The Protocol: Inside Movement’s Token-Dump Scandal

In this Issue:

• Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisors and Hidden Middlemen
• Ethereum Could Supercharge Transaction Speed ​​to 2,000 TPS Thanks to Bold New Proposal
• Bitcoin Debate On Looser Data Limits Brings to Mind the Divisive Ordinals Controversy
• Coinbase’s Base Network Achieves ‘Stage 1’ Status, Reducing Centralization Risk

Network NewsMovement’s Token Dump Scandal: Movement, A Buzzy Crypto Startup Supported by Trump’s World Liberty Financial, Was Rumored to Be Closing A $ 100m Series B Round. Insthead, Following A Coindesk Investigation, The Network is Now at the Center of An Insider-Dealing Scandal That Has Exposed A Seedy Corner of Crypto Deal-Making. Movement Labs Is Investigating Whther It Was Misled Into Signing A Market-Making Agreement That Granited An ObsCure Middle Overrol Overrol 66 Million Move Sellokens, Triggering Debut. INTERNAL CONTRACTS SHOW RENTECH, A FIRM WITH NO DIGITAL Footprint, Appearing on Both Sides of the Deal, Once As A Web3Port Subsidiary and Once As An Agent of Movent Found Self-Dealing. FOUNDATION OFFICIALS INITIALLY FLAGGED The Rentech Deal As “Possibly The Worst Agreement” they had every Seen; Experts Warned It Created Incentives to Pump Move’s Price Before Dumping Tokens Onto Retail Investors. The incident has exposed a rift with the a rift’s top Leadership: Executives, Legal Counsel and Advisors Are All Under Scrutiny for Their Roles in Facilitating The Arrangement Despite. – Sam Kessler Read More.

Eth Proposal Aims to Raise Gas Limit Celing: Ethereum Foundation Researcher Dankrad Field Field-9698, A Plan to Let The Blockchain’s Gas Limit Grow on Autopilot Over The Next Four Years. The EIP Introducts A Deterministic “Exponential” Schedule Baked Into Client Defaults, WHICH NUDGES The GAS LIMIT UPward by a Tiny Preset Amount Every Epoch. These Predictable Gas Limit Increases Allow Current Validtors to Keep Their Machines Up to Speed, Cutting The Need For Sudden Upgrades. If Approved and Immplemented, The Gas Limit Celling would Climd Climb from 36 Million Units to Room 3.6 Billion, Allowing An Estimated 6,000 Simple Transfers Per Block and Over). Ethereum’s Current TPS IS AROUND 15-20 TPS. – Shaurya Malwa Read More.

Bitcoin Blockchain Data Debates Reignites As Developers Weigh Data Limits: Bitcoin Developers Are Again at Odds Over How The World’s Oldst and Largest Blockchain Should Handle Storing Information on-Chain, With A Proposal to Relax Long-Standing Limets on the SIK Reminiscent of 2023’s Battles Over Ordinals. The Blockchain’s Op_return Feature Alows People to Attach A Small Piece of Extra Data to A Transaction. IT is ofThen used for Things like notes, Timestamps or Digital Records. The Propossed Change Wuld Remove the 80-Byte Cap on Such Data, A Limit Originally Designed to Discoouraage Spam and Preserve The Blockchain’s Financial Integrity. Supporters Argue The Current Limit is Pointless Because USers Are Already Bypassing It by Using Taproot Transactions, To Hide Data Inside Parts of TheTSACTION MUANT SIGRAPPTTT. Bitcoin Core Developer Luke Dashjr Called the Proposal “UTER IM – Sam Reynolds Read More.

Base Reaches Stage 1 Rollup Status: Base, The Popular Layer-2 Network from Cryptocurrency Exchange Coinbase (Coin), Is Now A “Stage 1” Rollup, SAID The Company, Setting Up Its Paths Full Decentraliz The transition to a “Stage 1” Rollup ComESS as Other Layer-2s have also reaured that Milestone, Making thesse Networks Less Reliant on Centralized Entities. The Move Means that Base Will Now Have A Security Council, A Network of Ten “Independent Entities, WHICH WE CHOSE FROM ALL AROUND The GLOBE,” SAID TOM VIEAC Coindesk. – Margaux nijkerk Read More.

In Other News

• Blackrock is prepring to bring Bring Blockchain to the back Office of One of It Largest Funds, Filing to Offer A Digital Share Class of ITS $ 150 Billion Treasury Trust Money Melle. The New “DLT Shares,” Short for Distributed Ledger Technology, Won’t Hold Crypto. Bny Mellon, The Fund’s Exclusive Distributor, Intends to Use Blockchain To Mirror Share Ownership Records, An Incremental Step That Could Pave The Way For Broader Adepti, Digit. BLOCKCHAIN-BASED SETTLEMENT INFRASTCTURE IN TRADATIONAL FINANCE.- Sam Reynolds Read More.
• Libre, A tokenization FIRM THAT WORKS CLOSELY COMPLETH The Likes of Hedge Fund Brevan Howard, Investment Management Firm Hamilton Lane and Nomura’s Digital Assets Unit Laser Digital, plans ton Telegram Debt As the Blockchain-Based Telegram Bond Fund (TBF) On the Ton Network that’s Linked to the Messaging Platform. TBF Will Offer Accessed Investors Exposure to Some 2.35 Billion of Outstanding Bonds Issued by Telegram, Providing Institutional-Grade YIELD PROCTS THAT WILLER On -chain Borrowing and Product Development on ton, Libre Said. – Ian Allison Read More.

Regulatory and Policy

• Coinbase (Coin) Filed A Brief in the US Supreme Court Case Involving An Internal Revenue Service Request for Data on Hundreds Of Thousans Privacy Interests in Digital Information Stored by Third-Party Service Providers. ” – Jesse Hamilton Read More.
• Arzona Has Broken New Ground in What’s Been A Race Among US States to See Which May Become First to Set Up A Crypto Reserve As a Formal Part of Their Fiscal Strategy Republican Lawmakers in Support. It’s Unclear Whather Governor Katie Hobbs, A Democrat, Will Look Favorably on the Legislation that was Rejeted by Most Democratic LawMakers. She have vetoed a long list of bills in this session, and if she vetoes this, too, the matter is Closed for the Year. – Jesse Hamilton Read More.

Calendar

• April 30-May 1: Token 2049, Dubai
• May 14-16: Consensus, Toronto
• May 19-23: Solana Accelerate, New York City
• May 20-22: Avalanche Summit, London
• May 27-29: Bitcoin 2025, Las Vegas
• June 30-July 3: Ethcc, Cannes
• Oct. 1-2: Token2049, Singapore