Pudgy Penguins Launches PENGU Token on Solana, LastPass Exploit Drains Millions of Dollars in Crypto and More

In today's newsletter, Pudgy Penguins' PENGU token goes live, LastPass exploiters drain millions of dollars in crypto, Lido begins phasing out its Polygon staking service and more.

NFT Project Pudgy Penguins Launches PENGU Token on Solana

Non-fungible token (NFT) collective Pudgy Penguins has launched its PENGU token on the Solana blockchain, following a snapshot taken on Dec. 15. Those on the allowlist will have 88 days to claim their tokens before they are burned.

The token will be used to participate in the Penguins community and access future benefits, such as airdrops, whitelist opportunities and governance rights over the Pudgy Penguins ecosystem. Those who hold at least 100,000 PENGU will be eligible to participate in governance. The token can also be used to purchase items from the Penguins' upcoming merch store.

The total supply of PENGU is 2.4 billion, with the majority (80%) being allocated to NFT holders. Of the remaining 20%, 10% will go to the Penguins team, 5% to early contributors and 5% to the Solana Foundation.

LastPass Exploit Drains Millions in Crypto From 40+ Wallets

Attackers linked to the 2022 LastPass breach have struck again, stealing millions of dollars in crypto from over 40 wallets, according to on-chain sleuth ZachXBT.

The attackers appear to have gained access to LastPass users' crypto holdings via a browser extension vulnerability that was exploited last year. The stolen crypto holdings were funneled into a single wallet, which was later used to purchase an NFT from the Azuki collection.

This news comes after LastPass revealed in August 2022 that attackers had gained access to certain customer information, including email addresses, IP addresses, phone numbers and password hints, following a security breach. At the time, the company said there was "no evidence" that attackers had accessed customers' encrypted password vaults.

However, in December 2022, LastPass disclosed that the attackers had also stolen customer password vault backups, which could be used to decrypt users' passwords and gain access to their accounts. The company said it had begun rolling out a new architecture to protect users from this vulnerability.

Lido to Phase Out Staking Service for Polygon PoS Chain

After a community vote, Lido is shutting down its staking service for the Polygon PoS chain due to low user adoption and other factors.

The decision to close Lido's Polygon staking service was made following a community vote that ended on Feb. 13. The vote passed with 99.3% in favor of shutting down the service.

According to Lido's announcement, the low adoption rate, coupled with the低い報酬 and resource-heavy maintenance requirements, led to the team’s recommendation to close Lido's Polygon staking service.

Those staking ETH in Lido on Polygon will need to withdraw their ETH and stake it elsewhere by March 28. After this date, Lido will begin burning any remaining staked ETH in a process known as a "hard close." Any unwithdrawn ETH will be sent back to the original stakers.

After the hard close, the Lido node will no longer be operated and users will not be able to stake or unstake ETH on the Polygon PoS chain through Lido.

Insiders: Ethereum ETF Staking Yields Could Boost Insti Interest if Trump Jr Leans on Regulatory Body

The incoming Trump administration could ease regulatory barriers to enable Ethereum staking in spot ETF products, boosting institutional adoption with clearer frameworks.

Insiders at Bernstein and CryptoQuant suggest that the Trump Jr administration may ease regulatory hurdles for Ethereum staking in spot exchange-traded funds (ETFs) to boost insti interest.

The Block previously reported on Feb. 13 that the incoming Trump administration is expected to ease regulatory barriers to boost digital asset adoption in the U.S. Among the measures being considered are allowing Ethereum staking in spot ETF products. Currently, only futures-based ETFs are permitted.

Tether Backs European Stablecoin Issuer to Boost Stablecoin Adoption Ahead of MiCA

As the EU's Markets in Crypto Assets (MiCA) regulation nears full implementation on Dec. 30, stablecoin issuer Tether is bolstering its presence in the European market with a strategic investment in StablR. This move aims to promote the adoption of stablecoins in the region.

Tether's investment in StablR is part of a broader strategy to expand its footprint in Europe and support the mainstream adoption of stablecoins. As the world's leading stablecoin issuer, Tether boasts a deep understanding of the regulatory landscape and the crucial role stablecoins play in driving digital asset adoption.

With StablR emerging as a promising player in the European stablecoin market, this collaboration is poised to accelerate the adoption and utilization of stablecoins in the region.