 The Ethereum Foundation currently has $1.3B in Ethereum, which amounts to .3% of the ETH in circulation. The company released its first financial report, showing a breakdown of total spending ahead of the upcoming ETH merge. More: - The Ethereum Foundation published its annual financial report that showed:
- A total of $21.8M was spent on Layer 1 R&D efforts. The company holds $300M in non-crypto-related investments and $11M in other cryptocurrencies.
- Community development was $9.7M, developer platform spending sits at $5.9M, internal operations and support was $5.9M, and zero-knowledge R&D was $3.6M.
- Layer 2 development accounted for $1.9M, and the foundation allocated $19.6M in grants.
- The company is also known to allocate funds to third-party supporters. Director Aya Mayaguchi said, "We continuously try to allocate resources to third parties that we believe can make better decisions than us within certain domains.”
- The foundation spent $48M last year, which included research and development efforts ($21.8M).
- The Ethereum merge will transition the network to a proof of stake (PoS) consensus model sometime after June this year.
Decrypt 
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WonderFi Technology Inc revealed its intention to acquire Coinberry for $38.6M. The deal is expected to close in Q2 this year. More: - WonderFi is a leading crypto trading platform in Canada that also recently acquired Bitbuy. It is now looking to expand into global markets this year.
- Ben Samaroo, CEO at WonderFi, said, "As we continue our consolidation of leading licensed crypto platforms, our user count, revenue, and pool of talent continues to grow.”
- Coinberry is a crypto trading platform that has over 2220,000 users and is based out of Canada.
- The company has over $100M in assets in custody and managed $1B in transaction volume to date.
- Earlier this month, Bolt Financial Inc. announced its acquisition of Wyre Payments for $1.5B.
BNN Bloomberg
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Move-to-earn games such as Genopets are rising in popularity this year. These games are an offshoot of blockchain-based play-to-earn games, which have more than half of wallets connected to them. More: - Move-to-earn games promote health and fitness by rewarding users for their participation in physical activity.
- Other companies like Dustland Runner are also utilizing this new move-to-earn model for blockchain gaming.
- The company with the highest volume of users is STEPN, a Solana-based game that allows users to purchase NFT sneakers at the start of the game.
- Sequoia Capital has invested $5M in STEPN's Green Metaverse Token (GMT).
- STEPN has been attracting a lot of interest from the community. Its Twitter following grew from 50,000 last month to 250,000 in 30 days.
Coin Telegraph
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The Beanstalk Farms cryptocurrency protocol lost $182M in just seconds in a flash loan attack. The credit-based stablecoin's protocol system was exploited by bad actors. More: - Beanstalk Farms lost its entire $182M collateral due to a security breach.
- Governance proposals BIP-18 and BIP-19 asked for donations to Ukraine.
- Unfortunately, the proposals contained malicious riders attached to them, which caused a sinkhole in funds.
- The exploiter took out $1B in flash loans from the AAVE protocol, using the stablecoins to take over 67% of Beanstalk Farms' governance to allow them to approve their own proposals.
- Blockchain security analysis firm PeckShield notified the Beanstalk team via Twitter at 12:41 p.m. UTC on Sunday concerning the attack: “Hi, @beanstalkFarms, you may want to take a look."
- By then, it was too late, as the exploiter had already taken $80M in Ether, and the entire protocol had already lost $182M in total value.
- The exploiter swapped ETH for BEAN and transferred tokens to Tornado Cash to wipe its tracks.
- On April 17 at 11:49 p.m. UTC, project spokesman Publius wrote: "We are f**ked." Because the project had no venture backing, there is probably no bailout to be had.
Coin Telegraph
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 Sega, the famous Japanese game developer, hinted at including NFTs and the metaverse in its upcoming game, dubbed "Super Game." The company has already filed for NFT trademarks in Japan and may include non-fungible tokens in its revenue model in the future. More: - Super Game will cost $882M to develop and may contain metaverse-centric themes and NFTs.
- Sega producer Masayoshi Kikuchi said: "It is a natural extension for the future of gaming that it will expand to involve new areas such as cloud gaming and NFTs. We are also developing SuperGame from the perspective of how far different games can be connected to each other."
- The company also plans to develop a metaverse for its IPs along with other Japanese companies in the space, including Bandai Namco and Gundam.
Bitcoin.com
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 Hip-hop artist Snoop Dogg launched NFTs on the Cardano blockchain. The famous rapper partnered with Clay Nation to release the NFTs, which are a collection of 10,000 non-fungible tokens made of clay. More: - The NFT collection is currently sold out, but secondary markets are still selling them for 2,696 ADA or $2,623.03.
- Snoop commented on the new partnership in a Twitter Space: "Me and you come together, put together some sort of visual piece on 'how to' from your perspective and my perspective, you know – you come from your angle on how you got involved and I come from my angle and then we're taking care of the whole world."
- Snoop is also an early investor in Reddit and Robinhood, and the investor and musician looks to expand his crypto portfolio.
- He has also partnered with metaverse platforms like The Sandbox, and in September, he built a virtual mansion on the gaming platform.
Markets Insider
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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