Today's Headlines:
Former FTX Executive Ryan Salame Sentenced to 7.5 Years in Prison
Judge Rejects Debt Box Case, Orders SEC to Pay $1.8 Million in Fees
US Medical Company Semler Scientific Holds Bitcoin as Treasury Reserve Asset, Acquires 581 BTC
Sei Foundation: Second Airdrop to Distribute Over 27.42 Million SEI to 43,000 Addresses
DeFi Platform Aperture Finance Raises $12 Million, to Launch APTR Token on the 31st
Regulatory News
Former FTX Executive Ryan Salame Sentenced to 7.5 Years in Prison
According to Bloomberg, Ryan Salame, former CEO of FTX's Bahamas subsidiary, has been sentenced to seven and a half years in prison, making him the first person close to SBF to be sentenced after the collapse of FTX. Salame appeared in a Manhattan court on Tuesday, after reaching a plea agreement with federal prosecutors in September last year.
The sentence exceeded the prosecutor's request. The government stated that Salame admitted to violating campaign finance laws and operating an unlicensed money transfer business, for which he should be sentenced to five to seven years in prison, while the defense argued for a sentence of 18 months or less. This ruling may indicate how tough Judge Lewis A. Kaplan is on FTX executives.
Judge Rejects Debt Box Case, Orders SEC to Pay $1.8 Million in Fees
According to Cointelegraph, US federal judge Robert Shelby has ordered the Securities and Exchange Commission (SEC) to pay approximately $1.8 million in legal and receivership fees related to the regulatory agency's civil case against Debt Box. The case was dismissed on May 28, with the judge pointing out "malicious conduct" by the SEC in the temporary restraining order freezing Debt Box's assets. This ruling is a major victory for Debt Box, as it means the SEC cannot continue with the current case.
According to Wen Wei Po, as of today, the Securities and Futures Commission (SFC) has issued licenses to two virtual asset trading platforms, with 18 platforms in the application process, and 11 license applications have been rejected, refused, or withdrawn. The government will maintain close communication with the SFC to expedite the processing of all platform applications, providing more investment choices for citizens and investors. The SFC emphasized yesterday that the 1-year transitional period for virtual asset trading licenses will expire at the end of the month, and unlicensed operators must cease operations.
AI & NFT
OpenAI Announces Launch of Next-Generation Cutting-Edge Model Training
According to Caixin, OpenAI announced the establishment of a safety committee responsible for controlling the direction of AI development. Beneath this seemingly ordinary announcement, there is a major news— the long-rumored "GPT-5" has been launched. OpenAI stated that they have begun training the company's "next-generation cutting-edge model" in recent days, and it is expected that this new system will reach the "next level of capability" towards AGI (Artificial General Intelligence).
However, according to OpenAI's latest statement, the next-generation large model may not meet the public until next year. AI models typically require months or even years of training, and before being released to the public, the development team needs to conduct several months of fine-tuning. Anna Makanju, Vice President of Global Affairs at OpenAI, emphasized in an interview on Tuesday that OpenAI's mission is to build a general intelligence capable of performing tasks at the "current human cognitive level." Anna stressed that OpenAI's goal is to build general artificial intelligence, not superintelligence, which is several orders of magnitude smarter than humans on Earth.
Former OpenAI Security Team Co-Lead Jan Leike to Join Competitor Anthropic
According to Bloomberg, Jan Leike, former co-lead of the OpenAI security team, will join OpenAI's competitor, Anthropic. His work at Anthropic will be similar to his previous work at OpenAI, focusing on researching security issues related to controlling artificial intelligence models. In addition, OpenAI formed a new security team on Tuesday, with CEO Sam Altman as a member.
According to the official announcement, Binance NFT Market has launched the "Forever Worldwide: The Road to Saudi Arabia" NFT collection — the fourth NFT series launched in collaboration with football legend Cristiano Ronaldo (C Ronaldo). This NFT collection will be exclusively available for sale on the Binance NFT platform. Event Period: May 29, 2024, 16:00 to July 16, 2024, 07:59 (GMT+8) Sale Period: May 29, 2024, 16:00 to June 19, 2024, 07:59:59 (GMT+8) The collection includes seven NFTs, each representing significant locations in Cristiano Ronaldo's illustrious career: Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia, and Portugal. Users can earn more rewards and utility from the collection based on the unique NFTs they own. While the number of regular NFTs for each location varies, their price is $35 each. The NFT series includes four different rarity levels: Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N). Each rarity level will bring more utility to the holders of this NFT series.
