Do Kwon Saga · First Arrest · Zcash Spam Attack · BAYC News · Selected Meme

GM (gallant morning), everyone. This is the BitDegree Insider newsletter, and it's time to take a closer look at things.

What's happening:

• ⚡Do Kwon Saga · First Arrest
• ⚡Zcash Spam Attack
• ⚡BAYC Update
• ⚡Selected Meme of The Day

Do Kwon Saga

The latest development regarding the notorious Terra Labs founder comes from the South Korea's government.

The South Korean Ministry of Foreign Affairs posted an official notice for Do Kwon to return his passport to authorities, or else it would be invalidated in 14 days.

If Do Kwon ignores the warning, he won't be able to leave South Korea in 2 weeks. Or, if he's somewhere abroad, he'll be more likely to run into legal trouble, thus making it easier to locate the man who's got Interpol's Red Notice over his head.

Do Kwon, on the other hand, continues existing, but virtually. As the news broke out, he tweeted:

"It's no surprise that crypto is most popular in countries that weaponize state institutions against their own people for political gain. Reap what you sow - revolutions start from within."

His twitter persona appears to be unphased by the surrounding drama. And he even manages to continue his cheeky stablekwon act with comment replies like this one:

But while Do Kwon goes on with his twiterisms, real life happens simultaneously.

South Korean Police are reported to have arrested the first person in the Terra case. The first one to get caught seems to be Yoo Mo, the head of the Terraform Labs business team.

So that was the first one. Few more to go.

Zcash Spam Attack

Zcash blockchain is dealing with an ongoing spamming attack. Spam attacks are designed to fill up transaction blocks. By doing so they overload the entire network with data which results in everything slowing down. If the problem persists, the network's reputation is damaged.

Why would someone do something like this?

The real motive of the attack remains unknown, but observers have several suspicions:

Others suspect deliberate sabotage by competitors:

'It's probably the Monero boys who are doing it <...>. Zcash is Monero's rival so they try to weaken it," tweeted Zcash user @igototokyo.

While allegations like these are a common thing in the already-oversaturated crypto market, they're not grounded. At least yet. Nevertheless, you could say that these events will constitute the next chapter in the book of crypto dramas.

Bored Ape Yacht Club's Community Council

The Internet's most loved or most hated (there's no in-between) NFT collection unveiled some delightful updates for the club's most active members.

"...we've assembled a new community council made up of Apes with a proven track record of proactively and positively contributing to the club since the start. This council was formed with the intention of representing the club at large," states the official BAYC announcement.

The council consists of 7 OG members. It will work as a forum to represent the community's ideas, and facilitate the communication between the BAYC community and Yuga Labs, the company behind BAYC.

It appears that BAYC is really focused on making their community feel good. Not long ago, it was announced that they're working on opening a real-life yacht club. Maybe one day we'll see a real-life community council. We live in unpredictable times.

BAYC making a move like this will inspire other NFT collections to think of something similar. After all, it's not only about art, it's about the community. And every idea that helps tighten the community's bonds is a good idea. So it's safe to say that we can expect similar updates from other collections in the near future.

Selected Meme of The Day