Hyuna's Crypto Frensletter 🐸 Week 24 (June 9 - 15) "If Anyone Asks, It's Still Monday" Edition Hi Frens! Here's your M̶o̶n̶d̶a̶y̶ Tuesday round-up of what happened last week in crypto. -- 🚨 Massive Password Breach!: Don’t relax on your security game. The largest data breach yet, discovered by @CyberNews, exposed over 16 billion passwords and other sensitive data. The compromised login credentials open access to Apple, Google, GitHub, Facebook and more. It’s probably a good idea to change your passwords and start updating your security practices to include 2FA and regular device screenings. 🧹 Soft Reset: A huge swath of Solana memecoin-related X accounts were suspended last Monday, with most reinstated later in the day. Some of the accounts that were affected: Alon ( founder), GMGN (gmgnai?), ElizaOS, and a bevy of memecoin shills: The most popular theory for the mass ban is that the accounts were found in violation of unauthorized API usage. 🦑 Release the Token: Centralized crypto exchange Kraken’s Ethereum L2 network Ink is getting its own native token ($INK). It will be hardcapped at 1 billion supply and distributed substantially via airdrops. $INK will not be a governance token, but used to “power a robust DeFi ecosystem government by its users” (🤷🏻‍♀️). $INK is being launched via The Ink Foundation, not Kraken, presumably to avoid potential legal snafus. More details here: 🗳️ A Very Stablecoin GENIUS: The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act last Tuesday (June 17th). The bill establishes a federal framework regarding stablecoins and their issuers (such as 1:1 reserves and compliance with anti-money laundering rules). While supporters argue it enhances consumer protection and promotes American financial innovation, critics contend the bill is too industry-friendly and fails to address conflicts of interest, particularly citing President Trump’s ties to World Liberty Financial’s $USD1 stablecoin. The legislation now heads to the House, where it may stall as the House is considering its own Stable Act bill. ^cheat sheet from @kyle_chasse 🇹🇭 BKK bby: Thailand’s Finance Ministry announced last Tuesday that capital gains taxes on crypto sales will be waived for the next five years. The exemption, effective retroactively from January 1, 2025 to December 31, 2029, only applies to crypto sales made though platforms officially licensed by the Thai government. 📱 The Everything (but Crypto) App: X CEO Linda Yaccarino confirmed that X will be adding investing/trading and payments features to the social media app soon. The company is also exploring an X-branded debit card. This news follows confirmation by Elon Musk last month that X Money (a peer-to-peer payment system similar to Venmo or Zelle) is being rolled out soon in limited beta. No news yet on how or even IF crypto will fit into the picture. 🐸 Frog Faced: Matt Furie (creator of Pepe the Frog) launched a new NFT collection (Replicandy) last Tuesday. The smart contract was exploited on Thursday, allowing the attacker to mint 6,000 NFTs, which were then dumped into bids. The Replicandy collection reached a high of 0.08 ETH ($210) before the exploit plummeted the price down by 97% in under an hour. As of Monday the shitshow continues… …Now you’re all caught up! Have a great week (: p.s. Subscribe to my Substack if you'd like to read a properly formatted version of my Frensletter with links to sauce(!)