🤯 Ethereum explodes after Shanghai

GM, GM. It’s finally Friday! No better day to spend half the work day pretending like you’re working, right? Please don’t tell my boss… I promised him I was working. Regardless, we’ve got a loaded schedule to end the week. From Ethereum pumping to Arbitrum acting up again, to yet ANOTHER!! hack. Lets see what’s in the pod for today!

How we looking today?

After all the turmoil... we are so back. FTX tried to stop us. U.S Government tried to stop us. All the FUD tried to stop us, but nobody can stop us!

ETHEREUM GOES NUCLEAR.

Well well well…what do we have here? Ethereum doing the complete opposite of what everyone though it would? Check. More people choosing to stake their ETH instead of withdraw it? Also check.

3 days ago, we talked about Ethereum’s Shanghai upgrade, and how fears arose over the amount of ETH that is eligible to be un-staked and potentially sold. In case you missed that edition, check it out here! But boy oh boy, were we wrong, I mean…just take a look at it for yourself.

In the last 24 hours, Ethereum broke past the $2,000 mark, and shows no signs of slowing. Not only that, the pump also broke Bitcoin’s dominance, which was previously at a 2 year high. As a result, the masses took to Twitter to celebrate. Many people are calling it the start of the next bull run, but we’ll hold our judgement on that. After all, we thought Ethereum’s Shanghai upgrade would result in a sell-off if anything…

ALL ROADS LEAD TO…CONFUSION?

With only one day remaining for governance votes to be cast, Arbitrum Improvement Proposal 1.05 — which aims to return 700 million ARB tokens "unjustly allocated to the Foundation from the DAO" — is slated to fail by an overwhelming majority. In case you missed our edition which explained the dilemma, check it out here! But if you’re in a rush, we’ll fill you in.

• Abirtum foundation proposed spending 750M $ARB tokens on “admin and operation costs.”

• The vote failed, yet it turns out they had already spent a portion of the tokens, causing outrage in the community.

• Another proposal was launched, which aimed to return the funds and make good on the mistake.

• And now…the proposal is set to fail…?!

And it gets worse… the voting for AIP 1.05 isn’t even close. Just take a look at the results below.

So after all this, where does it leave Arbitrum? You see… no-one really knows. When this initially occurred, the amount of outrage made it impossible for a proposal like AIP 1.05 to fail…but yet it somehow is about to.

It’s left us wondering, is this big players showing their hand? Are the whales of Arbitrum rejecting this proposal to be in-line with the foundation themselves? We’re not sure…but there is one thing we know. We’re staying away from Arbitrum for now.

IT JUST DOESN’T END, DOES IT?

1 hour ago, crypto exchange Bitrue announced via Twitter that it has been the latest casualty, in what now is a long line of exchange and protocol hacks. The Singapore based exchange had one of its “hot wallets” drained of over $23M, including assets such as ETH, SHIB and other tokens.

The exchange announced that it has temporarily suspended all withdrawals, but expects to reopen withdrawals on April 18. In the tweet, the team announced that “All identified users who are affected by this incident will be compensated in full,” allowing investors to breathe a slight sight of relief, for now that is.

We just hope one day that we can write an edition of Bean Boy without featuring a hack or exploit. That’s not too much to ask, is it?

PEAS IN THE POD

• 🏦 Crypto exchange Gemini files for pre-registration undertaking in Canada.  Paxos out….Gemini in.

• 🇦🇷 Argentina’s government approves BTC futures on LAM exchange, Matba Rofex . The first of its kind in Latin America!

• 🤔 Arizona governor Katie Hobbs vetoes crypto mining and tax bills. TL:DR - wait and see. We’ll keep you posted though!

HOW YOU BEAN - A READERS CONFESSION

Whenever I get rugpulled, I keep the worthless coins in my wallet as a reminder of my stupidity, and as a warning to not do it again. I now have over 30 different types of tokens in that wallet.

To be featured in ‘HOW YOU BEAN’ please email: [email protected]

MEME OF THE DAY

That’s all for us today, and this week! Make sure you take some time for yourself over the weekend, relax and get away from all the stresses of Bean Boy not being present in your life. While you have the time, why not refer a friend to us?

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.