Good Morning Crypto Enthusiasts!

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

1. Memecoins Market Declining: Castle Island Ventures’ Nic Carter declared memecoins "cooked" after the $4B LIBRA scandal, calling them rigged gambling schemes that favor insiders.

2. 🪂Airdrop Essentials🎁: Get the latest airdrop now! Read UseTheBitcoin’s “Missed Pi Network? Don’t Miss This New Mining App! | Airdrop Guide” to learn more on how to qualify and participate in the Lumira airdrop!

3. Lightning Network Bug Dismissed: Lightning Labs CTO Olaoluwa Osuntokun dismissed security concerns, clarifying that a recent issue stemmed from a compromised user machine, not a flaw in Lightning Network Daemon (LND).

4. 💡Feature of the Day - LIBRA Traders Lose Millions: Nansen reports 86% of LIBRA traders suffered losses, with total realized losses at $251M. Of 15,430 wallets, only 2,101 profited, collectively making $180M while retail investors bore the brunt.

   
   All this and more in today’s headlines!

📰 News Highlights:

Memecoins ‘Cooked’ [Source][Source][Source]

Castle Island Ventures partner Nic Carter declared that memecoins are “cooked” following the $4 billion LIBRA scandal involving Argentine President Javier Milei.

Carter criticized memecoins as rigged gambling schemes, arguing that their supposed fairness was a facade, with major launches favoring insiders.

He cited LIBRA and other high-profile memecoin projects as proof that retail investors are being misled by manipulated market conditions.

Coinbase CEO Brian Armstrong also encouraged an open-minded approach, comparing memecoins to early internet novelties that later evolved into major innovations.

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Lightning Downplays Bug [Source][Source]

Lightning Labs CTO Olaoluwa Osuntokun dismissed concerns over a potential security bug in the Lightning Network, stating that the issue stemmed from a compromised user machine rather than a flaw in the network itself.

Reports from Satoshi Labs co-founder Pavol Rusnak warned users of older versions of Lightning Network Daemon (LND) and Lightning Terminal to upgrade immediately.

However, Osuntokun clarified that the security breach was due to an individual’s compromised system, not an inherent vulnerability in LND.

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💡 Feature of the Day: 

LIBRA Traders Face Heavy Losses [Source][Source][Source][Source]

Blockchain research firm Nansen reports that 86% of LIBRA traders lost over $1,000 each, with total realized losses reaching $251 million.

Of the 15,430 wallets analyzed, only 2,101 made a profit, collectively gaining $180 million.

Insiders walked away with substantial earnings while retail investors suffered significant losses, highlighting the predatory nature of the LIBRA token’s market dynamics.

Among the hardest-hit investors, some wallets lost over $1 million each, while prominent figures like Barstool founder Dave Portnoy saw steep losses.

Legal action is already underway, with Burwick Law investigating potential fraud claims.

Meanwhile, President Milei has distanced himself from LIBRA, denying direct involvement despite allegations that his office played a role in the token’s promotion and subsequent collapse.

😂 Crypto Meme of the Day: 

Meme of the day provided by @Mayan_Boricua

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com