>, its popular cryptocurrency&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a>. The lawsuit also demands an injunction preventing a continued SEC investigation or future enforcement action against MetaMask and related ETH sales.<div class="raw-html-embed"><blockquote class="twitter-tweet">Today, Consensys took an important step towards preserving access to ether and by extension the Ethereum blockchain in the U.S. We are suing the SEC and fighting back against its overzealous regulatory overreach. You can find more of my thoughts here: <a href="https://t.co/VmvOsrCxjw">https://t.co/VmvOsrCxjw</a>… <a href="https://t.co/5IubZo69FW">https://t.co/5IubZo69FW</a>— Joseph Lubin (@ethereumJoseph) <a href="https://twitter.com/ethereumJoseph/status/1783562422571192695?ref_src=twsrc%5Etfw">April 25, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The legal battle revolves around a three-prong argument. Firstly, ConsenSys asserts that the SEC's jurisdiction is limited to securities, and the regulator has previously agreed that ETH is not a security. Secondly, the firm argues that the SEC's approach wrongly classifies non-financial platforms as financial applications, ignoring Ethereum's non-financial utility as a technology supporting&nbsp;<a href="https://coin360.com/glossary/decentralised-application">decentralized applications</a>. ConsenSys contends that the SEC lacks authority to regulate the internet's technological development in such a manner.Finally, ConsenSys maintains that MetaMask and other applications are not securities brokers but rather facilitate user access to buy, sell, and transfer ETH. The lawsuit follows an SEC warning to ConsenSys through a Wells notice and phone conference on April 10th, citing concerns over MetaMask's staking and swap features.The case, filed in the U.S. District Court for the Northern District of Texas, names the SEC and its chair, Gary Gensler, as defendants. This legal battle could have far-reaching implications for the regulation of cryptocurrencies and the development of decentralized technologies.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>SEC Poised to Disappoint Ethereum ETF Hopefuls</h2>This legal drama came as recent meetings between applicants and the U.S. Securities and Exchange Commission (SEC) have reportedly left firms like VanEck and ARK Investment Management anticipating a rejection of their proposed exchange-traded funds (ETFs) based on Ethereum.&nbsp; The SEC's decisions on these applications, with VanEck and ARK being the first in line, are due by May 23 and May 24, respectively.Participants in recent meetings described the talks as one-sided, with agency staff withholding substantive comments on the proposals – a stark contrast to the detailed discussions that preceded the SEC's approval of spot&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> ETFs earlier this year. Under the leadership of Gary Gensler, a noted crypto skeptic, the SEC has historically been cautious, citing concerns over market manipulation.While the approval of spot Bitcoin ETFs and Ether&nbsp;<a href="https://coin360.com/glossary/futures-contracts">futures</a>-based ETFs had raised hopes among crypto proponents, the SEC's non-committal stance in recent meetings has led many to anticipate a rejection, according to&nbsp;<a href="https://www.reuters.com/markets/us/us-sec-expected-deny-spot-ether-etfs-next-month-industry-sources-say-2024-04-25/">Reuters' report</a>. Todd Rosenbluth, head of ETF analysis at VettaFi, told the newswire that approval might be deferred to later in 2024 or beyond due to ongoing regulatory uncertainties.<figure class="image"><img alt="Green and red data swirls around golden Ethereum coin.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Green_and_red_data_swirls_around_golden_Ethereum_coin_2291d13251.webp"></figure>ETF issuers have argued that the approval of both spot Bitcoin ETFs and Ether futures-based ETFs should logically extend to spot ether products. However, despite their efforts to address regulatory concerns, the potential rejection is already impacting the cryptocurrency market. Hong Fang, president of crypto exchange&nbsp;<a href="https://coin360.com/review/okx">OKX</a>, noted that while Ethereum's price has risen this year, it lags behind Bitcoin's gains – a disparity likely influenced by market anticipation of the SEC's decision.The SEC's hesitancy may stem from a perceived need for more comprehensive market data on Ether. Recent speculation claims the regulator has initiated an inquiry into the Ethereum Foundation through Swiss authorities. Meanwhile, issuers like VanEck remain engaged, planning further disclosures to maintain dialogue with the SEC.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>As the ConsenSys lawsuit unfolds, the crypto world holds its breath, awaiting a pivotal ruling that could redefine the boundaries of regulatory oversight and pave the way for mainstream adoption or cast a pall over decentralized innovation.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1: Why is ConsenSys suing the SEC?&nbsp;ConsenSys is suing the SEC to prevent the regulator from classifying Ethereum as a security, which would subject it to extensive regulation. The company argues that Ethereum is a decentralized technology, not a financial asset.2: What is the SEC's stance on Ethereum?&nbsp;The SEC has not officially classified Ethereum as a security but has raised concerns about certain features like staking and swaps. It is reportedly likely to reject Ethereum-based ETF proposals due to market manipulation concerns.3: How could this lawsuit impact the crypto industry?&nbsp;A ruling in favor of ConsenSys could cement Ethereum's status as a decentralized technology, fostering innovation. However, an SEC win could stifle development and set a precedent for increased regulation.4: What are the key arguments in the lawsuit?&nbsp;ConsenSys argues that the SEC lacks jurisdiction over Ethereum, that MetaMask facilitates user access rather than brokering securities, and that the SEC is overreaching by attempting to regulate decentralized technologies.This article has been refined and enhanced by ChatGPT.

