Good Morning Crypto Enthusiasts!

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

1. Eigenlayer bans airdrop for US users: Eigenlayer's release of the EIGEN white paper introduces the EIGEN token, aiming to facilitate consensus around off-chain data in Ethereum staking. However, the accompanying announcement excludes users from certain jurisdictions, including the U.S. and Canada, from participating in the upcoming airdrop.

2. Elon Musk’s X Remove Likes and Reposts: X announces plans to remove likes and reposts from users' timelines to prioritize user experience over traditional engagement metrics.

3. Honeypot Scam in Solana Memecoin Market: The rise of the Solana-based memecoin Bonk Killer to a $328 trillion market cap turns out to be a honeypot scam, leaving investors unable to liquidate their holdings.

4. Lazarus Group's Crypto Laundering Exposed: The Lazarus Group's extensive crypto laundering activities, laundering over $200 million worth of stolen crypto between 2020 and 2023, are exposed.

5. 💡Feature of the Day - Avalanche Partners with Stripe: Avalanche's integration with payment giant Stripe enables seamless access to AVAX tokens within Web3 applications.

6. 🫨 What’s Buzzing? - Despite the recent io.net security breach, its Ignition Program still gaining attention! To learn more about it, read UseTheBitcoin’s latest article “io.net Ignition Airdrop Program Guide.“

   
   All this and more in today’s headlines!

📰 News Highlights:

🌀 Eigenlayer bans airdrop for US users [Source][Source][Source]

Eigenlayer's release of the EIGEN white paper signals a significant development in the Ethereum staking protocol's evolution. The proposed EIGEN token aims to facilitate consensus around off-chain data, enabling intersubjective agreement in various applications such as prediction markets, storage services, and gaming virtual machines. However, the accompanying announcement came with a notable exclusion, as users from jurisdictions including the United States and Canada were barred from participating in the upcoming airdrop.

The token's utility extends to tasks that lack objective attribution, making it a versatile tool for a wide range of applications, from cloud microservices to artificial intelligence training.

While Eigenlayer's announcement generated excitement within the crypto community, concerns were raised regarding the platform's potential susceptibility to a "yield crisis." Pseudonymous developer Chudnov highlighted the growing disparity between the value of assets locked on Eigenlayer's platform and the necessary resources to secure its network effectively.

👍 Elon Musk’s X Removes Likes and Reposts [Source][Source][Source]

In a bold move aimed at reshaping user interaction on the platform, X announced plans to remove likes and reposts from users' timelines within the coming weeks.

The decision to conceal likes and reposts from public view is expected to foster a more authentic and substantive discourse on the platform, steering away from the pitfalls of engagement-farming posts and fostering a healthier online environment.

By encouraging users to focus on the content itself rather than its popularity metrics, X aims to foster more meaningful interactions and curb the proliferation of clickbait content.

While the move may initially spark debate among users accustomed to conventional engagement metrics, X's emphasis on enhancing user experience underscores its dedication to fostering a vibrant and inclusive community.

💸 Honeypot Scam in Solana Memecoin Market [Source][Source][Source][Source]

The meteoric rise of an obscure Solana-based memecoin, Bonk Killer (BONKKILLER), to a staggering $328 trillion market cap has sent shockwaves through the crypto community.

However, euphoria quickly turned to despair as investors discovered that the token was nothing more than a honeypot scam, designed to lure unsuspecting investors with the promise of astronomical returns.

Despite warnings from industry experts and vigilant platforms, many investors fell victim to the scam, unable to transfer or liquidate their holdings due to the developer's activation of freeze authority.

The Bonk Killer debacle serves as a sobering reminder of the prevalence of fraudulent schemes within the crypto space and underscores the need for robust investor education and regulatory oversight.

💡 Feature of the Day: 

🔍 Lazarus Group's Crypto Laundering Exposed [Source][Source]

The Lazarus Group's prolific crypto laundering activities have once again captured headlines, with revelations surfacing that the notorious hacking collective laundered over $200 million worth of stolen crypto between 2020 and 2023.

ZachXBT, famous crypto sleuth, exposes Lazarus Group's illicit activities showing sophisticated network of crypto mixers and peer-to-peer marketplaces, the North Korean state-backed hackers have successfully converted ill-gotten digital assets into untraceable fiat currencies, evading detection and prosecution.

Despite concerted efforts by law enforcement agencies and cybersecurity experts to disrupt their operations, the Lazarus Group continues to pose a significant threat to the integrity and security of the global crypto ecosystem. Their brazen exploits, spanning multiple high-profile hacks and heists, underscore the urgent need for enhanced cybersecurity measures and international cooperation to combat cybercrime.

Today’s Sponsor:

Many people are looking for a safe hardware wallet to store their crypto.

This week we have partnered with Trezor.

Trezor supports more than 8000+ coins & tokens.

Protect your crypto assets today with Trezor.

📈🫨 What’s Buzzing?:

🛠️ io.net Ignition Airdrop Program Guide 🚀

io.net is a decentralized computing network (DePIN) specializing in GPU (Graphics Processing Unit) resources. The Ignition Airdrop Program rewards users for contributing to the network's growth.

What Is io.net?

• Decentralized GPU Network: io.net aggregates computing power, primarily from GPUs, to create a decentralized network, reducing reliance on centralized data centers.

• Cost-Effective AI/ML Workloads: Aims to significantly lower the cost of running AI and ML tasks compared to centralized services.

• Renting and Earning: Offers a marketplace where individuals with GPUs can rent out their processing power and earn income, while others can rent processing power at a reduced cost.

How To Qualify For An Airdrop?

• Join the Ignition Airdrop Program through io.net's Galxe page.

• Complete all social tasks to be eligible for rewards.

• Optional KYC through Galxe Passport if you have a decent Web3 Score.

Participation in the Ignition Airdrop Program offers potential rewards for contributing to io.net's network growth. If you wanna get involved, read UseTheBitcoin’s latest article “io.net Ignition Airdrop Program Guide.“ 🚀

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com