🎯SEC Targets Robinhood Amid Crypto Crackdown

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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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⚖️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.

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👨‍🦯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)

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