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Martin Shkreli, nicknamed “Pharma Bro,” admitted on Tuesday that he was involved with the creation of the DJT token amidst widespread speculation about its connection to former President Donald Trump. Previously, Shkreli had denied any involvement when the token gained popularity and caused curiosity among crypto enthusiasts due to its supposed ties to the Trumps. The Telegram channel for DJT was found to be managed by the same individuals supporting a different token backed by Shkreli. After denying his involvement initially, Shkreli reportedly reached out to well-known crypto sleuth ZachXBT in a panic upon learning that a $150,000 bounty had been offered for identifying the creator of DJT. The value of the token dropped significantly due to panic selling, and there was ongoing debate on social media about whether Shkreli owed $100 million based on a bet made regarding its connection to Trump.

As a security analyst, I’ve come across the term “gray hat” which refers to individuals who engage in hacking activities without explicit permission but with good intentions, such as disclosing vulnerabilities to gain recognition or financial reward. However, in this specific situation, Kraken described the actions of the “security researchers” as extortion rather than white-hat or gray-hat hacking. The company claimed that these individuals exploited a bug to artificially inflate account balances and withdrew nearly $3 million without following the Bug Bounty program guidelines. Therefore, it appears that their intentions were not aligned with ethical hacking practices.

On Monday, an issue with UwU Lend caused a chain reaction of events that ultimately resulted in large-scale liquidations worth millions on Curve Finance by Thursday. According to Michael Egorov’s team, they shared this information with CoinDesk via Telegram.

Coinbase International Exchange and Coinbase Advanced have introduced pre-launch markets for eligible users in the U.S., UK, and Canada. These markets allow trading of contracts based on tokens that are yet to be officially launched on spot exchanges. For instance, contracts for EigenLayer’s new EIGEN token are now available for trading under this arrangement. The current trading activity implies a potential fully diluted market capitalization for the EIGEN token of around $12.2 billion.

Protocol Village

As a dedicated researcher delving into the captivating world of blockchain technology, I’m excited to share my top discoveries from the past week, drawn primarily from the insightful articles featured in our Protocol Village column. These findings encompass noteworthy upgrades and intriguing developments within the blockchain realm.

Screenshot from the demonstration video on Minima’s McLaren GT4 data tracker. (Minima/X)

As a researcher studying decentralized data storage solutions, I’m excited to share that Mysten Labs, the team behind Sui blockchain, has released a developer preview for their new platform called “Walrus.” This innovative DA (decentralized data-storage and data-availability) platform is designed to offer two significant advantages: cost-effective blob storage and high availability with robustness.

2. Ronin, a gaming-focused blockchain developed by Sky Mavis, creator of the Axie Infinity play-to-earn game, announced the upcoming launch of a new zkEVM, which is an Ethereum-compatible zero-knowledge rollup network. It will be built with a Sky Mavis-modified version of the open-sourced Polygon Chain Development Kit (CDK), according to a press release: “By building a dedicated ZK blockchain, the Ronin network will be able to serve infinitely more users, supporting the rapid growth of its thriving game studio partners and further enhancing the permissionless environment to onboard more gaming experiences. Additional plans include enshrining a Polygon ZK prover directly into Ronin to provide a turnkey solution for game studios to easily build their own zkEVM blockchains on Ronin without needing to establish their own security and consensus.”

4. Arcana Network, which is building a modular layer-1 blockchain aiming to help developers improve the Web3 user experience, announced the launch of its “Chain Abstraction protocol,” according to the team: “The new protocol will help streamline the management of crypto assets across multiple blockchains, enabling users to effortlessly execute transactions on any chain by removing the complexities of bridging, promising a seamless and highly user-friendly multichain experience. The Chain Abstraction protocol will significantly impact blockchain technology’s evolution and mainstream acceptance.”

As a researcher studying the latest advancements in blockchain technology, I’m particularly intrigued by 5. Minima‘s claim to be the lightest blockchain that can run on mobile and device chips. Their recent announcement of a collaboration with Influx Technology has piqued my interest even further. This partnership aims to integrate a data tracker into a McLaren GT4, which could potentially enhance racing performance and deter cheating.

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