Today's Headlines:
- Former executives of bankrupt crypto lending institution Cred face fraud and money laundering charges
- MakerDAO to launch two new tokens, NewStable (NST) and NewGovToken (NGT)
- LayerZero introduces witch activity self-reporting plan, self-reporting can receive 15% of expected airdrop allocation
- friend.tech officially releases V2 version
- A user fell victim to phishing attack with similar wallet addresses, losing 1155 WBTC
- Data: Hong Kong Bitcoin spot ETF holds 4218 BTC in three days after listing
- Bitcoin spot ETF saw a net inflow of $378 million yesterday, the first net inflow after a net outflow in the past 7 days
- Meme tokens surge, with MEW rising over 27%
Regulatory News
The U.S. Attorney's Office for the Northern District of California announced that three high-ranking executives, including the founder of the bankrupt cryptocurrency lending institution Cred, have been charged with wire fraud and illegal financial transactions. They are accused of attracting investors by promising certain returns but failing to return the investment funds later.
The three former executives of the bankrupt crypto lending company Cred are charged with involvement in wire fraud and money laundering before the company announced bankruptcy in November 2020. The U.S. Attorney's Office for the Northern District of California stated in a press release on May 3: "This prosecution demonstrates our determination to keep the market away from fraudsters and protect the safety of investors."
The prosecutors accused these three executives of misleading clients in Cred's lending and investment practices. It is alleged that Cred claimed to only engage in "collateralized or guaranteed loans," that its cryptocurrency investments were "hedged," and that Cred maintained an "all-weather investment approach" to prevent volatility. However, the prosecutors claimed that the loans Cred engaged in "had neither collateral nor guarantee."
Former CEO Daniel Schatt and CFO Joseph Podulka face 13 counts of wire fraud and money laundering charges, while CCO James Alexander faces 4 charges. Daniel Schatt and Joseph Podulka appeared in court on May 2 and must return to court for defense on May 8. The initial court date for James Alexander is yet to be determined.
Project Updates
MakerDAO to launch two new tokens, NewStable (NST) and NewGovToken (NGT)
MakerDAO announced on X platform that it will launch two new tokens, NewStable and NewGovToken. After the upcoming brand release, the new tokens will be introduced into the ecosystem. NewStable (NST) is an upgraded version of Dai's token symbol, designed for broader adoption and enhanced stability features. NewGovToken (NGT) represents a comprehensive governance approach within the ecosystem, aimed at encouraging broader participation and more dynamic decision-making. During the upgrade process, each MKR will be exchanged for 24,000 NewGovTokens, aiming to promote broader governance participation. The final names for both will be shared through the brand unveiling.
LayerZero Labs announced on X platform that it has introduced a witch activity self-reporting plan. If witch addresses self-report relevant addresses on the designated page, they will receive 15% of the expected allocation without answering any questions, with a deadline of May 17 at 19:59:59. If witch users do not self-report within the 14-day deadline, they will enter the following two stages:
Stage 1: The official will release its own list of identified witch usernames—those identified but not self-reported will not receive any information.
Stage 2: The official will open a bounty, and users can submit detailed reports on witch activity. Successful reports will result in witch users not receiving the airdrop allocation, and bounty hunters will receive 10% of the expected witch allocation.
LayerZero Labs stated that token distribution to long-term users (not witches) is in the best interest of the protocol.
LayerZero CEO: Witch address self-reporting list will not be disclosed
LayerZero CEO Bryan Pellegrino stated on X platform that the witch address self-reporting list will not be disclosed. All addresses will be included in the official filtered witch list (not eligible for bounty), but will not be listed as self-reported.
friend.tech officially releases V2 version
friend.tech announced on X platform that it has officially released the V2 version, and the FT airdrop is coming soon. The link for airdrop eligibility check has been released.
Previous News, Web3 social platform friend.tech stated on X platform: "Many people have asked you to share with the key holder when applying for the FRIEND airdrop. We think this is a great idea. We need more time to implement this feature, so we have postponed the (V2) release time to 01:30 on May 3, Beijing time.