Mosaic robot defends Ethereum coin in digital colosseum

Mosaic robot defends Ethereum coin in digital colosseum.webp

ConsenSys Battles SEC over Ethereum's Status

This article comes to you with the generous support of<a href="https://www.xtreme.game/?aff=c360&amp;cName=c360&amp;cSource=web"> Xtreme.game</a>. Discover the excitement and rewards that await you at<a href="https://www.xtreme.game/?aff=c360&amp;cName=c360&amp;cSource=web"> Xtreme.game</a> with a 100% deposit bonus!<h2>Bitcoin Mixer Samourai Wallet Founders Arrested by Feds</h2>Authorities in the U.S. <a href="https://cointelegraph.com/news/samourai-wallet-mixer-co-founders-arrested-aml-licensing-charges">captured</a> Keonne Rodriguez and William Lonergan Hill, creators of the&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> mixer Samourai Wallet, on April 24, 2024. Charged with conspiracy to commit money laundering and operating without a money transmitting license, these arrests pull into focus a vast network of controversial financial operations.&nbsp;The U.S. Attorney’s Office of the Southern District of New York&nbsp;<a href="https://www.justice.gov/usao-sdny/pr/founders-and-ceo-cryptocurrency-mixing-service-arrested-and-charged-money-laundering">alleges</a> that the&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> conducted more than $2 billion in unlawful financial activities, with over $100 million specifically traced to money laundering from notorious dark web markets such as Silk Road and Hydra Market.With potential sentences that could span decades, the future for Rodriguez and Hill hangs in the balance. Rodriguez could face up to 20 years for money laundering, while Hill might confront up to five years for his part in the unlicensed operations. Following the arrests, drastic measures were taken: Samourai Wallet’s servers and domain were seized, its website now bears governmental notices, and its app was removed from the Google Play Store.<div class="raw-html-embed"><blockquote class="twitter-tweet">BREAKING: The Department of Justice has charged and arrested the <a href="https://twitter.com/SamouraiWallet?ref_src=twsrc%5Etfw">@SamouraiWallet</a> co-founders with "conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business." <a href="https://t.co/gdEhPB0guo">pic.twitter.com/gdEhPB0guo</a>— Will Foxley (@wsfoxley) <a href="https://twitter.com/wsfoxley/status/1783213246033305982?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Before the storm, Samourai Wallet provided the Whirlpool crypto mixing service and Ricochet service, generating $4.5 million from fees.&nbsp;&nbsp;Privacy features in Samourai Wallet, like Whirlpool and Ricochet, designed to obscure the origins of digital currency, are now under scrutiny. They reportedly played a role in shielding illicit funds, complicating efforts to trace questionable cryptocurrency flows. This crackdown has sparked significant backlash from privacy advocates, including Edward Snowden, who argues that such governmental actions equate to an attack on privacy-oriented financial services. Snowden calls for innate financial privacy to guard against criminalization.<div class="raw-html-embed"><blockquote class="twitter-tweet">The Department of "Justice" has once again criminalized the developers of an app that restores financial privacy. The way to fix this it to make money private by default. Privacy must never be "exceptional," or they will make it criminal.— Edward Snowden (@Snowden) <a href="https://twitter.com/Snowden/status/1783222542464884911?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Amidst regulatory storm clouds, the crypto community is pulsing with reactions.&nbsp;<a href="https://coin360.com/glossary/blockchain">Blockchain</a> analyst ZachXBT laments the loss of a tool that provided insights into Bitcoin transaction privacy, while legal and industry experts deliberate the broader repercussions for privacy technologies within cryptocurrency.