Trump's Crypto Wallet Value Reaches $10 Million
A crypto wallet associated with Donald Trump now holds about $10 million worth of digital assets. The wallet’s largest holding is MAGA tokens, which are worth $7.12 million and have risen by 8.3% in the past day.
According to blockchain data tracker Arkham Intelligence, MAGA tokens were originally purchased using wrapped ether on Uniswap. In addition to MAGA tokens, Trump's crypto wallet also contains 463 ETH and 1 million MAGA tokens worth $1.84 million and $509,000.
As these cryptocurrency holdings have increased in value, Trump has surpassed other celebrities such as Justin Bieber, Kevin Hart, and Jimmy Fallon. He has even become one of the largest celebrity crypto asset holders.
In other crypto news: Ledger finally starts shipping Stax wallets
Crypto hardware wallet manufacturer Ledger has finally started shipping its new Ledger Stax wallet to customers after more than a year of pre-orders. The stylish Stax device was designed in collaboration with Tony Fadell, the creator of Apple’s innovative iPod.
The launch of the Ledger Stax, originally scheduled for March 2023, was significantly delayed due to manufacturing issues. As time went on, some impatient pre-order users expressed doubts on forums such as Reddit about whether they would receive the wallet.
After 14 months of waiting, Ledger has announced that it has begun shipping version 1.4 of its Stax hardware wallet, an initial release that the company claims is more polished than the usual 0.9 release for brand new products.
Binance accused of secretly selling Genesis claims
A report from South Korean media Hankyung cited a source claiming that Binance sold Gopax users’ claims in the Genesis incident at a price below the face value of 50% in August 2023. This allegedly violated Binance’s promise to fully compensate Gopax investors, who lost about $57 million in the Genesis bankruptcy.
The report claims that after initial payouts through Binance’s Industry Recovery Program, Binance sold the remaining claims to third parties at a steep discount, a move that was concealed from affected investors, who lost out on potential gains from the recent cryptocurrency bull run.
Grayscale’s Ethereum ETF Could See $110 Million in Daily Outflows
Researchers at crypto research firm Kaiko said that if Grayscale's upcoming spot Ethereum exchange-traded fund (ETF) follows a similar redemption pattern as the Grayscale Bitcoin Trust after its conversion to an ETF, it could see an average of $110 million in outflows per day in its first month.
When the Grayscale Bitcoin Trust converted to an ETF in January, 23% ($6.5 billion) of its assets under management were redeemed in the first month as the discount between its trading price and net asset value narrowed.
Grayscale’s Ethereum fund currently holds $11 billion in assets and is currently trading at a whopping $26% discount to its net asset value, with Kaiko’s analysts expecting an average outflow of $110 million per day (roughly 30% of Ethereum’s trading volume on Coinbase) as the discount narrows following the launch of the ETF.
Crypto News: YouTube Co-Founder Backs 'Pajamas' Meme Coin
YouTube co-founder Steve Chen is backing an unusual cryptocurrency project called Pajamas. The meme coin is centered around one of the earliest cat videos he uploaded to the platform he founded in 2005. The video shows his cats "playing and dancing" to a Nick Drake song.
Chen revealed that he spends 80-100 hours a week on the Pajama Token based on the Solana blockchain. Although he did not get involved in it initially, Chen said that he became heavily involved after about 100 users on Twitter recommended Pajama Meme Coin to him, while also working on other technology projects such as AI exchange-traded funds and startup investments in Taiwan.
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