The Block
Quick Take The governance DAO of Ethereum Layer 2 network Arbitrum has approved a proposal by the Arbitrum Foundation to allocate 225 million ARB, currently worth about $215 million, over three years to support gaming projects on the network.
Quick Take Gemholic, a crypto project that accidentally locked 921 eth in a smart contract on the ZkSync network last year, is facing rug pull accusations after unexpectedly moving its recently-recovered funds. The project’s social media accounts have been seemingly deleted and the funds, which were recently recovered following a ZkSync network upgrade, have been moved to Ethereum.
Quick Take Trump raised $12 million from a San Francisco fundraiser that saw prominent crypto leaders in attendance. “He said he would be the crypto president,” one San Francisco-based tech executive told Reuters.
GameStop-inspired memecoins GME, KITTY and ROAR fell by as much as 31% during Roaring Kitty’s first livestream in years.GameStop’s NYSE-traded stock was down 40% at publication time.
Quick Take The crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, Bloomberg reports. The firm enlisted the help of a financial advisor, but no official decision has been made yet.
BitMEX co-founder Arthur Hayes said the crypto bull market is “reawakening” following interest rate cuts by the BOC and ECB this week.“The trend is clear,” he said. “Central banks at the margin are starting easing cycles.”
Bitcoin ticked higher despite global equity indices dropping after stronger-than-expected U.S. employment data.Strong labor market indicators suggest inflationary pressures might persist, making the U.S. Federal Reserve more cautious about ending its higher-for-longer interest rate policy.
Quick Take CoinGecko experienced a data breath through its third-party email marketing platform GetResponse on June 5. The attacker exported nearly 2 million contacts from CoinGecko’s GetResponse account and then sent out 23,723 phishing emails from another GetResponse client’s account.
Quick Take The Norwegian government has frozen and returned $5.7 million in funds connected to a hack on the Ethereum sidechain Ronin. Ronin was created by Sky Mavis, the developer of the web3 game Axie Infinity, and suffered an exploit in March 2022, resulting in the loss of more than $600 million.
BlackRock’s IBIT spot bitcoin ETF has exceeded 300,000 BTC in assets under management after five months of trading.IBIT surpassed the AUM of Grayscale’s converted GBTC fund last week, now accounting for over $21 billion.
