🚔 OpenSea’s Former Head of Product Arrested by the FBI

Hello Defiers! Here’s what we’re covering today: News OpenSea’s Former Head of Product Arrested by the FBI Flurry of Metrics Show Signs of Potential Recovery for ETH Velodrome AMM Launches Airdrop on Optimism Podcast 🎙Listen To The Exclusive Intervie...

Hello Defiers! Here’s what we’re covering today:



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🚔 OpenSea’s Former Head of Product Arrested by the FBI

By Owen Fernau


SCANDAL It was one of last year’s largest scandals — Nate Chastain, the former head of product at OpenSea, left under a cloud after it was discovered that he purchased NFTs before they were featured on his former employer’s homepage and subsequently sold them as the increased exposure led to higher prices.

WIRE FRAUD Now, the U.S. Attorney’s Office for the Southern District of New York has issued a statement that Chastain was arrested on June 1 in New York City. The FBI will charge Chastain with one count of wire fraud and one count of money laundering, each of which carries a maximum sentence of 20 years in prison.

LEGAL BATTLE The arrest indicates that NFTs, and perhaps crypto as a whole, are increasingly in the sights of U.S. regulators. Indeed, just last week, DeFi savings protocol PoolTogether was compelled to fundraise with NFTs to pay legal fees of their own in an ongoing legal battle.


Market Action

🧐 Flurry of Metrics Show Signs of Potential Recovery for ETH

By Samuel Haig


PRICE ACTION Is the worst over for ETH? The Ethereum markets are giving mixed signals, with on-chain data indicating accumulation is underway in spite of bearish price action.

SLUMP The price of Ether slumped 6% overnight, erasing the gains posted during last week’s bounce from its seven-month low of $1,700. ETH has now dropped 63% from its November high of nearly $4,900.

HOPE But some investors are accumulating ETH in spite of the brutal bear trend.


ETH/USD Source: TradingView


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🚴🏽 Velodrome AMM Launches Airdrop on Optimism

By Jason Levin


NEWS On June 1, automated market maker Velodrome launched an airdrop of its $VELO governance token on Optimism. The move comes a day after Optimism, a layer-2 scaling solution for Ethereum, kicked off the first phase of its own $OP airdrop.

USERS The majority (60%) of the VELO supply has been allocated to the community. Airdrop recipients include WEVE holders, Optimism network users, and users of various DeFi protocols. A full list can be found here.

PROTOCOLS Partner protocols building on Optimism will receive 24% of the VELO supply. These include Aave, AlchemixFi, Fei, Frax, Hop, inverse Finance, Lido, Lura, MakerDAO, Optimism, Perpetual Protocol, Redacted Cartel, Synthetic, and Thales Protocol.


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🔗 Users who sold the initial OP airdrop should become ineligible for all future airdrops: Optimism

Have seen enough wallets collect the OP airdrop, swap it straight to Uniswap.

🔗 Chipotle will now accept cryptocurrency in US stores: The Block

Chipotle, the popular Mexican-style fast-food restaurant chain, will now accept cryptocurrency payments through Flexa, a digital payments platform.

🔗 Debunking the Crypto Critics Letter: Preston Byrne

I mean, this isn’t exactly true and/or could benefit from clearer language. Nobody who signed this letter actually works in the cryptocurrency industry, to start.


The Web3 Podcast 🇺🇦 @CallumWoodersOUT NOW! Listen to @drebaglioni and I explore the @solana ecosystem and @solanaFndn. This is a must for anyone thinking about building on the #Solana blockchain. It’s available on all podcast platforms and you can also take a peek below 👇 👇 anchor.fm/theweb3podcast…


anchor.fmS2E4: Solana Ecosystem w/ Andrea Baglioni of the Solana Foundation by The Web3 PodcastNicknamed ‘the Ethereum killer’, the Solana blockchain has become world renowned for its low-cost, speed and scalability. On this episode, we welcome Andrea Baglioni to the show. Andrea and Callum discuss the Solana ecosystem, the foundation and what makes it so attractive to developers. To join us…10:53 PM ∙ May 31, 2022199Likes66Retweets

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🧑‍💻 ✍️ Stories in The Defiant are written by Owen Fernau, Samuel Haig, Jason Levin, DeFiDad, Aleksandar Gilbert, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, produced by Daniel and Alp.

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