Project Updates
PayPal Obtains New York State Cryptocurrency Trust License
According to Ledger Insights, the New York State Department of Financial Services (NYDFS) recently granted PayPal Digital LLC a limited purpose trust license, typically held by digital asset custodians and stablecoin issuers. In August last year, PayPal launched the stablecoin PYUSD, with Paxos Trust Company as the issuer. With this trust license, PayPal may aim to take over the custody of its customers' crypto assets and transfer stablecoin issuance internally.
According to official sources, the token protocol ERC7660 applicable to memecoins proposed by Benchmark Labs has passed the pre-review of the Ethereum Foundation, adding a passive consensus period independent of external triggers to tokens, allowing for automated linear release of tokens within a predefined consensus period. Benchmark has also released corresponding infrastructure for ERC7660 assets, including dashboards, automated deployment, launchpads, and L0-based cross-chain bridges.
ENS Labs has proposed the ENS v2 upgrade to migrate services to Layer2 networks, as reported by The Block. ENS v2 aims to enhance scalability and reduce gas fees by transferring core functions from the Ethereum mainnet to Layer2 chains. If the proposal is accepted, users will benefit from reduced transaction costs. ENS Labs has not yet selected a specific stack or Layer2 network for migration, but once completed, the network will become the new platform for user interaction with ENS. The upgrade also introduces a new "layered registration system" for more efficient management of .eth domains, including managing subdomains and configuring resolvers. ENS Labs explained that the release of Ethereum Improvement Proposal (EIP) 4844 is a significant factor driving the upgrade of ENS, significantly reducing costs for Layer2 networks through blob transactions.
According to a report by the Associated Press, Semler Scientific, Inc. (Nasdaq: SMLR), a medical risk assessment company based in Oregon, USA, announced that its board of directors has adopted Bitcoin as its primary treasury reserve asset. Additionally, Semler Scientific announced the purchase of 581 bitcoins, totaling $40 million, including fees and expenses. Semler Scientific develops and sells technology products and services to help healthcare providers address chronic diseases.
Sei Foundation announced the second airdrop (Phase 2) to distribute 27,421,200 SEI tokens to 43,052 unique addresses. This airdrop aims to reward active users since the launch of the Sei mainnet, including users who have participated in protecting Sei through staking and liquidity provision, as well as collectors in the mainstream NFT community. Users need to connect their wallets and agree to the terms to check if they are eligible. The airdrop deadline is the start of "Phase 3" of Sei v2, expected to take place in the coming weeks. Core contributors of Sei and related wallets are not participating in this airdrop.
According to The Block, in the first quarter of this year, two funds managed by BlackRock purchased shares of the Bitcoin spot ETF (IBIT) offered by the company. The BlackRock Strategic Income Opportunities Fund purchased nearly $3.6 million worth of IBIT shares, while the BlackRock Strategic Global Bond Fund purchased IBIT shares worth $486,000. Meanwhile, since its launch in January this year, the inflows into BlackRock's IBIT have surpassed those of other similar products.
According to CoinDesk, the Volatility Shares 2x Ethereum ETF (ETHU) will become the first leveraged Ethereum ETF in the United States. The company announced on its website that trading will begin on June 4. ETHU plans to invest up to 25% of its assets in cash-settled Ethereum futures contracts traded on the CME. Additionally, the fund may invest in reverse repurchase agreements and stocks of other investment companies, but cannot directly invest in Ethereum.
UniSat tweeted that the progress bar is now displayed on the Pizza inscription claim page, and when the progress bar reaches 100%, the Pizza claim will automatically end. After the event ends, UniSat will tally the results and airdrop to users within the next 7 days.
According to Cointelegraph, as part of its new Catalyst program, the Starknet Foundation announced that it will distribute approximately $25.2 million worth of Starknet tokens to the top 21 projects in its ecosystem. The funding is intended to accelerate innovation in Starknet's Ethereum Layer2 scaling solution based on zero-knowledge rollup technology. The funding will be divided into two categories, distinguishing advanced projects from emerging projects in the network.
HODL15Capital reported that the number of bitcoins held by BlackRock's Bitcoin spot ETF (IBIT) (288,670 coins) has surpassed that held by Grayscale's GBTC (287,450 coins), making it the largest Bitcoin spot ETF.
Notable is the fact that Grayscale, during its transition on January 10, 2024, held 620,000 BTC, accounting for over 3% of the circulating supply. However, after investors withdrew over 330,000 BTC, Grayscale still refused to reduce its 1.5% fee to the industry standard of 0.2%, leading to questions about its "differentiated" strategy.
Binance to Delist CAKE/TUSD, DYDX/BNB, LAZIO/BTC Spot Trading Pairs
Binance announced that it will remove and cease trading for the following spot trading pairs on May 31, 2024, at 11:00 (GMT+8): CAKE/TUSD, DYDX/BNB, LAZIO/BTC.