&nbsp;The case draws parallel concerns seen with other privacy-focused platforms like&nbsp;<a href="https://coin360.com/coin/tornado-cash-torn">Tornado Cash</a>, underscoring an ongoing conflict between government initiatives and the right to financial privacy. Influential voices like Zooko Wilcox of&nbsp;<a href="https://coin360.com/coin/zcash-zec">Zcash</a> continue to defend the necessity of safeguarding privacy in financial dealings, spotlighting the ongoing debate that pits government surveillance against personal privacy rights in the digital age.<figure class="image"><img alt="Lively cubic robot manipulating blockchain data, aligning with Samourai Wallet's arrest theme.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Lively_cubic_robot_manipulating_blockchain_data_aligning_with_Samourai_Wallet_s_arrest_theme_119a29ef5a.webp"></figure>Analysts from CoinDesk and Bitcoin Magazine express contrasting views on the arrests of the Samourai Wallet co-founders.&nbsp;<a href="https://www.coindesk.com/consensus-magazine/2024/04/25/samourai-wallet-charges-raise-existential-questions-for-privacy-tech/">CoinDesk</a> highlights the broader implications for privacy technology, framing the U.S. government's actions as potentially overreaching efforts that could endanger legitimate uses of privacy-enhancing technologies in the cryptocurrency space. The article suggests a sense of alarm over the criminalization of privacy tools, underscoring a growing confrontation between regulatory actions and digital privacy rights.&nbsp;On the other hand,&nbsp;<a href="https://bitcoinmagazine.com/legal/samourai-did-nothing-wrong-self-custodial-tools-are-not-money-transmitters">Bitcoin Magazine</a> takes a more defensive stance, asserting that the Samourai Wallet and similar tools are not money transmitters and arguing against the legitimacy of the charges. The magazine criticizes the government's approach as a misunderstanding or misrepresentation of the technology, advocating for the fundamental right to financial privacy and the legality of self-custodial tools. Together, these articles reflect a complex and polarized reaction within the crypto community towards the legal challenges faced by cryptocurrency privacy tools.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>The Samourai Wallet case represents a pivotal moment in the ongoing battle between privacy rights and government oversight in the cryptocurrency realm, with far-reaching implications for the future of financial privacy and the legality of privacy-enhancing technologies.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1: What charges are the Samourai Wallet founders facing?&nbsp;Keonne Rodriguez and William Lonergan Hill are charged with conspiracy to commit money laundering and operating an unlicensed money transmitting business, carrying potential prison sentences of up to 20 years and 5 years, respectively.2: Which agencies were involved in the investigation?&nbsp;The investigation was a joint effort by U.S. federal agencies, including the FBI and IRS, culminating in the arrests and seizure of Samourai Wallet's assets.3: What is the alleged role of Samourai Wallet's services in facilitating illicit activities?&nbsp;The indictment claims Samourai Wallet's Whirlpool and Ricochet services were used to obfuscate user funds, complicating the tracking of cryptocurrency flows and aiding in the concealment of over $100 million in illicit funds.4: What are the broader implications of this case for the cryptocurrency industry?&nbsp;The case raises existential questions about the legality of privacy-enhancing technologies in the U.S., with comparisons drawn to the targeted action against Tornado Cash, and the crypto community advocating for the necessity of financial privacy.This article has been refined and enhanced by ChatGPT.

Cybernetic raid by human agents on robotic figures, reflecting Samourai Wallet arrest theme

Cybernetic raid by human agents on robotic figures, reflecting Samourai Wallet arrest theme.webp

