Shaq served in FTX lawsuit, ETH hits 11-month high, Hundred Finance hacked for $7.4m

Shaq served in FTX lawsuit after allegedly ducking lawyers for three months

Basketball legend Shaquille O’Neal was served in a class action lawsuit Sunday for his prior associations with troubled exchange FTX.

According to reports, Shaq had avoided lawyers for three months and distanced himself from FTX after its November collapse.

The lawsuit names various celebrities accused of promoting the company, including quarterback Tom Brady and TV personality Larry David.

NOW READ: Citadel Securities among firms hustling to create a crypto market structure amid FTX ‘dumpster fire’

Ether hits 11-month high following Shapella upgrade

Ether continued to rise over the weekend after the network’s Shapella upgrade was a success.

Despite fears that ETH unlocked in the upgrade would cause a crash in Ether’s price, the coin rose to $2,140 over the weekend, a high not seen in nearly a year.

Over $3 billion of ETH is queued to be withdrawn over the next few weeks, so it remains to be seen what former stakers will opt to do with their assets.

NOW READ: Short seller Jim Chanos says Coinbase ‘will still lose money’ even as crypto prices soar

Proposal for Arbitrum Foundation to return 700 million ARB fails

A proposal for layer 2 leader Arbitrum to return 700 million ARB tokens sent to the governing foundation earlier in April failed by a large majority on Sunday.

The proposal — billed AIP 1.05 — was a response to the Arbitrum Foundation sending itself an amount of the governance token worth over $1 billion earlier in April without consulting the community.

The new proposal stated it was a “symbolic action” following the event, to ensure the protocol is controlled by ARB holders and not the foundation.

However, with 84.01% holders voting against it, it seems like the holders are confident in the roadmap laid out by the foundation.

Hundred Finance hacked for $7.4m

Multi-chain lending protocol Hundred Finance tweeted Saturday that a hacker made off with at least $7.4 million in funds via layer 2 blockchain Optimism.

The Hundred team warned users against speculating on the circumstances of the hack, and stated efforts to publish a post-mortem outlining the attack were underway.

Hundred implored the hacker to reach out and arrange to return the funds, but as of press time, no communications have been released.

Silk Road Bitcoin hacker sentenced for 50,000 BTC theft

The hacker who stole 50,000 Bitcoin from dark web marketplace Silk Road in 2012 was sentenced Friday to a year and a day in prison.

James Zhong had been charged with using multiple accounts to extract the BItcoin from the now-shuttered website, and eluded the law until 2021.

When authorities searched Zhong’s home, they found the Bitcoin — worth $1.5 billion at today’s price — in a popcorn tin and a below-floor safe.

NOW READ: SEC reopens dark pools rule proposal that would regulate DeFi

US Financial Services Committee introduces stablecoin bill draft

The US House Financial Service Committee released a draft of a new stablecoin bill over the weekend.

The proposed bill would outline requirements to become a “payment stablecoin issuer,” and ban “endogenously collateralised stablecoins” such as Terra/Luna which collapsed in May of 2022.

The bill also calls for the study of a Federal Reserve-issued central bank digital currency. Hundreds of central banks around the world are pursuing a CBDC.

In the US, CBDCs have become the latest battleground over the war on crypto, where supporters of decentralised cryptocurrencies like Bitcoin argue that a digital currency run by the Federal Reserve could scupper innovation and increase state-run mass-surveillance.

Trump earned up to $1m from NFT Sales: filings — CoinDesk

NFT NYC again showcased the resilience of web3 culture — Decrypt

Crypto optimists sense summer on the horizon — Blockworks