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April 28, 2025

🧑‍⚖️Lawsuit Accuses Nike of 'Rug Pulling' RTFKT NFTs

gm Defiers!

Crypto markets dipped slightly on Monday as major technology stocks pulled back ahead of earnings season. BTC was relatively unchanged, while ETH and SOL dipped 2%.

A group of RTFKT NFT holders is suing Nike, accusing the sportswear giant of a rug pull.

Meanwhile, the trend of corporations adding crypto to their balance sheets continues, with SOL being added to the mix.

Plus, Monero (XMR) soars 50%, Gitcoin plans to wind down Grants Lab, and PolitiFi memecoins rally.

✍️ In today’s newsletter:

  • Nike gets slapped with class action lawsuit over RTFKT shutdown.
  • Monero surges after being used to launder $330M of potentially stolen BTC
  • Crypto markets dip amid tech stock selloff
  • Corporations are adding SOL to their reserves
  • Op-ed: We need less FUD and more Freud
  • Gitcoin to shutter Grants Lab
  • Bitget report finds blockchain could generate 1.5M jobs by 2030
  • PolitiFi memecoins surge following TRUMP’s dinner announcement

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📈 Markets in the last 24 hrs:

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👟Class Action Lawsuit Calls Nike’s Shutdown of RTFKT NFT Studio a ‘Soft Rug Pull’

A new lawsuit accuses Nike of securities fraud and committing a “soft rug pull” with its shutdown of NFT producer RTFKT.

Attorneys seeking $5 million in damages filed the lawsuit in New York federal court on April 25 on behalf of Jagdeep Cheema and a class of other NFT buyers.

🚀Monero Spikes 50% After Being Used to Launder $330 Million of Potentially Stolen Bitcoin

Early Monday, blockchain sleuth ZachXBT identified a “suspicious transfer” of 3,520 BTC to a new address, suggesting a potential theft. Zach added that “shortly after, the funds began to be laundered through more than six instant exchanges and were swapped for XMR.”

📉Bitcoin Dips as Tech Stocks Slip Ahead of Earnings

Crypto markets kicked off the week in the red as investor sentiment was dampened by a pullback in technology stocks and an apparent impasse in trade negotiations.

Bitcoin dipped 0.4%, while Ether dropped 2% to $1760. XRP gained 2%, while SOL slipped 2% to $146 over the past 24 hours.

🏦Firms Are Adding Solana to Corporate Treasuries, But Bitcoin Still Leads the Way

Adding crypto to corporate treasuries is a clear and growing trend. And it’s not just Bitcoin. Solana’s SOL is also entering the mix as companies build treasuries they can stake and as a gateway to the broader Solana ecosystem.

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🗣️We Need Less FUD and More Freud

Starkware COO Oren Katz says we are in an era of strategic ambiguity — in which crypto is alternately praised, ignored, or criticized depending on the day and the agenda.

🛑Gitcoin to Shut Down Grants Lab

Software company Gitcoin announced that it will be winding down its Grants Lab, citing an unclear path towards profitability and a maturing L2 ecosystem.

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🧑‍💻Blockchain Could Generate 1.5 Million Jobs by 2030: Bitget

Blockchain technology could generate up to 1.5 million jobs globally by 2030, according to a new report from cryptocurrency exchange Bitget. The report cites the EU’s MiCA regulation and corporate pilots by firms like JPMorgan (Onyx) as examples of broader institutional adoption.

🗳️PolitiFi Memecoins Soar After TRUMP Presidential Dinner News

PolitiFi tokens jumped across the board after President Donald Trump announced plans to host a private dinner for the top 220 holders of his token.

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