Samourai Wallet Founders Arrested in Crackdown on Bitcoin Mixing Services

Coin360 daily crypto news, cryptocurrency updates, market movement

Coin360 daily crypto news

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | April 25, 2024

This article comes to you with the generous support of<a href="https://www.xtreme.game/?aff=c360&amp;cName=c360&amp;cSource=web"> Xtreme.game</a>. Discover the excitement and rewards that await you at<a href="https://www.xtreme.game/?aff=c360&amp;cName=c360&amp;cSource=web"> Xtreme.game</a> with a 100% deposit bonus!<h2>Renzo's ezETH Stumbles, Causing Massive Liquidations</h2>Renzo's liquid restaking token, ezETH, spiraled into a crisis early Wednesday, plunging to a shocking $688 on&nbsp;<a href="https://coin360.com/coin/uniswap-uni">Uniswap</a>. Typically pegged 1:1 with wrapped ether (WETH), the token’s unexpected dive to nearly 23% of its pegged value highlights a dramatic disruption in its market stability.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dexscreener_7c1ac193e4.webp" alt="dexscreener.webp"><figcaption>ezETH/WETH chart (15m) at the time of the incident. Source: Dexscreener</figcaption></figure>This steep fall underscores the fragile balance within the decentralized finance (<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a>) sector, exacerbated by a recent controversial announcement on the&nbsp;<a href="https://coin360.com/glossary/tokenomics">tokenomics</a> of Renzo's native token, REZ.<div class="raw-html-embed"><blockquote class="twitter-tweet">An objective analysis on what happened on <a href="https://twitter.com/RenzoProtocol?ref_src=twsrc%5Etfw">@RenzoProtocol</a> (Depeg, airdrop, token pie chart) 0) Overview Renzo is the second largest LRT with 1mn ETH staked, 33.5% market share (Etherfi has 37.9% share) Renzo announced it's token <a href="https://twitter.com/search?q=%24REZ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$REZ</a> and airdrop plan on Apr 23, together with… <a href="https://t.co/HNh1nQHVRv">pic.twitter.com/HNh1nQHVRv</a>— Tommy (@0xtommy_eth) <a href="https://twitter.com/0xtommy_eth/status/1783018222759055529?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Amidst the financial turmoil, the misleading presentation of REZ's token allocation—merely 5% set aside for an initial airdrop—ignited immediate backlash.&nbsp;The community's outrage was palpable, spotlighting deep-seated issues of transparency and governance within token distributions.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">Oh wow, this is pretty bad from <a href="https://twitter.com/RenzoProtocol?ref_src=twsrc%5Etfw">@RenzoProtocol</a> 1st, a large portion of the tokens are going to investors and team 2nd, looks like they’re trying to skew how bad it looks with the design of the pie chart Notice the bottom “half” is 62%, whereas the two 2.5%’s appear to be ~20% <a href="https://t.co/1TWIaC9fNI">pic.twitter.com/1TWIaC9fNI</a>— Blur (@BlurCrypto) <a href="https://twitter.com/BlurCrypto/status/1782865206428754026?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>As a result, the DeFi ecosystem saw a whirlwind of liquidations, topping $60 million. Platforms like Gearbox and Morpho bore the brunt, facing a tidal wave of ezETH-collateralized sell-offs, sparking what has been described as a "<a href="https://coin360.com/glossary/understanding-liquidation-crypto-trading-guide">liquidation</a> cascade."<div class="raw-html-embed"><blockquote class="twitter-tweet">. <a href="https://twitter.com/GearboxProtocol?ref_src=twsrc%5Etfw">@GearboxProtocol</a> liquidations <a href="https://t.co/nHS0WZvXr1">pic.twitter.com/nHS0WZvXr1</a>— Wazz (@WazzCrypto) <a href="https://twitter.com/WazzCrypto/status/1782968399439512044?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Yet, the market displayed resilience with a swift rebound, as ezETH prices climbed above $3,000, settling around $3,172, while ether stood at $3,281. This recovery, however, was marred by ongoing concerns over DeFi governance, especially following pointed criticisms from&nbsp;<a href="https://coin360.com/coin/aave-aave">Aave</a> governance delegate Marc Zeller about platforms like Morpho failing to shield users adequately.<div class="raw-html-embed"><blockquote class="twitter-tweet">It's worse than I thought. Imagine waking up to find your position liquidated alongside all users. The close factor is 100% The liquidation penalty is up to 20%, but you had leverage, so you ended up with nothing left. at least ~50k$ bad debt, no safety module Just use Aave. <a href="https://t.co/vIumOsQUaK">pic.twitter.com/vIumOsQUaK</a>— Marc “Chainsaw” Zeller (@lemiscate) <a href="https://twitter.com/lemiscate/status/1783024901684691133?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The community's sentiment soured further due to the perceived preferential treatment in token distribution during REZ’s&nbsp;<a href="https://coin360.com/review/binance">Binance</a> launchpool, which starkly contrasted with the handling of ezETH holders. Such disparities have stoked fears over equity and fairness in DeFi, calling for a reevaluation of risk management and governance structures to prevent future debacles.Experts, including crypto analyst Hitesh Malviya, <a href="https://www.coindesk.com/markets/2024/04/24/renzo-restaked-eth-suffers-a-brief-crash-on-uniswap/">argue</a> that a mix of thin liquidity and high leverage is a recipe for disaster, triggering rapid position liquidations and severe market disruptions. Furthermore, the debacle has renewed scrutiny over liquidity management on platforms like Blast, a layer-two&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> network, which saw its $200 million liquidity pool heavily impacted.