Jupiter airdrops a fortune to users, Polygon staff cuts, Larry David’s regret over FTX

The highly anticipated Jupiter airdrop Was this week but some Traders pumped The wrong dupe Token good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if you want to be the font of All knowledge when it comes to crypto Click that follow button and I'll keep You in the know grab yourself a coffee And let's get into It happy Friday everyone here is your Last last debrief of the week and as Always we have some fascinating stories Here's what we're going to discuss today The Jupiter airdrop was a success but Traders briefly pumped the wrong dupe Token polygon Labs Cuts 19% of its staff But not for financial reasons binance Managed to freeze $4.2 Million worth of Xrp in the Ripple hack and comedian and Writer Larry David talks about his FTX Super Bowl Ad I mentioned earlier this week about The frenzy surrounding Jupiter a salon Based decentralized exchange that was Airdropping its native token jup for the First time Jupiter has been doing Incredibly well and in a post on X they Made recently they summarize January's Feats it reads state of Jupiter January 2024 number one most used trading

Platform in defi number two direct 80% Of organic volume number three most used Program in salana number four top two by Volume on coin gecko number five most Integrated platform on salana and number Six one of the the top per platforms $1.4 billion in volume last week so the Airdrop was a pretty unprecedented Success with very few criticisms that I Have seen it was one of the largest to Ever take place on salana and boasted Some impressive stats OS 2020 collated Some data on June analytics that showed That since the airdrop went live at 10:00 a.m. eastern on the 31st of January there have been a lot of Noteworthy takeaways at the time of Recording around 7:00 a.m. eastern Around 665 million dupe has been claimed With an estimated price of 59 which Means we've seen around $393 Million Worth claimed 48% of the wallets Eligible to claim the airdrop around 460,000 wallets have done so so far with 66% of the total dupe allocated claimed One 17-year-old pseudonymous investor on X called not short claims to have made Over 1 million from this airdrop before You call this young person a liar a Quick look at the analytics on June Shows that five wallets did indeed Receive over $1 million worth of dupe And in fact the wallet that is top of The table holded in

1,2,4 so it is possible but there was Another rather amusing subplot to this Airdrop and it involves the Jupe token Well not the jup token but rather a Dube Token in 2017 an ethereum based protocol Designed for creating and hosting daps Was launched and with it the Jupe token The problem is this Jupe token isn't on Salana it's on a ethereum the platform's Official website states it is no longer Active and yet in the fog of War Investors accidentally and briefly Pumped this 7-year-old defunct token the Price shot up from 0.05 C to 2.6 C but People quickly realized the error and Now it's backed down from whence it came I would love to know if anyone with a Bag of this dead token was quick enough To cash in on the Mistake polygon has been one of the most Promising ecosystems in web 3 and has Seen enormous growth over the past few Years however an unusual announcement Came out of polygon Labs yesterday Mark Bon CEO at polygon Labs made a lengthy Announcement on X I will link to that in The description of this episode and give You an Abridged version now at polygon Labs we are on a mission to Fundamentally change the internet Building the infrastructure to make that Happen is no easy feat it requires Executing ambitiously and Nimble with an Efficient surgical team that can

Collaborate closely and expedite Demanding projects regrettably the Team's rapid growth in the last ball Market diluted qualities that enable us To execute in this manner we must return To those qualities unfortunately this Means we have made the decision to Reduce the team at polygon Labs by 60 Teammates roughly 19% of the team in a Bold commitment to the polygon lab's Team we're implementing a 15% increase In everyone's total compensation and Eliminating traditional goopay models This move aims to recognize individual Value regardless of location fortifying Our ability to attract top talent Globally Buon goes on to reiterate the Importance of thinning the ranks to Achieve polygon's goals sandep Nell Co-founder of polygon also posted that This move was a necessary step to take Polygon Labs back to its Underdog routs This makes us lighter nimbler and more Mission focused what makes this story Unusual is twofold firstly these sorts Of announcements were common place in 2022 and even some of 2023 but as we Defrost and Edge our way toward a ball Market they have become rarer the crypto Market as a whole has crept up and it Has meant more money around the second Reason really informs the first they say This isn't a financial decision Streamlining for the sake of removing

