Top Crypto News Of The Day: TON Blockchain, Normie Memecoin Hack, and More!

Here is the top crypto news of the day curated by CoinChapter.com.

TON Blockchain’s TVL Surpasses $300 Million

The total value locked (TVL) of the TON blockchain crossed the $300 million mark for the first time, representing an over tenfold increase since early March. The network’s ongoing ecosystem initiative, The Open League, has contributed to this surge.

The Open League incentive program rewards users of TON’s top decentralized applications. Since its rollout, the network’s TVL has skyrocketed from $23 million in early March to $315 million.

The rapid TVL growth has been primarily fueled by decentralized exchanges such as Ston.fi and Dedust, as well as liquid staking projects like Tonstakers and bemo.

You Might Also Like: Toncoin Surges Amid Growing Adoption, Eyes $9 Target by June

Crypto News: Normie Memecoin Team Negotiates with Hacker, Token Plunges 99%

The team behind the Base memecoin Normie (NORMIE) has confirmed negotiations with a hacker who exploited a vulnerability in the project’s smart contract. This exploit led to a $41.7 million plunge in NORMIE’s market cap within just three hours.

According to blockchain analytics firm Lookonchain, the hacker reached out to Normie’s deployer address on May 26 with an offer to return 90% of the stolen NORMIE tokens.

The Normie team reportedly accepted the offer on the condition that the stolen funds and $2.3 million from their development wallet would be used to launch a new token to reimburse NORMIE holders.

The hacker also demanded no reprisals and insisted that the token re-launch must occur before the funds are returned.

In the aftermath of the exploit, NORMIE’s price plummeted by 96% within an hour. It dropped from its initial value to $0.0032.

Over the next two and a half hours, the price fell further, reaching a 99.5% decline.

Another Crypto News of the Day: Friend.tech Token Drops Over 20%

The native token for the Web3 social network Friend.tech, FRIEND, experienced a sharp decline of over 20%. This happened after one of the protocol’s co-founders, known pseudonymously as Racer, publicly expressed a desire to migrate the project off Base, the Ethereum Layer-2 network that hosts Friend.tech.

Racer cited a rocky relationship with the Base team and community. He said that “Farcaster investors went apeshit smearing us when we launched because they misunderstood what we were doing. Pushed it really hard on their team and users and the relationship has been downhill since then with us getting ostracized from anything that is for the ‘Base community’.”

In response, Jesse Pollak, who heads Base for Coinbase, acknowledged that Friend.tech’s team had felt “isolated and disconnected” from certain parts of the Base and Ethereum ecosystems. However, he expressed respect for whatever path the team decides to take.

Following Racer’s posts, the FRIEND token registered a decline of around 20%. 

Cristiano Ronaldo Launches 4th NFT Collection

Football superstar Cristiano Ronaldo has announced the launch of his fourth non-fungible token (NFT) collection. Inspite of facing $1 billion lawsuit over Binance ads, Ronaldo announced this partnership with Binance.

The new collection, set to launch on May 29 on the Binance NFT Marketplace, will celebrate Ronaldo’s illustrious career and feature highlights from throughout his storied journey.

Cristiano has not disclosed number of NFTs and pricing details. Yet, the post stated that the price for each “Normal NFT” will be the same. Additionally, the “final Super Rare NFT” in the collection will have a different pricing structure.

Former CEO Pleads Guilty After Losing Kansas Bank’s $47M in Crypto Scheme

The former CEO of Heartland Tri-State Bank in Elkhart, Kansas, Shan Hanes, has pleaded guilty to embezzling millions of dollars and causing the bank’s failure.

According to court documents, Hanes pleaded guilty to one count of embezzlement by a bank officer. From May 2023 to July 2023, he sent 10 wire transfers totaling $47.1 million of the bank’s funds to an unidentified crypto wallet.

The court sentenced Hanes with a maximum of 30 years in prison.

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