Web3 🌒 Saturday Roundup: Airdrops, Regulation, and a $7 Million Bet

Get ready for a crypto news explosion! Today's update dives into exciting developments across the industry, from airdrops and governance changes to bankruptcy settlements and regulatory updates. Stay informed and potentially boost your portfolio – let's explore!

1/ ZkSync Airdrop and Community Governance Coming Soon.

ZkSync, a layer-2 network that speeds up Ethereum transactions, is hinting at an airdrop of their governance token by the end of June. This is a great opportunity to get involved in a cutting-edge project and potentially earn some free tokens. ZkSync is transitioning to community governance, so keep an eye out for updates on how to participate in the airdrop and be part of ZkSync's future!

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ZkSync, Ethereum Layer-2 Network, Hints at Airdrop By End of June

ZkSync wrote on X that “handing over governance” is expected by the end of June.

CoinDeskOliver Knight

2/ Crypto Lender Genesis to Repay $3 Billion to Customers.

The court has approved a plan to return $3 billion to Genesis customers in cash and cryptocurrency. This comes despite opposition from Genesis's owner, Digital Currency Group (DCG), who argued for a lower repayment based on January 2023 crypto prices. The decision reflects the recent rise in crypto prices.

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Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down

Crypto lender Genesis Global received court approval on Friday to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group, with no recovery from the bankruptcy. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 liquidation plan and overruled an objection raised by DCG, which had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Crypto prices have risen sharply since Genesis filed for bankruptcy, and DCG and Genesis disagreed over who should benefit from the rise in prices.

Yahoo FinanceDietrich Knauth

3/ Turkey Drafts New Crypto Regulations.

Turkey is drafting new crypto regulations to comply with international standards. The government aims to regulate the crypto market while ensuring consumer protection. The proposed bill requires all cryptocurrency service providers to be licensed and grants the Turkish Capital Markets Board (CMB) enforcement authority. This move follows Turkey's placement on the Financial Action Task Force's (FATF) "gray list" due to deficiencies in its anti-money laundering (AML) measures.

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Turkey Drafts Crypto Bills To Align With International Standards

Turkey’s draft crypto bill requires all VASPs to obtain licenses and register with the Capital Markets Board to meet international standards.

CryptonewsJimmy Aki

4/ Telegram Founder Holds $7M in Notcoin.

Pavel Durov, the founder of the popular messaging app Telegram, is making waves in the crypto world by holding onto a surprise gift of Notcoin. This isn't just any gift; it's a sizable one worth $7 million. But here's the interesting part: Durov has no intention of selling his Notcoin anytime soon. Instead, he's declared he'll hold onto it until its value increases by a staggering 100 times (100x).

This bold move by Durov is seen as a strong sign of his confidence in Notcoin's future potential.Durov's decision to hold suggests he believes the token's value is poised for significant growth, potentially within the gaming ecosystem or the broader cryptocurrency market.

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Telegram Founder Pavel Durov Says He’ll Hold $7 Million Notcoin Gift Until 100x - Decrypt

Pavel Durov holds 1% of this year’s biggest gaming token, donated by players. And he’s not selling his Notcoin—not now, at least.

DecryptAndrew Hayward

ZkSync's airdrop and community governance shift signal a growing trend in DeFi. Genesis' repayment plan in bankruptcy highlights ongoing debates around crypto regulations and consumer protection. Meanwhile, Turkey's regulatory efforts and Telegram founder Pavel Durov's bold investment in Notcoin showcase the dynamic and ever-evolving nature of the cryptocurrency landscape.

Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.

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