Uniswap, a decentralized exchange protocol, recently made headlines when one of its developers, known as “AzFlin,” was fired after allegedly creating a meme token called FrensTech (FRENS) and then pulling the rug on it. The rug pull refers to when the creator of a token, usually a low-value or meme coin, withdraws the liquidity from the market, causing the price to crash and leaving investors with significant losses.
AzFlin reportedly developed and launched the FrensTech token on Coinbase’s new layer 2 blockchain, Base. Shortly after raising liquidity from the token sale, AzFlin sold the tokens for 14 wrapped-Ether (wETH), equivalent to $25,800. Uniswap Labs founder, Hayden Adams, publicly confirmed AzFlin’s termination and stated that such behavior is not supported or condoned by the company.
Interestingly, AzFlin seemed to mock the situation with several light-hearted posts and even changed their X (formerly Twitter) cover photo to reflect their new unemployment status. However, AzFlin denied committing a rug pull and claimed that they had purchased the FRENS tokens with their own money from the developer wallet, giving them the right to do as they please with it. This statement was met with skepticism by some, who praised Adams for taking action against AzFlin for their alleged actions.
In another news story, Mark Zuckerberg, the CEO of Meta (formerly Facebook), called out Elon Musk, the CEO of Tesla, for continuously evading discussions about a potential cage fight between the two billionaires. The idea of a cage fight gained attention when Musk suggested that he could settle the ongoing rivalry between Meta and Tesla in the ring. However, Zuckerberg accused Musk of making excuses and dragging his feet on making concrete plans for the fight. Zuckerberg stated that he believed Musk wasn’t serious about the fight and suggested they move on from the subject.
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Donald Trump, the former President of the United States, made headlines when his financial records revealed that he owned between $250,001 and $500,000 worth of Ethereum (ETH). The investment was listed on Trump’s financial disclosure report filed with the United States Office of Government Ethics. The report also noted Trump’s involvement in several non-fungible token (NFT) collections, which were expected to bring in between $100,000 and $1 million. Interestingly, despite his investments in cryptocurrencies and NFTs, Trump has expressed skepticism about the industry in the past, calling Bitcoin a “scam.”
In the world of decentralized finance (DeFi), a hacker involved in the Steadefi exploit transferred 100 Ether (ETH) worth approximately $185,000 to the cryptocurrency mixing protocol Tornado Cash. The hacker still holds $786,000 (424 ETH) connected to the Steadefi exploit, which occurred on August 7. The exploit resulted in a drain of $334,000 directly from Steadefi and total losses estimated to be over $1.1 million. Tornado Cash has been used by hackers as a tool to obfuscate the money trail and cash out stolen funds.
In other news, United States Senator Cynthia Lummis expressed support for Coinbase’s motion to dismiss its lawsuit against the U.S. Securities and Exchange Commission (SEC). Lummis argued that the SEC is seeking undue influence over the cryptocurrency sector and that regulatory decisions should be made by Congress. Additionally, Curve Finance, a decentralized finance platform, announced its intention to reimburse users affected by a recent hack that resulted in $62 million in losses. The firm has already recovered 79% of the funds.
These stories highlight the dynamic and ever-evolving nature of the cryptocurrency and blockchain industry. From fraudulent actions and regulatory challenges to high-profile rivalries and financial disclosures, the industry continues to capture public interest and provoke discussions on various topics.
