The market capitalisation of the Milady meme coin soared by more than 5,250 per cent within 24 hours of a Tweet by Twitter owner Elon Musk featuring a meme of the token.
Here are some of the major developments from the world of crypto over the past few days
The market capitalisation of the Milady meme coin soared by more than 5,250 per cent within 24 hours of a Tweet by Twitter owner Elon Musk featuring a meme of the token.
On May 11, Milady (LADYS), the self-organised meme coin of the namesake anime avatar non-fungible token (NFT) collection, surpassed $140 million after surging in popularity. It is currently trading at a $0.0000001528.
The creators of the token claim that LADYS has “no association” with Charlotte Fang or Milady Maker. The token only honours an NFT collection that is well-known and adored.
“LADYS is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only,” they said.
Block-Fi Subscribers To Receive $297 Million Back From Wallets
A US judge has given the bankrupt cryptocurrency lender Block-Fi permission to repay $297 million to customers who have investments in its wallet programme, Reuters reported.
The return of the funds, however, does not apply to users of interest-bearing accounts, ruled US Bankruptcy Judge Michael Kaplan. Users using Block-Fi Interest Accounts (BIA) are exempt from the requirement for a refund of money.
Funds in BIA accounts were utilised by Block-Fi for its lending operation, and as a result, according to Judge Kaplan, they now belong to the bankruptcy estates. This implies that the money will eventually be utilised to pay off all debtors.
In contrast, the wallet programme kept consumer deposits apart from other monies and did not pay interest on them.
Judge Kaplan further ruled that BIA users who sought to transfer money to wallets won’t be given a refund at this time. On November 11, 2022, after the firm had frozen services due to the failure of cryptocurrency exchange, FTX, around 48,000 Block-Fi customers attempted to move $375 million from their BIA accounts to wallet accounts.
FedNow Will Work With Metal Blockchain
The upcoming instant payment service FedNow from the Federal Reserve will allow users to instantly convert cash to Stablecoin for use in DeFi protocols, according to a press release by Metal Blockchain.
According to the release, users of the Metal Blockchain will be able to use FedNow’s “send/receive” feature to instantly convert money to Stablecoin and back.
The US Federal Reserve created FedNow, an immediate payment system. It permits near-instantaneous, round-the-clock payments between banks. At present, only cryptocurrency wallets or
third-party programmes like PayPal and Venmo are available to Americans who want to send money instantly within their own country.
According to the Federal Reserve, the new service will debut in July 2023