Daily Crypto News Digest

Tokonomo Daily Crypto News Digest – March 30th

Allegedly, the founder of Tron, Justin Sun, is said to have been stripped of his diplomatic status

Reportedly, Justin Sun, the creator of the Tron blockchain, has been stripped of his diplomat status for Grenada.

The Grenada Broadcasting Network stated that after the June 2022 elections, which saw the New National Party ousted by the National Democratic Congress, Sun lost his position as ambassador.
Although all ambassadors were recalled in the early months of the current administration, Sun has not publicly acknowledged his dismissal.

However, social media and press reports have speculated for weeks that Sun may have lost his credentials.

Sun was appointed as a World Trade Organization ambassador by Grenada’s government in 2021 and has referred to himself as “His Excellency” in interviews and on social media since then.
He has not indicated that he is no longer an ambassador, and he still maintains the “H.E.” honorific on his personal Twitter account.

Officials from Grenada’s foreign affairs office and government information services did not respond to requests for comment on Sun’s status, and neither Sun nor his company, Tron, provided an immediate response.

Raydium, a cryptocurrency exchange built on the Solana blockchain, has suggested the establishment of a $2 million fund for bug bounties

The team members of Raydium, a decentralized exchange built on the Solana blockchain, have suggested the creation of a bug bounty program worth 10 million RAY tokens, equivalent to around $2.3 million, to identify and fix bugs affecting the platform’s core smart contracts.

The proposed program would focus on Raydium’s Concentrated Liquidity Market Maker smart contracts, which are responsible for managing cryptocurrency trading on the Solana blockchain.

As of now, Raydium’s liquidity pools hold over $37 million in total value locked, which is approximately three-quarters of the TVL held by Orca, Solana’s top decentralized exchange.

Raydium TVL
Raydium TVL. Souce: DeFiLlama

The proposed program would reward white hat hackers with RAY tokens ranging from $5,000 to $505,000, depending on the severity of the identified bug, and would be administered through the bug bounty platform Immunefi.

The proposal was made public in a designated forum on Raydium’s Discord server as part of an effort to increase community participation in the platform’s governance.

Ledger, a manufacturer of cryptocurrency hardware wallets, has secured the majority of its $109 million funding round

Ledger, a company that produces hardware wallets for cryptocurrencies, has raised the majority of its 100 million euros ($109 million) funding round at a valuation of 1.3 billion euros ($1.4 billion), as confirmed by the company to Bloomberg.

Reports of a potential funding round were first announced by media outlets in August of last year.

With the recent collapse of centralized crypto exchange FTX and the U.S. Commodity Futures Trading Commission’s lawsuit against competitor Binance, many digital asset owners have become cautious about leaving their tokens in the custody of third parties.

Ledger’s hardware wallets provide a secure, physical location for users to store their assets. The Series C extension round, addressed by Ledger CEO Pascal Gauthier in a post, comes amid challenging conditions in the crypto industry.

A second close for the funding round is planned for mid-April, with a potential third close depending on demand.
Existing investors such as 10T, CapHorn Invest, Morgan Creek Capital, and Cathay Innovation, as well as new investors like True Global Ventures, Cite Gestion SPV, Digital Finance Group, and VaynerFund, participated in the round.

The company’s latest funding round values it at approximately $1.4 billion, roughly consistent with its previous round of fundraising, which raised $380 million in June 2021.

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Tokonomo Daily Crypto News Digest – March 29th
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