Starknet targets early adopters with STRK token, Bitcoin hits $1T cap, PlayDapp suffers $290M exploit, Ripple eyes NY trust acquisition.
Starknet Airdrop Reveals STRK Token Distribution Plan

Starknet Airdrop Reveals STRK Token Distribution Plan

Starknet targets early adopters with STRK token, Bitcoin hits $1T cap, PlayDapp suffers $290M exploit, Ripple eyes NY trust acquisition.

Last update:
Feb 15, 2024
| Issue

Welcome to today’s edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Starknet Airdrop Reveals STRK Token Distribution Plan

The Starknet Foundation has announced the allocation of its STRK token to nearly 1.3 million eligible wallets, targeting early adopters, network contributors, Ethereum builders, and external open-source developers. The distribution, starting on February 20, involves over 700 million STRK tokens, representing 7% of the total 10 billion supply. 

Eligibility criteria, based on a November snapshot, include transaction volume and network interaction. The initiative reflects Starknet’s commitment to community-driven governance, alongside other programs like devonomics and ecosystem incentives.

Bitcoin Surpasses $1 Trillion Market Capitalization

Bitcoin’s market capitalization has surpassed the $1 trillion mark as its price exceeded $51,000, with its circulating supply at 19,627,443 BTC, or 93.46% of the total 21 million cap. This significant milestone is driven by positive investor sentiment, the approval of spot Bitcoin ETFs in the U.S., and a general bull market trend. 

The cryptocurrency’s sustainable price appreciation reflects growing investments from both individual and institutional levels. This achievement echoes Bitcoin’s previous $1 trillion market cap in November 2021, amidst a bull run that peaked at a $69,000 all-time high and a $3 trillion total crypto market capitalization.

PlayDapp Exploit Losses Reach $290M in 4 Days

The PlayDapp platform, a South Korean NFT and game development entity, has been experiencing a security breach since February 9th, leading to significant losses now estimated at $290 million. The exploit, attributed to a leaked private key, allowed unauthorized minting of PLA tokens, initially involving 200 million tokens valued at $31 million.

Despite efforts to mitigate the situation, including halting smart contracts and offering rewards for the return of stolen assets, the hackers minted an additional 1.59 billion PLA tokens. PlayDapp is collaborating with blockchain security firms, exchanges, and law enforcement to address the hack, which has notably impacted PLA’s market value.

Ripple Plans to Acquire New York Crypto Trust Company

Ripple is set to acquire Standard Custody & Trust Co., aiming to enhance its U.S. regulatory credentials with a New York trust charter. This acquisition, still awaiting approval from New York regulators, represents Ripple’s effort to diversify beyond its established role as a payments network, potentially offering more in-house services like asset tokenization for financial institutions. 

Despite ongoing legal battles with the SEC, Ripple is expanding its U.S. operations, emphasizing the country’s potential as an innovation leader in digital assets. This move follows Ripple’s previous acquisition of cryptocurrency custody firm Metaco, marking a continued expansion into custody and settlement services.

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