Top Crypto News Of The Day: OpenAI Lawsuit, Memecoin Rally, and More

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cryptocurrency news of the day

Here is the top crypto news of the day curated by

Elon Musk Drops OpenAI Lawsuit Against CEO Sam Altman 

Elon Musk has withdrawn his lawsuit against artificial intelligence company OpenAI and its CEO Sam Altman. The lawsuit, filed in February 2024, accused OpenAI of straying from its original mission of developing AI for the benefit of humanity rather than profit. However, Musk’s legal team requested to dismiss the breach of contract case without prejudice on June 1st. This action left the door open for potential future legal action.

Crypto news: Details of Musk’s filing to dismiss the lawsuit without prejudice against OpenAI and Altman.
Details of Musk’s filing to dismiss the lawsuit Source: Superior Court of California

The dismissal came just one day before a judge was about to decide on whether to allow the case to proceed or dismiss it entirely. Musk did not provide an official statement regarding this. The lawsuit had alleged that OpenAI’s collaborations with Microsoft to build AI technology and the closed-source launch of ChatGPT-4 violated the company’s principles.

Crypto News: Hunter Biden Guilty Verdict Led to Brief Memecoin Rally

Several memecoins themed around U.S. President Joe Biden and his family experienced a brief surge following Hunter Biden’s guilty verdict on gun charges. The Jeo Boden (BODEN) token jumped 26% in the hours after the conviction on June 11th.

Top Crypto News, Top Crypto News Of The Day: OpenAI Lawsuit, Memecoin Rally, and More
BODEN/USD Daily Price Chart. Source: CoinMatketCap e

Simultaneously, the Hunter Boden (HUNTBODEN) token saw an even more substantial 116% spike. On the other hand, the Jill Boden (JILLBODEN) token dipped 9%. However, the rally was short-lived, with all three tokens experiencing declines within 24 hours.

Hunter Biden, the president’s son, was found guilty of lying on a form to purchase a firearm and possessing the gun illegally. He now faces a potential 25-year prison sentence.

Ripple Explores Digitizing Georgian Economy with Central Bank

Ripple partnered with the National Bank of Georgia (NBG) to explore ways to digitize the local economy. Its executive James Wallis met with NBG officials to discuss potential avenues for digitalization.

This partnership is building on their existing partnership for Georgia’s digital lari CBDC project. Ripple previously partnered with NBG as the tech provider for the digital lari pilot.

Read Full Story Here: What Does Ripple Partnership with National Bank of Georgia Mean For XRP?

Crypto News: A Total of $189.4 Million in Crypto Liquidated

The cryptocurrency market has experienced a notable selloff over the past two days. This led to the liquidation of approximately $189.4 million in leveraged positions. Bitcoin was down 3.5% over the past 24 hours, while Ethereum fell 4.6%.

Top Crypto News, Top Crypto News Of The Day: OpenAI Lawsuit, Memecoin Rally, and More
A Tatal of $189M liquidated. Source: CoinGlass

A total of $147 million worth of long trades liquidated. Ether led the way with $70.5 million in liquidations, closely followed by bitcoin at $46.88 million. Binance saw the highest number of liquidations at $99.7 million.

The GMCI 30, an index tracking the 30 largest cryptocurrencies, fell to its lowest level since May, dropping 4.6% to 135.58.

ZKsync Airdrops 3.6 Billion Tokens

ZKsync is ready to distribute 3.675 billion ZK tokens to its community members. The airdrop, which accounts for 17.5% of the total 21 billion ZK token supply, will commence next week and run until January 3, 2025.

Once claimed, ZK tokens will enable holders to participate in the governance of the ZKsync protocol, voting on upgrades and paying network fees. The airdrop targets early adopters, with 695,232 wallets eligible based on their activity on ZKsync Era and ZKsync Lite as of March 24, 2024.

The distribution will be divided between users (89%) and contributors (11%), and individual allocations based on activities like interacting with smart contracts, providing liquidity, and trading ERC-20 tokens.

Read Full Story Here: ZKsync Will Airdrop 3.6 Billion ZK Tokens — More Details Inside

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