Influencer Pauly Earns Free $1 Million Payday 💰

GM. This is Degen Scoop and we’ve got some news for you. It’s a beautiful Wednesday and this is today’s coverage:

• Influencer Pauly Earns Free $1 Million Payday 💰

• Bybit Exits Canada 🇨🇦

• SBF May Get Reduced Charges ⛓️🧑⛓️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

PAULY Promises Nothing, Receives $1 Million For Free

It all started with the below tweet:

PAULY tweeted to his 69K followers to send ETH to a wallet, presumably under his control and the ETH began to flow in, defying any level of common sense. It as been nearly 24 hours and funds continue to be sent to this wallet. The wallet is aptly named ‘yougetnothing.eth’ to celebrate the occasion.

Given the recent ordeal surrounding $BEN, it’s no surprise that people would simply send ETH to a wallet with the hope that they would be rewarded. Never a dull day in crypto.

It’s no shock that this ecosystem continues to attract grifters. As long as users give these people money, scammers would be dumb to not come back when it’s this easy to have a free $1 million payday. This is how much the wallet has managed to attract at the time of this writing:

Crypto Exchange Bybit is Exiting Canada Due to Regulatory Climate

Previously, Binance announced their departure from Canada due to regulations and Bybit will be soon joining them. The exit begins today, May 31st, where no new accounts from Canadian users may be created with the exchange. Current users that reside in Canada have until July 31st to withdraw their positions.

Other exchanges such as Coinbase, Kraken, and Gemini continue to operate in Canada despite the regulatory changes. While keeping up with the increased requirements may require additional effort, the reduced competition may be worth the changes. Coinbase has openly praised the regulatory changes because the rules are made very clear, unlike the rules the SEC abides by.

Sam Bankman-Fried May Have Some Charges Dropped

Initially, SBF was charged with eight criminal counts in December for his actions in regards to FTX. Additional charges were brought about in February and March for campaign donations and bribing Chinese officials. The DOJ claims that SBF is looking at a maximum sentence of 115 years if found guilty on all charges against him.

It’s possible that some of the charges will be dropped. The main takeaway here is that some of the new charges may be dropped in order to honor his extradition in the United States where they will likely throw the book at him. This will take time to play out in the courts.

Here are the notable NFT sales that we saw over the weekend:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.