Arbitrum's Hunger Games + Do Kwon Arrested

GM Readers!📪 It's BitDegree Insider, here's what's on today's menu.

⭐️Today's selection:

• 🚀Arbitrum Rises!?
• 👮‍♀️Do Kwon Arrested
• 🛀Crypto Takes A Cold Shower
• 🧩️Thursday Quiz
• 👌Selected Meme of The Day
• 📰Bite-Sized News

ARBITRUM'S HUNGER GAMES

Okay, so Arbitrum organized their airdrop. Things went crazy.

The recent frenzy surrounding the ARBITRUM web pages has been intense.

Due to the high traffic, the Arbiscan website and all Arbitrum web-resources were inaccessible, leaving users clamoring for access to real-time data on the network's state, transactions, and smart contracts.

But why were people so eager to get their hands on this information?

Users were keen to claim their tokens, and some even turned to using software to trigger the claim, at a cost of at least $0.05 gas per second.

The situation became so intense that it felt like a real-life Hunger Games scenario, with users fighting tooth and nail to get their share of the prize.

The prize here is an opportunity to sell ARB at the peak when the token/coin gets listed on the exchange.

On March 22, the number of transactions exceeded 1.312 million, surpassing Ethereum's figures on the same day (around 1 million).

Today's number of transactions is expected to easily surpass 10 million due to the huge number of people attempting to claim the airdrop (and software/bots, haha)

The current price of ARB is highly volatile, fluctuating between $1.1 and $1.4.

To add to the drama, Binance made a surprising move by shifting the listing time, and those who started depositing to other exchanges with lower liquidity sold their tokens for a lower price.

In conclusion, the recent events surrounding Arbitrum and the airdrop have been nothing short of wild.

But despite the madness, the token's value has not dropped below $1, and many people are still claiming their tokens.

Arbitrum is a game-changer even without a token! Such a token success only states that we were right when predicting in 2023 that 2023 will become the year of Layer-2 solutions. Our loyal readers may remember what we predicted before New Year's Eve!

If you were among the lucky ones who managed to claim their airdrop, congrats!

TL;DR: Arbitrum airdrop was a success. Due to people trying to become eligible to claim the airdrop, on-chain activity got so high.

DO KWON ARRESTED

Well, the day has come.

The man, the myth, the legend, the arrogant founder of Terraform Labs, and a crypto fugitive, Do Kwon, reportedly, has been arrested in Montenegro.

Filip Adzic, Montenegro's minister of interior, announced the news to the world in a tweet. Here's how it was phrased:

"ONE OF THE WORLD'S MOST WANTED FUGITIVES WAS ARRESTED IN PODGORICA."

That's right, ALL CAPS.

Do Kwon has been hiding since the whole Terra Luna ecosystem collapsed almost a year ago, and took around $40 billion down with it.

The Korean National Police Agency has confirmed the arrested suspect is, indeed, the notorious Stable Kwon.

TL;DR: Terraform Labs founder, Do Kwon, reportedly, arrested in Montenegro.

CRYPTO TAKES A COLD SHOWER

The cryptocurrency market has taken a nosedive due to recent decisions by the Federal Reserve and hawkish comments from regulators.

Although the 0.25% rate hike was no surprise, the regulator's announcement of further rate hikes this year has sent investors into a frenzy, dashing any hopes of a much-needed break.

In addition to this, the Treasury has refused to fully support troubled banks, leaving investors feeling uneasy.

During a Senate Appropriations subcommittee meeting, Treasury chief Janet Yellen stated that she had not even considered the possibility of "blanket insurance or guarantees" for all US bank deposits.

While citizens' savings are guaranteed, company deposits are not, adding to the market's pessimism.

As if that weren't enough, US regulators have also intensified their crackdown on the cryptocurrency market, leaving investors in a state of anxiety.

The SEC recently sued Justin Sun and his three companies - Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. - and issued a warning about a possible lawsuit against Coinbase.

To make matters worse, concerns about Tron and its TRX, which accounts for a whopping 18% of the reserves on Huobi, have added to investors' doubts (according to DefiLlama).

This could affect Huobi's "strength" in the digital asset sector, leading to even more uncertainty in the market.

But we mentioned DefiLlama for a good reason too! They have reconciled, and the potential LLAMA token will be only launched if the community agrees with it.

TL;DR: Stark and hawkish comments from regulators spread pessimism over the market, that's why many crypto assets saw their value fall.

THURSDAY QUIZ

Let's test your attentiveness today! Let's see how good are you at memorizing particular details while reading.

The SEC is constantly suing someone. But today we mentioned that they sued one particular person. What's their name?

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Donald Trump NFTs See Significant Price Jump Amid Indictment Rumors. There's no such thing as bad publicity.
• SEC Threatens Action Against Coinbase Over Alleged Securities Law Violations. Same story, new names.
• Crypto Exchange Kraken Halts Deposits and Withdrawals Through ACH Silvergate. Yet another crypto-related firm is turning its back to Silvergate Bank.