Pepe Coin Theft Blamed on Rogue Developers; PayPal's Stablecoin Prospects

Pepe Coin Theft Blamed on Rogue Developers; PayPal's Stablecoin Prospects

In the latest installment of "The Hash," we delve into the prominent news stories from the crypto sphere. This includes a deep dive into the reception of PayPal's newly introduced stablecoin, PYUSD. Additionally, the CEO of Prime Trust discloses a significant financial setback tied to a failed Terra stablecoin investment. Notably, the Pepecoin community grapples with a recent theft of millions in PEPE tokens, with a surprising twist involving rogue developers.

As the crypto space continues to evolve, PayPal's entry into the realm of stablecoins garners significant attention. The demand for PayPal's recently launched stablecoin, PYUSD, is shaping up to be a pivotal factor in the broader adoption of stablecoins within mainstream financial systems. The close examination of PayPal's efforts in this domain provides insights into the potential impact of stablecoins on traditional payment systems.

Prime Trust, a prominent player in the crypto custody sphere, reveals a substantial financial loss stemming from a failed investment in the Terra stablecoin. The CEO discloses that the crypto custodian's ill-fated Terra investment resulted in an $8 million loss. This disclosure highlights the inherent risks and volatility associated with the crypto investment landscape, even for established industry participants.

A recent incident within the Pepecoin community has brought to light the actions of rogue developers who are alleged to have stolen millions worth of PEPE tokens. The unexpected twist in this narrative emerges as a team member claims that these rogue developers, previously part of the Pepecoin team, were responsible for the theft. The incident underscores the challenges of maintaining security and trust within the decentralized ecosystem.

In the ever-evolving landscape of cryptocurrencies, these stories shed light on the multifaceted nature of the industry. From the potential reshaping of traditional financial systems by stablecoins to the unexpected twists in community dynamics, the crypto space continues to capture the attention of both enthusiasts and observers alike.

Title #5: "Phemex Explores Decentralization with Vitalik's 'Soulbound' Concept"

Thumbnail Title: "Phemex's Decentralization Journey with 'Soulbound' Tokens"


In a bid to enhance decentralization, Phemex, a centralized exchange on the path to partial decentralization, is embracing a novel idea inspired by Ethereum's founder, Vitalik Buterin. The concept involves tokenizing identity proofs, known as Soulbound Tokens (SBTs), which allow users to participate in governance while ensuring security and privacy.

Vitalik Buterin introduced the concept of soulbound tokens (SBTs) inspired by the concept in the game World of Warcraft where certain items are bound to a player's character, preventing them from being transferred. Buterin proposed a similar mechanism for blockchain, allowing tokenized proof of identity to safeguard security and privacy while enabling participation in various functions.

Phemex is deploying SBTs to enable decentralization while maintaining identity verification. These tokens serve a dual purpose: verifying eligibility for trading on Phemex and granting holders the ability to engage in the platform's governance. Phemex is creating the PhemexDAO, where SBT holders can propose and vote on platform operations, growth strategies, and collaborations.

The Phemex Soul Pass, an untradeable and untransferable token, serves as an individual's SBT. It doesn't possess market value, ensuring clear ownership and accountability. This technology allows tracking of activities on the platform, promoting transparency while respecting privacy. Phemex's Chief Market Officer, Stella Chan, emphasizes its potential in building a decentralized society, as envisioned by Vitalik Buterin.

SBTs provide an innovative solution for on-chain identity verification without revealing offline identities. This advancement could revolutionize the way attributes like education, certifications, positions, and credit scores are authenticated on-chain.

While SBTs hold promise, they are still in their early stages, with development and adoption expected to occur over multiple phases. Phemex's pioneering use of SBTs for decentralized governance and identity marks a significant step forward from their initial concept, akin to the Proof of Attendance Protocol (POAP).

Phemex is fostering enthusiasm for SBTs by entering all Soul Pass holders into an on-chain raffle. Ten winners, chosen using Chainlink's verifiable random function, will receive 10 ETH each, showcasing the exchange's commitment to innovation and engagement.

As Phemex embarks on this pioneering journey, the integration of SBTs highlights the ongoing drive to balance decentralization with security and privacy in the crypto space.

Back to blog