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Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Adams Denies NYC Rugpull: Eric Adams denied any role in the sudden collapse of the Solana-based NYC Token, which lost over 80% of its value minutes after launch. On-chain data shows more than $3.4M in liquidity was pulled, even as Adams’ team claims no funds were moved.

2. Solana Seeker SKR Airdrop: Solana Mobile will distribute nearly 2 billion SKR tokens to Seeker phone users and developers on Jan. 21, 2026. Top participants can receive up to 750,000 SKR.

3. Coinbase Pulls CLARITY Support: Coinbase withdrew backing for the Digital Asset Market Clarity Act, calling it worse than no regulation. CEO Brian Armstrong warned the bill could restrict DeFi, tokenized stocks, and stablecoin rewards like USDC.

4. 💡Feature of the Day - Sui Network Back Online: The Sui blockchain resumed operations after a six-hour outage froze more than $1B in assets. A consensus failure halted transactions before developers deployed an emergency fix.

   
   All this and more in today’s headlines!

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📰 News Highlights:

Adams Denies Rugpull [Source][Source][Source]

Former New York City Mayor Eric Adams has denied any involvement in moving funds or profiting from the sudden collapse of the NYC Token. The Solana-based token launched with claims of funding education and fighting antisemitism but lost over 80% of its value within minutes.

On-chain analysts estimate that more than $3.4 million in liquidity was removed during the crash, raising red flags. Adams’ spokesperson insists the crash was due to market volatility, not insider activity. Still, the lack of transparency from the token’s technical team has kept skepticism high.

Confusion grew after the project’s official account admitted to “rebalancing liquidity,” while Adams’ camp claimed no funds were moved at all. In crypto, liquidity rebalancing often means large capital shifts, which analysts view as a warning sign.

The token fell from $0.475 to around $0.133, wiping out more than $400 million in market value. Meanwhile, the project’s whitepaper remains unavailable, adding to concerns. The episode highlights the growing risks around celebrity-linked crypto projects in a stricter 2026 regulatory climate.

Solana Seeker Airdrop [Source][Source][Source]

Solana Mobile will distribute nearly 2 billion SKR tokens to Seeker phone users and developers on January 21, 2026. The airdrop covers about 20% of the total token supply and is designed to decentralize control of the Solana mobile ecosystem.

Over 100,000 device owners and nearly 200 developers qualified based on on-chain activity and app usage. Rewards are tiered, with top users able to receive up to 750,000 SKR. The system aims to reward real engagement rather than casual airdrop hunters.

SKR also serves as the governance and staking token for Solana’s mobile app store. Users can stake tokens with “Guardians” like Jito and Helius to earn rewards while helping curate which apps get visibility. This model challenges Apple and Google by letting the community decide what apps succeed.

While early Seeker preorders exceeded 150,000 units, only about 109,000 qualified for the airdrop, suggesting some users didn’t meet activity thresholds. Still, the massive token drop is expected to jumpstart the Web3 mobile economy.

Coinbase Rejects CLARITY Act [Source][Source][Source]

Coinbase has pulled its support for the Digital Asset Market Clarity Act after reviewing the latest draft. CEO Brian Armstrong said the bill would be worse than having no regulation at all, calling it harmful to crypto innovation.

He pointed to clauses that would restrict tokenized stocks, limit DeFi, and weaken privacy protections. Coinbase also warned that the bill could effectively ban rewards on stablecoins like USDC. The exchange believes banking lobbyists heavily influenced the draft.

Armstrong said the bill protects traditional banks from competition rather than helping consumers. High-yield stablecoins could draw deposits away from banks, which may explain the political pressure.

The move puts the bill’s future at risk since Coinbase is one of crypto’s most powerful advocates in Washington. Meanwhile, Ripple CEO Brad Garlinghouse remains optimistic that the bill can still be improved. The industry is now split on whether compromise or rejection is the better path forward.

💡 Feature of the Day: 

Sui Network Restored [Source][Source]

The Sui blockchain is back online after a six-hour outage froze all transactions on January 14, 2026. A “Consensus outage” caused validators to stop processing transactions, locking over $1 billion in on-chain assets.

Developers deployed an emergency fix and restored activity later that evening. While the network is operational again, the foundation has not explained what caused the failure. That lack of detail has left developers uneasy.

This marks Sui’s second major outage since launching in 2023, raising concerns about long-term stability. High-performance blockchains like Sui rely on complex validator coordination, which can sometimes lead to system-wide failures.

Interestingly, the SUI token briefly rose 4% during the outage before settling around $1.84. Some traders likely bet on a fast recovery, while others couldn’t sell due to the freeze. The incident puts renewed pressure on Sui to prove it can scale without breaking.

😂 Crypto Meme of the Day: 

Meme of the day provided by @web3.career

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com