Howdy Folks,

What do you think about when you’re not thinking about crypto?

Anyway, let’s think about crypto.

• ❄️ DEX Freezes Operations

• ♻️ FTX's Reimbursement Redux

• 🐍 SBF’s Conspiracy Conundrum

🛑 Base’s Largest DEX Halts Trading Amid Exploit Reports

LeetSwap, a front-running decentralized exchange (DEX) on Coinbase’s Layer 2 blockchain, Base, suspended trading due to potential security concerns. 

A late-night tweet from the company indicated an urgent investigation into a possible compromise of some pool liquidity.🌙

The halt coincided with a revelation from crypto security firm PeckShield. According to PeckShield's on-chain data analysis, an estimated 340 ETH, equivalent to around $630,000, had been pilfered from Base’s liquidity pairs. 

This setback occurred shortly after BALD, a fan-favorite memecoin, took a nosedive when its developer yanked 6,800 ETH from LeetSwap's liquidity pool. 

This is why we ALWAYS advise extreme caution when considering investing in memecoins! ⚠️

Despite this turbulent ride, Base's mission to provide swift, secure, and affordable crypto transactions remains unchanged.

…and once they’ve scraped the mud off themselves, I’m sure their users will return!

🧮 FTX Proposes Novel Creditor-Repayment Scheme Amid Restart Plans

Bankruptcy-stricken crypto exchange FTX recently launched an "innovative" creditor-repayment draft plan aimed at settling cash claims from customers. 

Last year, the company filed for Chapter 11 protection as it teetered on the brink of collapse, all while under scrutiny from U.S. federal prosecutors.

The firm’s new strategy involves selling its native FTT token, utilizing the proceeds to pay off customer debts. 

But…who’s going to buy FTT tokens? 💩

According to a Bloomberg report, the recovery pools governing this scheme include assets tied to FTX.com and FTX US customers, along with unrelated assets.

John J. Ray III, FTX's Chief Restructuring Officer, emphasized the plan’s early stage and invited several creditor classes to vote on an updated plan. Additionally, the platform has proposed rebooting FTX.com, extending its services to overseas patrons.🤦

👨‍🦲 FTX Founder Connected to BALD Memecoin Scandal? Unraveling the Conspiracy

Crypto Twitter has been swirling with a controversial theory that FTX founder, Sam Bankman-Fried (SBF), might secretly be the brain behind the contentious new memecoin, BALD, on Base. 

BALD, named in jest after Coinbase CEO Brian Armstrong, saw a spectacular 289,000% gain within 24 hours of its launch, only to crash by over 85% when its anonymous developer allegedly pulled thousands of ETH in liquidity.

Now that sounds like something SBF might do! 🐍

Blockchain detectives, digging into the developer’s on-chain history, pointed to SBF. 

They linked the Ethereum wallet address deploying the BALD token to wallets tied to FTX and Alameda Research. 

Smells a little 🐟....

However, SBF, currently under house arrest and awaiting trial, faces stringent internet usage restrictions, casting doubts on these claims.

In a mystery reminiscent of an Agatha Christie novel, the crypto community is left divided. As this crypto whodunit unfolds, the only certainty is uncertainty.

DailyCoin Daily Meme

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