EigenLayer Hit with Massive Withdrawal Requests, BlackRock's Fund Emerges Largest, Ex-Binance CEO Jailed
Summary:
Ethereum restaking protocol EigenLayer faces a mounting backlog of 12,412 withdrawal requests following widespread disappointment over the planned EIGEN airdrop. Meanwhile, BlackRock's six-week-old tokenized treasury fund (BUIDL) has become the largest globally, beating 12-month old Franklin OnChain U.S. Government Money Fund. In other news, former Binance CEO Changpeng Zhao has been sentenced to four months in prison for violating U.S. money laundering laws.
Withdrawal demands are pouring in for EigenLayer, a prominent Ethereum restaking protocol, in the aftermath of the EIGEN airdrop, triggering a mounting backlog. BlackRock's blockchain-based treasury fund, launched just six weeks ago, has quickly climbed the ranks to become the world's largest. In other news, former chief executive of Binance, Changpeng “CZ” Zhao, faces a four-month prison term.
Backlog of 12,000+ withdrawal requests hits EigenLayer after the EIGEN airdrop. A storm of disappointment has arisen over the proposed EIGEN airdrop, leading to EigenLayer, Ethereum's most prominent restaking protocol, facing 12,412 withdrawal demands. The withdrawal spree initiated on April 29 with 4,336 requests in a single day, surging to 6,496 by April 30 as per Dune data. The considerable number of withdrawals, if processed, could significantly reduce EigenLayer’s present total value locked (TVL) from $14.8 billion to just a little over $13 billion. In the face of the disapproval, fuelled by the barring of key economic jurisdictions from the EigenLayer airdrop, the protocol's TVL is anticipated to take a hit, warns Anndy Lian, a recognized blockchain expert and author.
BlackRock's BUIDL becomes the largest tokenized treasury fund. With its USD Institutional Digital Liquidity Fund (BUIDL) hitting a market cap of $375 million on April 30, BlackRock's blockchain-issued treasury fund, despite being only six weeks old, has outperformed Franklin OnChain U.S. Government Money Fund (BENJI), the 12-month veteran with $368 million. BUIDL acquired a staggering $70 million within the last week, with $50 million credited to real-world asset tokenisation company Ondo Finance's OUSG token. Meanwhile, BENJI witnessed its assets under management dwindle by about 3.7% during the same period. As of now, Treasurys worth over $1.2 billion from the United States float across various blockchains including Ethereum, Polygon, and Solana.
Ex-Binance CEO Changpeng Zhao sees a four-month jail sentence for money laundering irregularities. Changpeng “CZ” Zhao, the erstwhile CEO of Binance, has been handed a four-month prison sentence by a federal judge for infringing upon U.S. money laundering regulations. Although the prosecution initially pushed for a three-year jail term tied to Zhao's failure in establishing a robust Anti-Money Laundering (AML) program at the crypto exchange, the defence advocated for probation. Zhao, who pleaded guilty to the charges in November, expressed remorse for his actions before his sentencing, acknowledging his responsibility for the lack of an effective AML program at Binance.
Published At
5/1/2024 4:00:19 PM
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