Bureaucracy is something I can get Behind and it must be all the harder to Make the decision if it truly isn't Financially Motivated yesterday we discussed a Sizable hack involving Ripple though Supposedly it was of Ripple's co-founder Chris Larson and his personal wallets Not Ripple directly the hack is Estimated to be around $12.5 Million worth of xrp and was Flagged to the World by the onchain Sleuth and Bonafide legend of the space Zak xbt on X though not everyone would Agree on that title and we'll come back To that there have been a few updates in The intervening 24 hours Chris Larson And the Ripple folk are still adamant That it was larsson's personal wallets That were compromised and it could be The case Zack xbt updated his thread to Add that one of the affected wallets That can be seen on the XO op block Explorers is attributed to Ripple Themselves and this is added to some of The confusion the stolen funds were Immediately being laundered across at Least six exchanges one of which was Binance generally of late hackers have Moved away from using centralized Exchanges due to the risk of the funds Being frozen and that is exactly what Happened here on binance the binance CEO Richard Tang wrote on X after finding

Out early on about the exploit that Occurred at Ripple we're happy to say That the binance team has managed to Freeze $4.2 Million worth of xrp stolen By the exploiter we appreciate it in Both the community's efforts in flagging It to exchanges as always Zack xbt did a Great job and the Ripple teams work in Collaborating with us we will continue To support Ripple in their Investigations and their efforts to Retrieve back the funds including Closely monitoring the majority of funds Which is still in the exploiters External wallets in case they deposit it To binance the head of analytics for The Xrp Ledger Foundation Thomas Sila was Not aan of Tang's wording and replied to The post with the following thank you For acting quickly and responsibly this Tweet is a bit ambiguous one the Compromised accounts are personal Accounts of Chris Larson not an exploit At Ripple two the initial investigation Was done by The xrp Ledger foundation And initiated as it was happening not Carelessly published on social media the Day after like Zack xbt three Ripple is Now leading the investigation for Chris After we did a complete Handover of data So the the amount Frozen by binance is Of course only around 4% of what was Stolen and so we're waiting to see how The other exchanges reacted to the hack

And see if they were able to freeze the Funds before they left again however as Tang says the majority of the funds are Still in an external wallet I do wonder Whether we'll see negotiations between Chris Larson Ripple and the Hacker by the Super Bowl of February 2022 many of us felt that the ball run Was coming to an end Bitcoin might have Been at a healthy $42,000 but that was Down from $69,000 just 3 months earlier the wheels Hadn't fully come off yet and there was A lot of positivity around but little Did we know it would only be another 3 Months before Bitcoin was in freefall Nevertheless during that 2022 Super Bowl On Sunday the 13th of February there was Still an enormous amount of Buzz around Crypto and during its halftime interval Which is one of the most coveted Advertising spots in television The Exchange FTX run and AD it featured Larry David beloved comedian and Co-creator of Seinfeld as well as the Creator and star of KB Your Enthusiasm He encouraged the audience not to miss Out on the next big thing 9 months later FTX collapsed amongst Scandal involving Its founder s bankman freed and taking With it many connected crypto firms in An interview this week with the Associated Press Larry David said he Consulted with friends that and I quote

Were well-versed in this stuff before Agreeing to do the ad David said so like An idiot I did it the comedian also Added that he lost a lot of of money After accepting crypto for a part of his Salary since FDX his collapse David has Been named in some class action lawsuits Against celebrities who promoted FTX in Which the plaintiffs alleged that the Celebrities did not perform due Diligence on FTX before agreeing to Promote them I always find that point a Conflicting one with the power of Hindsight you can say that enough due Diligence would have uncovered the Problems at FTX but almost everyone in Crypto including experts and companies Partnered with FTX had no idea what FTX Alamida reseearch were up to so is it Reasonable to have expected that Celebrities like Larry David could have Done enough due diligence to uncover the Problem there's definitely blame to be Had but I think I'd be uncomfortable With much of it landing on the shoulders Of a celebrity who did an advert for FDX What do you think though share your Opinion to @ cointelegraph and @ Arc Bags on X well that is another week down and We've had some fascinating stories this Week but it hasn't been that eventful But crypto doesn't stay calm for long so This could all change by Monday thank

You for listening to the ryen crypto Podcast by coin Telegraph if you're Enjoying these daily updates please make Sure you let us know by following Subscribing or leaving a review have a Great weekend let's do this again [Music] Monday