Daily Digest - 5 April 2023

Headlines

▌BitKeep gets more users despite multiple hacks

BitKeep achieved a new milestone by recording over 10 million users in April despite suffering multiple hacks in the past. The firm currently plans to support the ZK-Rollup ecosystem soon. The overall idea is to enhance users’ experience in Web3 exploration. Through its collaboration with the crypto derivatives exchange Bitget, BitKeep will soon be rebranded as Bitget Wallet.

Policies

▌Satoshi Action Fund Founder: Texas Anti-Bitcoin Mining Bill Passes Senate Committee Without Any Negative Votes

Dennis Porter, founder of Satoshi Action Fund, stated on social media that the anti-bitcoin mining bill in Texas has just passed the Senate committee without any opposition votes. It was Senate Bill 1751, which removed incentives for miners to create jobs in rural communities and capped the amount miners could spend on certain grid balancing programs. Unfortunately, committee members are swayed by the influence of powerful bill sponsors. Sources say the bill could also pass the Senate. Fighting back against the bill in the House to kill it is critical.

Cryptocurrency

▌Data: 2.694 billion ARB transferred from DAO treasury to 140 addresses

On-chain analysis company Arkham Intelligence data showed that only 50.5 million of the 750 million ARB tokens in the conflict between ARB token holders and the Arbitrum Foundation were transferred. 10 million tokens have been sent to exchanges for sale, 40 million have been loaned to Wintermute, and the remaining 500,000 are unspent in a multi-signature wallet (labeled Gnosis Safe Proxy). Additionally, monitoring revealed another transfer of 2.694 billion ARB tokens from the DAO treasury to 140 addresses, with transfers ranging from 100,000 to 71.6 million ARB per address. Crypto analytics provider LookOnChain found that one of the addresses moved their tokens to the Coinbase exchange, meaning they could sell their allocation. These tokens represent amounts allocated to the team, investors and advisors and are said to be locked for four years.

▌Euler Finance Exploiter Returns All ‘Recoverable Funds’ From $200M Hack

Euler Finance, a decentralized finance (DeFi) platform for borrowing and lending cryptocurrencies, took to Twitter to announce that the hackers responsible for the nearly $200 million attack on the protocol had returned “all of the recoverable funds.” “Following successful negotiations, all of the recoverable funds taken from the Euler protocol on March 13 have now been successfully returned by the exploiter,” reads the post shared by Euler’s official Twitter account.

▌Do Kwon Lawyers Argue SEC Has No Dominion in Terra Case

Reports are emerging that lawyers representing Do Kwon are arguing that the United States Securities and Exchange Commission (SEC) is acting outside its jurisdiction. Court filings with the United States Supreme Court refer to the fact that Terraform Labs is a Singaporean company and Kwon is a resident of Singapore. The attorneys argue that Terraform Labs’ operations are largely global and not specific to the United States. It also argues that the SEC’s actions conflict with the decisions of other courts.