#token

Crypto platform Gitcoin accidentally sent 521,440 GTC ($460,000) from its treasury to an unrecoverable smart contract address. The team has acknowledged the oversight and emphasized the importance of handling DAO funds with caution. Some users, meanwhile, suggested viewing the token loss as a straightforward reduction in supply.

The blockchain platform, founded by Bram Cohen, the creator of BitTorrent, has downsized its workforce, reducing it by 26 out of 70 employees. This development follows Chia’s 5 months filing with the SEC for its public listing, which faced setbacks due to the collapse of its banking partner, Credit Suisse. The company is also considering its first-ever token sale.

FTX's portfolio liquidation is unlikely to shake the market significantly, as noted by Coinbase in their latest weekly report. They cited multiple reasons supporting this claim. 1. Weekly Sell Limits: Initially, liquidations are capped at $50 million per week for digital assets. This limit will gradually increase to $100 million in subsequent weeks. Any permanent increase to a maximum limit of $200 million requires approval from two committees representing FTX debtors. 2. Insider-Affiliated Tokens: Stricter controls govern the sale of “insider-affiliated” tokens, necessitating a 10-day advance notice to the same committees. 3. Locked Holdings: A significant portion of FTX’s SOL holdings, along with some other tokens, are locked until approximately 2025 due to token vesting schedules, limiting their availability for sale. 4. Hedging Measures: FTX has the option to hedge its sales of BTC, ETH, and other debtor-identified assets through an investment advisor, contingent on prior committee approval. These precautions ensure a measured and controlled approach to asset liquidation.

The price of LOOM has skyrocketed by 542% in just a month. However, there's a rising trend of massive token transfers to exchanges, prominently by big players and the developer team.

The Wall Street Memes (WSM) meme token is slated for listing on OKX Exchange, happening today at 10:00 GMT. A similar event with PEPE saw the token's price soar with a 15x increase. But what exactly is Wall Street Memes? Originating from Reddit a few years back, this meme community has grown to nearly 800,000 members across different social media platforms, humorously dissecting crypto and financial news. Before rolling out the WSM token in May, they were renowned for their Wall Street Bulls NFT collection. Their token's presale has drawn to a close, amassing approximately $25 million with the token's cost fixed at $0.0337.

However, it's not tied to quests... Layer 2 blockchain Optimism initiated its third wave of token distribution exclusively for OP delegators. To qualify for the rewards, participants needed to accumulate 18,000 points. The points were calculated by multiplying the number of delegated OP by the delegation days, which must exceed 7 days. If the delegate actively engaged in voting, a minimum of 9,000 points was required. There's no claiming process or forms to fill out! Tokens have been automatically sent straight to users' wallets. In total, over 19 million OP tokens have been distributed to 31,870 unique addresses.