Turbo Memecoin Reaches $638M Cap, Bitcoin Dips, Ethereum User Recovers Assets, Argentina Studies El Salvador's BTC Success
Summary:
A memecoin named Turbo, developed by AI chatbot ChatGPT, reaches a market cap of $638 million in little over a year. Bitcoin experiences a minor slump as Mt. Gox, a defunct exchange, transfers billions. On the other hand, a victim of an Ethereum re-staking scam manages to recover most of their assets. Concurrently, Argentina is examining El Salvador's successful experience with Bitcoin adaptation.
In just over a year, a memecoin developed by ChatGPT has attained a market valuation of $638 million. Concurrently, Bitcoin experienced a minor decline after the defunct exchange Mt. Gox executed billion-dollar transfers. In other news, a victim of an Ethereum re-staking scam manages to reclaim the majority of their lost assets and Argentina is gathering insights on Bitcoin activity in El Salvador.
A memecoin named Turbo, coded by AI chatbot ChatGPT, surged to a record high of $0.009302 on May 28. It was initially launched with a humble $69 budget and now boasts a market cap of $638 million, according to CoinGecko data. It enjoyed exponential growth over the past three months, skyrocketing from a $27 million valuation to exceeding $600 million. This represents a whopping 2,262% rise within 90 days.
Turbo was conceived by Rhett Mankind, a digital artist, in April 2023, who attributes the memecoin's tremendous success to its decentralization. Mankind clarified on the project’s official site that the token rapidly gained popularity due to his hands-off approach.
Bitcoin value dipped by 2% on May 28 as a result of a transaction involving more than $7 billion transferred by Mt. Gox, the disgraced Bitcoin exchange, to an unidentifiable wallet. This move appeared to be part of the exchange's arrangement to reimburse its creditors by October. Blockchain tracker Whale Alert recorded the transactions, which included multiple transfers from Mt. Gox's cold wallets.
An Ethereum user who had lost almost $7 million in liquid staked Ether (ETH), around 1,807 ETH, managed to recover most of their losses when the attacker returned a significant portion of the stolen assets. The reversals took place on May 26, as reported by SlowMist's co-founder Yu Xian. The culprit had apparently exploited a feature in Ethereum permits and managed to illegally access wallet signatures through phishing websites.
Lastly, Argentina has initiated discussions with El Salvador with the aim to understand its experience with Bitcoin adaptation. The meeting held on May 23, between Argentina’s National Securities Commission (CNV) and El Salvador’s National Commission of Digital Assets (CNAD), was to share insights on crypto adoption and regulatory practices in both nations. Argentina is keen to emulate El Salvador's success in making Bitcoin a legally recognized tender since September 2021.
Published At
5/28/2024 4:00:36 PM
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