Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
EOS, once a top-10 crypto project by market capitalization, has adopted a new tokenomics standard as it promises a “new era” for developers and community members. Donald Trump’s guilty conviction in a New York hush money trial sent the token falling 16% but has since recovered back to its pre-trial levels. Meanwhile, Terraform Labs and its co-founder, Do Kwon, are finalizing a fraud settlement with the United States Securities and Exchange Commission (SEC).
EOS adopts new tokenomics
The EOS ecosystem has approved a new tokenomics model as part of a broader push to revive the once-promising network.
According to a May 31 announcement, the EOS Network Foundation will reduce the maximum supply of the EOS cryptocurrency to 2.1 billion from 10 billion previously. The foundation also adopted a four-year halving cycle and said it would offer “high-yield staking rewards” for token lockups.
Community members on social media were understandably critical of the new plan, especially those who’ve held the cryptocurrency since its initial coin offering (ICO) back in 2018. Under Block.one, EOS held a year-long ICO, raising a massive $4.1 billion. What followed was a failure to meet project expectations, lengthy court battles and a settlement with regulators.
According to CoinMarketCap data, EOS’s market cap is currently around $935 million, a far cry from the $15 billion peak in 2018. Following the May 31 announcement, its token price was little changed at $0.80.
TRUMP token recovers from nasty dip after Donald Trump guilty verdict
The largest meme coin tied to United States presidential candidate Donald Trump has recovered after plummeting 16% moments after he was found guilty on 34 felony counts for falsifying business records.
The case related to Trump concealing a hush money payment to adult entertainment star Stormy Daniels, which will now move to sentencing. Trump called the outcome of the trial a “disgrace.”
More than $130 million was wiped from the Donald Trump-linked MAGA (TRUMP) token market cap in a short 20-minute window following the news, according to CoinGecko, going from $13.48 to $11.27.
However, its price bounced back just as quickly and is now at $14.70 at the time of writing — and is now only 1.5% away from regaining its 24-hour peak of $14.92.
Terraform Labs seeks settlement with SEC
Do Kwon and Terraform Labs have agreed to settle a fraud case with the SEC, months after they were found liable for defrauding investors.
According to court documents, the legal counsel representing both parties has disclosed that a settlement is expected to be submitted for court approval by June 12, 2024.
In its case against Kwon and Terraform, the SEC alleged that both parties misled investors in the promotion and sale of crypto tokens, particularly the doomed algorithmic stablecoin TerraUSD. Both parties were accused of offering crypto assets without proper registration.
Kwon and Terraform could face stiff financial penalties as the SEC has sought roughly $5.3 billion in damages. Terraform countered with a significantly lower penalty of $1 million.
Kwon was arrested in Montenegro in March 2023, where he also faces potential charges.
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