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🚀ETH Soars 20% On ETF Approval Hopes

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✍️ In today’s newsletter:

  • Ethereum Soars As Analysts Increase Odds for ETF Approval To 75%
  • Web3 Gaming Token GALA Crashes After $240M Exploit
  • LayerZero Labs Identifies 800,000 Potential Sybil Addresses in Public List
  • Solana Surges While Rest of Crypto Majors Start Week Flat
  • Institutions Ramp Up Crypto Exposure: CoinShares

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📈 Markets in the last 24 hrs:

TickerValue24h
Bitcoin$66,1517.44
Ethereum$3,017 4.68
Gold 1st Future$2,389 1.50
S&P 5005308.15 1.17
Arch Web32.09 7.62
Learn more about Arch Indices

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🚀Ethereum Soars As Analysts Give ETH ETF Approval 75% Odds

the-defiant

Two of the industry’s top ETF analysts have increased the likelihood of a spot Ethereum ETF approval to 75% from 25% as the SEC approaches its May 23 deadline to respond to the first applications.

Ether soared by more than 20% to $3,800.

☠️Web3 Gaming Token GALA Crashes After $240M Exploit

Gala Games, a popular web3 gaming network, is reeling after a hacker exploited the smart contract for the GALA token and minted tokens worth $240 million.

While the attacker was able to sell tokens worth $21 million via the decentralized exchange Uniswap, Gala Games moved quickly to freeze the remaining 4.4 billion GALA.

SPONSORED POST

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The Guru Network aims to integrate AI and blockchain technologies to enhance real-world business applications across multiple chains. This multi-chain AI compute layer utilizes the CCIP protocol for secure messaging and value transfer, positioning itself as a "Layer 3" solution. Key features include reliable off-chain data integration and automated business process management, which aims to reduce user error and streamline operations. The network facilitates an environment where developers, known as 'Gurus', can deploy AI-driven applications and workflows, enhancing both scalability and efficiency across supported blockchains. Incentives are offered for contributions to the network's growth and functionality, with a focus on fostering a collaborative ecosystem for both individual and enterprise-level participants.

READ MORE: Guru Network: Multi Chain AI Compute Layer

🔎LayerZero Labs Identifies 800,000 Potential Sybil Addresses in Public List

LayerZero Labs has made public a list of 800,000 addresses flagged as created solely for the purpose of farming the project’s airdrop.

On May 18, LayerZero concluded its Sybil self-reporting phase. During this period, users had the opportunity to report their wallet addresses as Sybils and receive 15% of their planned token allocation if they did so within a 14-day window.

☀️Solana Surges While Rest of Crypto Majors Start Week Flat

Crypto markets traded flat on Monday morning, following a strong performance last week driven by positive Exchange Traded Fund (ETF) inflows and macroeconomic indicators.

Solana popped as network metrics continued to climb. SOL is up 23% in the past week.

📈Institutions Ramp Up Crypto Exposure As Weekly Volume Plummets: CoinShares

Major institutions added $932 million in cryptocurrency to their portfolios last week. The seven days ended on May 19 mark the second weekly inflow in a row after four weeks of outflows.

The additional $932 million brings the yearly total for institutions to a whopping $13.8 billion.

🌍 ELSEWHERE

  • Uniswap Labs Denies Crypto Tokens Are Securities in SEC Response (Bloomberg)
  • Ethereum rises 18% and Sen. Elizabeth Warren sinks in latest D.C. crypto drama (Fortune)
  • Meta, Match, Coinbase and others team up to fight online fraud and crypto scams (TechCrunch)

🔥 TRENDING