🚀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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• Stellar Network Adds Smart Contract Capabilities Bolstered by Extensive Onramp Network

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

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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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)

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