Here’s what happened in crypto today
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, scammer impersonates Bermuda premier and promotes fake token, a cryptocurrency endorsed by Argentine President Javier Milei turned into a financial catastrophe after insiders staged a rug pull, and the New York Stock Exchange has proposed allowing Grayscale to stake Ether within its spot Ether ETFs.
Scammer poses as Bermuda premier David Burt and promotes fake token
A scammer impersonating Bermuda premier David Burt used a fake profile to promote a fraudulent token called “Bermuda National Coin” on the X platform in a series of social media posts.
Upon discovering the scam profile, premier Burt alerted users on the platform and brought the matter to the attention of X and Elon Musk.
However, the page remains active at the time of this writing and has garnered more than 51,000 followers.
The fake profile features a grey checkmark — which is reserved for government officials — prompting Burt to question how the fake account was verified by the platform in the first place.
Javier Milei-endorsed Libra token crashes after $107 million insider rug pull
The launch of Libra (LIBRA), a cryptocurrency endorsed by Argentine President Javier Milei, turned into a financial catastrophe after insiders cashed out over $107 million, wiping out nearly 94% of the token’s value within hours.
According to onchain intelligence firm Lookonchain, at least eight wallets linked to the Libra team siphoned liquidity from the token, pocketing 57.6 million USD Coin and 249,671 Solana worth $49.7 million:
“The $LIBRA team has cashed out $107M! 8 wallets related to the $LIBRA team have obtained 57.6M $USDC and 249,671 $SOL($49.7M) by adding liquidity, removing liquidity and claiming fees.”
The Libra token briefly rose to a peak market capitalization of $4.56 billion at 10:30 pm UTC on Feb. 14 before falling over 94% to the current $257 million market cap in just 11 hours since the token debuted for trading on decentralized exchanges, Dexscreener data shows.
The token’s rally began shortly after a now-deleted X post from President Milei, which shared a website and token contract address for Libra, which was a “private project” dedicated to “encourage the growth of the Argentine economy.”
After the token’s collapse, Milei deleted his endorsement, later issuing a statement on X blaming political opponents:
“To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass.”
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NYSE proposes rule change to allow ETH staking on Grayscale’s spot Ether ETFs
The New York Stock Exchange (NYSE) has filed with the US regulator on behalf of asset manager Grayscale, seeking approval to introduce staking in its spot Ethereum exchange-traded funds (ETFs).
If approved, Grayscale will be permitted to stake Ether within the Grayscale Ethereum Trust ETF (ETHE) and the Grayscale Ethereum Mini Trust ETF (ETH), as per a Feb. 14 filing with the US Securities and Exchange Commission (SEC).
The filing said Grayscale would earn staking rewards from any staking activity the funds engage in, which would be considered income for the funds.
It also said that Grayscale would not promote or guarantee any specific level of returns for investors.
“The Sponsor’s staking activities on behalf of the Trust will not constitute “delegated staking” and will not form part of a “staking as a service” offering,” it said.
