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Jito Distributes $225M Airdrop to Solana Users

Jito Distributes $225M Airdrop to Solana Users

Jito's $225M airdrop shakes up Solana, Binance's CZ faces US legal stay, Do Kwon's extradition looms, Xion debuts testnet.

Welcome to the final issue of this week’s Datawallet Daily! Here’s your essential summary of the most impactful stories in the cryptocurrency world over the last 24 hours:

Jito Distributes $225M Airdrop to Solana Users

Jito, a DeFi platform on Solana, has launched an airdrop, distributing $225 million worth of JTO tokens to its users. At its initial launch, JTO was priced at $6.01, valuing the total 90 million tokens at around $540.9 million. However, the token’s value later dropped by 58% to $2.50. Despite differing reports of initial volatility from various crypto data platforms, over 54 million JTO tokens have already been claimed by users.

The distribution strategy favored users holding smaller amounts of JitoSOL, aiming to support retail traders and enhance Solana’s DeFi ecosystem. This airdrop follows the Pyth Network’s distribution of 250 million tokens last month and precedes a planned airdrop by DeFi platform Jupiter to nearly a million users.

Judge Orders Binance’s CZ to Remain in US Until Sentencing

Changpeng Zhao, Binance’s founder, must stay in the United States until his February 2024 sentencing, as ordered by a Seattle district judge. This decision comes after Zhao pleaded guilty to money laundering charges. He faces up to 18 months in prison and has agreed not to contest any sentence within this limit.

The judge deemed Zhao a flight risk due to his substantial wealth and connections in the UAE, where his family resides. Zhao, on a $175 million bond, is allowed limited U.S. travel and family visits. This situation follows Binance’s $4.3 billion settlement with U.S. regulators, which led to Zhao’s resignation as CEO.

Montenegro Official to Extradite Do Kwon to US: Report

Do Kwon, co-founder of Terraform Labs, is set to be extradited to the United States, as decided by Montenegro Justice Minister Andrej Milović. This development follows Kwon’s arrest in Montenegro in March, where he was sentenced to four months in prison for using falsified travel documents. In the U.S., Kwon faces eight criminal charges, including fraud and conspiracy related to Terraform Labs’ operations. Additionally, the U.S. SEC has charged him with defrauding investors.

The collapse of Terraform Labs in May 2022 significantly impacted the cryptocurrency market, leading to several bankruptcies. While Kwon’s extradition to the U.S. is imminent, he could still face charges in South Korea. Kwon has denied any allegations of fraud.

Xion Launches Testnet with “Generalized Abstraction”

Xion, a blockchain network integrating the USDC stablecoin, has launched its testnet focused on “generalized abstraction,” aiming to simplify the user experience in web3 applications. This advanced form of account abstraction technology allows users to interact with web3 apps using familiar methods like email and PassKeys, bypassing traditional crypto wallet processes.

The testnet’s release aligns with their 2024 mainnet launch goal and follows Xion’s whitepaper on generalized abstraction. Xion, which has raised over $11 million from investors like Circle Ventures and Animoca Brands, plans to use USDC for transparent pricing across its infrastructure, enhancing user-friendliness.

The network is developed using the Cosmos SDK and will be supported by an ecosystem of over seventy-five partners upon its mainnet launch, providing a range of functionalities to users.

Other breaking news

Wrapping up

Wrapping up today’s edition: The Solana airdrop frenzy shows no signs of slowing, with Jito distributing $225 million to users and more Solana projects preparing for their own airdrops. In regulatory news, Binance’s saga takes a turn as it’s confirmed CZ won’t leave the U.S. before his sentencing. Meanwhile, Do Kwon faces extradition to the U.S., where he faces eight criminal charges related to Terraform Labs. On the project front, Xion has launched its Testnet. This is another highly anticipated blockchain, set to go live on the mainnet next year. Stay tuned!