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet"><a href="https://twitter.com/search?q=%24ezETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ezETH</a> Pool on Blast had $200M liq so was the punching bag for all the Arbs. <a href="https://t.co/muXf0Vuxc3">pic.twitter.com/muXf0Vuxc3</a>— Wazz (@WazzCrypto) <a href="https://twitter.com/WazzCrypto/status/1782976399604674614?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Amidst these market upheavals, security vulnerabilities were exploited. A phishing attack masquerading as the official Renzo X account led to a user losing nearly $300,000.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet"> 20 mins ago, a victim lost $295,072 in Renzo ETH due to a malicious Permit signature. Beware of Renzo-related phishing scams and always double-check signature requests! <a href="https://t.co/jo8NLgFj78">pic.twitter.com/jo8NLgFj78</a>— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) <a href="https://twitter.com/realScamSniffer/status/1783027808723435727?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Another investor's misfortune culminated in a $90,000 loss from a $900,000 leveraged position, erased by the abrupt downturn.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw">#PeckShieldAlert</a> <a href="https://twitter.com/hashtag/Liquidation?src=hash&amp;ref_src=twsrc%5Etfw">#Liquidation</a> <a href="https://twitter.com/search?q=%24ezETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ezETH</a> <a href="https://twitter.com/hashtag/RenzoRestakedETH?src=hash&amp;ref_src=twsrc%5Etfw">#RenzoRestakedETH</a> <a href="https://t.co/SeWPh6owxY">pic.twitter.com/SeWPh6owxY</a>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1782967644343439412?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Meanwhile, a savvy investor operating under czsamsunsb.eth capitalized on the chaos, netting a substantial 121.65&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a> profit by strategically maneuvering through the market’s volatility, spending&nbsp;4,099 ETH to acquire 4,221 ezETH.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">czsamsunsb.eth made 121.65 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> in just 2 hours after <a href="https://twitter.com/search?q=%24EZETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$EZETH</a>(Renzo Restaked ETH) depegged! He spent 4,099 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to buy 4,221 <a href="https://twitter.com/search?q=%24EZETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$EZETH</a> successfully, making 121.65 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>!<a href="https://t.co/niluIilTRi">https://t.co/niluIilTRi</a> <a href="https://t.co/hnPWt0DjZD">pic.twitter.com/hnPWt0DjZD</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1782997187829616684?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>After the crisis, Renzo <a href="https://www.theblock.co/post/290802/renzo-increases-airdrop-allocation-slightly-after-community-outrage-and-temporary-ezeth-depeg">increased</a> the allocation for the first season airdrop from 5% to 7% due to user dissatisfaction with the tokenomics. The first airdrop, now set for April 30, will distribute 7% of the tokens, with the remaining 5% distributed in the subsequent phase.&nbsp;Participants with at least 360 Renzo points are eligible for the airdrop at the token generation event. Additionally, under the new update, 99% of all eligible wallets will have their airdrop fully unlocked at launch, as opposed to the previous plan of vesting half of the airdrop for the top 5% of eligible wallets over six months. &nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>Renzo's native REZ token launch and airdrop aim to foster decentralization and community engagement, yet the recent ezETH depeg fiasco underscores the fragility of DeFi, igniting calls for improved governance, risk management, and transparency within the sector.&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1: What caused the ezETH depeg crisis?&nbsp;The depeg was triggered by a liquidity crunch on Uniswap, exacerbated by high leverage and thin liquidity, leading to a cascade of liquidations topping $60 million on platforms like Gearbox and Morpho. Concerns over the REZ tokenomics and governance issues further fueled the turmoil.2: How is Renzo addressing decentralization and community involvement?&nbsp;Renzo is airdropping 5% of the 10 billion REZ token supply to users based on their ezPoints, allowing them to participate in governance decisions. Community groups like Milady Maker and SchizoPosters will receive 2% allocations, fostering a sense of ownership.3: What measures are in place to ensure fair token distribution?&nbsp;Major wallet holders will receive a 50% token unlock at the TGE, with the remaining tokens vesting linearly over six months. Unclaimed or unvested tokens will be redirected to active users, incentivizing long-term engagement.4: How has Renzo Protocol performed so far?&nbsp;As of the latest update, Renzo Protocol boasted an impressive $3.5 billion Total Value Locked (TVL), a dominant 33.5% restaking market share, and a user base exceeding 250,000 during Season 1.This article has been refined and enhanced by ChatGPT.

