Tag: Token

Lighter LIT token falls 15% amid broader market pullback

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Key Takeaways LIT drops over 15% as market selloff pushes token below $1.70 despite strong trading activity. Lighter maintains high volume and ongoing buybacks while trailing Hyperliquid and Aster in open interest. Share this article Lighter, a crypto perpetual futures exchange on Ethereum, saw its native token LIT fall more than 15% over the past 24 hours as a broader market selloff pushed the price below the $1.70 level. The decline coincided with a pullback in Bitcoin, which dropped from around $95,000 to $92,000 late Sunday before recovering to roughly…

Kaito token and NFT prices plunge as X blocks InfoFi apps to fight spam

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Key Takeaways X revised its developer API policies to block InfoFi apps as a measure against spam, according to Head of Product, Nikita Bier. The policy change has triggered broader losses across the InfoFi market, affecting tokens like KAITO, COOKIE, and LOUD. Share this article KAITO, the native token of the InfoFi protocol Kaito AI, fell 20% today after X announced it would block apps that reward users for posting on the platform. The token dropped from $0.7 to $0.56 following the policy change announcement, per CoinGecko. The sell-off extended…

Ex-NYC Mayor Eric Adams denies profiting from NYC Token chaos

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Key Takeaways Former NYC Mayor Eric Adams denies claims of profiting from NYC Token’s market volatility. Adams’ involvement in the token initiative is aimed at promoting blockchain education, combating hate, and supporting civic projects, not personal enrichment, according to his spokesperson. Share this article Ex-New York City Mayor Eric Adams has pushed back rug pull accusations in connection with the launch of the NYC Token, a digital asset he has publicly supported. In a statement released Wednesday, spokesperson Todd Shapiro said Adams never dipped into investor funds, calling the allegations…

Ex-NYC Mayor Eric Adams Claims He Didn’t Profit From NYC Token

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A spokesperson for former New York City Mayor Eric Adams has refuted accusations that he moved money or profited from the NYC Token, which launched on Monday and plummeted 80% in the first hour of launch.  “To be absolutely clear: Eric Adams did not move investor funds. Eric Adams did not profit from the launch of the NYC Token. No funds were removed from the NYC Token,” Todd Shapiro, a spokesperson for Adams, said in a statement shared to X on Wednesday. Accusations of a potential rug-pull spread after the…

Mantra Restructures, Cuts Staff After OM Token Collapse

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Update Jan. 14, 2:20 pm UTC: This article has been updated to add comments from Manta CEO John Patrick Mullin. Mantra, a blockchain project focused on real-world assets (RWAs), is restructuring its operations after what its leadership described as the most difficult year in the company’s history, marked by a sharp token collapse and prolonged market pressure. On Wednesday, Manta CEO John Patrick Mullin announced that the company would transition to a leaner and more capital-efficient structure following a period of expansion. The changes include job cuts across multiple teams…

Ex-NYC Mayor Eric Adams’ NYC Token tanks over 80% as team allegedly manipulates trading activity

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Key Takeaways NYC Token, endorsed by ex-mayor Eric Adams, saw an 80% value drop shortly after its launch. The token’s initial valuation of $730 million plunged to $111 million in hours. Share this article NYC Token, a Solana-based crypto token launched by ex-New York mayor Eric Adams, lost over 80% of its value shortly after it hit the market. According to GeckoTerminal data, the NYC Token soared to a $730 million valuation but plummeted to $90 million in less than an hour. It has now recovered past $110 million. Adams…

Dubai DIFC Shifts Crypto Token Vetting to Licensed Firms

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The Dubai Financial Services Authority (DFSA) made a major update to its Crypto Token Regulatory Framework, shifting responsibility for crypto token suitability assessments from the regulator to licensed companies operating in the Dubai International Financial Centre (DIFC), Dubai’s financial free economic zone. Under the revised rules, which took effect on Monday, companies providing financial services involving crypto tokens must determine whether tokens they engage with meet the DFSA’s suitability criteria. As part of the change, the DFSA will no longer maintain or publish a list of recognized crypto tokens.  The…

Optimism proposes OP token buybacks using 50% of Superchain revenue

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Key Takeaways Optimism plans to use 50% of Superchain revenue to buy OP tokens, linking token value more directly to network usage. The proposal marks a shift for OP from a governance focused asset toward one aligned with Superchain economic growth. Share this article Optimism Foundation has introduced a governance proposal to use 50% of incoming Superchain revenue to buy OP tokens, marking a shift in how the token captures value from network growth. The proposal follows the rapid expansion of the Superchain, a network of layer two chains built…

Solana Seeker Phone Users Can Claim SKR Token on Jan. 21

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Solana Mobile said its highly anticipated SKR token will launch on Jan. 21, with Solana Seeker smartphone users in the running to claim up to 20% of the token via airdrop. Solana said on Wednesday that SKR would launch on Jan. 21 at 2 am UTC, letting users delegate their tokens to “Guardians” who will secure the Solana network while verifying devices and curating the decentralized app store.  Users will earn rewards in exchange for delegating the tokens and will also be able to access various exclusive in-app features. “SKR will…

Flow Details December Exploit that Led to $3.9M in Counterfeit Token Losses

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The Flow Foundation on Tuesday published a technical post-mortem detailing a protocol-level exploit that occurred on Dec. 27, when an attacker was able to counterfeit tokens on the network, resulting in about $3.9 million in confirmed losses before the exploit was contained. According to the report, the attacker exploited a flaw in Flow’s Cadence runtime that allowed certain assets to be duplicated rather than minted, bypassing supply controls without accessing or draining existing user balances. Validators coordinated a network halt within six hours of the first malicious transaction, while exchange…