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The Roundup: Musk’s Doge meme, Waves probe, Arbitrum drama

The Roundup: Musk’s Doge meme, Waves probe, Arbitrum drama
DeFiRegulationPeople & CultureMarketsFintech/VC/Deals
This week, Elon Musk's Twitter changed its bird logo to a meme referencing the doge meme.

Happy Easter, Chag Pesach Sameach and Ramadan Mubarak to those who celebrate!

The regulators are coming hard and fast for Binance, as the Australian regulator cancelled the exchange’s local licence. The cancellation was at the exchange’s own request, following a regulatory review.

The Aussie authorities’ decision followed a lawsuit filed by the US Commodity Futures Trading Commission in late March. As DL News reported at the time, it was expected that the US regulator’s action would lead to more scrutiny of the exchange worldwide. Then, as the week came to a close, news broke that Dubai’s crypto regulators are also looking into the exchange.

Twitter users woke up on Monday to see that the site’s blue bird logo had been replaced by the Doge meme. The site’s owner, Elon Musk, did not explain why the change was made. Some speculated that he was taunting Dogecoin investors who brought a $258 billion lawsuit against him over an alleged pyramid scheme.

Dogecoin surged 30% after the logo replacement.

Speaking of surges, Donald Trump’s non-fungible token collection saw a 462% rise in sales as the former US president appeared in court on Tuesday for his arraignment on 34 felony charges.

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Waves founder Sasha Ibanov tied to $500M.

Waves founder’s role in lost $530m raises questions about who’s to blame

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Is there anything more satisfying to read than a superbly reported investigation? Tim Craig and Isabel Hunter tirelessly sifted through information suggesting that Waves founder Aleksandr Ivanov may be behind wallets involved in the extraction of $530 million from the blockchain network last year.

The result is a blow-by-blow account of what happened to the assets that were lost on Vires Finance, a protocol on the Waves blockchain.

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Arbitrum token airdrop.

Arbitrum reels from voting drama as concerns over decentralisation loom large

Another excellent one from Tim. Ethereum layer 2 blockchain Arbitrum airdropped over $1 billion worth of tokens to its users last week. But the first governance proposal, AIP-1, which let token holders vote, backfired.

A big majority voted against it, protesting the Arbitrum Foundation’s decision to allocate 750 million ARB tokens for grants, among other things.

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Tokenised bonds

Goldman and BlackRock embrace tokenisation even as on-chain bonds branded a ‘failure’

Tokenisation of traditional assets for transacting on blockchain tech is emerging as a potential growth area for big names like BlackRock, Goldman Sachs and JP Morgan Chase.

I spoke to Octavio Marenzi, founder of consultancy Opimas, whose research finds that when it comes to bond issuance, at least, tokenisation has been a disappointment.

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