Cubic humanoid robot symbolizing the Renzo Protocol's market turmoil

Cubic humanoid robot symbolizing the Renzo Protocol's market turmoil.webp

Renzo's ezETH Depeg Sparks DeFi Chaos

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | April 24, 2024

After briefly falling below $16,000, Bitcoin has reclaimed that level, but contagion fears and speculations due to Genesis trading failing to raise funds remain in play.

The market sentiment was further affected by a potential CRV short which could affect DeFi leaders CRV and Aave.

While the S&amp;P 500 is holding on to 3,950 as it moves sideways, DXY is meeting resistance. Even though BTC is up above $16,000 for now, volatility can be expected as FOMC minutes are released tomorrow.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_69_8967199ea8.png" alt="Coin360 (69).png" />

<h2 id="top-altcoin-gainers-and-losers">Top altcoin gainers and losers</h2>

<h3 id="gainers">Gainers</h3>

<ul>
<li><a href="https://coin360.com/coin/trust-wallet-token-twt" target="_blank">Trust Wallet Token TWT</a> (+11.50%)</li>
<li><a href="https://coin360.com/coin/litecoin-ltc" target="_blank">Litecoin LTC</a> (+11.42%)</li>
<li><a href="https://coin360.com/coin/curve-dao-token-crv" target="_blank">Curve DAO Token CRV</a> (+8.28%)</li>
</ul>

<h3 id="losers">Losers</h3>

<ul>
<li><a href="https://coin360.com/coin/ftx-token-ftt" target="_blank">FTX Token FTT</a> (-8.31%)</li>
<li><a href="https://coin360.com/coin/chain-xcn" target="_blank">Chain XCN</a> (-7.34%)</li>
<li><a href="https://coin360.com/coin/chiliz-chz" target="_blank">Chiliz CHZ</a> (-7.29%)</li>
</ul>

<h2 id="bitcoin-technical-analysis">Bitcoin Technical Analysis</h2>

<a href="https://coin360.com/coin/bitcoin-btc" target="_blank">Bitcoin</a> is making a move for $16,500 and, ultimately $17,000. This is, however, most likely a dead cat bounce as mentioned yesterday and there is a high chance that we see another lower low around $14,700, which was our initial target. Momentum indicators are extremely oversold on all major time frames but if Bitcoin is unable to break through $16,300, we could go down regardless.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/BTC_22_fe748dc601.png" alt="BTC22.png" />

<h2 id="ethereum-technical-analysis">Ethereum Technical Analysis</h2>

<a href="https://coin360.com/coin/ethereum-eth" target="_blank">Ethereum</a> met its breakdown target as forecasted earlier. Currently, its undergoing a relief move along with Bitcoin. Ethereum has a cluster of short liquidations stacked up around $1,200 and this move will most likely end around $1,200 - $1,250 as well.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/eth22_179dc74195.png" alt="eth22.png" />

<h2 id="nft-market-map">NFT Market Map</h2>

The NFT world continued to see modest gains in trading volume today as the total market cap fell to $11.3B.

<a href="https://coin360.com/nft/0xdeee7c8fbfaef35ca22c98970ac617a2d7ecef4e" target="_blank">NonNFT</a> (+7,736%), <a href="https://coin360.com/nft/0x9b66d03fc1eee61a512341058e95f1a68dc3a913" target="_blank">Phunk APE Origins</a> (+3,317%), and <a href="https://coin360.com/nft/0xbda2481db91fc0f942ed3f53de378ba45ba9d17e" target="_blank">Farmer</a> (+5,237%) are the only ones to mark four-digit gains in volume.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_68_ae0711496c.png" alt="Coin360 (68).png" />

<h2 id="coin360-daily-digest">Coin360 Daily Digest</h2>

Here&rsquo;s a rundown of the major crypto market news from today.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dailydigestnov22_f01d463a27.jpg" alt="dailydigestnov22.jpg" />

For more daily updates and news, follow us on <a href="https://twitter.com/COIN360com" target="_blank">Twitter</a>.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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