The Daily: Pudgy Penguins’ PENGU token goes live, LastPass exploiters drain millions of dollars in crypto and more

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Happy Tuesday! In today's newsletter, Pudgy Penguins' PENGU token goes live, LastPass exploiters drain millions of dollars in crypto, Lido begins phasing out its Polygon staking service and more.Meanwhile, "Praise the Lord," Sen. Tim Scott reacted as crypto-skeptic SEC Commissioner Caroline Crenshaw's renomination vote was scrapped.Let's get started.Pudgy Penguins launches PENGU token on SolanaPopular non-fungible token project Pudgy Penguins has launched its PENGU token, with eligible participants given just 88 days to claim before their allocations are burned and effectively removed from the supply.Claims went live on Tuesday at 8 a.m. ET for holders of Pudgy Penguin ecosystem NFTs, Luca Netz, CEO of Igloo, the company behind the project, confirmed on X. Trading on centralized crypto exchanges followed.Holders of Pudgy Toys, physical plushies inspired by the Pudgy Penguins NFT collection, available at Walmart and Target stores and online, are also eligible for PENGU tokens at a later date.In addition to the Pudgy Penguins community, approximately 7 million wallets are eligible to claim PENGU tokens, including users who interacted with various protocols and members of different communities.The token, launched on the Solana network, has a total supply of 88.88 billion. In the future, it plans to integrate with Ethereum and Igloo's Layer 2 Abstract Chain.PENGU tokenomics allocates 25.9% to the Pudgy Penguins ecosystem and 24.1% to other communities, with structured vesting for the remaining team and company tokens.Just two hours after launch, the token rocketed to a fully diluted valuation of over $3.5 billion and garnered more than $290 million worth of trading volume.However, one unlucky trader burned $10,000 worth of SOL trying to trade the PENGU token before it was officially airdropped.Launched in 2021, Pudgy Penguins has become one of the most popular NFT collections in the space, recently surpassing Bored Ape Yacht Club to become the second-largest by market cap behind CryptoPunks.LastPass exploiters drain millions of dollars in cryptoZachXBT said Tuesday that attackers linked to the 2022 LastPass breach had stolen another $5.4 million in crypto from over 40 wallets, later updated to $12.4 million from over 100 victim addresses."Stolen funds were swapped for ETH and transferred to various instant exchanges from Ethereum to Bitcoin," the blockchain s...

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