A user fell victim to phishing attack with similar wallet addresses, losing 1155 WBTC
According to Scam Sniffer monitoring, a user fell victim to a phishing attack with similar wallet addresses, losing 1155 WBTC, worth approximately $70 million. Subsequently, SlowMist founder Yu Xian warned that underground hackers are playing a probability game with phishing attacks. Defense against this type of phishing attack includes: visually verifying whether the wallet address for key steps is correct, not just looking at the first and last digits; ignoring wallet transaction history; implementing transfer/trading risk control, such as transferring large amounts to the target address that appears for the first time or performing certain types of trading operations (e.g., if the target address is an unfamiliar contract), the wallet will issue a risk control reminder; implementing whitelist address mechanism; and wallet address profiling capabilities, etc.
io.net: Worker points from the snapshot on April 25 are now effective
io.net announced on X platform that the Worker points from the snapshot on April 25 are now effective, and those not in the April 25 snapshot are undergoing witch review and are expected to be provided within the next 72 hours.
Important Data
Data: Hong Kong Bitcoin spot ETF holds 4218 BTC three days after listing
According to HODL15Capital data, the Hong Kong Bitcoin spot ETF holds 4,218 BTC three days after listing, with each ETF holding at least 1000 BTC.
According to Galaxy Research data cited by Cointelegraph, after experiencing three consecutive quarters of decline, venture capital in cryptocurrency and blockchain startups has seen significant growth. In the first quarter of 2024, investors injected $2.49 billion into 603 transactions, an increase of 29% in funding amount and 68% in transaction volume from the previous quarter. The report pointed out several factors influencing the investment dynamics this quarter, including the launch of Bitcoin ETFs, re-collateralization, innovation in areas such as modularization and Bitcoin layer 2 solutions, as well as macroeconomic factors such as interest rates.
Additionally, 80% of the investment funds this quarter were allocated to early-stage startups. In contrast, late-stage companies face more challenging conditions as many large comprehensive venture capital firms either leave the industry or significantly reduce their investments. Investment activities in the industry are primarily focused on infrastructure, accounting for 24% of the total funds raised this quarter, including EigenLayer's $100 million financing.
In terms of regions, the United States remains the dominant force in cryptocurrency venture capital, with U.S. startups participating in 37.3% of all transactions and receiving 42.9% of investment capital. Singapore follows closely, accounting for 10.8% of total transactions, followed by the UK at 10.2%, Switzerland at 3.5%, and Hong Kong at 3.2%.
Since the launch of USDT on the TON blockchain, the supply has grown by over 70 million in just two weeks, totaling 130 million USDT, making TON the eighth largest blockchain for USDT issuance. Current data shows that there are 34,438 owners of USDT on the TON network. Among them, the decentralized exchange (dex) Ston.fi holds the most, with 20.12 million USDT, accounting for 15.73% of the total supply. According to tonviewer.com, Uquid ranks second and fourth with shares of 11.92% and 9.52% respectively, followed by Okx (11.25%) and Bitfinex (7.65%).
According to @ai_9684xtpa monitoring, Galaxy Digital claimed 2.34 million ENA from Ethena about 6 hours ago, worth $1.99 million, and then deposited all into Binance; ENA's price has dropped by 19% from its peak.
According to SoSoValue data, the total net inflow of Bitcoin spot ETF was $378 million yesterday (May 3, Eastern Time). Grayscale's ETF GBTC saw a net inflow of $63.0112 million yesterday, with a historical net outflow of $17.462 billion for GBTC.
The Bitcoin spot ETF with the highest net inflow yesterday was Fidelity's ETF FBTC, with a net inflow of $103 million, bringing FBTC's total historical net inflow to $8.03 billion.
As of the time of writing, the total net asset value of the Bitcoin spot ETF is $51.021 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 4.12%, and a total historical net inflow of $11.561 billion.
According to on-chain analyst @ai_9684xtpa monitoring, the whale aavebank.eth, which accumulated UNI two years ago, transferred 500,000 UNI from Binance in the past 20 minutes, worth $3.77 million, with an average transfer price of $7.54. In addition, the whale also transferred 31,000 ENS and 180,000 LINK, with a total value of $3.08 million.
Market: Meme tokens surge, with MEW rising over 27%
Coingecko data shows that Meme tokens are surging, with MEW rising to $0.004826, a 27% increase in 24 hours; DOGE rising to $0.1504, a 12.5% increase in 24 hours; PEPE rising to $0.000008722, an 11.8% increase in 24 hours; WIF rising to $3.33, a 19.2% increase in 24 hours; SHIB rising to $0.00002498, an 8.0% increase in 24 hours; BONK rising to $0.00002846, a 9.6% increase in 24 hours; FLOKI rising to $0.0001941, a 15.7% increase in 24 hours.
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