Trump-Backed WLFI Sells 5.9B Tokens Amid Early Investor Lockups
World Liberty Financial ($WLFI), a crypto project associated with Donald Trump, reportedly sold an additional 5.9 billion $WLFI tokens, after an initial raise of over $550 million. This quiet sale occurred while early investors' holdings remain locked, impacting their ability to sell.
Reports indicate 75% of the token sale proceeds are directed to a Trump-linked entity. 80% of early $WLFI investors' tokens are subject to lockup periods, potentially extending up to two years. A critical vote is also underway concerning 62.2 billion $WLFI tokens, proposing a minimum two-year market exclusion as a "supply control" measure.
The token's price declined on the day, reaching a new all-time low of $0.054365, a direct consequence of the new token influx and restricted early investor liquidity. From its peak, $WLFI has fallen 88.66%, resulting in a market capitalization reduction of $13.5 billion. The event generated bearish sentiment, with related social posts showing a sentiment score of -75%.
Musk: Most Crypto Assets Are Scams in Court Testimony
During his ongoing court case with OpenAI, Elon Musk testified that most crypto assets are scams, elaborating to the jury that while some possess merit, the majority fall into the scam category. No immediate market shifts in major cryptocurrencies were reported following this testimony, with $BTC sentiment remaining bullish at 73.5%, within its typical baseline range of 65-75%.
Bisq v1 Protocol Exploit Halts Trading
Bisq Network halted all trading on its v1 protocol following a security exploit that targeted a vulnerability within its trade protocol. The incident allowed an attacker to drain a portion of active offers on the platform. The exploit specifically impacted the v1 protocol's trade mechanism, though funds in users' Bisq Bitcoin wallets (cold storage or non-active trading funds) remained uncompromised.
The exploit generated bearish sentiment, reflected by one analysis showing a sentiment score of -82.
Inactive Ethereum Wallets Attacked, Over $800K Drained
A security incident targeted inactive Ethereum wallets, resulting in over $800,000 in assets being drained from dormant accounts. Despite this breach, the price of $ETH reportedly maintained market stability, with no volatility or price shifts directly attributed to this incident observed.
Solana 'Echo Backed' Project Rug-Pulls, $MEGA Builds Ecosystem
A Solana-based project, identified by address 2MU93nLHhDsHzgEYBKbVbwLDd2pi71ubGp8SkEv9dZwQ, executed a rug-pull in the past week. This project was one of two 'Echo backed' initiatives recently launched. The incident generated bearish sentiment, with one related post registering a sentiment score of -28%.
In contrast, the other 'Echo backed' project, $MEGA, demonstrated active development. Its MegaETH ecosystem launched Flux, a system rewarding $MEGA holders based on ecosystem KPIs. MegaETH's Total Value Locked (TVL) surpassed $590 million, with approximately 48 tracked protocols building within its ecosystem. Community data indicates about half of $MEGA's circulating supply is committed to KPI rewards, and over 60% of participants have fully stacked the token. $MEGA was also listed on BingX and identified as a top project launched in April by Fully Diluted Valuation (FDV), reaching $1.5 billion FDV.
The token saw price drops of 41% and 21% within 24-hour periods, with related social posts reflecting bearish sentiment, reaching as low as -89% and -91%. Out of 8,000 TGE recipients, 60% reportedly dumped their holdings, 10% partially sold, and 30% continued holding. However, other posts related to $MEGA's ecosystem growth showed strong bullish sentiment, peaking at 96%.