🙇♂️This Week's Most Exciting Crypto News
From Terra Luna 2.0 Luanch, OpenSea employee going to jail and Coinbase freeze hiring
gm frens, happy weekend 😴
This newsletter is meant to be more like a recap of what happened throughout the week that we wrote about it. If you want to go back and read them, I will be providing the links below, otherwise you can read just the summaries.
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🧜♂️ Terra Luna 2.0 Launch
I bet even your grandma talks about it, everyone knows about this topic. We certainly won’t go into the details to explain what happened before hand and why do we have Luna 2.0 (read our previous newsletter if you want to learn more on it). But basically, the did screw up big time with Luna and they tried to make it right for the second time.
Although lot of people have lost millions, the fork to Luna 2.0 was airdropped to the holders of the old luna (now called Luna classic).
Who was eligible for this?
Pre-attack Luna holders distribution - for all holders with balances of 10k Luna or less, they get 30% of it unlocked at genesis, while the other 70% vested over 2 years (6 months cliff).
Post-attack UST holders distribution - 20% → 15%. This is to ensure that depeg related allocation is on par with the original stakeholder (pre-attack Luna) allocation. The 5% saved goes to the community pool.
Increase initial float: all initial float allocations modified from 15% → 30% to increase initial token float.
So what happened after launch?
The expected happened. Crypto market has proven us enough that if you fail your community once, it is almost impossible to gain their trust back. Upon launch it went up as high as $20. Currently, it is sitting at $6. Although, I feel like a lesson was not learnt. Trading volume for the last 24 hours was around $200 million which is absolutely insane considering that almost everyone expected it to fail. This tells you that almost everyone in the crypto space is a degen and most of the trading happens for speculative purposes.
If you want to read the entire newsletter we wrote on this topic early this week, then follow the link below.
🤷♂️ OpenSea employee who got 40 years in jail time because of insider trading
Chastian was working for OpenSea at that time. He was responsible for selecting upcoming NFTs which would be featured on the OpenSea’s homepage.
So he would buy those NFTs before featuring them in homepage (using anonymous digital currency wallets and anonymous accounts on OpenSea), feature them on homepage, and then sell them for a profit of at least 2-5 times more the price initially he paid for.
All this happened from June 2021 till September 2021. Eventually, later on got caught and was fired. He is charged with one count of wire fraud and one count of money laundering, each of which carries a maximum sentence of 20 years in prison.
Read the entire story below.
🤦♀️ Coinbase freezes hiring new people and rescinds accepted offers
Coinbase was on a hiring spree for a while. Everything was going well..until recently. Back in April, they said that they will slow down with hiring and then yesterday they came with an announcement saying that they will freeze hiring indefinitely (meaning, for a long time) and will rescind some of the accepted offers. 🧝♂️
TL;DR: In response to the current market conditions and ongoing business prioritization efforts, we will extend our hiring pause for both new and backfill roles for the foreseeable future and rescind a number of accepted offers. - By L.J Brock, Chief People Officer
If you want to read the details of it, see below.
See ya on Monday.