Ripple Donates $25 Million Again to Crypto Political Action Committee Fairshake
According to CoinDesk, the crypto company Ripple has once again donated $25 million to the crypto political action committee Fairshake, bringing its total donations to the political action committee (PAC) to a staggering $50 million, surpassing $100 million in total funds for the PAC before the November election this year.
Glassnode: Long-Term Bitcoin Holders Accumulate Coins for the First Time Since December 2023
According to The Block, market intelligence company Glassnode's report today stated, "Bitcoin is just a step away from its all-time high, still consolidating, and long-term holders have started accumulating Bitcoin for the first time since December 2023." Analysts pointed out that over the past week, the selling pressure from long-term holders has significantly decreased, and investors are returning to accumulation mode, indicating that volatility is a necessary condition for triggering a new round of selling. The report also highlighted market indicators showing a resurgence in buyer demand. For example, last week, the US-based spot Bitcoin ETF saw net inflows of $242 million per day. Analysts added, "Considering the natural selling pressure of $32 million generated by miners daily since the halving, the buying pressure from the ETF is nearly eight times that, highlighting the size and scale of the ETF's impact." Notably, Glassnode observed that Bitcoin's price trend over the past three months has been milder compared to previous bull market cycles. According to Glassnode's data, in the past three months, Bitcoin has only recorded five days with weekly, monthly, and quarterly gains of over 3.3%, 7.4%, and 25.6%, respectively.
Upbit to List Bounce Token (AUCTION), Token Surges Over 58% in 1 Hour
According to the official announcement, the South Korean cryptocurrency exchange Upbit will list Bounce Token (AUCTION) on the Korean won market, with trading starting on May 29, 2024, at 18:50 local time.
Coingecko data shows that AUCTION's price surged rapidly, currently at $28.54, with a 1-hour increase of 58.4% and a 24-hour increase of 56.7%.
Funding News
Decentralized AI Project GaiaNet Completes $10 Million Seed Round Financing
According to The Block, the AI infrastructure project GaiaNet has completed a $10 million seed round financing for a decentralized network for generating AI tools. The funding round was led by EVM Capital, Mirana Ventures, Mantle EcoFund, Lex Sokolin of Generative Ventures, and Brian Johnson of Republic Capital. The newly raised funds will support GaiaNet in developing educational tools for STEM students and in utilizing distributed ledger technology for its AI network in the seed round financing. GaiaNet CEO Matt Wright stated, "With the recent investment, we are able to further commit to redefining the boundaries of AI, making it more accessible, resilient to data biases, collaborative, and privacy-centric."
The funds will be used to support GaiaNet in developing an AI chatbot "teaching assistant" designed specifically for university students studying computer science and other STEM courses. The program is part of the company's earlier announcement to collaborate with the University of California, Berkeley to develop chatbots. GaiaNet also plans to continue building a distributed edge node network controlled by individuals and businesses to host its AI models. GaiaNet stated that through this approach, the company aims to provide AI users with tools that are more private and secure than existing AI software developed by large tech companies.
DeFi Platform Aperture Finance Raises $12 Million, to Launch APTR Token on May 31
AI-driven DeFi platform Aperture Finance announced the completion of its Series A financing, bringing the total funding amount for all rounds to $12 million, with a project valuation of $250 million. This round of financing was led by Skyland Ventures, Blockchain Founders Fund, and Krypital Group, with participation from Alchemy, SNZ, Stratified Capital, Tide, Cipholio, ViaBTC, CatcherVC, and Double Peak, among other well-known investors.
Aperture Finance simplifies DeFi operations through an innovative intent-driven approach, allowing users to specify desired outcomes. The new funds will be used to support the development of Aperture's Intents infrastructure, expand its solver network, and enhance user experience through the upcoming LLM integration. Following a successful airdrop activity with over 300,000 participants, Aperture Finance will launch its $APTR token on Bybit on May 31, 2024. The APTR (ERC-20) token has a total supply of 1 billion (1,000,000,000) tokens.
Important Data
Mt. Gox Consolidates Over 140,000 BTC from Cold Wallet Address
Arkham has marked the address starting with 1JbezD as Mt. Gox's cold wallet address. The previous cold wallet addresses of Mt. Gox have now consolidated all BTC to this address today. Mt. Gox: 1JbezD subsequently made further distributions, with 4,000 BTC sent to the address starting with 152wz8, then transferred to the address starting with 1AsHPP; 21.946 BTC sent to the address starting with 1LsC3V, then transferred to the address starting with 1AsHPP; 71,025 BTC sent to the address starting with 1LsC3V; and 66,639 BTC sent to the address starting with 16eAGJ, totaling 141,680 BTC. As of 18:50 Beijing time, all bitcoins in Mt. Gox: 1JbezD address have been transferred out, with the current balance at 0.
