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Robinhood, the popular brokerage application, is the latest company to find itself in the SEC’s crosshairs amid the agency’s campaign against crypto. On May 4, the SEC issued a Wells Notice — which precedes a formal regulatory action — to the company.

LayerZero, a popular cross-chain interoperability protocol, has announced plans to weed out and exclude sybil farmers from its nearly 6 million users ahead of its forthcoming airdrop. The protocol issued an ultimatum offering for Sybil farmers who out themselves to retain 15% of their intended airdrop allocation.

On May 5, the Bitcoin network surpassed 1 billion in all-time on-chain transactions. The move follows a sharp uptick in activity driven by the launch of the Runes protocol.

Fidelity, the multi-trillion asset manager, said pension funds are beginning to consider allocations to crypto assets. Fidelity is a leading ETF issuer, however, ETFs have suffered significant outflows in recent weeks.

Plus, a cryptocurrency whale suffered a $69 million loss after approving a fake transaction worth 1,155 Wrapped Bitcoin.

✍️ In today’s newsletter:

LayerZero Labs launches offensive against sybil farmers
Bitcoin’s transaction count pushes above 1B
Fidelity says pension funds are preparing to enter crypto
Whale loses $69M to poisoned transaction attack

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📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$59,3091.74	%
Ethereum	$2,994 0.62	%
Gold	1st Future$2,299	-0.03 %
S&P 500	5064.20 0.91	%
Arch Web	32.00 1.80	%
Learn more about Arch Indices ,[object Object]		%

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Check out our podcast with Stani Kulechov, the founder of Aave, to learn more about his journey in web3. Plus, check out our explainer on how to borrow assets from DeFi lending protocols.

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⚖️Robinhood Receives Wells Notice From SEC

The SEC has taken aim at Robinhood, the popular trading application, by issuing a Wells Notice to the company. While the move follows a flurry of moves from the SEC targeting the crypto sector, Robinhood vowed to fight any accusations of wrongdoing.

🎭LayerZero Tells Sybil Farmers To Out Themselves Or Face Airdrop Exclusion

LayerZero said it would launch an internal investigation followed by a bug bounty program intended to identify and exclude sybil farmers from its upcoming airdrop. Sybil farmers also have two weeks to out themselves and retain 15% of their airdrop allocation, or risk losing it all if they are identified.

🎉Bitcoin Network Surpasses One Billion On-Chain Transactions

The Bitcoin network has surpassed one billion in lifetime transactions following a surge in activity driven by the launch of the Runes protocol. However, Bitcoin took three times as long to process one billion transactions, with Ethereum taking roughly a third as long to surpass the same milestone in early 2021.

👨‍🦯Fidelity Reveals Pension Funds Are Exploring Crypto

Fidelity, the multi-trillion asset manager and Bitcoin ETF issuer, said that conversations between pension funds and their investment committees are underway. Fidelity’s FBTC exchange-traded fund is the third largest Bitcoin ETF with $9.1 billion worth of assets under management.

☠️Poisoned Wallet Address Loses $70 Million in ‘Very Suspicious’ WBTC Transaction

A Bitcoin whale fell victim to a poisoned transaction attack, resulting in a loss of $69 million. The incident serves as a warning against crypto users carelessly trusting their computer’s clipboard when transacting on-chain. “Don't trust Clipboard,” said Officer, a pseudonymous cryptocurrency security researcher. “Check all digits one by one and add hot addresses to the allow list.”

🌍 ELSEWHERE

Crypto lawyers say SEC is 'abusing' the Wells process as part of 'carpet bombing campaign' against crypto (The Block)
Bitfinex CTO dismisses rumors of major database breach, suggests misinformation by hackers (CryptoSlate)
DOGE Skyrockets After Tesla Adds Dogecoin аs Payment Method (CryptoPotato)