Update: Mt. Gox has evenly distributed the held bitcoins to 3 new addresses, each containing 47,230 BTC.
According to the latest weekly report from CoinShares, the net inflow of digital asset investment products reached $1.05 billion last week, marking the third consecutive week of inflows and setting a new historical high for cumulative inflows this year at $14.9 billion. The recent price increase has also driven the total value of digital asset ETPs to $98.5 billion. The weekly ETP trading volume also increased by 28% to reach $13.6 billion. In terms of regions, the majority of funds flowed into the United States, with an inflow of $1.03 billion, while the outflow from Grayscale has significantly decreased, with only $15 million outflow this week. The inflows from Germany and Switzerland were $48 million and $30 million, respectively. Disappointingly, there was an outflow of $29 million last week, following the launch of the first Bitcoin spot ETF in Hong Kong, which had an inflow of $300 million in its first week.
Most of the funds flowed into Bitcoin ETPs, with an inflow of $1.01 billion last week, while short Bitcoin experienced outflows for the week, totaling $4.3 million, indicating a general shift in market sentiment to positive despite the recent price increase. This may be due to investors interpreting the FOMC meeting minutes and recent macro data as dovish.
Ethereum saw an inflow of $36 million this week, reaching its highest level since March, possibly in response to the early approval of an ETH ETF in the United States. Solana also saw an inflow of $8 million last week.
DWF Labs Transfers 5 Million USDT to Meme Coin LADYS Deployment Address
Etherscan data shows that 21 minutes ago, an address labeled "DWF Labs" on the chain transferred 500 USDT to the deployment address of the Meme coin LADYS. Spot On Chain analysis suggests that DWF Labs may have engaged in an over-the-counter transaction with the developers of the LADYS token.
Justin Sun Deposits a Total of $780 Million Worth of ETH into Lido and Kelp DAO in the Past 7 Hours
Blockchain analyst Yu Jin tweeted that Justin Sun deposited 146,110 ETH (approximately $561 million) into Lido and 52,315 ETH (approximately $201 million) into Kelp DAO through two addresses in the past 7 hours.
Base Protocol Leader: Will Shave Head if Base's TVL Surpasses $10 Billion
Jesse Pollak, the leader of Base Protocol, confirmed in a tweet that if you sign up for their buildathon event, you will receive a cool NFT. Additionally, if Base's total value locked (TVL) surpasses $10 billion, he will shave his head.
Meme Coin TRUMP Hits Historic High of $15.45 at Noon Today, Currently Up Over 19% in 24 Hours
CoinGecko data shows that the Meme coin TRUMP, associated with the concept of Trump, broke through $15 at noon today, reaching a high of $15.45, setting a new record. It has since fallen to $14.36, a decrease of 2.7% in 1 hour, but still up 19.5% in 24 hours.
A Trader Currently Holds TRUMP Worth $15.7 Million, with Unrealized Gains of $15.3 Million
According to Spot On Chain monitoring, a trader has profited 28 times from betting on TRUMP. They spent 541,000 USDT to purchase 1.079 million TRUMP a week after Trump announced his re-election in November last year. During the surge in April, they held onto TRUMP (selling at the peak would have resulted in a maximum profit of $11 million). Today, with the price hitting a new high, they hold TRUMP worth $15.7 million (expected profit: $15.3 million).
According to The Data Nerd monitoring, 8 months ago, a wallet starting with 0x5b8 exchanged $105,000 for 932,000 TRUMP. Since November 19, 2023, they have sold 87,000 TRUMP, worth $393,000. They still hold 845,000 TRUMP, equivalent to $12.42 million, with current unrealized gains of $12.7 million.
According to SoSoValue data, the US Bitcoin spot ETF saw a total net inflow of $45.1432 million yesterday (May 28, US Eastern Time). Grayscale's (GBTC) ETF saw a net outflow of $105 million yesterday, bringing its historical net outflow to $17.746 billion. The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's (IBIT), with a net inflow of $103 million, bringing its total historical net inflow to $16.456 billion. This was followed by Fidelity's (FBTC) ETF, with a net inflow of $34.3451 million yesterday, bringing its total historical net inflow to $8.748 billion. As of the time of writing, the total net asset value of the Bitcoin spot ETF is $58.468 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 4.34%, and a total cumulative net inflow of $13.732 billion.
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